We’ve just released this year’s Budget – and I wanted to break it down for you.
This Budget is an important one for a lot of New Zealanders who are doing it tough right now, so we’ve made sure to do the basics well. That means supporting people with the cost of living and making targeted investments to grow our economy into the future.
We’re easing some of the everyday cost pressures on Kiwi households – childcare, healthcare, transport and power bills. Scrapping the $5 prescription charge, extending 20 hours ECE to 2-year-olds, and free public transport for kids are practical measures we can take without exacerbating inflation pressures, as tax cuts would.
At the same time, it’s important that we invest in the public services everyone relies on, continuing to build up our health system, education system and schools, and our housing. These are core to ensuring New Zealanders have the opportunities they deserve and that’s reflected in this Budget.
While supporting households now, we also have to build a better tomorrow. That’s why we’re investing in critical areas like skills, science and technology. It’s how we support people into work, drive higher wages for New Zealanders and build a stronger and more resilient economy.
We’ve invested significantly in building back better with greater resilience from the January flooding and Cyclone Gabrielle. This means looking after communities in the face of increasingly severe and unpredictable weather events and making sure we’re more resilient for the future. So, we’ve got a big investment in infrastructure – future-proofing our roads, rail, telecommunications and electricity networks.
We’ve delivered a plan that’s ensured New Zealand’s economy is performing better than it did after the GFC and better than most OECD countries. Now we’re in a strong position to support households in the face of global inflation and the challenges of rebuilding following the extreme weather events, with unemployment at near record lows, wages rising faster than inflation and the Government’s books in solid shape.
I’m proud of the balance we’ve struck with this Budget. We’re carefully managing our finances into the future while investing in what New Zealanders need right now. Budget 2023 works for today, supporting households with cost of living relief that people will feel, and builds towards a stronger, more resilient tomorrow.
There will be more to come from us, but for now, you can learn more about the Budget here http://www.labour.org.nz/budget2023?e=29668537aedf0953ee6fffd22ea36c98&utm_source=nzlabour&utm_medium=email&utm_campaign=230518_budget23_w3&n=1
