New Zealand's Luxon says will trim new spending, stick to surplus path amid uncertainty

New Zealand's Prime Minister Christopher Luxon said that global uncertainties from the Middle East conflict reinforced the need for responsible economic management and fiscal discipline, Reuters reported on Wednesday.

Key quotes

We can't control the storm, but we can secure New Zealand's future within it.

Government committed to putting debt on a downward path towards 40% of GDP, returning to Obegalx surplus by FY 2028/29.

Net operating spending on new initiatives will total NZ$2.1 bln, about NZ$300 mln less than set in December.

Global uncertainties reinforced importance of responsible economic management and fiscal discipline.

Market reaction

At the time of writing, the NZD/USD pair is up 0.03% on the day at 0.5955.