Our monetary stimulus was, over time, accompanied by significant government spending and investment (fiscal stimulus) to support people and businesses, equivalent to around 20 percent of GDP.8 The Government’s fiscal response was one of the highest levels of direct fiscal support across advanced economies outside of the United States (see figure 1)9.
The combined health and economic policy response of New Zealand has, to date, been ranked as one of the most effective across a wide range of countries.