There is Help Available

There is a lot of bad news in the media currently, so understandably many people will be concerned for what the future holds for them financially.

Needless to say, the global outbreak of COVID-19 has had a significant negative impact on the world economy. New Zealand will not be sheltered from this.

There is good news though.

Financial help is available for employers and employees

On the 17th March 2020 the Government announced a $12.1B scheme that includes supporting businesses and staff (including contractors) during this difficult time. This is a significant package designed to keep businesses afloat and people employed.

The New Zealand financial system is strong

From a financial perspective we’ve been there and done this before with the most recent example being the 2007/08 Global Financial Crisis (GFC). Another example is the SARS medical event in 2003. The world bounced back financially, and in the case of New Zealand, lessons were learned. Through regulation, the New Zealand financial system is considerably more robust now (compared to 2007/08 GFC) and that is a good thing because it means increased resilience to shocks. The Government has money in the bank available to spend to support the economy, and a demonstration of this is the $12.1B support scheme announced on the 17th March 2020.

The New Zealand Reserve Bank is taking action

On the 16th March 2020 we saw the Reserve Bank lower the OCR to 0.25% in a bid to lower the cost of borrowing money. Such a move is primarily aimed at encouraging government and business spending and therefore keeping money flowing and people employed. You may’ve also seen Reserve Bank Governor, Adrian Orr, talk about his confidence in the strength of the New Zealand financial system.

Financial Wellbeing Tips

If you anticipate or are experiencing tough times, these four practical tips can make things easier for you and your family.

Postive reading

OCR Changes Good for Many

The Government's response to the virus has meant lower home loan rates. This provides opportunities.

Speaking From Experience

See an interesting perspective and thoughts from an investor with firsthand experience of SARS.

Get Advice

Q&A on KiwiSaver with industry experts. Get advice before doing anything drastic!

How can Love My Money help?

We encourage you to stay positive and don’t panic. We hope the following is useful:

Message from our CEO

Written by Tracey Hunter, Co-founder and CEO of Love My Money.

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COVID-19 specific help

Work and Income NZ

Financial support for individuals: emergency financial assistance and benefits

Inland Revenue

Tax relief and income assistance for self-employed, child support help, working for families help

NZ Government Helpline

Links to various support services including the Government 0800 779 997

NZ Business Government

The Government’s central resource for COVID-19 business information

Employment New Zealand

Information for employers and employees on remaining safe and avoiding spread of COVID-19