NZ: Budget update revealed a surplus of $NZ5.5b - TDS

New Zealand’s fiscal year to June budget update revealed a surplus of $NZ5.5b, an increase of NZ$1.5b compared with last year, notes the research team at TD Securities.

Key Quotes

“The fourth consecutive surplus and the largest since 2008. This continues the theme of the big difference between "soft data" such as recessionary business confidence and activity, and yet surging "hard data" such as revenue growth and strong Q2 GDP. The economy is in good shape, but confidence continues to reflect a prolonged complaint against the Labour-led government.”