Te Whanganui a Tara – The Aotearoa New Zealand government delivered its annual Budget yesterday.
It struck a balance between fiscal consolidation and addressing some significant issues.
Many people and organisations supported it. Others were disappointed in the outcomes.
Some key bullet points were:
- Main benefit increases, $1.5billion for the vaccine rollout, $4.7billion for health, $3.8billion for the housing acceleration fund, and an extra $3.9billlion in the multi-year capital envelope.
- The Treasury has upgraded its economic outlook, which has created a little extra wiggle room on the spending front while also contributing to a lower projected debt level than previously.
- A $67 million investment to ensure the public sector is carbon neutral.
- A total of $37million goes into integrated farm planning systems and $24million into greenhouse gas mitigation research and development.
- A total of 221,000 New Zealanders is projected to gain employment over the next four years. Unemployment is forecast to fall to 4.2 percent.
- The covid recovery is expected to show GDP growth of 4.4 percent in 2023, putting NZ back at pre-covid levels.
- More than 100,000 families will be $175 per week better off, and child poverty will reduce.
- The government continues with the winter energy payment.
- More than 200,000 children are still living in poverty or 20 percent of children live in households where food runs out sometimes or often.
- This rises to 30 percent in Māori households and 46 percent in Pacific homes.
- Government is building 18,300 houses fully funded out to 2024, and 7600 already delivered.
- More building consents have been issued than at any time in New Zealand’s history.
- One third of the 107,000 New Zealanders in free trades training are in the construction sector.