2018 New Zealand budget

Last updated
2018 (2018) New Zealand budget
Coat of arms of New Zealand.svg
Submitted by Grant Robertson
Parliament Parliament of New Zealand
Party Labour
SurplusIncrease2.svg $3.1 billion
Website Budget 2018
  2017
2019  

The New Zealand budget for fiscal year 2018/19 was presented to the New Zealand House of Representatives by Finance Minister Grant Robertson on 17 May 2018.

Contents

This was the first budget by the Sixth Labour Government of New Zealand, and the first presented by Grant Robertson as Minister of Finance.

Background

In mid-May 2018, the Government allocated NZ$2.8 billion in operational funding and NZ$3.8 billion in capital funding to the 2018 New Zealand Budget. [1] [2] According to a New Zealand Herald report, 38% of the Budget's funding was generated from adopting a slower debt track than the previous National Government; 23% from extra revenue from economic growth; 6% from cutting previous programmes and greater tax collection compliance. [2]

Major announcements

Economic development and infrastructure

Education

Employment and immigration

Investing NZ$88 million into increasing the number of labour inspectors, funding compliance and border activities to combat migrant exploitation, and training programmes for unemployed youths. [1]

Environment

Foreign affairs and trade

Health

Housing and homelessness

Justice

Māori development

Research and development

Social development and children

Reaction

As is tradition, the Leader of the Opposition, Simon Bridges, moved a motion of no confidence in reply to the Budget speech. Bridges claimed the Budget showed "a Government that is borrowing more, taxing more and spending more — but has no plans for how we as a country can earn more." In response, Prime Minister Jacinda Ardern claimed the Opposition was "a lot of shouty shouty, and not a lot of planny planny." [3]

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References

  1. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 "Budget at a Glance: Foundations for the Future" (PDF). New Zealand Treasury . Retrieved 4 June 2019.
  2. 1 2 3 4 5 6 7 8 9 "Budget 2018's greatest hits: Everything you need to know". New Zealand Herald. 17 May 2018. Retrieved 4 June 2019.
  3. "Budget Statement — Budget Debate". Hansard Office, New Zealand Parliament. 17 May 2018.