Reuters
Published Mar 12, 2023 11:11PM ET
By Lucy Craymer
WELLINGTON (Reuters) - The New Zealand government is boosting financial support for around 1.4 million citizens as it tries to offset three-decade high inflation ahead of the country's election later this year.
Inflation is running at a near three decade high of 7.2% and is increasingly becoming the key political issue ahead of the election in October, which polls indicate will be tightly contested.
Prime Minister Chris Hipkins said in a statement the government would boost benefits for pensioners, students, children and parents from next month.
"The package of bread and butter support we are announcing today will help people who are really feeling the bite from the rise in the cost of living," said Hipkins.
Since taking over the leadership, Hipkins has said he is focused on basic issues, such as the cost of living crisis, and has shelved a number of projects, such as the merger of state-owned radio and television stations.
He added on Monday that a number of other projects were also being cut to help pay for benefit increases including a longer timetable for planned upgrades to public transport.
"I want New Zealanders to know the Government is doing its bit and is cutting its cloth to suit the times we are in," Hipkins said.
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.