Recap: Budget 2022 revealed to New Zealand

Source: 1News

Finance Minister Grant Robertson presented his Budget for 2022 on Thursday afternoon, announcing $6 billion of spending. Relive 1News' live updates as it happened below.

These were the key announcements from Budget 2022:

- New 'cost of living payment' for people earning up to $70K. This is a temporary payment for people not entitled to the Winter Energy Payment. It will be paid across three months from August, totalling $350.

- The fuel tax and road user charge reduction, as well as half price public transport is to be extended for two months from when each were introduced. Ongoing half price public transport for community service card holders.

- Urgent new law to go through Parliament to try get down grocery prices by introducing more competition. The new rules will stop supermarkets from blocking competition from accessing land to open new stores, Robertson said.

- $3.1b for Health NZ over two years, $168m for Māori Health Authority over four years, $191m over two years to Pharmac to buy medicines, 248 new paramedics.

- The rule will be scrapped that denies sole parents on benefits their child support payment. Governments over decades have been denying sole parents on benefits "money that is rightfully theirs", with an estimate that changing the rule will pull thousands of children out of poverty.

- Emergency dental grants increase from $300 to $1000.

- House price caps for First Home Loans removed.

READ MORE: What you need to know

READ MORE: Over two million Kiwis to get cost of living payment

READ MORE: Cap on First Home Loan scheme scrapped

5pm: That concludes our live updates for Budget 2022. For more, watch 1News at 6pm on TVNZ1, TVNZ OnDemand or our homepage.

4:35pm: Pundits weigh in on the Budget.

4.30pm: Community Housing Aotearoa has welcomed the Budget's $350m Affordable Housing Fund.

"Our social housing register has quadrupled since 2017 and many people in transitional housing have fallen out of private rentals despite being double income households," said Community Housing Aotearoa Chief Executive Vic Crockford. "Sustainable funding and access to upfront capital are key and the Affordable Housing Fund will provide our members who deliver affordable rentals with another funding option."

4.15pm: Christopher Luxon said the Government has a "spending addiction" and is "shifting the goal posts" in response to Budget 2022. Read more here.

4.10pm: Kerry Davies, the national secretary of the PSA union, said the Budget was "a combination of giant leaps and small steps, all in the right direction".

"As promised by the Minister of Finance, this was a Budget of health and climate, both areas our members have a strong interest in. The bold step of clearing DHB deficits and the small, iterative steps to improve public transport and support New Zealanders working lives add up to a Budget that’s heading in the right direction."

READ MORE: Pay equity deal for thousands of health admin workers reached

4.05pm: Justine Smyth, Chair of Breast Cancer Foundation NZ, said the Budget "has let down the women of New Zealand by overlooking the enormous breast screening backlog that is preventing 50,000 women from getting their mammograms".

"It makes no sense that a Budget that was supposed to ‘accelerate the recovery and rebuild from the impacts of Covid-19’ fails to address an issue that is so crucial to the wellbeing of Kiwi women."

4.00pm: David Seymour is delivering his response to Budget 2022 in Parliament, saying "this Budget could have been so much better". Watch live here as MPs react to Budget 2022.

3.55pm: Co-leader of Te Pāti Māori Rawiri Waititi said the Budget is "not what we thought it was going to be, it's actually worse I think in some areas."

"We asked to make life easier for our whānau out there by taking GST off kai, we didn't see that, we wanted to transfer tax over to more wealth tax, capital gains, empty house tax - 190,000 empty houses across Aotearoa that should be used for the greater good of Aotearoa, we haven't seen that. The Māori Health Authority, we wanted huge investment in that to be able to make a dent into Māori health inequities, we haven't seen that."

READ MORE: Govt delivers $1.2b for Māori in Budget 2022

3.40pm: The Government's cost of living payment has been labelled "necessary and sensible" by political commentator Morgan Godfery on the 1News Budget Special. Read more here.

3.30pm: Watch the opening of Grant Robertson's speech below.

3.25pm: Brooke Stanley Pao of Auckland Action Against Poverty said on the 1News Budget Special that she would have liked to see more for low-income people.

"Labour have the mandate to do more, and we expect more, and they should have done more," she said.

3.15pm: Dental health has received substantial funding in Budget 2022, with emergency dental grants increased from $300 to $1000. Find out more here.

3.10pm: The Human Rights Commission, Te Kāhui Tika Tangata, have responded to the Budget by calling on the Government to "stand by its promises to tangata whenua."

They said the Government rejected a Budget bid for funding to appoint an Indigenous Rights Commissioner to the Board of the Commission.

3.05pm: Christopher Luxon is responding to the Budget in Parliament. Watch live here as MPs react to Budget 2022.

3.00pm: What will the announced reversal of the outdated sole parent law mean? Find out here.

Meanwhile Sharon Zollner, ANZ Chief Economist, said on the 1News Budget Special that "there weren't too many surprises in here. It does try and address some of the symptoms of inflation while not really getting to the cause but that's because there aren't really any silver bullets here."

2.50pm: Nicola Willis responds:

2.45pm: BusinessNZ have welcomed the Budget's investment in education, small business, health and climate action, but said "execution will be key".

"We’d have liked to see more investment in infrastructure, lower corporate taxes and a path for getting inflation under control," Chief Executive Kirk Hope said.

"$60 million to boost broadband will benefit remote business. And it's good to see Government thinking about helping industry transform for the future. But as always, the quality of these initiatives will be crucial. Likewise, $100 million for small business is excellent, but it all depends on the how."

2.35pm: Act Leader David Seymour has branded today's announcement "the Brain Drain Budget".

"Ambitious New Zealanders, tired of being milked, will weigh up leaving for greener pastures," he said. "Those who rely on working to pay rising bills needed hope, but it’s not in this budget. Why should people stay here to be milked harder? Why be milked for Labour’s ideological projects and wasteful mismanagement?"

The Green Party have praised the Budget's investment in climate action, saying "Budget 2022 is a climate budget".

"People elected the Green Party to take action on climate change and we are delivering as part of this Government," Green Party Co-leader James Shaw said. "This week has been the biggest week for climate action in New Zealand history with the release of New Zealand’s first ever Emissions Reduction Plan. Budget 2022 will invest $2.9 billion to help make the plan a reality - every dollar of which comes from some of our biggest polluters."

2.30pm: What does Budget 2022's scrapping of the cap on the First Home Loan scheme mean? Learn more here.

2.25pm: For many, the key points of this Budget will be the new cost of living payment, an extension of the fuel tax cut and half-price public transport, a $3.1 billion boost to health and a new law which intends to pull down grocery prices. Read more on those announcements here.

2.20pm: Prime Minister Jacinda Ardern said "our economy has come through the Covid-19 shock better than almost anywhere else in the world. But as the pandemic subsides, other challenges both long-term and more immediate, have come to the fore. This Budget responds to those challenges."

"Covid-19, climate change and the war in Ukraine have taught us we need to build a more secure economy that protects New Zealand households from the external shocks we know are coming."

Leader of the Opposition Christopher Luxon said "this is the Backwards Budget. Kiwis, the economy and outcomes are all going backwards under Labour and today’s forecasts confirm the situation is only going to get worse before it gets better."

“Labour’s cost of living package is a temporary band aid. The squeezed middle are paying the price for Labour’s economic mismanagement."

2.15pm: Budget 2022 is out, here are the big announcements.

- New 'cost of living payment' for people earning up to $70K. This is a temporary payment for people not entitled to the Winter Energy Payment. It will be paid across three months from August, totalling $350.

- The fuel tax and road user charge reduction, as well as half price public transport is to be extended for two months from when each were introduced. Ongoing half price public transport for community service card holders.

- Urgent new law to go through Parliament to try get down grocery prices by introducing more competition. The new rules will stop supermarkets from blocking competition from accessing land to open new stores, Robertson said.

- $3.1b for Health NZ over two years, $168m for Māori Health Authority over four years, $191m over two years to Pharmac to buy medicines, 248 new paramedics.

- The rule will be scrapped that denies sole parents on benefits their child support payment. Governments over decades have been denying sole parents on benefits "money that is rightfully theirs", with an estimate that changing the rule will pull thousands of children out of poverty.

- Emergency dental grants increase from $300 to $1000.

- House price caps for First Home Loans removed.

2.10pm: "It has been a tough couple of years for New Zealanders," Grant Robertson said at the beginning of his speech. "I want to again thank businesses, workers and all members of our community for your hard work. It means we are now in a strong position to meet the next set of challenges and take the new opportunities to provide all New Zealanders with economic security in good times and in bad."

2.05pm: Grant Robertson is formally presenting the Budget to the leaders of the other parties. Once he has delivered his speech, they will have the opportunity to reply.

2.00pm: Finance Minister Grant Robertson is due to begin his speech shortly. $350 for anyone who earns less than $70,000 has been announced as a one-off cost-of-living payment, over 2 million Kiwis will be getting that.

1.55pm: Watch the 1News Budget Special hosted by Jack Tame live on TVNZ 1, TVNZ OnDemand or our homepage.

1.45pm: 1News asked Kiwis around the country what issues matter most to them ahead of the Budget. Here's what they said.

1.35pm: Unsure how the Budget could affect you? Here's what it is and why you should bother.

To get up to speed ahead of the 2pm announcement, here's what we know so far. Many of the Budget details have been announced in advance, but expect a headline-grabber to have been held back.

And here's 1News Political Editor Jessica Mutch McKay's pre-Budget analysis of the big issues facing the Government and the country.

Key spending already announced:

$2.9b climate change package

$600m for police to address gangs, more officers, rehabilitation

$190m towards specialist mental health services

$114.5m into family and sexual violence prevention