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The bill introduces a top personal income tax rate of 39 percent on incomes above $60,000 from the next income year. This is a small increase of 6 cents in the dollar for those who can most afford to help sustain basic services like health, education and superannuation.

"The latest GDP result showing 2.3 percent growth in the September quarter
contains as much cause for concern than for celebration," Finance Minister
Michael Cullen said today.

Legislation increasing the tax rate on income over $60,000 to 39 percent and the
fringe benefit tax rate from 49 percent to 64 percent will be followed up with
further legislative changes early next year Minister of Finance and Revenue
Michael Cullen said today.

"The Government has honoured a key election pledge today with the introduction
of legislation to dismantle the privatisation of workplace insurance,"

The Government today introduced legislation to increase the top personal income
tax rate to 39 percent for income over $60,000 from April 1, next year.

Keynote Speech to the NZ Labour Party Annual Conference 2000, Wellington Town Hall