New Zealand trims new spending, sticks to surplus path amid uncertainty

WELLINGTON, May 13 (Reuters) - New Zealand Prime Minister Christopher Luxon ‌said on Wednesday that global ‌uncertainties from the Middle East conflict ​reinforced the need for responsible economic management and fiscal discipline.

"We can't control the storm, but we can ‌secure New ⁠Zealand's future within it," Luxon said in a speech ⁠ahead of the national budget due at the end of ​the month.

Luxon ​said the ​government remained committed ‌to returning the budget to surplus by the fiscal year ending in June 2029 and putting debt on a downward path ‌toward 40% of ​gross domestic product.

Net operating ​spending ​on new initiatives will ‌total NZ$2.1 billion ($1.25 billion), ​about NZ$300 ​million less than earmarked in December.

($1 = 1.6801 New Zealand dollars)

(Reporting ​by ‌Lucy Craymer in Wellington and ​Renju Jose in Sydney; Editing ​by Christian Schmollinger)