Search

Mr Speaker,

I move that the Appropriation (2016/17 Estimates) Bill be now read a second time.

It’s a privilege to present the eighth Budget of this National-led Government.

I recall our first Budget, delivered in difficult times, with Treasury forecasting never-ending deficits and ever-rising debt.

Today, however, I can present a healthy set of public accounts.

The Crown’s books show rising surpluses and falling debt.

Budget 2016’s $2.1 billion public infrastructure package will deliver on the Government’s commitment to build a stronger, more productive economy and deliver better public services, Finance Minister Bill English says.

Education, transport and housing will all receive considerable investment, as will the residents of Christchurch, who will see the results of the Government’s ongoing commitment to rebuilding and regenerating the city.

Budget 2016’s Social Investment package will help the most at-risk New Zealanders lead better lives by intervening early and investing in public services tailored to their circumstances, Finance Minister Bill English says.

The package, which provides $641.6 million of operating funding over the next four years and $10.5 million of capital, includes additional support for vulnerable children as well as initiatives in corrections, education and health.

Treasury’s latest forecasts show rising surpluses and falling debt as the Government maintains its careful management of public spending, Finance Minister Bill English says.

“This is our eighth Budget and the books are in good shape.”

“We turned an $18.4 billion deficit in 2011 into a $414 million surplus last year, but a tight rein on spending is still required to start repaying debt.”

Budget 2016 is a forward-looking Budget that invests in a growing economy

(All figures for four years to 2019/2020 unless otherwise stated)

Budget 2016 invests in a growing economy with significant new funding for innovation, infrastructure, the health sector and the most vulnerable New Zealanders while still managing the finances tightly and repaying debt, Finance Minister Bill English says.

“We have solid economic growth and the Government’s books are in good shape – giving us options we didn’t have eight years ago. This Budget makes positive long-term choices that will strengthen our economy and our communities,” Mr English says.

Good afternoon everyone. It’s a pleasure to be with you again.

Thank you to the Wellington Employers’ Chamber of Commerce for once again organising this pre-Budget lunch.

Budget 2016 will include a wide range of initiatives that build on the good progress we’ve made over the previous seven Budgets.

It will have a strong focus on investing in a growing economy – further advancing the work we’ve been doing to support a more productive and competitive economy through the Business Growth Agenda.

On 26 May, Finance Minister Bill English delivered the National-led Government’s eighth Budget.

An SME-friendly tax package announced by the Prime Minister today will reduce compliance costs and make tax simpler for small businesses, Finance Minister Bill English and Revenue Minister Michael Woodhouse say.

“The package will make paying tax easier and more certain, reduce the burden of interest and penalties, and help small businesses tailor payments to their circumstances,” Mr English says.

“We want the tax system to fit in with how businesses operate, not the other way around.”

Key measures in the proposal are that: