The 2023 Budget will be focused on the recovery from Cyclone Gabrielle and the cost of living, says Finance Minister Grant Robertson.
He announced Budget Day 2023 will be on May 18 and comes as Labour refocuses their priorities following Chris Hipkins' appointment as Prime Minister.
Robertson said the Budget will reflect the need to work with local communities and aim to "get affected families, farmers and businesses back on their feet and their regions back moving".
"The economic and fiscal impact is not yet fully known, but we know the rebuild will cost billions of dollars."
He said the recovery cost would take considerable resources and affect the Government's operating and capital spending plans, which are factored into the Budget.
Labour's "bread and butter" issues will also take centre stage in this year's Budget, with the cost of living remaining a top priority.
"This budget will be delivered in a volatile and uncertain global environment, affecting our prospects."
"The Government books are in solid shape thanks to our strong economic and financial management. Our debt levels are among the lowest in the world, and we are well positioned to handle the impacts of Cyclone Gabrielle and further economic shocks," Robertson said.
He said the Government will continue to take a balanced approach to the management of finances and will continue to fight inflation.
"It means that as we respond to the rebuild, we will have to prioritise the projects that are proposed, and some will not be funded or have to be delayed."
He also said public services like schools, hospitals and housing would continue to be invested in, as well as addressing climate change.
"We will keep the economy moving in the right direction in this challenging environment and continue to invest in creating a high wage, low emissions economy that will deliver for New Zealanders in good times and bad," Robertson said.
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