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Finance Minister Bill English leaves on 23 May for Singapore and Hong Kong, where he will speak to business, investment and political leaders about New Zealand’s progress in building faster growth and higher national savings.

“Budget 2011 sets out a faster path to healthy surplus in 2014/15 - a year sooner than expected last year, despite the large costs involved in our commitment to rebuild Christchurch,” Mr English says. “Given the significant challenges we have faced in the past three years, this achievement should not be under estimated.

  • Bill English
  • Finance
  • Budget 2011

  • John Key
  • Bill English
  • Finance
  • Prime Minister
  • Budget 2011

The Government will launch a new Earthquake Kiwi Bond to help fund the recovery in Christchurch and provide investors with a new savings option, Finance Minister Bill English says.

The new four-year bond is similar to a term deposit and is available to New Zealand residents from today.

“This is a great opportunity for Kiwi investors who want to help fund the Government's contribution to the multi-billion dollar recovery in Canterbury, while still getting a solid return on their money,” Mr English says.

  • Bill English
  • Finance
  • Earthquake Recovery
  • Budget 2011

Budget 2011 builds a strong platform for jobs and growth, sets a credible path back to surplus by 2014/15 and helps increase national savings, Finance Minister Bill English says.

“The Budget does this while continuing to protect the most vulnerable New Zealanders, increasing investment in health and education, and establishing a recovery fund to help pay for rebuilding Christchurch,” he says.

Budget 2011 contains several spending and savings initiatives.

  • Bill English
  • Finance
  • Budget 2011

Builds a platform for savings and growth, sets a faster return to surplus

  • Bill English
  • Finance
  • Budget 2011

The Government has confirmed several measures to increase national savings, including mapping a faster path back to budget surplus and providing New Zealanders with a wider range of investment opportunities.

“It’s important that New Zealand, across households, businesses and the Government, increases its level of savings and moves away from relying heavily on foreign debt,” Finance Minister Bill English says. “Budget 2011 takes several steps to help achieve that.

  • Bill English
  • Finance
  • Budget 2011

The Government believes there is significant merit in extending the mixed ownership model to four state-owned energy companies and reducing the Crown’s majority shareholding in Air New Zealand.

It will help reduce Government debt, increase investment opportunities for mum and dad investors and improve the companies’ financial performance, Finance Minister Bill English and State Owned Enterprises Minister Tony Ryall say.

  • Bill English
  • Tony Ryall
  • Finance
  • State Owned Enterprises
  • Budget 2011

Changes to KiwiSaver will encourage a higher level of private savings, make the scheme more financially sustainable and build a large pool of local capital, Finance Minister Bill English and Revenue Minister Peter Dunne say.

“While KiwiSaver has been very effective in attracting new members, it has done so at a high cost to taxpayers, with the scheme costing the Government over $1 billion a year in subsidies and tax breaks," Mr English says.

  • Bill English
  • Peter Dunne
  • Finance
  • Revenue
  • Budget 2011

Why are changes being made?

  • Bill English
  • Finance
  • Budget 2011

1.  35-year old couple on average household income. Ben and Megan are both 35 years old. Ben works full time and earns $52,000 a year and Megan works part time earning $25,000 a year. Their combined income is equivalent to the average household wage. They join KiwiSaver on 1 April 2013 and both contribute the new minimum rate – 3 per cent of their gross wages. Ben contributes $29.92 a week and his employer contributes 3 per cent, or $24.68 a week after tax. He receives the equivalent of $10 a week in government contributions through the annual Member Tax Credit.

  • Bill English
  • Finance
  • Budget 2011

The Government is making changes that will better target Working for Families to lower income earners and ensure its cost remains sustainable into the future, Finance Minister Bill English, Social Development Minister Paula Bennett and Revenue Minister Peter Dunne say.

Working for Families will be altered over time so that eventually the scheme has:

  • Bill English
  • Paula Bennett
  • Peter Dunne
  • Finance
  • Revenue
  • Social Development and Employment
  • Budget 2011

Why are changes being made?

  • Bill English
  • Finance
  • Budget 2011

1.  Low income one-child family

Lisa is a sole parent. She earns $30,000 a year and has a 10-year-old child. She currently receives $148.04 a week in Working for Families tax credits. From 1 April 2012, this will go up to $152.64 a week – an increase of $4.60. 

2.  High income four-child family

  • Bill English
  • Finance
  • Budget 2011

Budget 2011 has freed up $5.2 billion out to 2014/15 – including $700 million in 2011/12 - to invest in improving frontline public services and reducing debt, Finance Minister Bill English says.

“At a time when the Government's finances are constrained as it deals with ongoing costs from the global financial crisis and two Canterbury earthquakes, these savings provide significant funding for better frontline services in areas like health, education, and law and order,” Mr English says.

  • Bill English
  • Finance
  • Budget 2011

The Government expects the wider state service to find $980 million in savings over three years to go towards improving frontline public services and reducing debt, Finance Minister Bill English says.

Agencies will be required to find the savings from 1 July 2012. They will comprise two main parts:

  • Bill English
  • Finance
  • Budget 2011

The Budget next week will set a credible path back to budget surplus, after Government financial statements today confirmed a $10.2 billion operating deficit before gains and losses for the nine months to 31 March, Finance Minister Bill English says.

The deficit includes the Earthquake Commission’s $1.5 billion estimated share of costs for the February earthquake in Christchurch. However, it does not include the Government’s support package for AMI policyholders, which was signed after 31 March.

  • Bill English
  • Finance
  • Budget 2011

The Government agrees with the OECD that New Zealand should return to budget surplus as soon as possible and the Budget next month will take steps in that direction, Finance Minister Bill English says.

“In its economic survey of New Zealand out today, the OECD points out that achieving faster economic growth requires progress across a broad policy front,” Mr English says.

  • Bill English
  • Finance
  • Budget 2011

The Government will spend about $8.5 billion over the next few years to help the rebuilding of Christchurch, Finance Minister Bill English said today.

“The earthquakes do not fundamentally change our economic situation or the Government’s programme,” he said in a speech to the Wellington Employers’ Chamber of Commerce. “They simply make the task of returning to surplus a little more difficult.”

  • Bill English
  • Courts
  • Finance
  • Earthquake Recovery
  • Budget 2011

Good afternoon and thank you to the Wellington Employers’ Chamber of Commerce for inviting me back to speak to you this year.

To say that a lot has happened since I spoke to you 12 months ago is something of an understatement.

Throughout 2010, aftershocks from the global financial crisis continued to ripple around the world.

  • Bill English
  • Finance
  • Earthquake Recovery
  • Budget 2011