The Budget next month will help New Zealanders and their families get ahead by focusing on four main goals: lifting the long-term performance of the economy, reforming the tax system, better delivery of public services, and maintaining firm control of the Government’s finances.
The National-led Government will continue to improve public services, funding them from cuts to low-quality spending and from the new operating allowance. We will live within the $1.1 billion operating allowance for new spending and will restrict annual increases from this figure to 2 per cent per year from next year.
Even with this restraint, core Crown debt is forecast to triple to about $65 billion by 2014, as we borrow to fund the deficits. To turn this round, the Budget will redirect another $1.8 billion of lower-quality spending between now and 2014 into high-priority areas, such as health care, education, and law and order.
For more information visit: http://www.beehive.govt.nz/speech/speech+wellington+regional+chamber+commerce+3
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