The pundits were right. The Minister of Finance, the Hon Steven Joyce, presented his first Budget on Thursday 25 May and it was definitely a ‘steady as she goes affair’ with few surprises.
The Minister said the outlook for New Zealand’s economy is positive and the Crown’s books are steadily improving. We highlight some of the Budget’s key points below.
From 1 April 2018, there will be tax cuts for every working New Zealander with particular emphasis on lower to middle income earners.
Income that can be earned at the lowest tax rate of 10.5% will rise from $14,000 to $22,000 which means $11 more a week. The 17.5% income tax rate will be raised from $48,000 to $52,000 giving an increase of $20 a week.