25 May 2017

Prudent Budget supports growing economy

The government’s prudent financial management provides a solid grounding for the New Zealand economy, households and businesses, says the New Zealand Bankers’ Association today in response to Budget 2017.

“There were no major surprises in today’s Budget. It builds on the government’s prudent approach to managing its finances and meeting our needs in a growing economy,” says New Zealand Bankers’ Association chief executive Karen Scott-Howman.

“The forecast economic growth and government surpluses are good news for New Zealand households and businesses.

“The projected surpluses will give the government more options and improve our overall resilience.

“Targeting relief for low to middle income households through changes to the tax thresholds, family tax credits and accommodation supplements makes sense, and will support economic growth.

“We’re also pleased to see increased investment in infrastructure and public services in areas of need.

“Of particular interest is the $10.2m being provided to improve young New Zealanders’ financial capability.

“The funding will allow the Commission for Financial Capability to scale up its Sorted Schools programme and its community-based programmes.

“We strongly support any initiatives to improve financial capability and knowledge in New Zealand. Financially capable people know how to manage their money and make better financial decisions. That ultimately improves personal, family and community well-being.”

ENDS

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