Budget 2025 is about growing the economy to help Kiwis get ahead.
Following yesterday’s Budget announcement, I want to provide an initial overview of several key measures that are particularly relevant to our region.
Investor Boost for Business Growth
The Government has introduced a new tax incentive—the Investor Boost—to stimulate business investment. Under this initiative, businesses will be able to deduct 20% of the value of eligible new assets from their taxable income, in addition to existing depreciation allowances. This is intended to encourage reinvestment and expansion across the productive economy.
Increased Support for SuperGold Card Holders
From 1 July 2025, the income threshold for full eligibility under the Rates Rebate Scheme will rise from $31,510 to $45,000. This change means that more SuperGold Card holders will qualify for the full annual rebate, which is also increasing from $790 to $805. This adjustment is aimed at easing financial pressures on retirees across New Zealand.
Ratepayers can apply for the new maximum rebate under the new abatement thresholds after 1 July 2025. Application forms will be available from councils and will also be able to be downloaded from the New Zealand Government website www.govt.nz and then submitted to local councils after 1 July 2025.
Backing Taranaki’s Energy Sector
A $200 million government fund is being established to support renewed confidence in the oil and gas sector. The fund will allow the Crown to take a 10–15% equity stake in new developments, with the goal of encouraging exploration and securing New Zealand’s future energy needs. This is a positive step for Taranaki’s economy and the many families it supports.
Improved Disability Support Services
An additional $60 million per year over the next four years has been committed to improve residential care for approximately 7,000 disabled New Zealanders. This funding will enhance support services and provide better outcomes for individuals and their families throughout the country.
Investing in Education and Learning Support
$2.5 billion to expand learning support. We are extending early intervention to Year 1, funds over 2 million additional teacher aide hours, delivers Learning Support Coordinators to all primary schools, restructures ORS funding, and invests in classrooms, maintenance, and teacher workforce development.
Strengthening Health Services
We are delivering $7 billion in new operating funding and over $1 billion in capital for health. Supporting , longer prescriptions, improved GP access. This includes delivery of over 21,000 additional treatments and 231,000 more GP visits.
Budget 2025 invests $164 million over four years to improve urgent and after-hours services across the country. As part of this, Ōpunake has been identified as one of more than 70 rural and remote communities set to benefit from improved access to care.
These services include 24/7 on-call, in-person clinical support, better access to tests and checks, and more locally available urgent medicines – so people can get the right care closer to home.
Parents to step up for unemployed teenagers
We are taking steps to make sure work, or study is the focus for young people, rather than being on welfare.
What we are saying is that 18- and 19-year-olds who don’t study or work and can’t support themselves financially, should be supported by their parents or guardians, not by the taxpayer.
That’s why from July 2027, eligibility for Jobseeker Support and the Emergency Benefit will be tightened for single unemployed 18- and 19-year-olds by introducing a parental assistance test.
Young people can’t expect to go automatically onto a benefit, and parents must be ready to help. This change strengthens financial incentives to enter employment, education or training.
It’s not in the interests of young people to think that a life of benefit dependency is an option. We want them to be developing and making the most of their talents. Recent forecasts show that people under the age of 25 on Jobseeker Support will spend an average of 18 or more years on a benefit over their lifetimes – 49 per cent longer than in 2017.
These are just a few of the announcements made on Budget Day.
There is plenty of detail to run through and I strongly encourage you to check out all of the budget documentation on this website: www.budget.govt.nz