Displaying 97 - 120 of 214 results.

“The Labour Party needs to tell New Zealanders how they would build 100,000 houses in ten years when they have allocated only enough money to build fewer than 4,000,” Associate Finance Minister Steven Joyce says.

“The $2 billion they are allocating to build 100,000 houses is enough money by their own calculations to build 4,000 at around $500,000 per house.

“They say that they will translate the 4,000 houses into 100,000 houses by selling the 4,000 and building new ones in a process known as capital recycling.

  • Steven Joyce
  • Finance

The Prime Minister today announced a new $1 billion Housing Infrastructure Fund to accelerate the supply of new housing where it’s needed most, Finance Minister Bill English and Building and Housing Minister Dr Nick Smith say.

The contestable fund will be open to applications from councils in the highest growth areas – currently Christchurch, Queenstown, Tauranga, Hamilton and Auckland.

Mr English says the Housing Infrastructure Fund will help bring forward the new roads and water infrastructure needed for new housing where financing is a constraint.

  • Nick Smith
  • Bill English
  • Finance
  • Building and Housing

The Government today released tax expert John Shewan’s independent Inquiry into Foreign Trust Disclosure Rules, and the steps it is taking to strengthen tax rules as part of its work with the OECD to clamp down on base erosion and profit shifting (BEPS).

Mr Shewan’s inquiry noted that foreign trusts are legitimate vehicles and that New Zealand’s tax treatment of foreign trusts is appropriate. However, it also recommends disclosure arrangements should be strengthened, including by:

  • Michael Woodhouse
  • Bill English
  • Revenue
  • Finance

Finance Minister Bill English and Transport Minister Simon Bridges have released a joint report with Auckland Council, setting out preliminary views on developing the city’s transport system.

“The report marks the completion of the second of three stages that make up the Auckland Transport Alignment Project (ATAP), a joint project between the Government and Council to agree an approach for developing Auckland’s transport system over the next 30 years,” Mr English says.

  • Bill English
  • Simon Bridges
  • Finance
  • Transport

Finance Minister Bill English has today vetoed proposed changes to paid parental leave.

Mr English has exercised his powers of Financial Veto ahead of the third reading of the Parental Leave and Employment Protection (Six Months’ Paid Leave and Work Contact Hours) Amendment Bill.

“Treasury estimates the cost of this legislation amounts to $278 million over the next four years, a significant extra - unbudgeted - cost.

  • Bill English
  • Michael Woodhouse
  • Finance
  • Workplace Relations and Safety

The economy continues to perform solidly, with Statistics New Zealand today reporting 0.7 per cent growth for the first three months of 2016, taking annual growth to 2.8 per cent, Finance Minister Bill English says.

“This broad-based growth demonstrates the increasingly diversified nature of the New Zealand economy,” Mr English says.

“Despite the dairy sector continuing to be under pressure, other sectors are performing well and contributing to an overall solid rate of economic growth.”

  • Bill English
  • Finance

A smaller-than-expected $297 million operating balance before gains and losses (OBEGAL) surplus for the ten months to 30 April highlights the monthly volatility in the Government’s accounts, Finance Minister Bill English says.

The surplus was $941 million smaller than forecast in Budget 2016, largely as a result of core Crown tax revenue coming in $1.1 billion lower than forecast.

  • Bill English
  • Finance

Finance Minister Bill English says the latest release of the Major Projects Performance Report has been brought forward to more accurately reflect the portfolio’s real-time performance.

The November 2015-February 2016 report is the third of its kind and provides a comprehensive update of the Government’s 43 biggest projects and advises on how well they are delivering on expectations.

The projects, which span 22 agencies, are assessed using a five-point scale ranging from Red through to Amber and then Green.

  • Bill English
  • Finance

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.

  • Bill English
  • Finance
  • Budget 2016

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.

  • Bill English
  • Finance
  • Budget 2016

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.

  • Bill English
  • Finance
  • Budget 2016

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.”

  • Bill English
  • Finance
  • Budget 2016

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

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

  • Bill English
  • Finance
  • Budget 2016

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.

  • Bill English
  • Finance
  • Budget 2016

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.

  • Bill English
  • Finance
  • Budget 2016

The $167 million operating balance before gains and losses (OBEGAL) surplus for the nine months to 31 March was $334 million better than forecast, Finance Minister Bill English says.

Core Crown revenue was $206 million higher than forecast, largely due to core Crown tax revenue being $702 million higher than forecast by the Treasury in December.

This was partially offset by core Crown interest and dividend revenue being $456 million lower than forecast.

  • Bill English
  • Finance

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

  • Bill English
  • Budget 2016
  • Finance

Changes to the overseas investment regime mean the Overseas Investment Office (OIO) will be able to assess applications faster and shore up investor certainty, Ministers Bill English and Louise Upston say.

The changes, which are the result of a review that has been underway since last year, are expected to take place in mid-2016 and will see OIO fees restructured and increased by between 8.7 and 166 per cent for different application fee types.

  • Bill English
  • Louise Upston
  • Finance
  • Land Information

Finance Minister Bill English departs for Germany today to attend the Asian Development Bank’s (ADB) annual meeting, as well as a number of other opportunities to promote New Zealand’s profile with key European trade partners.

Mr English will also travel to London where he’ll meet with the Chancellor of the Exchequer, Rt Hon George Osborne as well as the Governor of the Bank of England, Mr Mark Carney, and will take part in an investor roundtable discussion on the lessons learned from the United Kingdom’s public sector reforms.

  • Bill English
  • Finance

Finance Minister Bill English today released publicly his letter of expectations for the Reserve Bank Board.

The Board is the Minister of Finance’s monitoring agent for the Reserve Bank and has a key role in the accountability arrangements that support strong performance.

The Board has responsibility for assessing the performance of all Bank operations including its independent monetary policy role, as well as regulation of the financial system which is not independent of Government.

  • Bill English
  • Finance

E ngā mana, e ngā reo

o ngā iwi o te motu,

o ngā tangata Pasifika

me ngā roopu hei āwhina i te Pani me te hunga Rawakore

tēnā tatau katoa

 

Aku hoa o te Whare Miere

me ngā Kaiwhakahaere, ngā Kai-takatu o ngā Tari o te Kawanatanga

Tēnā koutou katoa.

 

He huinga tangata he whakaaro kia rātau kua wehi atu ki te pō,

Te hunga mate ki te hunga mate

  • Bill English
  • Finance

Low inflation is helping New Zealand households get ahead, with wages on average continuing to rise faster than the cost of living, Finance Minister Bill English says.

Inflation was only 0.4 per cent for the year to March 2016, according to figures released by Statistics New Zealand today. Inflation for the March quarter was 0.2 per cent.

Much of quarterly increase was driven by cigarettes and tobacco, which rose 9.4 per cent following increase in excise duty in January. Food prices were up 1.2 per cent in the quarter, but were down 0.4 per cent over the whole year.

  • Bill English
  • Finance

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:

  • Michael Woodhouse
  • Bill English
  • Revenue
  • Finance
  • Budget 2016

Cabinet today agreed to appoint highly regarded tax expert John Shewan to conduct an independent review of disclosure rules covering foreign trusts registered in New Zealand, Ministers Bill English and Michael Woodhouse say.

“Ministers decided that in light of the ‘Panama Papers’ being released last week, it’s worth looking at whether the disclosure rules are fit for purpose and whether there are practical improvements we can make,” Mr English says.

  • Michael Woodhouse
  • Bill English
  • Revenue
  • Finance