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Home / Rotorua Daily Post

Budget 2023 highlights: Key points of Grant Robertson’s announcements - from cost of living and health to the books

Claire Trevett
By Claire Trevett
Political Editor·NZ Herald·
18 May, 2023 02:00 AM3 mins to read

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In full: Budget 2023 live stream
NZ Herald brings you Budget 2023 with expert analysis and commentary. Video / NZ Herald
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      Finance Minister Grant Robertson will need to be on top of his game to land one of the most difficult Budget balancing acts New Zealand has seen for years. Join us live from 2pm for the delivery of Budget 2023 with expert analysis and commentary. Video / NZ Herald
      NOW PLAYING • In full: Budget 2023 live stream
      NZ Herald brings you Budget 2023 with expert analysis and commentary. Video / NZ Herald

      The key highlights:

      • Extension of 20 hours Early Childhood Education to include 2-year-olds - $1.2b
      • Abolition of $5 prescription co-payment - $619m
      • Cheaper public transport for children - $327m
      • $71b in infrastructure spending
      • Inflation forecast to stay higher, for longer
      • Net core Crown debt hits $181b

      The cost of living package targets families with young children.

      For parents

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      Two-year-olds included in 20 hours of free early childhood education from March 2024, at a cost of $1.2 billion over four years. This saves eligible parents about $133 a week. Subsidies for childcare centres rise by 5.3 per cent, costing $260 million over four years.

      Public transport

      $327 million for free public transport for primary school-aged children, half price public transport for under 25′s from 1 July - benefiting about 774,000 people. Pay rises for bus drivers.

      Health

      Removing $5 co-payment for prescriptions, cost: $618 million over four years.

      More money to help reduce waiting lists ($118 million) and $100 million to boost primary care. $63 million for 500 extra nurses. $75 million more for Pharmac.

      The tax change

      Tax rate for trustees to increase to 39 per cent from April 2024 - the same as the top income tax rate. Aimed at stopping people using trusts for their income to avoid the higher tax rate. Expected to raise $350 million a year.

      Post-cyclone infrastructure

      National Resilience Plan set up with initial funding of $6 billion - first priority is repair and rebuild of telecommunications, energy and roading after Auckland flooding and Cyclone Gabrielle.

      Read More

      • Budget 2023 breakdown: Free medical prescriptions, ...
      • Budget 2023 highlights: Key points of Grant Robertson's ...
      • Budget 2023: Audrey Young - A practical budget for ...
      • Budget 2023: Government's big borrow and spend plans ...
      • Budget 2023: What's in it for you - Early childhood ...

      Housing

      $403 million to expand scheme for heating and insulation installations to 100,000 more homes. 3000 new public housing places.

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      The economy

      Inflation is forecast to drop to 3 per cent by next September.

      Treasury no longer forecasting a recession, due to cyclone recovery. Unemployment is forecast to peak at 5.3 per cent in late 2024.

      GDP is forecast at 3.2 per cent this year, dropping to 1 per cent next year.

      The books

      Return to surplus forecast in 2025/26. Net debt is forecast to peak at 22 per cent of GDP in 2024.

      The surprises

      $34 million increase in funding for Te Matatini (over two years) - up from $3 million a year now. The festival will get more funding than the NZ Symphony Orchestra for the first time.

      New 20 per cent rebate for game development studios - allowing them to claim up to $3 million a year in rebates, even if it falls short of a similar scheme across the Tasman.

      Save
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