Economic Bulletin May 2024

Welcome to the May 2024 Economic Bulletin.

In our monthly feature we look at the coalition government’s first Budget, and what it means for working people. We break down what the Budget means for key sectors of the economy, the government’s tax cuts, and what the Budget tells us about this government’s plan for New Zealand.

Budget 2024 clearly demonstrates the values of the new coalition government. Short-term benefits for some are provided in the form of tax cuts. But this will come at the cost of thousands of jobs, depleted public services, rising child poverty, and increasing insecurity for many workers.

In our regular updates, we look at the latest economic forecasts from the Treasury and the Reserve Bank. The outlook has generally darkened in recent months, with weak GDP growth, rising unemployment, and slower nominal wage growth.

We also examine the latest inflation, migration, retail spending, international trade, consumer and business confidence, and housing statistics. And we summarise the latest set of government accounts.

For the latest employment, wages, social welfare, and consumer inflation data, please see the April Bulletin. For the latest GDP data, please see the March Bulletin.

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