The hefty price tag promises to blow out debt to 53.6 percent of Gross Domestic Product (GDP) by 2023 and will leave the country in deficit for years to come.
But Finance Minister Grant Robertson says the pandemic is a "one-in-100-year event" which demands record spending.
"It is a once in a generation Budget. It is bold because the task we face is monumental," he says.
But is it going to be enough? The Two Cents' Worth team dissects the Budget.