Steven Joyce will present his first budget as Finance Minister on Thursday, May 25, 2017.
In announcement made last fortnight in Wellington, he promised that the Budge would be ‘centred on providing opportunities for all Kiwis to get ahead.’
This would be the Ninth annual budget of the National government since November 2008.
“Budget 2017 will build on the strengthening performance of the New Zealand economy over the last several years. It will focus on creating the conditions for further growth and greater prosperity for all New Zealanders,” Mr Joyce said.
“New Zealand businesses have generated 328,000 new jobs since 2008, and average weekly wages have grown by 26.1% more than double the rate of inflation. Budget 2017 will seek to give businesses the confidence to keep investing and keep growing, to provide more opportunities for New Zealand families,” he added.
A key element of the Budget will involve investing in the public services and building the infrastructure for a growing New Zealand.
Mr Joyce said that as the economy grows, the government would have a little more headroom to invest in better public services.
However, the focus would be on achieving better results, and not just tipping in more taxpayers money, he said.
“It is also very important to remain mindful that the money the Government spends comes from hard working Kiwi families. We remain committed to reducing the tax burden on lower and middle income earners when we have the room to do so,” Mr Joyce said.
He said that the Budget will continue a relentless focus on reducing debt as a percentage of GDP.
“A key part of building a resilient economy is creating the necessary buffers to deal with the next economic shock. The Government remains committed to its target of reducing net debt to 20 per cent of GDP by 2020-2021.