The Budget will be revealed at 14:00....>

NEW ZEALAND: The Budget will be revealed at 14:00 local time (03:00 London):

- ANZ "expect net core Crown debt will lift to 40-50% of GDP. This could see

total bond issuance lift to around NZ$145bn over the next few years, with

NZ$45bn of this in FY20/21. Total issuance is expected to be NZ$100bn higher

than prev. indicated."

- BNZ "see a fiscal deficit of 7% of GDP for the year ended June '20, rising to

13% of GDP the following year & deficits remaining over the rest of the forecast

period, although moderating. Net debt rises quickly to over 50% of GDP and we

have pencilled in a NZ$50bn bond programme for FY20/21."

- Westpac "is looking for an operating deficit close to 10% of GDP for the next

two fiscal years. In addition, the Government is expected to announce billions

of dollars of new spending to bolster the recovery phase. Net public debt is

expected to rise to 150% GDP by 2024, and bond issuance could increase by

NZ$60bn over the next two years. March net migration is set to fall sharply due

to border closures."