New Zealand to extend and add to support to counter high inflation hitting cost of living

New Zealand budget announcements include:

• A new temporary $27 a week payment for people who earned less than $70,000 last year in a $1 billion cost of living package.
• Fuel tax cuts and half-price public transport extended for another two months to the end of August.

NZ inflation forecasts in the budget:

• CPI is forecast to peak around 6.9 per cent in the middle of this year
• easing to 5.2 per cent in 2023
• and to below 3 per cent by 2026.