Gordon Campbell | Parliament TV | Parliament Today | News Video | Crime | Employers | Housing | Immigration | Legal | Local Govt. | Maori | Welfare | Unions | Youth | Search

 


Surplus a marker along New Zealand’s economic journey

Surplus a marker along New Zealand’s economic journey

What’s more important is the speed and direction of travel

Finance Minister Bill English announced his sixth Budget to the nation today, delivering an anticipated surplus of $372m. Deloitte CEO Thomas Pippos says the projections for increasing surpluses in future years are also an important part of the story.

“The lens through which Budget 2014 should be viewed is not about the anticipated surplus but about the journey, including the speed and direction of economic travel over that wider period of time. Where the economy has come from and where is it going. Will it enable us to provide for the types of lifestyles we aspire to in New Zealand – more widely, to win against the others that we are competing against?” says Mr Pippos

Through that lens, Budget 2014 should be viewed as a success or a relief, even by the most uncharitable.

“The size of the surplus trivialises a journey that has taken six years to get to and suggests that we have arrived at a destination. It’s an abstract that without context is largely meaningless. It is mischievous to look at it in any other way. Similarly mischievous is an undue focus on historic variances to forecasts. Forecasts are no more than best guesses that are incapable, at least as far as revenue is concerned, of surgical precision.”

Targeted expenditure is the theme. Further investment in paid parental leave and the parental tax credit are key examples of this.

“This is a good place to target additional spending as it goes to productivity, workforce participation and nurturing the growth of the next generation of New Zealanders,” says Mr Pippos.

Juxtapose Australia for context. Still the lucky country in many respects but over the same period they are looking at record deficits, tax increases, and expenditure cuts, to curtail (not reverse) the $50 billion deficit announced on Tuesday.

“Budget 2014 may not win the Government the re-election but it certainly won’t lose it for them either,” concludes Mr Pippos.

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Election Day: National Well Placed After Early Votes

With advance votes counted and early booths coming in National appears to be in the box seat to form the next Government.

With 29 percent of the vote counted, National had 48.8 percent of the vote, Labour 23.7 percent and the Greens 9.9 percent

In 2011 49.7 percent of advance votes were for National ahead of its final result of 47.3 percent.

Labour had 26.2 percent of the advance votes in 2011 and ended on 27.4 percent with the Greens 9.9 percent in advance and 11 percent of the final....
More>>

Overall Results | Live Results | Predictions |

 
 


Perfectly-Timed Anniversaries: Suffrage Day Is Last Chance To Enrol

“The last chance to enrol is Friday 19 September. You can’t enrol on election day.” More>>

ALSO:

Gordon Campbell: On First Time Voting (Greens)

For the last two days, I’ve turned my column over to a couple of guest columnists who are first time voters… Today’s guest columnist is Ana Avia-O’Connor, who will be casting her first time vote on Saturday for the Greens. More>>

ALSO:

Meddling: Aussie Liberals Embroiled In Key Campaign

John Key needs to explain why Australia’s Liberal Party is interfering in New Zealand domestic politics and is encouraging Kiwi voters across the ditch to vote for National just days out from the election, Labour’s campaign spokesperson Annette King says. More>>

ALSO:

SURVEILLANCE:

Election Ad Soundtrack: Rapper Eminem Sues National Party Over Copyright Breach

US rapper Eminem is suing the New Zealand National Party for alleged copyright infringement over unauthorised use of the rapper’s ‘Lose Yourself’ song in an election campaign advertisement. More>>

ALSO:

Big March: Call For An End To Domestic Violence

Hundreds of protesters marched down Lambton Quay to Parliament Monday calling for an end to domestic violence. Wearing white facemasks, waving banners and calling for “safety” for the women and children of New Zealand.. More>>

ALSO:

Pre-Election Chartering: Four New Partnership Schools To Open

Education Minister Hekia Parata today announced the Government has signed contracts to open four new Partnership Schools in 2015. More>>

ALSO:

Werewolf 50 Out Now - The Election Issue: Loss Leaders

Gordon Campbell: A third term requires a mature decision, with eyes wide open. It calls for a conscious vote of confidence… Without trying hard here are about 19 reasons, in no particular order, for not ticking ‘party vote’ National. More>>

ALSO:

Not-Especially New Plans: All Prisons To Become Working Prisons Under National

All public prisons in New Zealand will become full working prisons by 2017, and ex-prisoners will receive post-release drug addiction treatment if National is returned to government, says Corrections Spokesperson Anne Tolley. More>>

ALSO:

Māngere: "False Claim Of Matai Title" - Labour

National must explain why its candidate for Māngere Misa Fia Turner appears to be using a Matai title she is not entitled to, Labour’s MP for Māngere and Pacific Islands Affairs spokesperson Su’a William Sio says. A Matai title is a legally-recognised ... More>>

ALSO:

CPAG Report: No New Zealand Child Should Grow Up In Poverty

Child Poverty Action Group's flagship policy publication Our Children, Our Choice: Priorities for Policy calls for cross party political agreement to underpin an action plan to eliminate child poverty in New Zealand. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Politics
Search Scoop  
 
 
Powered by Vodafone
NZ independent news