New Zealand extends the restrictions in Auckland as expected
- Still no clear idea where the virus originated
- Have identified 29 cases all linked to one cluster
- To review restrictions again on 21 August
- The rest of NZ will be on Level 2 restrictions until 26 August
- Plans to extend wage subsidy nationwide while Auckland is in lockdown
- Extends mortgage deferral scheme
The extension of the lockdown is expected given that new cases are still being found in recent days, with fears of a wider community transmission already happening.
This will continue to chip away at the New Zealand economy and in the bigger picture, if the health crisis continues to worsen, that will bring forward the case of negative rates by the RBNZ or at least make it even more compelling in the near future.