Budget 2016 is about investing in a growing economy through supporting innovation, infrastructure, social investment, and health.
On 26 May, Finance Minister Bill English delivered National’s eighth Budget. It’s a Budget that’s all about investing in a growing economy, while ensuring we continue to support families and the most vulnerable people who need it most.
New Zealand’s economy is performing well and we’re on track for annual growth of around 3 per cent over the next few years. We’re also on track for growing surpluses and falling debt.
Under National, more than 200,000 new jobs have been created over the past three years ago and a further 170,000 new jobs are expected by 2020. By then, the average wage is expected to be $63,000 a year, which is $16,000 more than when National first came into office.
That’s thanks to National’s clear economic plan and responsible management of the books.
Budget 2016 is about building on that good progress.
Some highlights include:
- An additional $2.2 billion for health. That’s to help pay for more lifesaving drugs, more elective surgeries, more disability support services, and to start the roll-out of a national bowel screening programme.
- Education gets an extra $1.4 billion. We’re investing in building nine new schools and 480 new classrooms, more support for early childhood education, as well as helping our most at-risk children and those with high and special needs.
- $761 million for an Innovative New Zealand package, which invests in science, skills, and regional economic development initiatives to help grow and diversify the economy.
- Nearly $300 million for Police as we continue our drive to reduce crime – total crime has dropped by 16 per cent over the past five years - that’s 53,000 fewer crimes.
- $652 million for a social investment package to drive changes that will help improve the lives of our most vulnerable people.
As a country, New Zealand is more confident and the economy is growing solidly.
Budget 2016 invests in New Zealand’s future to ensure this strong economic growth continues and to help strengthen communities.