(Bloomberg) -- New Zealand’s new center-right government delivered on its election promise to cut taxes in its first budget even as the Treasury forecast...
-- New Zealand’s new center-right government delivered on its election promise to cut taxes in its first budget even as the Treasury forecast bigger deficits and a delayed return to surplus.The tax package , worth NZ$14.7 billion over four years, targets low and middle-income households and those with young children will benefit the most, Finance Minister Nicola Willis said Thursday in Wellington. At the same time, Treasury projections show the budget deficit will widen to NZ$13.
The economy will contract 0.2% this fiscal year on an annual average basis, Treasury now projects. That’s down from 1.5% growth expected in December. The nominal size of the economy has been revised down every year through 2028. Net debt is forecast to peak at 43.5% of GDP next year and is seen barely declining over the period through 2028. The government has said its goal is to get debt below 40% of GDP.
Nicola Willis Treasury Tax Cuts Tax Package Middle-Income Households The Government
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