Budget 2022 delivers no surprises, but execution will be the key
Budget 2022
“Budget 2022 has shown the Government’s determination not to deviate from its wide-sweeping reform goals, while acknowledging the overt need to buffer current cost of living challenges. But there is a risk in the current environment that this will not fully address the impacts for much of the general population who are facing into acute price increases, falling house prices and higher interest rates”, says Deloitte NZ CEO Mike Horne.
“It was good to see the Government provide some clarity on its thinking around the future for a successful and prosperous Aotearoa with Budget 2022 highlighting major investments in health, climate and infrastructure as being the key levers for doing so.”
But Mr Horne notes there remain real questions as to the breadth and speed of the agenda in the current environment. “Longer term success will ultimately be determined not by the ambition of the reform programmes but by capability and execution. Sometimes less is more,” he said.
“The economic outlook remains cautiously positive, but concerns around inflation and interest rates remain high, and the impact of borders reopening is yet to be seen. It is finely balanced, as should that economic projection not play out as projected then the ability to face off to future shocks and deliver the desired reform and investment is significantly challenged,” concludes Mr Horne.
For Deloitte’s full Budget 2022 commentary visit https://www.deloitte.com/nz/budget2022
ENDS
ABOUT DELOITTE
Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited (“DTTL”), its global network of member firms, and their related entities (collectively, the “Deloitte organisation”). DTTL (also referred to as “Deloitte Global”) and each of its member firms and related entities are legally separate and independent entities, which cannot obligate or bind each other in respect of third parties. DTTL and each DTTL member firm and related entity is liable only for its own acts and omissions, and not those of each other. DTTL does not provide services to clients. Please see www.deloitte.com/about to learn more.
Deloitte Asia Pacific Limited is a company limited by guarantee and a member firm of DTTL. Members of Deloitte Asia Pacific Limited and their related entities, each of which is a separate and independent legal entity, provide services from more than 100 cities across the region, including Auckland, Bangkok, Beijing, Bengaluru, Hanoi, Hong Kong, Jakarta, Kuala Lumpur, Manila, Melbourne, Mumbai, New Delhi, Osaka, Seoul, Shanghai, Singapore, Sydney, Taipei and Tokyo.
Deloitte provides industry-leading audit and assurance, tax and legal, consulting, financial advisory, and risk advisory services to nearly 90% of the Fortune Global 500® and thousands of private companies. Our professionals deliver measurable and lasting results that help reinforce public trust in capital markets, enable clients to transform and thrive, and lead the way toward a stronger economy, a more equitable society and a sustainable world. Building on its 175-plus year history, Deloitte spans more than 150 countries and territories. Learn how Deloitte’s approximately 415,000 people worldwide make an impact that matters at www.deloitte.com.
Deloitte New Zealand brings together more than 1800 specialist professionals providing audit, tax, technology and systems, strategy and performance improvement, risk management, corporate finance, business recovery, forensic and accounting services. Our people are based in Auckland, Hamilton, Rotorua, Wellington, Christchurch, Queenstown and Dunedin, serving clients that range from New Zealand’s largest companies and public sector organisations to smaller businesses with ambition to grow. For more information about Deloitte in New Zealand, look to our website www.deloitte.co.nz.
This communication contains general information only, and none of Deloitte Touche Tohmatsu Limited (“DTTL”), its global network of member firms or their related entities (collectively, the “Deloitte organisation”) is, by means of this communication, rendering professional advice or services. Before making any decision or taking any action that may affect your finances or your business, you should consult a qualified professional adviser.
No representations, warranties or undertakings (express or implied) are given as to the accuracy or completeness of the information in this communication, and none of DTTL, its member firms, related entities, employees or agents shall be liable or responsible for any loss or damage whatsoever arising directly or indirectly in connection with any person relying on this communication. DTTL and each of its member firms, and their related entities, are legally separate and independent entities.
© 2024. Deloitte Limited (as trustee for the Deloitte Trading Trust).
Media Contact(s):
Elizabeth Woods
Senior Communications Manager
Deloitte New Zealand
022 014 5489
ewoods@deloitte.co.nz