New Zealand finance minister tightens the belt for first post-Covid budget

Grant Robertson announces plans for new rules on spending and borrowing in first major pre-budget speech

After two years of big spending to weather the storm of Covid-19, New Zealand's finance minister is tightening the belt, committing to limits on borrowing, introducing new debt caps and looking ahead to long-term spending on infrastructure over short-term cash injections.

The finance minister, Grant Robertson, gave a glimpse of the vision for New Zealand's post-Covid economy in his first major pre-budget speech on Tuesday. This year's budget will also help set the political scene as the country heads towards a 2023 election.