Budget 2023 highlights: What's in it for YOU?
The key highlights:
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Extension of 20 hours Early Childhood Education to include 2-year-olds - $1.2b
Abolition of $5 prescription co-payment - $619m
Cheaper public transport for children - $327m
$71b in infrastructure spending
Inflation forecast to stay higher, for longer
Net core Crown debt hits $181b
The cost of living package targets families with young children.
For parents
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Two-year-olds included in 20 hours of free early childhood education from March 2024, at a cost of $1.2 billion over four years. This saves eligible parents about $133 a week. Subsidies for childcare centres rise by 5.3 per cent, costing $260 million over four years.
Public transport
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$327 million for free public transport for primary school-aged children, half price public transport for under 25′s from 1 July - benefiting about 774,000 people. Pay rises for bus drivers.
Health
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Removing $5 co-payment for prescriptions, cost: $618 million over four years.
More money to help reduce waiting lists ($118 million) and $100 million to boost primary care. $63 million for 500 extra nurses. $75 million more for Pharmac.
The tax change
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Tax rate for trustees to increase to 39 per cent from April 2024 - the same as the top income tax rate. Aimed at stopping people using trusts for their income to avoid the higher tax rate. Expected to raise $350 million a year.
Post-cyclone infrastructure
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National Resilience Plan set up with initial funding of $6 billion - first priority is repair and rebuild of telecommunications, energy and roading after Auckland flooding and Cyclone Gabrielle.
Housing
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$403 million to expand scheme for heating and insulation installations to 100,000 more homes. 3000 new public housing places.
The economy
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Inflation is forecast to drop to 3 per cent by next September.
Treasury no longer forecasting a recession, due to cyclone recovery. Unemployment is forecast to peak at 5.3 per cent in late 2024.
GDP is forecast at 3.2 per cent this year, dropping to 1 per cent next year.
The books
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Return to surplus forecast in 2025/26. Net debt is forecast to peak at 22 per cent in 2024.
The surprises
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$34 million increase in funding for Te Matatini (over two years) - up from $3 million a year now. The festival will get more funding than the NZ Symphony Orchestra for the first time.
New 20 per cent rebate for game development studios - allowing them to claim up to $3 million a year in rebates.
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Poll: Is the increase in disability parking fines fair?
In October, the fine for parking in a designated mobility car park without a permit has jumped from $150 to $750—a 400% increase!
The goal is to keep these spaces open for those who truly need them. Do you think this big increase in the fine is fair? Share your thoughts below.
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88.5% Yes, it's fair
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10.8% No, it's unreasonable
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0.7% Other - I'll share below
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David's father has three sons: Snap, Crackle, and _____?
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2024 NZ Chinese Food and Culture Festival
Get ready for the 2nd annual New Zealand Chinese Food & Culture Festival happening on November 17, 2024 hosted at the Corbans Estate Arts Centre in West Auckland! This year’s festival is going to be bigger, better, and packed with even more mouthwatering food and vibrant cultural performances. After the huge success of last year’s event, we’re bringing fresh ideas and exciting twists to make this an unforgettable celebration of Chinese food and culture—right here in New Zealand!
Expect a dazzling fusion of flavours, traditions, and local charm as the festival brings together delicious Chinese cuisine and unique cultural showcases. This year's event will feature even more food stalls, a wider variety of performances, and some special guests, including the incredibly talented singer Zhang Mengmeng!
With extensive media coverage and buzz from nearly 20 outlets, it's the perfect chance for foodies and cultural enthusiasts alike to show off their talents, share their love for Chinese culture, and create lasting connections. Whether you're a local or coming from overseas, this festival is all about celebrating diversity, unity, and deliciousness.
So, gather your family and friends, and join us for a day filled with tasty eats, awesome entertainment, and lots of fun! Don’t miss out—come celebrate, savour, and make memories at the New Zealand Chinese Food & Culture Festival!
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