Economic predictions tricky as true data numbers still to come, Finance Minister says

April 1, 2020

The Government has been criticised for not being able to provide up-to-date data quickly enough.

As the lockdown continues, there are concerns from officials that the unemployment rate could soon hit double digits.

The Government was today criticised for not being able to provide up-to-date data quickly enough.

"I think you heard the secretary of the Treasury say that when it came to unemployment there is between five per cent and double digits, and they were looking at refining that in terms of unemployment," Finance Minister Grant Robertson says.

"We've seen an idea that GDP would drop by around 17 per cent."

For the second day running, the Government faced more questions about its response to the pandemic as data is continuously released around the health implications of the virus but not the economy.

“I think everyone will understand that economic data will come a month or two months afterwards,” Mr Robertson says.

"What I would say though is there's a difference between the forecasts and projections than an economist who is maybe employed by a bank might do when they go on TV and the Treasury making those forecasts because when the Treasury says it, it becomes effectively market moving.

“So we've got to make sure we're putting out the most robust data we possibly can. But I do accept that with the age we're living in now we need to make that more regular."

There have been almost 1000 complaints to the Government's Price Watch group about price-gouging, with cauliflower, hand sanitiser, bread, meat and garlic all criticised as costing too much.

“I do want to say to people that we are taking these complaints seriously,” Prime Minister Jacinda Ardern said.

1 NEWS has the latest information on how many Covid-19 cases are in your area.

It comes as a $25.00 a week increase in main benefits as well as a rise in the minimum wage come into force today.

The Ministry of Health was also under scrutiny and had to apologise after posting the surnames of two families confirmed to have Covid-19 on its website.

Meanwhile, this evening it was confirmed that several members of staff from the Invercargill City Council have received positive test results for COVID-19, according to ICC chief executive Clare Hadley.

"Members of staff who tested positive are typically based at the Civic Administration Building, and anyone who may have been a close contact would be contacted by their managers and team leaders," Ms Hadley told staff.

And as hundreds of Kiwis return to New Zealand from overseas, they face a lockdown in hotel isolation, with the first charter flight yesterday providing relief for some as they finally headed home.

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