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Significance
This marks the eighth annual budget since Prime Minster John Key's National Party-led government took office in November 2008. New Zealand's fiscal position has strengthened significantly since the 2008 global financial crisis.
Impacts
High levels of household debt -- 162.3% of household disposable income in December 2015 -- will be a drag on private consumption.
Sudden limits on non-resident home ownership, a Labour priority, could have a negative economic impact beyond the housing market.
New Zealand's commodities-dependent economy would suffer from a downturn-driven decrease in Australian and Chinese demand.
Keywords:
New Zealand,
AP,
Australia,
China,
economy,
industry,
politics,
social,
construction,
debt,
fiscal,
food,
foreign investment,
foreign trade,
government,
growth,
immigration,
internet,
labour,
opposition,
party,
policy,
population,
prices,
private sector,
property,
services,
soft commodities,
tourism,
wages,
welfare
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2016
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