Budget 2013: NZ HERALD
The Finance Minister has said the Budget, his fifth, will be about getting back to surplus, addressing the risks of a housing bubble and building economic momentum.
2.34pm: Bill English says “too many New Zealanders have to spend too much of their incomes on housing, and that’s bad for them and for the economy.”
The Government’s social housing measures include a stated record $2.9 billion investment by Housing New Zealand over three years, and a bill which aims to enable the Government to work urgently with councils on streamlining resource consents for new housing developments in areas of poor housing affordability.
2.27pm: Bill English has confirmed that Meridian Energy will be the next state-owned asset up for partial sale.
Article continues below
In response, Nathan Argent, Greenpeace’s chief policy advisor, said:
“The half-baked decision to sell clean energy gem Meridian could lose the economy billions of dollars.
“The cash generated by selling this company will look like peanuts compared to the huge rewards on offer if the Government actually backed our clean energy expertise, rather than flogging it.”
Mr English said the Mighty River Power offer demonstrated that the Government’s share offer programme was effective.
“It raised $1.7 billion, which will be used to invest in hospitals, schools and other assets our communities want and need.
“At the same time, 113,000 New Zealanders took the opportunity to invest in a strong local enterprise.
“Meridian will benefit from that same process, and New Zealanders will once again have the opportunity to invest in the Initial Public Offering of a large New Zealand company.”
2.16pm: Finance Minister Bill English has stayed on the track set in previous years in today’s Budget, writes the Herald’s Adam Bennett.
2.11pm: Bill English says Budgets announced by the previous Labour Government were “illusory.”
Mr English says there are four main priorities for the Government:
* Managing Government finances responsibly.
* Fostering a more productive economy.
* Delivering better public services.
* Rebuilding Christchurch.
“New Zealanders can look to the future with well-earned confidence and optimism,” he said.
2.05pm: Finance Minister Bill English prepares to present the Budget.
He begins by outlining the state of the New Zealand economy at the time of the current National Goverment’s first Budget in 2009, after the global financial crisis of 2008.
“The Government’s plan has not involved radical change. That plan is working as international bodies like the IMF has recognised. The NZ economy grew by 3 per cent last year.
“Although unemployment is too high, attracting investment which creates jobs is a focus for the Government.
“We are on track to post a surplus in 2014-15. Budget 2013 is about building momentum.”
2pm: Parliament is now in session ahead of the reading of the 2013 Budget.
1.43pm: The reading of the Budget – hashtag #NZBudget if you’re following on Twitter – begins at 2pm.
1pm: Before the reading of the Budget at 2pm, we’ll help you to catch up on what you need to know:
After two budgets of zero new spending, Bill English has budgeted $800 million for new spending in the next financial year which will still end up in deficit – $2 billion at the last forecast. (Read more: Budget: English to ease purse strings)
A number of pre-Budget announcements were made in the lead-up to today’s reading, including:
* An additional $21.3 million funding to curb high rheumatic fever rates in New Zealand.
* An extra $70 million to the Government’s National Science Challenges.
* The Mangere Refugee Resettlement Centre will be rebuilt at a cost of $5.5 million over the next four years.
Also:
* $4 million over four years for Maori affairs cadetships.
* $43 million over four years of reprioritised funding for Maori/Pasifika trade training.
* $80.5 million over four years for educational achievement.
* $12 million over four years for Kainga Whenua grants.
* $70 million over four years for aged care.
* $4.5 million for youth services, the duration of which is unclear.
* $7 million over four years for immigration visitor facilities.
* $158 million over four years for tourism.
* $20 million over four years for conservation.
THANKS TO – THE NEW ZEALAND HERALD FOR THE COVERAGE!
Ramblings & Updates 