For fiscal 2016, the government downgraded its budget surplus estimate from NZ$1 billion to NZ$473 million as a result of costs related to a devastating earthquake in November, reported Reuters.
The projected fiscal surplus would give English cash to put into infrastructure spending, according to Hoadley. He said the new government had to improve the ability of the New Zealand commercial sector to carry on its business and rebuild Christchurch, as well as the recent earth-quake-damaged Wellington.
Growth has also been resilient in the country; in the June 2016 quarter, the economy grew 3.6 percent on-year. By comparison, OECD's on-year growth for the same quarter was only 1.6 percent. Data for the September 2016 quarter in New Zealand was due on Dec. 22.
ANZ's Bagrie expected English's government to also discuss the long-term sustainability of New Zealand's national pension scheme.
The New Zealand Superannuation makes fortnightly payments to people aged 65 and above. Former PM Key had promised to resign if the government raised the age of eligibility for superannuation, according to Radio New Zealand. English, in his first press conference as PM, did not make the same pledge.
There were several other issues that English would inherit from Key, according to Hoadley. These include insufficient supply and high prices for housing, very little wage growth and rising wage inequality and the imminent failure of the Trans-Pacific Partnership agreement the National party had championed.
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