New Zealand dollar holds above US$0.61 

Daily Currency Update

The New Zealand dollar is slightly weaker this morning when valued against the Greenback, currently trading at 0.6109 at time of writing. NZD/USD continues its losing streak for the third consecutive day on Thursday. The NZD/USD pair trades around 0.6100 during European hours, following the release of the Yearly Budget by the New Zealand Treasury. The tax package, worth NZ$14.7 billion ($13.6 billion) over four years, targets low- and middle-income households, and those with young children will benefit the most. For the first time in 14 years, the government will be changing the country’s tax threshold. This was the major theme in Finance Minister Nicola Willis’s inaugural Budget speech. Willis prioritised tax relief in her speech and said the relief would “put $3.7 billion a year back into the pockets of New Zealanders”. While many have said Willis mostly delivered what she promised, some in Northland have mixed feelings about the Budget. Those speaking on Māori issues, education, health and transport, among other topics, have cautiously welcomed it. Looking ahead today and treasury New Zealand will release the latest Annual Budget Release. This document outlines the government's budget for the year, including expected spending and income levels, borrowing levels, financial objectives, and planned investments.