Wellington | New Zealand’s government is tightening its belt as a domestic recession and concerns about China’s faltering economy erode tax revenue and strain its budget.
The government has identified almost $NZ4 billion ($3.7 billion) of potential savings over the next four years, Finance Minister Grant Robertson said on Monday in Wellington. He has instructed the public service to cut spending on consultants and contractors, and said he would also reduce future budget allowances.
