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

 

Wellbeing Budget largely delivers on wellbeing promise

Budget 2019 tells a story that’s skewed towards spending, materially downplaying the traditional financial context and its trajectory

Wellington, 30 May 2019 – “Despite the drama of the last few days, the much hyped ‘world-first’ Wellbeing Budget has largely delivered on its wellbeing promise, effectively spending everything and then some,” says Deloitte CEO Thomas Pippos.

“It was a midterm Budget by a centre left Government that felt more like an election year Budget. It was written in black ink, and was somewhat optimistic in economic tone, despite being written during an economic autumn.”

Budget 2019 overtly prioritised making good on infrastructure and social deficits. It assumed that the fiscal music will still be playing loud enough to stay in the black albeit that all indicators show that the volume is clearly decreasing. And there is effectively very little left in the tank in the near term, without going into the red, if the music stopped. So all good while the music is still playing. Not so good if it stops.

“Putting the wellbeing wrapping to the side then, what’s really different from previous Budgets other than a look and feel that showcases certain expenditure and outcomes in a modified way?” asks Mr Pippos.

Quite a lot it turns out. The Government’s risk appetite seems higher as the focus again has been on spending under a ‘wellbeing’ banner. And the detail outside of the spending is also quite muted.

Budgets are meant to be multidimensional, telling a balanced revenue and expenditure story. They are also meant to provide a narrative that looks to bring those numbers to life.

“The Budget was quite different on this front. It tells a story skewed towards spending, projected as being more palatable by being badged wellbeing. It’s very clever. The Government has sought to distance itself from traditional criticisms faced by centre left Governments while still doing what centre left Governments generally do,” says Mr Pippos.

It was deliberately focused on positively showcasing aspects of expenditure under a wellbeing banner and aligning the current Government with those programs. Materially muted was the traditional overall financial context and its trajectory, he adds.”

“As we saw in Australia, with global economic sentiment being cautious, will voters place the same weighting on wellbeing if economic fortunes start to turn? Time will tell as a lot can happen in a year; much of which is outside of New Zealand’s control,” concludes Mr Pippos.

ENDS


© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On Compensating Afghan Civilian Casualties

Reportedly, there have been nine incidents resulting in 17 civilian deaths and injuries (seven of the dead were children) caused by ordnance left behind on what used to be the firing range of our Provincial Reconstruction Team (PRT) in Bamiyan province.

Given that the NZ Defence Force has needed to be hauled kicking and screaming into belatedly arranging an adequate clean-up of its old firing range… what would it take before New Zealand offers to pay compensation to the families of those who suffered death and injury from what was left behind on our watch? More>>

 

Fossil Fuel Investment: ACC Must Lead On Climate Change

As the largest publicly owned investor in New Zealand, the ACC board should divest from fossil fuels, demonstrating our leadership role on climate change, Green Party MP Chlöe Swarbrick said today. More>>

ALSO:

Total Officers, Up Less: Coalition's 1800 New Police Officers

The Coalition commitment to add 1800 new Police officers to frontline policing has been achieved with the graduation of 59 constables from the Royal New Zealand Police College today. More>>

ALSO:

Predator Free: $3.5m For New Pest Controls

New Zealand First is proud to announce the Provincial Growth Fund (PGF) has allocated $3.5 million to develop innovative predator control approaches which will reduce the need for repeated 1080 use. More>>

ALSO:

Children's Day: Commissioner Calls For Govt Commitment

“Three decades on, we are able to celebrate some significant changes for children like the recent launch of a Child and Youth Wellbeing Strategy. But we still have a long way to go to prioritise children’s rights.” More>>

ALSO:

Elections: Proposed Electorate Boundaries Released

The Representation Commission is proposing changes to half of New Zealand’s electorates and establishing a new electorate in south Auckland… More>>

ALSO:

"Effectively A Permanent Amnesty": Final Month For Gun Ban Compensation

The firearms buy-back comes to an end a month from today, but the police say the amnesty for returning banned guns will continue into next year and beyond. More>>

ALSO:


SPECIAL GUNS FOR FOREIGN SECURITY:


MORE ARMED POLICE:

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

InfoPages News Channels