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Budget Delivers a Framework for Growth

Budget Delivers a Framework for Growth

The tax reforms announced in today’s budget will provide a solid platform for economic growth according to the Wellington Regional Chamber of Commerce.

“The rebalancing of the tax system away from income tax is a sound move that will improve New Zealand’s economic performance by increasing incentives to work, save and invest,” said Chamber CEO Charles Finny.

“The reductions in the top income and company tax rates were most welcome. It is important that the company tax rate is at least as low as Australia’s if New Zealand is to remain competitive.

“It is likely that Australia and other countries will continue to lower their company tax rates over the next few years and so the New Zealand rate needs to be lower in order to maintain international competitiveness.

“We welcome the investment in science, education and infrastructure as well as the conformation of Productivity Commission funding. These are areas of expenditure which will grow the economy and benefit all New Zealanders.

“We are concerned though that overall government expenditure remains high looking to the future. It is important that the government continues to find savings to keep the fiscal position on track.

“We congratulate Bill English and the Prime Minister for such a comprehensive budget and we hope that further tax reductions can be announced over the course of this term, Mr Finny concluded.

ENDS

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