More tax, fewer services - Treasury's forecasts a grim warning to MPs and New Zealanders

Politics and Government Politics and Government

Tue, December 17, 2024

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More tax, fewer services - Treasury's forecasts a grim warning to MPs and New Zealanders

^{Published on 2024-12-17 11:20:46 - The New Zealand Herald}

Treasury Secretary Iain Rennie delivered a stern warning to MPs when he appeared before them at Parliament's scrutiny week earlier this month. The challenges once dubbed "medi

The article from the New Zealand Herald discusses the Treasury's latest economic forecasts, which paint a challenging future for New Zealand. It highlights that the country is facing a significant fiscal deficit, with tax revenues expected to decrease while the demand for government services increases. The Treasury warns of potential tax hikes and cuts in public services as the government struggles with rising debt levels and economic recovery post-Covid. Key points include a projected increase in unemployment, a slowdown in economic growth, and the need for fiscal discipline. The forecasts serve as a stark warning to MPs and New Zealanders about the tough economic conditions ahead, urging for prudent financial management and possibly unpopular decisions to stabilize the economy.

Read the Full The New Zealand Herald Article at:
[ https://www.nzherald.co.nz/nz/politics/more-tax-less-services-treasurys-forecasts-a-grim-warning-to-mps-and-new-zealanders/CZUELOHSHNDKLBBIUF5UR2HCEE/ ]

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