On Tuesday the Government unveiled a $12.1 billion support package for the New Zealand economy, with almost half of the cash to be spent on a wage subsidy package for all coronavirus-impacted businesses.
Those full-time workers eligible for the package will receive $585 per week from the Government, paid in a lump sum package of just over $7,000 covering 12 weeks.
The Government is also raising benefits by $25 a week, starting April 1, and doubling the Winter Energy Payment.
This is just the first tranche of the Government spending response – the rest will be unveiled during May's "recovery" Budget.
The $12.1 billion spending package accounts for roughly four per cent of New Zealand's GDP. It is comparatively more significant than the relief packages so far announced by Australia, the United Kingdom and the United States.
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The package also contains:
- an initial $500 million boost in health spending, and
- an initial $600 million to support the aviation sector
A Covid-19 sick leave scheme has also been created and will be available for eight weeks at the cost of $126.5 million.
Read more about the Government's support plan
How ACE is preparing for Covid-19
It's a time of considerable uncertainty. No one knows what the best way to respond is, but undoubtedly we must take this seriously. So, with that in mind, I am sharing what we are doing as an organisation.
Not because it's a perfect plan, it's far from it, but simply because I want people who haven't had the time to plan to benefit from the work we have done.
In this blog, I cover off staff wellbeing, meeting protocols, and the importance of testing working remotely. I also share the collaboration tools we are using to ensure we remain effective.
Events and training activities are a big part of what we do. But they also present risks, risks which right now we can't justify.
So, we have made the call that from March 21 all our event activities will be postponed for at least the next month.
However, we recognise that our members will still want to engage in a range of ways, so we are looking to transfer several events to a webinar format.
Watch out in our enews for updates on the webinars.
- Where are we now, where are we going, and what should we plan for - Wednesday 1 April, 5.30pm, Christchurch
- Work-life balance & mental resilience - Tuesday 7 April, 5.30pm, Napier
- Ballet and Bullrush, Princesses and Pornography - today 12pm via Webinar
- ACE Annual Conference and Awards Gala - Tuesday 4 and Wednesday 5 August, Auckland
Problems remain in the housing market
Our housing market remains tight despite the Government’s October 2018 ban on foreign buyers purchasing existing homes.
New commercial building for Cathedral Square
The first post-quake building to be completed by private developers in Cathedral Square Christchurch has been opened.
New transport plan for Christchurch
Reducing the number of trips made by single-occupant vehicles will become a primary focus of a new transport plan for Greater Christchurch.
Build to rent housing in Auckland
A new 12-apartment complex in Sandringham has been designed as a sustainable long-term rental housing option and could become a model for the future.
Urban boundary, not the problem
New research from Auckland Council’s Chief Economist shows that the rural/urban boundary is not choking land supply or artificially driving up land prices.
Fonterra’s rail funding submission
Some members of the Transport and Infrastructure Select Committee were ‘astonished’ at a Fonterra suggestion that would see road users fund rail improvements.
Dunedin records strong economic growth
Infometrics’ new economic profile for Dunedin shows both jobs and the city’s economy are growing faster than the New Zealand average.
Government investment in South Auckland
A $2.4 billion investment by the Government in new roads and rail for South Auckland will support a housing development that could become home to 200,000 people.
What does Covid-19 mean for contracts?
The economic impacts of Covid-19 are significant. The virus is affecting New Zealand's export, tourism and education sectors, with key supply chains and other industries and markets likely to be affected.
As a result, many New Zealand companies are assessing the impact of the virus on their contractual obligations.
Read more about Covid-19, force majeure clauses and the doctrine of frustration in this article from Bell Gully
Kia pai tō rā, Paul and the ACE New Zealand team