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The Budget 2003


The Budget 2003 Releases

The press releases issued to coincide with the delivery of the Budget on 15 May 2003

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
  • An operating balance, excluding revaluations and accounting changes, of just over $4 billion projected for 2002-03


  • Projected surpluses for the years ahead of $3.8 billion in 2003-04 and of $4.5 billion, $5.3 billion and $6.2 billion in subsequent years


  • Gross debt at lowest levels since data began in 1971 and forecast to continue to decline steadily as a proportion of GDP - from 27.3 per cent this year to 23 per cent in 2006-07


  • The budget brings ahead by one year the full contribution rate to the New Zealand Superannuation Fund with a $1.879 billion payment for 2003-04


  • An additional $140 million over four years, plus $12 million capital, for research, science and technology


  • $110 million over four years to respond to the sector taskforces on Biotechnology, Design, Screen Production and ICT


  • $73 million over four years to promote overseas trade


  • $1.84 million in 2003-04 and $960,000 a year thereafter for initiatives targeted at small and medium sized businesses


  • Total education spending increases by $393 million to $8.2 billion in 2003-04


  • Funding of $421 million next year for early childhood education - an increase of 8 per cent


  • $167 million over four years to provide an extra 774 primary and secondary teachers


  • $422 million over four years for tertiary students


  • $85 million dollars to raise to 150,000 the number of people in industry training during 2005


  • Total health spending rises $711 million next year to $9.6 billion


  • Another 318 new state houses above the almost 3000 already planned, plus a large modernisation programme for existing stock


  • $256 million package over the next four years to fight crime and the impacts of crime

Overviews
Opportunity and security: keys to a successful society Keeping New Zealand safe
Implementing the growth and innovation strategy Educating for a successful, innovative society
Promoting and protecting our environment, culture and heritage