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The contraction was better than predicted by the Reserve Bank of New Zealand, which had forecast a fall of 0.5 percent.
With rental prices a major driver of inflation, and the Reserve Bank refusing to ease interest rates, NZ consumer confidence has plummeted 11 points.
Finance Minister Nicola Willis has delivered a $14.7 billion tax cut package, but economic forecasts are bad and further cuts to services are planned.
Prime Minister Luxon delivered a tough assessment on the state of the nation, saying ’tough choices’ lie ahead.
The 6-page long ’mini budget' lacked detail on multiple areas.
The new government is also moving a raft of new laws to gives business owners more flexibility.
The country is struggling to cope with new infrastructure and housing demands.
The tri-party coalition plans major moves on infrastructure, health, education, and criminal justice.
