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Thursday, 19 February 2009

Minister of Finance to deliver Budget on May 28

Minister of Finance Bill English has today announced that he will deliver Budget 2009on May 28.

"This will be a responsible Budget," Mr English said. "It will continue the Government's Jobs and Growth initiatives to both protect New Zealand from the worst effects of the recession, as well as getting the economy ready for recovery and higher productivity over the medium and long term," Mr English said.

"We know that 2009 will be difficult, but this Government will continue to show the economic leadership needed to help businesses and communities through these difficult times."

Mr English told Parliament's Finance and Expenditure Select Committee today that New Zealand's economic and fiscal situation had again deteriorated since the December economic and fiscal forecasts. This was driven largely by worsening outlooks for this country's main trading partners.

"We know this presents a significant challenge," Mr English said. "But the Budget will deal responsibly with those challenges by creating a more competitive economic environment that opens up opportunities, encourages capital investment and rewards people with good ideas and the right skills."

1 comment:

Steve Baron said...

Quite the balancing act to outperform other balancing acts? The government will still be borrowing over $40bn over the next three years that will still have to be paid back. There is no doubt the previous Labour government were spendthrifts and National will have to cut but on excesses. Focusing on jobs and growth is one thing but not if you have to buy those jobs.

So therefore the government has less income, larger debts all without cutting essential items. For this all to work the returns on the governments investments will have to far outweigh the costs. Based on past experience governments aren't the best at picking winners.