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Finance Minister Bill English and Reserve Bank Governor Graeme Wheeler have signed a memorandum of understanding on measures aimed at further protecting the economy and financial system from boom and bust cycles.

Low-income families receive considerable further assistance in Budget 2013 to improve their quality of life, Finance Minister Bill English and Whānau Ora Minister Tariana Turia say.

Mr English, who chairs the Ministerial Committee on Poverty, says taxpayers already spend billions of dollars on social services, and the new spending in Budget 2013 is a combination of extending proven programmes, and new initiatives targeted at supporting vulnerable New Zealanders.

Budget 2013 contains an ambitious and comprehensive package of measures aimed at making houses more affordable and improving access to social housing, Finance Minister Bill English and Housing Minister Nick Smith say.

Schools, Christchurch hospitals, KiwiRail and irrigation are four of the biggest recipients of new capital allocated from the Future Investment Fund in Budget 2013, Finance Minister Bill English and State Owned Enterprises Minister Tony Ryall say.

The Government is taking the next step in its share offer programme and preparing Meridian Energy for partial sale later this year, Finance Minister Bill English and State Owned Enterprises Minister Tony Ryall say.

This follows the successful listing last week of Mighty River Power on the New Zealand Stock Exchange.

Budget 2013 has freed up a further $1.5 billion by redirecting spending to where it delivers the best results, Finance Minister Bill English says.

This takes the total amount of reprioritised government spending since Budget 2009 to $14.9 billion.

“At a time when the Government’s finances are constrained, reprioritising spending allows significant additional funding for new or proven initiatives that get better results for New Zealanders,” Mr English says.

“It’s about spending well, not spending up.”

Choosing sound fiscal and economic policies, and being disciplined in adhering to them, means the Government’s books are in good shape as it presents its fifth Budget, Finance Minister Bill English says.

Budget 2013 forecasts an operating surplus before gains and losses of $75 million in 2014/15 – a sharp improvement from a deficit of $18.4 billion in 2010/11.

Progress in the Government’s programme while on track to surplus

Budget 2013 confirms New Zealand is on the right track, with forecasts of economic growth, more jobs, rising wages, and a return to surplus by 2014/15, Finance Minister Bill English says.

Mr Speaker,

I move that the Appropriation (2013/14 Estimates) Bill be now read a second time.

It’s my privilege to deliver the National-led Government’s fifth Budget.

When I stood up to deliver the Government’s first Budget, in 2009, New Zealand faced challenges I think we’re only able to fully appreciate with the passing of time.

The world had entered the worst financial crisis since the Great Depression, from which it has yet to fully emerge.

The Government will launch an update of its Budget app for smartphones and tablets on Thursday with interactive features that allow users to see how much tax they pay and how their tax dollars are spent, Finance Minister Bill English says.

“This is a refresh of the Budget app which was successfully launched last year and is part of the Government’s continuing focus on delivering innovative and better-value public services,” he says.

“The Budget can reach more people when it is digital and accessible.”

The Budget on 16 May will confirm the Government remains on track to surplus in 2014/15, Finance Minister Bill English said today.

It will also confirm the need for responsible fiscal and economic management beyond then so the Government can start repaying debt and investing more in priority public services.

Good afternoon. It’s great to be with you today.

Finance Minister Bill English will present Budget 2013 on Thursday 16 May, he announced today.

“This will be the National-led Government’s fifth Budget in what have been extremely challenging global economic times,” he says.

“It will continue to implement the Government’s programme to deliver a more competitive and faster-growing economy, more jobs and a return to fiscal surplus,” he says.