NZ: Fiscal surpluses coming in 2019/20 Budget - TDS

TD Securities analysts are expecting that the New Zealand’s 2019/20 Budget is expected to reveal a string of fiscal surpluses, and is unlikely to be market-moving.

Key Quotes

“In a speech last week the government plans to move away from the 20% debt to GDP "target" to more flexible a long-term net debt range of 15-20% of GDP from 2021/22. This allows the government to "respond to economic conditions and unforeseen "shocks" to the economy". Might mean less emphasis on monetary policy as well. Building permits for Apr released before the budget but rarely market moving.”