In addition, a $300 million Acceleration Fund was established in Budget 2018 for critical projects to properly support the regeneration of Christchurch. The first tranche of these packages will be announced alongside the Budget. The rising OBEGAL surpluses thereafter will more than outweigh this deficit to produce an OBEGAL surplus, on average, over the next five years. This programme supports the sustainable development of whenua Māori, increasing the knowledge and skills of Māori landowners, generating wealth and strengthening the connection between Māori and their whenua.
Having restarted contributions in 2017/18, contributions will increase gradually to be in line with the contribution formula in 2022/23.Having NZS Fund contributions below the level prescribed by the contribution formula for the next three years will not change the Government's ability to make superannuation payments in the future.The Government's long-term objectives relate to the next 10 years.
Nearly 90 per cent of eligible schools have opted into the scheme.
Borrowing costs for the core Crown have fallen from 1.3 per cent of GDP in 2016/17 to 1.1 per cent of GDP in 2018/19.Figure 1 - 10-year New Zealand Government Bond Yields (Secondary Market)The $12 billion of additional investment will support the shifts identified in the Government's Budget allowances show how much new investment and spending is available in each Budget over the next four years. Sent: Thursday, 14 May 2020 2:29 PM To: nz-rail-geography@groups.io Subject: Re: [nz-rail-geography] Budget 2020: New Interislander ferries, more money for rail ... ("Dominion Post"): Guys, if you have problems opening Cran's posts, here's what you do: Click at … In Budget 2019 we focused on five priority areas where evidence showed the greatest opportunity to make a real difference to the lives of New Zealanders. Te Reo Māori initiatives, like Te Ahu o te Reo and Te Kawa Matakura and supporting the Māori Housing Network and revitalising marae were invested in. Back when COVID-19 wasn't the only thing on everyone's minds, Prime Minister Jacinda Ardern announced the date for New Zealand's 2020 election before updating the country on coronavirus. The Government will use these allowances to prioritise responsible investments that enhance the wellbeing of New Zealanders.Budget 2019 included $1.7 billion in new capital funding for health, in addition to the $750 million allocated in Budget 2018. Nevertheless, we remain committed to keeping debt at prudent levels.
The Treasury forecasts net core Crown debt will fall to 19.6 per cent of GDP in 2023/24.Credit rating agencies view New Zealand's fiscal position as strong compared to similarly rated peers.
A coordinating Minister has been appointed for each of the five Budget priorities.
Nearly 10 per cent of young people aged 15-24 are not in employment, education or training, despite low overall unemployment.We also need to ensure that people are prepared to adjust to technological change and the future of work. The Chief Science Advisors reiterated the importance of continued investment to break the cycle of these complex issues, particularly through prevention and early intervention.Homelessness is a continuing issue. They are working with relevant Ministers to develop initiatives targeting their priority's wellbeing outcomes.The Government used the Treasury's Living Standards Framework (LSF) to support its wellbeing approach, including in the delivery of the first Wellbeing Budget in 2019. Net debt is forecast to then fall further to 19.6 per cent of GDP in 2023/24, in line with the Government's target to maintain debt within a prudent range of 15 to 25 per cent of GDP.In the past two years the Government has run surpluses of $5.5 billion and $7.3 billion. Running surpluses, on average, will ensure future generations are not burdened with paying for initiatives that primarily benefit the current generation.
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