The New Zealand budget for fiscal year 2006–2007 was presented to the New Zealand House of Representatives by Finance Minister Dr Michael Cullen on 18 May 2006.
 | |
| Submitted by | Michael Cullen |
|---|---|
| Parliament | Parliament of New Zealand |
| Party | Labour |
| Total revenue | $47.4 billion[1] |
| Total expenditures | $42.1 billion[1] |
| Surplus | $4.2 billion[1] |
| Debt | $10 billion (Net)[2] 5.8% (Net debt to GDP)[3] |
| Website | http://www.treasury.govt.nz/budget/2006 |
| ǂNumbers in italics are projections.
‹ 2005 2007› | |
This was the seventh budget Michael Cullen has presented as Minister of Finance.
The budget allocated an operating spending of $6 billion and capital of $2.7 billion over the preceding four years.
Outline
editKey issues in the budget includes:
- The Telecom New Zealand local loop unbundling.
- $1.3 billion extra for transport.
- $3 billion extra for health care, over the next four years.
- $361 million extra for schooling.
- $166 million extra for tertiary education and skill training.
- $162 million extra for early childhood education.
- While there was some lobbying for tax cuts, none were delivered.
- $8.5 billion OBERAC surplus; $1.5 billion cash surplus
Reception
editCullen's guiding principle was, he stated, "The fool who spends on the upturn will find himself broke on the downturn".[4]
It has been labelled as the "Bondi Budget" by National party leader Dr Don Brash. Brash stated "Helen Clark and Michael Cullen believe there is a place for tax cuts – it's called Australia".[5]
References
edit- ^ a b c "Minister's Executive Summary" (PDF). New Zealand Treasury. 18 May 2006. Archived from the original (PDF) on 16 February 2016. Retrieved 20 March 2015.
- ^ "Fiscal Strategy Report – Budget 2006" (PDF). New Zealand Treasury. 18 May 2006. Archived from the original (PDF) on 18 January 2015. Retrieved 2 April 2015.
- ^ "Fiscal Strategy Report, Budget 2006" (PDF). New Zealand Treasury. 18 May 2006. Archived from the original (PDF) on 16 February 2016. Retrieved 2 April 2015.
- ^ "Government announces $1.3b boost for transport". New Zealand Herald. 18 May 2006. Retrieved 20 March 2015.
- ^ "Bondi Budget bad for New Zealand" (Press release). Archived from the original on 6 October 2014. Retrieved 30 September 2014.
External links
edit
Wikinews has related news:
- Budget 2006
- NZ Herald
- STUFF Archived 30 September 2007 at the Wayback Machine
- Full text of 2006 Budget Speech