Economy Measure Code Measure Currency Code Amount (Local) Amount (USD) Source Details
New Zealand 01 01 - Liquidity Support NZD
New Zealand 01A 01A - Short-term lending NZD International Monetary Fund (IMF). https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 24 July 2020); RBNZ. https://www.rbnz.govt.nz/covid-19 (accessed 8 May 2020).

No amount/estimate: April: The Reserve Bank of New Zealand (RBNZ) (i) announced a corporate facility that will offer up to NZD500 million per week in open market operations with banks against corporate paper and asset-backed securities for 3 months; and (ii) established a new Term Auction Facility (TAF), which allows banks access to collateralized loans of up to 12 months.

New Zealand 01B 01B - Support policies for short-term lending NZD
New Zealand 01C 01C - Forex operations NZD IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 24 July 2020).

No amount/estimate: April, The exchange rate has been allowed to adjust flexibly.

New Zealand 02 02 - Credit creation NZD 9,250,000,000 5,594,532,479
New Zealand 02A 02A - Financial sector lending/funding NZD 3,000,000,000 1,814,442,966 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 24 July 2020); RBNZ. https://www.rbnz.govt.nz/news/2020/05/term-lending-facility-details-outlined-to-promote-business-lending (accessed on 12 May 2020); RBNZ. https://www.rbnz.govt.nz/covid-19 (accessed 08 May 2020); RBNZ. https://www.rbnz.govt.nz/news/2020/05/large-scale-asset-purchases-expanded (accessed 14 May 2020); RBNZ. https://www.rbnz.govt.nz/news/2020/08/changes-to-term-lending-facility (accessed 24 August 2020).

(i) No amount/estimate: April, The RBNZ is introducing a Term Lending Facility (TLF), a longer-term funding scheme for banks at low interest rates for up to 3 years duration. On May 04, further details have been announced, i.e., under the facility, RBNZ will offer to lend funds to banks at the official cash rate of 0.25%, and will be available to use for six months, starting from May 26 and ending on October 29. On August 20, RBNZ announced that the term has been extended to five years from three years [update]; (ii) April 7, The RBNZ announced that it has added NZD3 billion (equivalent to 30% on issue) of Local Government Funding Agency (LGFA) debt to the Large-Scale Asset Program (LSAP) (See Measure 10 notes: No breakdown).

New Zealand 02B 02B - Support policies for long-term lending NZD IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 24 July 2020); RBNZ. https://www.rbnz.govt.nz/covid-19 (accessed 08 May 2020).

No amount/estimate: (i) March 27, RBNZ (a) cut the official cash rate (OCR) by 75 basis points to 0.25% (at least 12 months), and (b) reduced bank’s core funding ratio requirement to 50% from 75% to help banks make credit available; (ii) March, The implementation date of regulatory reform requiring higher capital for banks has been postponed to July 2021; (iii) March, Other regulatory initiatives are also put on hold; (iv) March, RBNZ announced that there will be no dividend payments on ordinary shares and redemption of non-CET1 capital instruments; (v) April 30, RBNZ has removed loan-to-value ratio (LVR) restrictions on housing loans for 1 year (until May 2021).

New Zealand 02C 02C - Loan guarantees NZD 6,250,000,000 3,780,089,513 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 24 July 2020).

April, NZD6.25 billion business finance guarantee scheme for small and medium enterprises (SME) loans, in which the government covers 80% of the credit risk.

New Zealand 03 03 - Direct long-term lending NZD 900,000,000 544,332,890
New Zealand 03A 03A - Long-term lending NZD 900,000,000 544,332,890 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 24 July 2020); Inland Revenue. https://www.ird.govt.nz/covid-19/business-and-organisations/small-business-cash-flow-loan (accessed 18 May 2020).

(i) April, NZD0.9 billion debt funding agreement (convertible to equity) with Air New Zealand to ensure continued freight operations, domestic flights, and limited international flights; (ii) No amount/estimate: May, The New Zealand government provides loans of up to NZD100,000 to small businesses that employ 50 or less employees.

New Zealand 03B 03B - Forbearance NZD IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 24 July 2020); RBNZ. https://www.rbnz.govt.nz/news/2020/08/reserve-bank-extending-mortgage-deferral-scheme (accessed 24 August 2020).

No amount/estimate: April: (i) NZL government, RBNZ, and the New Zealand Bankers Association announced a six-month principal and interest repayment deferrals to mortgage holders and SMEs affected by COVID-19; (ii) The government has also committed to a temporary law change to enable businesses to put existing debt into hibernation for 6 months; (iii) August 17, RBNZ announced an extension of the regulatory guidance for the mortgage deferrals program. The extension will apply until 31 March 2021, at which point the usual treatment will resume. Banks will still be able to offer deferrals to borrowers after this date, but they will not have the same concessionary regulatory treatment [update].

New Zealand 04 04 - Equity support NZD
New Zealand 05 05 - Health and income support NZD 25,600,000,000 15,483,246,643
New Zealand 05A 05A - Health support NZD 500,000,000 302,407,161 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 24 July 2020).

(i) April, NZD0.5 billion (0.2% of GDP) for healthcare-related spending to reinforce capacity; (ii) No amount/estimate: March 28, The government announced the temporary removal of tariffs on all medical and hygiene imports needed for the COVID-19 response.

New Zealand 05B 05B - Income support NZD 25,100,000,000 15,180,839,482 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 24 July 2020); New Zealand Treasury. https://treasury.govt.nz/news-and-events/news/wage-subsidy-extension-announced (accessed on 15 May 2020).

April: (i) Total NZD2.4 billion (0.8% of GDP) as permanent increase in social spending to protect vulnerable people over the next 4 years; (ii) NZD13 billion (4.3% of GDP), a lumpsum 12-week wage subsidy to support employers severely affected by the impact of COVID-19. On May 14, the government announced additional funding of up to NZD3.2 billion in Budget 2020 for a targeted extension of the wage subsidy. The targeted extension provides for a further 8 weeks of payments after the program ends on June 9; (iii) NZD2.8 billion (0.9% of GDP) of permanent change in business taxes to help cashflow over the next 4 years; (iv) NZD3.1 billion as temporary tax loss carry-back scheme (1% of GDP) over the next 2 years; (v) NZD0.6 billion (0.2% of GDP) support for the aviation sector; (vi) No amount/measure: 6-month freeze on residential rent increases and increased protection of tenants for termination of tenancies.

New Zealand 06 06 - Budget reallocation NZD
New Zealand 07 07 - Central bank financing government NZD 10,000,000,000 6,048,143,220
New Zealand 07A 07A - Direct lending and reserve drawdown NZD 10,000,000,000 6,048,143,220 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 24 July 2020); RBNZ. https://www.rbnz.govt.nz/covid-19 (accessed 08 May 2020).

May, The RBNZ has doubled the overdraft on the crown settlement account to NZD10 billion for April–June to meet the government's short-term cash needs.

New Zealand 07B 07B - Secondary purchase: government securities NZD IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 24 July 2020); RBNZ. https://www.rbnz.govt.nz/news/2020/05/term-lending-facility-details-outlined-to-promote-business-lending (accessed on 12 May 2020); RBNZ. https://www.rbnz.govt.nz/covid-19 (accessed 08 May 2020); RBNZ. https://www.rbnz.govt.nz/news/2020/05/large-scale-asset-purchases-expanded (accessed 14 May 2020); RBNZ. https://www.rbnz.govt.nz/news/2020/08/further-easing-in-monetary-policy-delivered (accessed 13 August 2020).

April, The RBNZ has been implementing LSAP to purchase government bonds in the secondary market up to NZD30 billion across a range of maturities. On May 13, The Monetary Policy Committee has agreed to significantly expand the LSAP programme to NZD60 billion. On August 12, LSAP programme was expanded to NZD100 billion (See amount in Measure 10 notes: No breakdown).

New Zealand 08 08 - International Assistance Received NZD 49,602,000,000 30,000,000,000
New Zealand 08A 08A - Swaps NZD 49,602,000,000 30,000,000,000 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 24 July 2020).

April, The RBNZ has been providing liquidity in the foreign exchange swap market and reestablished a temporary United States (US) dollar swap line (USD30 billion) with the US Federal Reserve.

New Zealand 08B 08B - International loans/grants NZD
New Zealand 08B1 08B1 - Asian Development Bank NZD
New Zealand 08B2 08B2 - Other NZD
New Zealand 09 09 - International Assistance Provided NZD 7,000,000 4,233,700
New Zealand 09A 09A - Swaps NZD
New Zealand 09B 09B - International loans/grants NZD 7,000,000 4,233,700 New Zealand Foreign Affairs and Trade. https://www.mfat.govt.nz/en/media-and-resources/news/new-zealand-provides-7m-for-global-humanitarian-response-to-covid-19/ (accessed on 20 May 2020).

May 19, The New Zealand Government is contributing NZD7 million to help some of the world’s most vulnerable people who are at severe risk of COVID-19. The funding is going towards the United Nations-led Global Humanitarian Response Plan (GHRP) for COVID-19.

New Zealand 10 10 - No breakdown NZD IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 24 July 2020); RBNZ. https://www.rbnz.govt.nz/news/2020/05/term-lending-facility-details-outlined-to-promote-business-lending (accessed on 12 May 2020); RBNZ. https://www.rbnz.govt.nz/covid-19 (accessed 08 May 2020); RBNZ. https://www.rbnz.govt.nz/news/2020/05/large-scale-asset-purchases-expanded (accessed 14 May 2020); RBNZ. https://www.rbnz.govt.nz/news/2020/08/further-easing-in-monetary-policy-delivered (accessed 13 August 2020).

April, The RBNZ has been implementing a Large-Scale Asset Program (LSAP) to purchase government bonds in the secondary market up to NZD30 billion across a range of maturities. April 7, The RBNZ announced that it has added NZD3 billion (equivalent to 30% on issue) of Local Government Funding Agency (LGFA) debt to the LSAP, taking the total size of the LSAP to NZD33 billion over 12 months. On May 13, The Monetary Policy Committee has agreed to significantly expand the LSAP programme to NZD60 billion, up from the previous NZD33 billion limit. On August 12, LSAP programme was expanded to NZD100 billion (See Measures 2A and 7B).

New Zealand 11 11 - Other Economic Measures NZD IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 24 July 2020).

March 28, The government announced the temporary removal of tariffs on all medical and hygiene imports needed for the COVID-19 response.

New Zealand 12 12 - Non-Economic Measures NZD IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 24 July 2020); RBNZ. https://www.rbnz.govt.nz/news/2020/05/financial-services-under-level-2 (accessed on 14 May 2020); NZ Government COVID-19 official website. https://covid19.govt.nz/latest-updates/nz-covid-tracer-app-released/ (accessed 20 May 2020); NZ Government COVID-19 official website. https://uniteforrecovery.govt.nz/updates-and-resources/latest-updates/new-zealand-moved-to-alert-level-1-on-tuesday-9-june/ (accessed 10 June 2020); Government of New Zealand. https://covid19.govt.nz/updates-and-resources/latest-updates/plan-to-respond-to-new-covid-19-cases-in-the-community/ (accessed 16 July 2020); New Zealand Government. https://covid19.govt.nz/updates-and-resources/latest-updates/new-zealand-will-remain-at-the-existing-alert-levels-until-sunday/ (accessed 24 August 2020); Department of the Treasury. https://treasury.govt.nz/publications/weu/weekly-economic-update-28-august-2020-html (accessed 28 August 2020).

April: (i) Social distancing measures and closure of all non-essential businesses, cancellation of all events and gatherings, closure of schools, and cancellation of discretionary domestic air travel; (ii) Closing of the borders to all but New Zealand citizens, who must self-isolate for at least 14 days upon entry; and (iii) The government announced that New Zealand will move to Alert Level 3 starting April 27, 11:59pm, allowing many businesses to re-open, though without physical contact to customers, and schools to re-open with limited capacity; (iv) May 14, New Zealand moved to Alert Level 2; (iv) May 20, The Ministry of Health has released the NZ COVID Tracer app to support contact tracing in New Zealand; (v) June 9, The government announced that New Zealand has moved to Alert Level 1 starting June 8, where everyone can return without restriction to work, school, sports, and domestic travel, and can get together with as many people. Controls at the borders remain for those entering New Zealand, including health screening and testing for all arrivals, and mandatory 14-day managed quarantine or isolation; (vi) July 15, The government launched the “Stamp it Out” plan for responding to new cases, which includes several scenarios and their impacts on individuals, businesses, and other organizations such as schools; (vii) August 24, Due to new confirmed cases, the government announced that Auckland will stay at Alert Level 3 until 11:59pm on 30 August, while the rest of the country will remain at Alert Level 2 [update]; (viii) August 28, Auckland will join the rest of New Zealand at Alert Level 2 on 31 August, where the country will remain for at least another week [update].

New Zealand 01 01 - Liquidity Support NZD
New Zealand 01A 01A - Short-term lending NZD International Monetary Fund (IMF). https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 12 April 2020).

No amount/estimate: April, The Reserve Bank of New Zealand (RBNZ) (i) announced a corporate facility that will offer up to NZD500 million per week in open market operations with banks against corporate paper and asset-backed securities for 3 months; and (ii) established a new Term Auction Facility (TAF), which allows banks access to collateralized loans of up to 12 months.

New Zealand 01B 01B - Support policies for short-term lending NZD
New Zealand 01C 01C - Forex operations NZD IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 12 April 2020).

No amount/estimate: April, The exchange rate has been allowed to adjust flexibly.

New Zealand 02 02 - Credit creation NZD 6,250,000,000 3,780,089,513
New Zealand 02A 02A - Financial sector lending/funding NZD IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 12 April 2020); Reserve Bank of New Zealand (RBNZ). https://www.rbnz.govt.nz/news/2020/03/rbnz-to-implement-30bn-large-scale-asset-purchase-programme-of-nz-govt-bonds (accessed 12 April 2020).

No amount/estimate: April, The RBNZ is introducing a Term Lending Facility (TLF), a longer-term funding scheme for banks at low interest rates for up to 3 years duration.

New Zealand 02B 02B - Support policies for long-term lending NZD IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 12 April 2020).

No amount/estimate: (i) March 27, RBNZ (a) cut the official cash rate (OCR) by 75 basis points to 0.25% (at least 12 months), and (b) reduced bank’s core funding ratio requirement to 50% from 75% to help banks make credit available; (ii) The implementation date of regulatory reform requiring higher capital for banks has been postponed to July 2021; (iii) March, Other regulatory initiatives are also put on hold; (iv) RBNZ announced that there will be no dividend payments on ordinary shares and redemption of non-CET1 capital instruments.

New Zealand 02C 02C - Loan guarantees NZD 6,250,000,000 3,780,089,513 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 12 April 2020).

April, NZD6.25 billion business finance guarantee scheme for small and medium enterprises (SME) loans, in which the government covers 80% of the credit risk.

New Zealand 03 03 - Direct long-term lending NZD 900,000,000 544,332,890
New Zealand 03A 03A - Long-term lending NZD 900,000,000 544,332,890 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 12 April 2020).

(i) April, NZD0.9 billion debt funding agreement (convertible to equity) with Air New Zealand to ensure continued freight operations, domestic flights, and limited international flights.

New Zealand 03B 03B - Forbearance NZD IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 12 April 2020).

No amount/estimate: April, (i) NZL government, RBNZ, and the New Zealand Bankers Association announced a six-month principal and interest repayment deferrals to mortgage holders and SMEs affected by COVID-19; (ii) The government has also committed to a temporary law change to enable businesses to put existing debt into hibernation for 6 months.

New Zealand 04 04 - Equity support NZD