Bill English
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Just as the economy is gaining momentum, the last thing New Zealand needs is more taxes and more debt, Finance Minister Bill English says.
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Despite the devastating Canterbury earthquake on 22 February, the economy grew by 0.8 per cent in the March quarter amid signs that the pace of the recovery is picking up, Finance Minister Bill English says.
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The next steps in progressing the Trans-Tasman Single Economic Market will be on the agenda when Finance Minister Bill English meets Australian Deputy Prime Minister and Treasurer Wayne Swan this week.
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The Government’s financial statements for the 11 months to 31 May show some early signs of progress in getting the deficit under control, Finance Minister Bill English says.
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The Government will investigate the feasibility of developing a Whole-of-Government Radio Network as a Public-Private Partnership (PPP), Infrastructure Minister Bill English and Police Minister Judith Collins announced today.
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The Government’s operating deficit before gains and losses is expected to reach around $16.7 billion for the year to 30 June, as forecast in the Budget last month, Finance Minister Bill English says.
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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.
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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.
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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.
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Why are changes being made? The Government currently spends over $1 billion a year on KiwiSaver subsidies and tax breaks and is borrowing heavily to pay for this.
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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.
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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.
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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.
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Why are changes being made? The cost of Working for Families has grown from about $1.5 billion in 2005/06 to $2.8 billion a year now.
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Builds a platform for savings and growth, sets a faster return to surplus Returns the budget to surplus in 2014/15 – a year sooner than forecast in December – reducing the need for Government borrowing and lifting national savings.
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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.
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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.
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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.
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New Zealand's broadband, rail and schools are top priorities for about $1.6 billion of further infrastructure spending in Budget 2011, Infrastructure Minister Bill English says.
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Prime Minister John Key says Budget 2011 sets out the next steps of the Government’s programme to build faster growth, increase national savings and create sustainable jobs built on savings, exports and productive investment.
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Documents released today show the Government has taken a balanced and responsible approach in providing a back-up financial support package for AMI policyholders, Finance Minister Bill English says.
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Improved performance by ACC in the Non-Earners’ Account has freed up $638 million of taxpayer funding over the next four years, Finance Minister Bill English and ACC Minister Nick Smith announced today.
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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.
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The Government’s Review of Expenditure on Policy Advice identifies several significant issues with the cost, quality and management of policy advice and makes 36 recommendations to address them.
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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.
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A report benchmarking the administrative and support functions of state sector agencies shows there is room for further savings that can go towards improving frontline public services, Finance Minister Bill English says.
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CHRISTCHURCH — 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.
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The Government has announced it will provide a back up financial support package for AMI Insurance to give policyholders certainty and to ensure an orderly rebuild of Christchurch in the aftermath of the two earthquakes.
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A significant impact from the second Canterbury earthquake and revisions to expected Crown recoveries under the Retail Deposit Guarantee Scheme are reflected in the Government’s accounts for the eight months to February.
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CHRISTCHURCH — The Government has put in place several tax relief measures to help Christchurch residents and businesses trying to get back on their feet after last month’s earthquake, Finance Minister Bill English and Revenue Minister Peter Dunne announced today.
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Statistics issued today confirm the economy was subdued in the second half of 2010, although there are reasons to be optimistic about the outlook for the coming year, Finance Minister Bill English says.
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The Canterbury earthquakes are likely to slightly delay the return to budget surplus, but it is important the Government gets debt back to pre-earthquake levels to absorb future economic shocks, Finance Minister Bill English says.
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CHRISTCHURCH — The Government has welcomed offers of help from New Zealand’s business community to the Christchurch earthquake recovery effort, Finance Minister Bill English says.
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CHRISTCHURCH — Cabinet has just met for the second time today to discuss the earthquake in Canterbury.
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CHRISTCHURCH — Firstly I want to extend my sympathies and condolences to the people of Canterbury.
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The Government’s multi-billion dollar investment in important construction projects has helped prevent unemployment from peaking well above 7 per cent - as it has in many other countries, Finance Minister Bill English says.
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A new Investment Protocol under the Closer Economic Relations (CER) trade agreement further strengthens the investment relationship between Australia and New Zealand, Finance Minister Bill English says.
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The Government will carefully consider the Savings Working Group’s final report issued today and any immediate policy decisions are likely to be included in the Budget later this year, Finance Minister Bill English says.
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Finance Minister Bill English and State Owned Enterprises Minister Simon Power have formally asked Treasury for advice on the merits and viability of extending the mixed-ownership model to four more state-owned enterprises.
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Government financial statements for the five months ending 30 November show both revenue and spending broadly in line with forecasts in the Half-Year Update in December, Finance Minister Bill English says.
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The Government has extended the full range of support the New Zealand Export Credit Office provides to exporters for another three years, Finance Minister Bill English says.
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Excluding the one-off impact from the rise in GST, annual inflation stayed around 2 per cent in calendar 2010 and is forecast to remain relatively muted for the foreseeable future, Finance Minister Bill English says.
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Finance Minister Bill English has paid tribute to distinguished businessman Sir Richard Carter, who died last week.
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The Government will conduct a wide-ranging review of New Zealand's constitutional arrangements, Deputy Prime Minister Bill English and Maori Affairs Minister Pita Sharples announced today.
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The Government is taking the next step towards implementing a public private partnership (PPP) for delivering a new prison at Wiri, South Auckland, Infrastructure Minister Bill English and Corrections Minister Judith Collins announced today.
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Finance Minister Bill English leaves for Japan on Wednesday to attend the Asia Pacific Economic Cooperation (APEC) finance ministers' annual meeting in Kyoto and to meet senior government and investment figures in Tokyo.
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The Government's tax changes tomorrow will strengthen economic growth and help New Zealand families get ahead, Finance Minister Bill English says.
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Labour's unfunded policy to remove GST from fresh fruit and vegetables would deliver only $1 a week for the average Kiwi - and much less for low income earners, Finance Minister Bill English says.
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Ministers will have extra flexibility to consider a wider range of issues - including large-scale ownership of farmland - when assessing overseas investment applications for sensitive land, Finance Minister Bill English says.
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A fifth successive quarter of economic growth is another sign the recovery is continuing - and the Government's tax package next week will further help the economy in the long-term, Finance Minister Bill English says.
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The Government's 1 October tax changes will further boost real after-tax wages, leaving the vast majority of New Zealanders better off, Finance Minister Bill English says.
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An independent Savings Working Group announced today by the Government has a wide brief to consider how New Zealand can improve its national savings, Finance Minister Bill English says.
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The Government is carefully considering the Housing Shareholders' Advisory Group report on options for improving the social and affordable housing sector, Finance Minister Bill English and Housing Minister Phil Heatley said today.
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The Government's Budget 2010 tax calculator website www.taxguide.govt.nz is proving popular with New Zealanders both locally and offshore, Finance Minister Bill English says.
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What is changing? Well-off families will no longer be able to use investment losses, including losses from rental properties, to reduce their income and therefore become eligible for Working for Families (WFF) payments, from 1 April 2011.
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What is changing? Qualifying companies (QCs) and loss attributing qualifying companies (LAQCs) will become flow-through entities for tax purposes - similar to limited partnerships.
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What is changing? From 1 October 2010, the top tax rate for most portfolio investment entities (PIEs), including KiwiSaver accounts, will be reduced from 30 per cent to 28 per cent, while the other PIE rates drop to align with the new personal tax rates.
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Budget 2010 has freed up another $1.8 billion over the next four years to put into high priority areas such as healthcare, education, law and order and scientific innovation, Finance Minister Bill English says.
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What is changing? Depreciation deductions will no longer be allowed for buildings with an estimated useful life of 50 years or more, such as rental houses and offices.
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What is changing? Inland Revenue will get a $119.3 million funding boost over four years, starting in 2010/11, to increase its audit and compliance activity around debt collection, the hidden economy and property transactions.
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New Zealand's broadband, rail, schools and prisons will be strengthened through substantial infrastructure funding confirmed in the Budget, Infrastructure Minister Bill English says.
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What is changing? Businesses will no longer be able to claim 20 per cent accelerated depreciation on new plant and equipment.
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What is changing? From 1 October 2010, New Zealand Superannuation and Veterans Pension payments will rise, by the amounts shown in the table below.
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What is changing? The safe harbour in the inbound thin capitalisation rules - or so-called "thin cap" - will be reduced from 75 per cent to 60 per cent.
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The Budget Speech is the Minister of Finance's speech at the start of Parliament's Budget debate.
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What is changing? All personal income tax rates will be cut from 1 October 2010 as shown in the table below.
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What is changing? The rate of GST will increase from 12.5 per cent to 15 per cent from 1 October 2010.
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Budget 2010 focuses squarely on faster growth, helps families get ahead and sets a credible path for getting back to surplus sooner, Finance Minister Bill English says.
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Budget 2010 provides increased funding for Inland Revenue to support the Government’s package of tax reforms and increase tax compliance activities.
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Changes to the tax treatment of investment property increase fairness and help rebalance the economy towards productive investment, Finance Minister Bill English and Revenue Minister Peter Dunne say.
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Across the board tax cuts and a package of other tax changes will strengthen economic growth and help families get ahead here in New Zealand, Finance Minister Bill English and Revenue Minister Peter Dunne say.
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The Government intends to commission a new prison at Wiri that will be designed, built and operated under a public-private partnership, Infrastructure Minister Bill English and Corrections Minister Judith Collins announced today.
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New Zealand has agreed to lend the International Monetary Fund (IMF) up to US$1 billion (NZ$1.34b) if the world faces another economic crisis like the 2008/09 global meltdown, Finance Minister Bill English says.
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New Zealand has emerged from the global financial crisis in better shape than many advanced countries and it is expected to continue on a gradual recovery path, the International Monetary Fund concludes.
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The Budget will continue to focus on managing the Government's finances in a disciplined and responsible way, Finance Minister Bill English says.
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The National Infrastructure Plan, issued today, shows the large scale of the Government's infrastructure programme and highlights some future issues that may require action, Infrastructure Minister Bill English says.
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Labour's legacy of economic mismanagement was even more damaging to New Zealand families than previously reported, after revisions to official statistics issued late last year, Finance Minister Bill English says.
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Finance Minister Bill English today confirmed Budget 2010 will be delivered on May 20 and will set out important policies to lift economic growth and give hard-working New Zealanders incentives to get ahead.
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Finance Minister Bill English has appointed two new directors to the board of the Reserve Bank and a new commissioner to the Earthquake Commission.
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New Zealanders can go into the Christmas break feeling more positive after two quarters of economic growth, but more work is needed to ensure a strong sustainable recovery, Finance Minister Bill English says.
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The Government's firm focus in 2010 will be achieving higher economic growth and giving businesses the confidence to invest and create jobs, Finance Minister Bill English says.
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The Treasury's latest monthly economic indicators yesterday provide a mixed view of the economy and reinforce risks around the shape of the recovery, Finance Minister Bill English says.
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On the 15th of December, the Government will release its half-year update on the Budget.
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The Government is providing $200 million more in trade guarantees to increase opportunities for New Zealand exporters, Finance Minister Bill English says.
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New Zealand's banking and finance sector is coming through the global financial and economic crisis in relatively good shape, Finance Minister Bill English says.
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Finance Minister Bill English will this week discuss common economic and trade issues with counterparts from across Asia-Pacific at the APEC finance ministers meeting in Singapore.
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Catherine Savage and Stephen Moir have been appointed to the Board of the Guardians of New Zealand Superannuation and existing board member David Newman has been appointed Deputy Chair, Finance Minister Bill English announced today.
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Legislation allowing New Zealanders returning home from Australia to bring their retirement savings with them will be introduced to Parliament in about two weeks, Finance Minister Bill English says.
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The Government's financial statements for the three months to September 30 confirm that it will take time for the economic recovery to flow through to the Crown's revenue, Finance Minister Bill English says.
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China's Vice Premier Li Keqiang, will visit New Zealand from 1-3 November, Deputy Prime Minister Bill English announced today.
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Finance Minister Bill English has welcomed Treasury's Long-Term Fiscal Statement, which outlines some of the challenges and choices successive governments will face over the next 40 years.
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The combined impact of significant extra spending and the recession are highlighted in the Government's annual accounts for the year to June 30, Finance Minister Bill English says.
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New data showing New Zealand's current account deficit has hit a five-year low is encouraging, but more work is needed to narrow our trade and investment gap with the rest of the world, Finance Minister Bill English says.
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Government changes to the Emissions Trading Scheme strike the right balance between protecting New Zealand jobs, halving the cost for families and households, and doing our fair share on climate change, Finance Minister Bill English says.
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Finance Minister Bill English will outline the Government's plan for economic recovery to international lenders during visits to Tokyo, New York and Boston next week.
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The Government intends to involve the private sector in infrastructure projects where it makes sense for both taxpayers and users, Infrastructure Minister Bill English says.
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