Pre-election Economic and Fiscal Update 2026
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Executive SummaryAn emerging economic recovery has been delayed by higher oil pricesThe economic recovery has experienced a series of delays. A period of high interest rates and weak domestic demand subdued economic activity through 2024 and into 2025. By late 2025 and early 2026, a recovery was taking hold, supported by resilient export demand. However, the recovery remained uneven, with household spending and residential investment still subdued.
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https://www.treasury.govt.nz/publications/efu/pre-election-economic-and-fiscal-update-2026