Parliament

Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search

 

Government promises fiscal prudence- BPS Statement

Government promises fiscal prudence

"The fiscal goals laid out in the 2000 Budget Policy Statement reflect a more balanced view of the appropriate role and size of the state than has applied in New Zealand in recent years," Finance Minister Michael Cullen said today.

"They also reflect the Government's concern to achieve inter-generational fairness both now and into the future.

"A central theme of the first BPS to be published by the Labour-Alliance Government is the need to partially prefund the costs of supporting the baby boom generation in their retirement.

"We know these costs are coming. Unless we begin to make provision for them now, the workers of the future will be hit with much higher taxes. The only other option would be to reduce the value and availability of New Zealand Superannuation as the baby boomers begin to retire.

"Neither of these options is acceptable to the Government because neither of them is fair.

"Inter-generational fairness also demands that we are fiscally prudent and do not pile up debt for our children and grandchildren," Dr Cullen said.

"This concern is reflected in the new Government's fiscal objectives.

These are:

· Running operating surpluses so that revenue exceeds expenses on average to enable ongoing contributions to pre-fund future New Zealand Superannuation [NZS] costs. · Keeping net Crown debt below 20 percent of gross domestic product on average. · Accumulating financial assets to assist with the funding of future NZS costs. · Keeping expenses around current levels of about 35 percent of gdp.

"The Government will also take some of the pressure off monetary policy by maintaining spending and tax at even levels through the economic cycle. This compares with the experience in recent years when governments have amplified the cyclic effect by cutting taxes in the economic upturn and cutting spending in the economic downturn," Dr Cullen said.

Contact: Patricia Herbert [press secretary] 471-9412 or 025-270-9013


© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Crowdsale And Crowdfunding Campaign: Help Create The Future Of Independent News

Two weeks to go! The Scoop 3.0 plan aims to create NZ’s first community-owned, distributed news and media intelligence ecosystem in 2019. We believe this ScoopPro media monetisation approach can be scaled and spread globally to support local and independent news efforts in regional New Zealand and around the world.

Scoop is an ecosystem, it would not exist without those who contribute to it, read it and rely on it for professional media purposes. Generous past support from this ecosystem has enabled us to come this far in developing our business model. Support our PledgeMe Campaign>>

 

14/11: Two Years’ Progress Since The Kaikoura Earthquake

Mayor John Leggett said it was a day for reflection, but also a time to recognise the work by many people to support progress towards recovery made across Marlborough since November 2016. More>>

ALSO:

Pike River: Mine Drift Re-Entry Plan To Proceed

“I’ve decided the Te Kāhui Whakamana Rua Tekau Mā Iwa - Pike River Recovery Agency, recommended course of action to enter the drift, using the existing access tunnel, is by far the safest option,” said Andrew Little. More>>

ALSO:

Appointments: New High Commissioner To Australia Announced

“Dame Annette King needs no introduction given her long running career as a parliamentarian where she has previously held a number senior Cabinet portfolios, including Justice, Police and Health. She also was Parliament’s longest serving female MP with 30 years’ service,” said Mr Peters. More>>

ALSO:

Two Years Since Kaikoura: Silvia Cartwright To Lead Inquiry Into EQC

“The inquiry will be the first of its kind under the Public Inquiries Act 2013 and will have all the powers of a Royal Commission, be independent of Government and make its report directly to the Governor-General. More>>

ALSO:

Gordon Campbell: On The Royal Commission Into Child Abuse

Obviously, it is good news that the coalition government has broadened the scope of its Royal Commission into the abuse of children, beyond its previous focus on children in state care. More>>

ALSO:

Cases Delayed: Court Staff Refuse To Handle Sentencing Papers

Dozens of court cases have reportedly been delayed, as court staff escalate industrial action at two Auckland courts by enforcing a ban on handling sentencing papers. More>>

ALSO:

Education: Primary Teachers Rolling Strikes

RNZ Report: More than 100,000 primary school students in Auckland will be home from school today as teachers and principals walk off the job for the second time this year. It's the start of a week of rolling one-day strikes around the country, after the collapse of contract negotiations last Thursday. More>>

ALSO:

"Process Was Sound": Inquiry Into Haumaha Appointment Released

The Inquiry’s purpose was to examine, identify, and report on the adequacy of the process that led to the appointment. It found the process was sound and no available relevant information was omitted. More>>

ALSO:

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

InfoPages News Channels