(1/4) #ANNOUNCEMENT: The Crown accounts continue to reflect the resilience of the economy and confidence in our economic recovery plan, with the balance $5.2 billion better than forecast by Treasury in December last year.

(2/4) We’ve used our strong balance sheet in response to COVID and we’ll continue to invest to meet our three priorities of keeping New Zealanders safe, accelerating the recovery and address long standing issues of climate change, housing affordability and child wellbeing.

(3/4) While these results are strong, we need to remember that we are still facing elevated levels of debt and deficits for some years to come as a result of the borrowing needed to support New Zealanders through COVID-19.

(4/4) Budget 2021 will reflect the economic conditions and revenue situation and take a balanced approach that continues to emphasise spending to areas and people where it is needed most alongside careful fiscal management.