Monday, July 15, 2024

Budget 2023 date confirmed

Budget 2023 will be delivered on Thursday 18 May and will be focused on cost-of-living and cyclone and flood recovery, Finance Minister, Grant Robertson announced today.

“We are committed to working with local communities to get affected families, farmers and businesses back on their feet and their regions back moving. The economic and fiscal impact is not yet fully known, but we know the rebuild will be in the billions of dollars,” Minister Robertson said.

“The Government has taken action quickly to provide certainty and assurance in these early stages of the recovery and further support is coming.

“The recovery is going to take a long time and the Government will need to step up with considerable resources to repair and fix broken infrastructure. As I have already mentioned, this will affect the Government’s operating and capital spending plans in the current year and subsequent years and is being factored into planning for Budget 2023.

“Budget 2023 will also focus on what matters most to New Zealanders, with the cost of living a top priority. We have already extended the fuel tax reductions and half priced public transport fares to the end of June to take some of the pressures on household budgets and business costs. We will be considering further support to lighten their load.”

The Minister said the budget will be delivered in a volatile and uncertain global environment, which will affect the nation’s prospects.

“The Government books are in solid shape thanks to our strong economic and financial management. Our debt levels are among the lowest in the world and we are well positioned to handle the impacts of Cyclone Gabrielle and further economic shocks.”

“We have continue to take a careful and balanced approach to manage our finances responsibly and help take pressure off inflation. It means that as we respond to the rebuild we will have to prioritise the projects that are proposed and some will not be funded or have to be delayed.

“The Government has committed to investing heavily in the strong public services that New Zealanders need, in hospitals, schools and housing. We will continue to address climate change, with a focus on adaptation as the extreme weather events that we have experienced become more frequent.

“We will keep the economy moving in the right direction in this challenging environment and continue to invest in creating a high wage, low emissions economy that will deliver for New Zealanders in good times and bad,” Mr Robertson said.

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