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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Buses can be a relaxing way to get home if you have a seat and enough space. However, it can be off-putting when someone is taking a phone call next to you.
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Celebrating SiteWise Gold 100% for 8 Consecutive Years!
Topline has once again achieved SiteWise Gold with a perfect score of 100% for the 2024 / 2025 period - that’s 8 years in a row and counting. It’s a testament to Topline’s ongoing H&S Compliance focus.
The requirements increased this year, with more questions, more evidence and a higher quality scale necessary to score full marks. It takes commitment from the entire team at Topline and an outstanding health & safety culture to achieve this.
“An excellent submission. Congratulations on achieving Gold Standard and a perfect score. Very well done.” SiteWise Assessor - Neville W.
To achieve a perfect score validates our unwavering ongoing commitment to Health & Safety Compliance procedures. We are proud of our SiteWise Gold status, with very few companies in NZ (less than 5%) having achieved this for so many consecutive years.
Read more about this fantastic achievement here:
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