New Zealand budget expected to offer tax cuts and a worsening outlook
Live MintBy Lucy Craymer WELLINGTON, May 28 - Lower taxes are expected to be the centrepiece of New Zealand's budget on Thursday, the first under the centre-right National Party-led government, with worsening forecasts and falling revenue set to underscore economic challenges ahead. "Our budget will read differently from budgets in recent years: instead of being a confetti of new spending ideas, you will see examples of careful reprioritisation in almost every area of government," New Zealand Finance Minister Nicola Willis said. At the half-yearly update in December, the government said it would return the government accounts to surplus in 2026-27 after seven consecutive deficits, but Willis has since said this was “almost certainly not achievable.” PROMISED TAX CUTS Ben Thomas, a former National Party staffer and political analyst in Wellington, said the budget was not the austerity budget some expected but there would not be the big spending of COVID-era budgets. "The government can’t actually deliver on the promise of solving the cost of living crisis in this budget but they can provide a little bit of a salve with the promised tax cuts," Thomas said.
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