By Pattrick Smellie
Wednesday 11th February 2009 |
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Equivalent to approximately 0.5% of GDP, the $483.7 million package includes:
Infrastructure Minister Bill English said this was "just the first announcement about bringing forward worthwhile projects that will help us through the current economic challenges and contribute to driving up New Zealand's long-term economic competitiveness".
In early reaction to the package, Goldman Sachs JB Were economist Shamubeel Eaqub welcomed the package as "small...but positive". It would "bolster the aggressive easing delivered by the RBNZ to date".
"However, more needs to be done and the Government has announced further measures will be delivered in the May Budget and we expect the RBNZ will continue aggressive efforts," said Eaqub.
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