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Grant Robertson to deliver first Budget on May 17

Wednesday 31st January 2018

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The government has set Thursday, May 17 as the date for its first Budget.

Finance Minister Grant Robertson said the document would build on the mini-Budget package of measures introduced before Christmas, which cancelled the previous government's April 1 tax cuts in favour of a more generous package of measures for lower income households that will take effect from July 1.

The Budget would "make progress on a wide range of priorities", including improvements to the public services; reducing child poverty and homelessness; supporting the regions; and tackling climate change and other environmental challenges.

The government has a spending allowance for recurring programmes of $2.6 billion a year and a capital spending allowance in the 2018 Budget for new one-off projects in areas such as schools, hospitals and public transport of $3.4 billion.

"While making these investments, we will remain responsible fiscal managers, with the Government’s Budget Responsibility Rules ensuring net debt falls to 20 per cent of GDP within five years of taking office, expenditure is controlled, and surpluses are delivered across the economic cycle," said Robertson.

(BusinessDesk)

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