The Wellbeing Budget

Transforming the economy

Creating opportunities for productive businesses, regions and iwi and others to transition to a sustainable and low‑emissions economy

Highlights

Over $1b boost in funding for KiwiRail

Helping farmers with the climate change challenge by investing in scientific research

Encouraging sustainable land use with a $229m package

Freshwater focus improving water quality in at-risk catchments

The Wellbeing Budget provides opportunities to grow and modernise New Zealand's economy and ensure a just transition to a low-emissions future. We need to preserve and enhance our environment, as our natural resource base is the foundation for our long-term wellbeing.

This is why the Government is committed to moving New Zealand towards becoming a low‑emissions economy. This means having the courage to do the long-term planning required to ensure workers, businesses and communities are supported as we move away from fossil fuels and towards a low-carbon future.

This transition will take time, but Budget 2019 is an important step.

As an outward-facing export nation, the risks to New Zealand from climate change cannot be underestimated. More frequent and intense weather events will affect the country's agricultural and horticultural sectors, with flow-on implications for exports and the economy as a whole.

The Reserve Bank last year noted the country's economy and financial system will be affected by both the physical and transitional impacts of climate change. This includes effects on property values, damage to property and the environment, and changes in consumer and investor preferences. It also said there are risks if New Zealand is too slow to match the global shift to lower-carbon economies.

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