Steven Joyce has delivered his first Budget as Finance Minister this afternoon.
LISTEN HERE AS STEVEN JOYCE SPEAKS EXCLUSIVELY WITH BARRY SOPER
LISTEN ABOVE: KPMG tax partner Bruce Bernacchi & Political Editor Barry Soper speak with Kerre McIvor and Mark Dye
BUDGET 2017: Ten things you need to know
BUDGET 2017: $100m to free up Auckland land for housing
BUDGET 2017: Mental health, disability support get boost
BUDGET 2017: Govt commits $4b to new rail, schools, hospitals, prisons
BUDGET 2017: Defence Force gets $1 billion for new ship, technology
BUDGET 2017: Govt starts paying for Auckland's rail link
BUDGET 2017: School funding freeze 'over'
BUDGET 2017: Millions to be spent to try to cut burglary and youth offending
BUDGET 2017: Insurance premiums to rise by $69 for homeowners
THE BUDGET AT A GLANCE:
* $2 billion Family Incomes Package including tax threshold, Working for Families and Accommodation Supplement changes.
* Increases the $14,000 income tax threshold to $22,000 and the $48,000 tax threshold to $52,000. Top tax bracket stays the same.
* Increase to the Family Tax Credit, Accommodation Supplement, and Accommodation Benefit for eligible students.
* $32.5b infrastructure spending over four years
* $2b law and order funding over four years, including $763.3m to increase prison capacity.
* $1.5b over four years for schools and early childhood education, including 31,000 new early learning places.
* $576m capital spending for defence including camp and base upgrades.
* $3.9b for health, including $1.76b new funding for District Health Boards.
* $803m over four years for social services, including social housing, employment support and the Ministry for Vulnerable Children Oranga Tamariki.
* $4b new capital infrastructure in 2017/18, as part of $11b over four years.
* Forecast surplus increase from $1.6b in 2016/17 to $7.2b in 2020/21.
* Increase in Earthquake Commission levies from 15c per $100 of coverage to 20c per $100 of coverage, with an annual cap of $276.
* $4m to help New Zealand meet its Paris Agreement Climate Change emissions targets by 2030.
* $9.6m cementing New Zealand's commitment to Antarctica.
For extensive Newstalk ZB coverage, stay tuned here.
Prime Minister Bill English tweeted ahead of the release of Steven Joyce's first Budget.
Mr English, who had a long-standing tradition of buying a pie on Budget day as Finance Minister, has delivered Mr Joyce a steak-and-cheese pie.
It’s steak and cheese! A pleasure to continue the tradition by presenting @stevenljoyce with the winning pie from the Budget Day Pie Poll. pic.twitter.com/sDbdm6w9cm
— Bill English (@pmbillenglish) May 24, 2017
EARLIER COVERAGE
Budget Day: Millions wanted for mental health
Budget Day: Incentives to build new homes
Budget Day: Tax brackets need to be shifted
Take your Radio, Podcasts and Music with you
