2006 New Zealand budget explained
| New Zealand budget |
| Year: | 2006 |
| Country: | New Zealand |
| Previous Budget: | 2005 New Zealand budget |
| Previous Year: | 2005 |
| Next Budget: | 2007 New Zealand budget |
| Next Year: | 2007 |
| Submitter: | Michael Cullen |
| Parliament: | Parliament of New Zealand |
| Party: | Labour |
| Total Revenue: | $47.4 billion[1] |
| Total Expenditures: | $42.1 billion |
| Surplus: | $4.2 billion |
| Debt: | $10 billion (Net)[2]
5.8% (Net debt to GDP)[3] |
| Url: | http://www.treasury.govt.nz/budget/2006 |
| Below: | ǂNumbers in italics are projections. |
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.
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
Key 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
Cullen'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]
External links
Notes and References
- Web site: Minister's Executive Summary. 18 May 2006. 20 March 2015. New Zealand Treasury. https://web.archive.org/web/20160216132122/http://www.treasury.govt.nz/budget/2006/pdfs/exec-sum06.pdf. 16 February 2016. dead.
- Web site: Fiscal Strategy Report – Budget 2006. New Zealand Treasury. 18 May 2006. 2 April 2015. https://web.archive.org/web/20150118091421/http://www.treasury.govt.nz/budget/2006/pdfs/befu06-2.pdf. 18 January 2015. dead.
- Web site: Fiscal Strategy Report, Budget 2006. New Zealand Treasury. 18 May 2006. 2 April 2015. https://web.archive.org/web/20160216132134/http://www.treasury.govt.nz/budget/2006/pdfs/fsr06.pdf. 16 February 2016. dead.
- Web site: Government announces $1.3b boost for transport. New Zealand Herald. 18 May 2006. 20 March 2015.
- Bondi Budget bad for New Zealand. 30 September 2014. https://web.archive.org/web/20141006151954/https://www.national.org.nz/news/news/media-releases/detail/2006/05/18/bondi-budget-bad-for-new-zealand. 6 October 2014. dead.
