- Focus on maintaining surpluses, reducing debt, growing the economy
- Supporting the most vulnerable in society
- Effects of tax bracket creep addressed
Minister of Finance Steven Joyce’s first Budget continues this Government’s focus on maintaining surpluses, reducing debt, growing the economy and supporting the most vulnerable in society via targeted ‘social investment’ spending.
It achieves a balance between continued careful fiscal management and sharing the benefits of sustained economic growth across the community.
A tax reduction package will address the effects of tax bracket creep. Changes to Working for Families and the Accommodation Supplement will assist low income families and renters. Low and middle income New Zealand was clearly going to be in the Government’s sights but, the tax package applies to almost everyone.