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The Budget 2002


The Budget 2002 Releases

The press releases issued to coincide with the delivery of the Budget on 23 May 2002

Releases issued pre-budget are available here.

The full Budget Speech text is available at the Treasury Web site.

Highlights and key points Budget Releases
  • The operating surplus for 2001-02 is projected to be $2.3 billion

  • In the coming year, 2002-03, the operating surplus is projected to be $2.28 billion

  • Gross debt is forecast to fall to 28.6 per cent of gdp in 2002-03, down from 36.8 per cent when the government took office

  • The budget makes a contribution of $1.2 billion into the New Zealand Superannuation Fund

  • A commitment of $35 million in 2002-03 on industry and regional development initiatives

  • New spending of $400 million over four years on tertiary education and skills training, including $214 million for a new tertiary education funding system

  • An extra $61 million over four years on the operating budget for early childhood education

  • Police get an extra $34 million this year and $34.5 million in each of the next two years

  • The budget puts another $620 million into the hospital capital programme, bringing the total spend by the Crown and DHBs over the next four years on facilities and debt refinancing to $2.04 billion

  • An allocation of $200 million over five years for the meningococcal vaccine strategy

  • Extra spending on research and science includes $33.5 million over four years to the Marsden Fund and the New Economy Research Fund

  • $349 million increase over 10 years for Department of Conservation huts, tracks and other outdoor facilities
Overviews
Social Services Law and order
Implementing the growth and innovation strategy Education
Conservation Budget figures overview