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The latest Crown accounts reinforce the benefits of the Government’s careful stewardship of its finances, Finance Minister Bill English says.

The Treasury reports that the Government recorded an OBEGAL surplus of $1.2 billion in the first eleven months of the financial year that ended last week. That compares with a $1.1 billion deficit in the corresponding period last year.

The 11-month result is nearly $1 billion better than forecast in the Budget.

Minister Responsible for the Earthquake Commission (EQC), Gerry Brownlee, and Associate Minister of Finance, Steven Joyce, say the Government has developed a number of proposals to reform the EQC Act, which are being released for public discussion today. 

New Zealand has formally become a founding member of the Asian Infrastructure Investment Bank at a signing ceremony in Beijing today, Finance Minister Bill English says.

The Bank is a China-led initiative which is being established to address a gap in new infrastructure across Asia.

“New Zealand actively participated early in the negotiations. Our aim was to push for a well-run, transparent and broad-based multilateral institution. The 50 countries who signed today is testament to the final result,” Mr English says.

Thank you for inviting me tonight.

It’s a pleasure to be here in Australia.

What happens over here, and what people are thinking, affects New Zealand profoundly.

That’s why I try to visit here regularly and talk to as many people as I can.

I want to acknowledge the warm relationship shared between our respective Governments – and the constructive engagements we have with Prime Minister Abbott and Joe Hockey in particular.

New Zealand recorded another quarter of continued economic growth, confirming that the Government’s sensible economic programme is taking New Zealand in the right direction, Finance Minister Bill English says.

“A reduction in dairy production contributed to quarterly growth of 0.2 per cent coming in at the lower end of market expectations, but still resulted in annual growth of 2.6 per cent,” he said. “A strong economy provides Kiwi families with new jobs, higher incomes and opportunities to get ahead.

The Government welcomes the Productivity Commission’s draft report on using land for housing, Finance Minister Bill English says.

“In September last year, the Government asked the Productivity Commission to investigate ways to improve land use regulation and infrastructure provision for housing by local authorities,” Mr English says.

This draft paper follows the 2012 Productivity Commission report which highlighted that the most important thing for housing affordability is to increase the supply of houses.

New Zealand has agreed to become a founding member of the Asian Infrastructure Investment Bank, which is being established to invest in new infrastructure across Asia, Finance Minister Bill English and Foreign Affairs Minister Murray McCully say.

The Bank is a China-led initiative aimed at addressing a significant gap in infrastructure investment in the Asian region.

“Increased infrastructure investment will enhance the Asian region’s growth and that will be good for New Zealand,” Mr English says.

The Government’s $448 million OBEGAL surplus in the 10 months to 30 April – around $1 billion better than the $555 million deficit forecast in the Budget – highlights the inherent volatility in monthly fiscal results, Finance Minister Bill English says.

New Zealand’s first social bond will aim to empower people with mental illness and support their families, Finance Minister Bill English and Health Minister Jonathan Coleman say.

Social bonds, in which the return for investors will be partially determined by whether or not agreed social targets have been achieved, will become another tool in the Government’s social investment approach that is aiming to improve the lives and prospects of the most vulnerable New Zealanders.

People enrolling in KiwiSaver from 2pm today will no longer receive a $1,000 kick-start payment, Finance Minister Bill English says. The change does not affect existing KiwiSaver members.

“KiwiSaver has been successful in attracting members, with 2.5 million New Zealanders having a KiwiSaver account and together receiving $2.5 billion in kick-start payments since the scheme started in 2007,” Mr English says.

Proceeds from the Government’s share offer programme provide a further $939 million of new capital investment in Budget 2015 without the need to borrow more from overseas lenders, Finance Minister Bill English says.

“The share sale proceeds provided $4.7 billion to the Future Investment Fund for spending on new public assets without having to borrow,” Mr English says.

The Crown’s books are in good shape and on track to surplus as the Government maintains its careful and responsible management of public spending, Finance Minister Bill English says.

“We’re making good progress on the Government’s fiscal priorities and the outlook is positive,” Mr English says.

The Treasury is predicting solid growth, growing employment and real wage increases. However, lower inflation means tax revenue is not rising as quickly as expected.

Budget 2015 delivers careful management of public spending, hand in hand with investment in public services.

(All figures for four years to 2018/19 unless otherwise stated).

Mr Speaker,

I move that the Appropriation (2015/16 Estimates) Bill be now read a second time.

It’s a privilege to present the National-led Government’s seventh Budget.

New Zealand has come through significant challenges and is now a more confident and resilient country than it was seven years ago.

Successive Budgets have sought to put New Zealand on a track to surplus and debt reduction, and as a result the Government’s books are in good shape.

A package of measures aimed at reducing hardship among children in New Zealand’s lowest-income households is at the heart of new spending announced in the Budget today, Finance Minister Bill English says.

The package, costing $790 million over four years, includes increased work obligations for sole parents on a benefit, more childcare support for low-income families, a $25 a week increase in benefit rates for families with children, and an increase in Working for Families payments to low-income families not on a benefit.

Budget 2015 includes a $790 million package to reduce hardship among children in New Zealand’s poorest families, as the next step in the Government’s commitment to address the long-term drivers of deprivation.

The package includes increased work obligations for sole parents on a benefit, more childcare support for low-income families, a $25 a week increase in benefit rates for families with children, and an increase in Working for Families payments to low-income families not on a benefit, Finance Minister Bill English and Social Development Minister Anne Tolley say.

The Government is taking extra steps to bolster the tax rules on property transactions – including those by overseas buyers - and to help Inland Revenue enforce them, Finance Minister Bill English and Revenue Minister Todd McClay say.

The tax measures are also expected to take some of the heat out of Auckland’s housing market and sit alongside the Reserve Bank’s latest moves to address associated financial stability issues, Mr English says.

The Crown accounts for the nine months to March 31 posted a deficit of $358 million, smaller than the $1.2 billion deficit forecast by Treasury in December, Finance Minister Bill English says.

The smaller deficit primarily reflects tax revenue coming in $844 million higher than forecast.

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

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

I also want to acknowledge the Chamber’s work in promoting the Wellington business community and in advocating policy to enable businesses in the capital to invest, employ and grow.

The Budget on 21st May will set out in detail the Treasury’s revised economic and fiscal forecasts as well as the Government’s decisions around new spending.

Ownership and management of approximately 2800 Housing New Zealand Corporation (HNZC) properties at Tamaki will be transferred to the Tamaki Redevelopment Company (TRC) to encourage regeneration of the area, Finance Minister Bill English and Housing Minister Dr Nick Smith say.

“Driving through some of the deprived areas of Tāmaki makes plain why the Government is determined to do a better job of social housing,” Mr English says.

On 21 May, Finance Minister Bill English delivered the National-led Government’s seventh Budget.

Finance Minister Bill English will visit Australia this week, where he will take the opportunity to hear first-hand from business and industry leaders their thoughts about the relative strengths and weaknesses of the Australian economy.

The Crown accounts have slipped back to a deficit of $269 million in the eight months to February, making the previous month’s flirtation with surplus short-lived but nevertheless encouraging, Finance Minister Bill English says.

The operating balance before gains and losses (OBEGAL) for the seven months to January showed a surplus of $77 million - the first time since 2009 that the Government’s books had shown a part-year surplus.

Comments from the State Housing Action Network that the Government is abdicating its responsibility to social housing tenants are completely incorrect, Finance Minister Bill English says.

“Our social housing reforms will provide more social housing for New Zealanders in need, and we will grow the community housing sector while maintaining Housing New Zealand as by far the largest provider of social housing,” Mr English says.