New Zealand Govt Raises Spending; Lifts Budget Surplus Forecast
16 Mayo 2018 - 9:51PM
RTTF2
New Zealand's new government has raised its spending on
infrastructure and social services and upgraded its budget surplus
projections on robust revenues.
In the Budget 2018, Finance Minister Grant Robertson focused on
social services like education, health and housing.
The government forecast operating surplus of NZ$3.1 billion for
2017/18 compared to previous projection of NZ$2.5 billion. The
surplus is expected to rise to NZ$3.7 billion in 2018/19.
The operating surplus is estimated to reach NZ$7.3 billion by
2022.
The government plans to cut core crown debt to 20 percent of GDP
within five years of taking office.
"Responsible fiscal management and a strong economy give us the
space to increase the new operating spending allowance from the
Half Year Economic and Fiscal Update to NZ$2.8 billion for this
year, and the new capital investment allowance to NZ$3.8 billion,"
Robertson said.
All together this means that over the next four years planned
investment in infrastructure and social services will be about $24
billion more than the previous government had estimated, finance
minister added.
The new spending announced today was enabled by more tax revenue
than previously forecast, he said.
The treasury forecasts economic growth of about 3 percent per
annum on average over the next four years.
Annual average growth is forecast to pick up from 2.8 percent in
the June quarter 2018 to a peak of 3.6 percent in the December 2019
quarter. Growth is expected to slow to 2.5 percent by June 2022 as
net migration inflows ease, and interest rates rise.
Further, inflation is expected to reach 2 percent by 2022. Wages
are projected to climb by an average of 3.1 percent over the
forecast period, with real terms average wage increases in each
year.
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