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New Zealand’s latest Budget, presented by Finance Minister Nicola Willis, aims to secure the country’s future but has drawn criticism for being an “austerity Budget” that negatively impacts low-income workers and pension savers. Key changes include a reduction of the Government’s annual KiwiSaver contribution from $521 to $260 and the introduction of means-testing for those earning $180,000 or more. As a result, many New Zealanders will face financial challenges despite some areas receiving relief.
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