New Zealand trims new spending, sticks to surplus path amid uncertainty

New Zealand's Prime Minister has reaffirmed the government's commitment to fiscal discipline and responsible economic management. The government remains on track to return the budget to surplus by the fiscal year ending in June 2029 and reduce debt to 40% of gross domestic product. New spending on initiatives will total NZ$2.1 billion, which is NZ$300 million less than initially planned. This decision is made in response to global uncertainties.