M.I.A.
OPINION: The previous government spent too much during the Covid-19 pandemic, despite warnings from officials, according to a briefing released by the Treasury.
The Government has announced a massive $12.1 billion scheme to protect businesses and workers amid the Covid-19 outbreak.
Under the scheme, businesses hit worst by coronavirus may be given a wage subsidy of up to $585.80 a week for each full-time worker and up to $350 per week for each part-time worker.
Making up almost half of the scheme, the $5.1 billion wage subsidy takes a central focus in the Government’s coronavirus response.
Businesses wanting to take part in the wage subsidy will have to prove they are losing a large amount of income due to the pandemic.
The wage subsidy, which kicks in today, will enable businesses to receive up to $150,000 over the next 12 weeks.
$126 million has also been allocated for Covid-19 sick leave and self-isolation.
The funding will enable employees to be paid for the entire time they are sick with Covid-19.
Businesses will also benefit from a $2.8 billion package of tax changes.
A higher provisional tax threshold will kick in, interest will be waived on some late tax payments, depreciation deductions will be allowed for commercial and industrial buildings, and businesses will be able to take more deductions for low value assets.
A $2.8 billion package will also go towards beneficiaries and superannuitants.
Focal to the package, is an increase in weekly benefit payments.
Beneficiaries will get an extra $25 in their pocket each week and the Winter Energy Payment will be doubled for both beneficiaries and superannuitants to $900 for singles and $1400 for couples.
The health and aviation sectors are also getting a boost, with $500 million and $600 million respectively.
Open Country Dairy has finalised a deal to acquire 100% of Miraka.
Fonterra has unveiled the first refrigerated electric truck to deliver dairy products across Auckland.
Research and healthcare initiatives, leadership and dedication to the sector have been recognised in the 2025 Horticulture Industry Awards.
Virtual fencing and pasture management company Halter says its NZ operations has delivered a profit of $2.8 million after exclusion of notional items.
Manuka honey trader Comvita slumped to a $104 million net loss last financial year, reflecting prolonged market disruption, oversupply and pricing volatility.
The Government has struck a deal with New Zealand's poultry industry, agreeing how they will jointly prepare for and respond to exotic poultry diseases, including any possible outbreak of high pathogenicity avian influenza (HPAI).