Briefs: NZ Govt borrows big, Board moves at Rabo Australia 15 May 2020 5:34AM Banking Day staff Rabobank Australia, Appointments James Fazzizno, new Rabo director Saying he is “not a fan of austerity”, New Zealand Finance Minister Grant Robertson announced nearly NZ$16 billion of new spending in yesterday’s Budget, part of a new Kiwi $50b ‘Covid Response and Recovery Fund”. The Budget included a $3.2 billion targeted expansion of the wage subsidy scheme, $3 billion in infrastructure investment and $1.4 billion for a trades and training package. The tourism sector has received an additional $400 million in an initial contribution to a dedicated recovery fund. NZ’s Treasury is predicting average deficits of $28 billion, or 9.3 percent of GDP, from 2020 to 2022, reducing to $4.9 billion by June 2024 before a possible return to surplus from 2024/25. In relatively optimistic forecasts, it predicts unemployment peaking at 9.6 per cent this year, before returning to the current rate of 4.2 per cent within two years. James Fazzino, former chief executive officer and managing director of global diversified industrial chemicals company Incitec Pivot, has joined Rabobank’s Australian board. The appointment was effective May 11, the company said. Fazzino has filled the position vacated by Andy Borland, recently appointed as chair of Rabobank New Zealand Limited. Fazzino served as chief financial officer at Incitec Pivot for six years before being appointed CEO in 2009 – a position he held for eight years.
