Schools, Roads and Home Insulation Head Stimulus

Published: Wed 11 Feb 2009 11:53 AM
NZ Schools, Roads and Home Insulation Head Stimulus Package
By Pattrick Smellie
Feb. 11 - The NZ Government’s $500 million fiscal stimulus will start to kick in immediately, with up to $100 million worth of the earmarked projects under way by June, Prime Minister John Key announced today.
Equivalent to approximately 0.5 per cent of GDP, the $483.7 million package includes:
• $216.7 million on five new schools, extensive school refurbishments, and ICT infrastructure improvements;
• $142.5 million on transport projects covering five state highway and a range of regional highway projects;
• $124.5 million for Housing New Zealand state house refurbishment and new build.
Infrastructure Minister Bill English said this was “just the first announcement about bringing forward worthwhile projects that will help us through the current economic challenges and contribute to driving up New Zealand’s long-term economic competitiveness”.
In early reaction to the package, Goldman Sachs JB Were economist Shamubeel Eaqub welcomed the package as “small…but positive”. It would “bolster the aggressive easing delivered by the RBNZ to date”.
“However, more needs to be done and the Government has announced further measures will be delivered in the May Budget and we expect the RBNZ will continue aggressive efforts,” said Eaqub.

Next in Comment

On The Lancet’s Stance Against The Olympic Games, And On The US Culture Battles Over Abortion
By: Gordon Campbell
Vague Alternatives And G7 Summitry: The Build Back Better World Initiative
By: Binoy Kampmark
Suicidal Games: Tokyo’s Coronavirus Olympics
By: Binoy Kampmark
How It All Went Wrong: The Global Response To COVID-19
By: Binoy Kampmark
Climate explained: is natural gas really cheaper than renewable electricity?
By: The Conversation
The New Zealand Government’s 'Public Finance Rabbithole'
By: Keith Rankin
View as: DESKTOP | MOBILE © Scoop Media