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Cost Of Living At Core Of 22 Budget Response
Finance Minister Grant Robertson today outlined the 2002 Budget, which places a cost of living and public investment package at its centre, said CTU Economist Craig Renney. The CTU welcomes the Budget package that will provide both relief for cost-of-living pressures and continued essential investment in public services.
The package
includes $350 cash relief for 2.1 million kiwis to support
them through some of the current cost of living pressures.
This will provide more immediate support than the proposed
tax bracket indexation – more than three times as much for
a minimum wage worker. Together with welfare reforms this
demonstrates that the Government has listened to the needs
of middle- and low-income New Zealanders.
Craig Renney
said “This package should be welcomed by Kiwi’s. It
shows what a government that cares about workers and their
needs can deliver despite a global economic slowdown and
remaining COVID issues. Many challenges remain, but this
Budget provides more financial and economic security for New
Zealanders”.
Together with new
investments in health ($11.1bn) and education ($2.9bn) and
climate change ($4.5bn). The Government confirmed the
anticipated extension of the fuel excise duties and road
user charges and half price public transport fares for a
further two months. Including a permanent extension of half
price public transport for community service card holders.
This extension will reduce some of the cost pressures
incurred by low and middle workers.
The CTU is
pleased that the Budget signals further progress is being
made to deliver on child poverty, up to 14,000 more children
lifted out of poverty because of this Budget. This is on top
of the 66,500 children already moved above the poverty line.
Government has committed to doing more in this
area.
Wages are forecast to continue to grow in
this Budget. Wages increase 6% a year over the next two
years increasing faster than inflation until the end of the
forecast. Unemployment remains relatively low. Overall the
government economic and fiscal indicators return to their
pre-COVID levels. Budget 2022 marks the close of the COVID
Fund – with money being repurposed into a cost-of-living
package.
New Zealand Council of Trade Unions
Te Kauae Kaimahi
The New Zealand Council of Trade Unions Te Kauae Kaimahi brings together over 350,000 New Zealand union members in 40 affiliated unions. We are the united voice for working people and their families in New Zealand.
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