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Budget 2012 Investing in Our Future

Budget 2012 Investing in Our Future. Hon Bill English, Minister of Finance. 24 May 2012. Delivering on the Govt’s priorities. Responsibly managing the Government’s finances Building a more productive and competitive economy Delivering better public services within tight fiscal constraints

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Budget 2012 Investing in Our Future

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  1. Budget 2012Investing in Our Future Hon Bill English, Minister of Finance 24 May 2012

  2. Delivering on the Govt’s priorities • Responsibly managing the Government’s finances • Building a more productive and competitive economy • Delivering better public services within tight fiscal constraints • Rebuilding Christchurch

  3. … against a challenging backdrop • Global Financial Crisis • Lasting impact three years on • Canterbury earthquakes • $13 billion cost to government • Continuing global uncertainty • Forecast recession and sovereign debt fears in Europe

  4. From record deficit to surplus

  5. Achieving a zero Budget

  6. Disciplined spending helps return to surplus

  7. The effect of two zero Budgets

  8. Net debt peaks lower

  9. Economic growth picks up

  10. More jobs, lower unemployment

  11. Household saving improves

  12. Higher investment drives current account deficit

  13. Chch rebuild lifts external debt

  14. Household and government debt

  15. But risks remain

  16. Building a more productive and competitive economy Helping businesses invest and grow: • Capital markets • Innovation and ideas • Skilled and safe workplaces • Natural resources • Infrastructure • Export markets

  17. Boost for science and innovation

  18. Future Investment Fund for modern infrastructure Funding sources for future capital pressures $60b Total: $52b $50b $40b $30b $20b $10b 0 Baseline or other: $46b Future Investment Fund: approx $6b

  19. Better public services: focusing on results 10 results areas: measuring success by better results rather than increased spending • Lifting the proportion of 18-year-olds with NCEA Level 2 or equivalent qualifications to 85 per cent • Increasing the rate of participation in early childhood education to 98 per cent • Reducing prisoner reoffending by 25 per cent

  20. Improving frontline services • $1.5 billion extra for health - more funding for DHBs, more electives, better cancer treatment • $512 million for education - focus on teaching excellence • $240 million for new tertiary education initiatives - more funding for science and engineering courses • $287.5 million for welfare reform - investing in beneficiaries to support them into work

  21. Rebuilding Christchurch • $5.5 billion Canterbury Earthquake Recovery Fund • $114.9 million extra for the Canterbury Earthquake Recovery Authority, to oversee the reconstruction • $13 million for NGO-led initiatives to support Cantabrians and assist with the recovery

  22. Earthquake-related investment

  23. Outlook positive despite headwinds

  24. NZ remains well-placed

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