New Zealand (NZ) Finance Minister Grant Robertson said in a statement on Tuesday, the Treasury Department expects the Auckland lockdown to cost the GDP NZD500 million per week.
He added that the Treasury estimate fits within the range of other economic forecasts of NZ$300-600 million per week.
Last week, he announced an extension to the mortgage deferral scheme, which was set to expire on September 27, by six months to now end March 2021.
Market reaction
NZD/USD remains stuck in a tight range around 0.6525 so far this Tuesday, unable to benefit from the US-China trade optimism amid continued rise in the coronavirus cases in the South Pacific nation.
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