The axing of prescription medicine co-payments, an expansion of 20 hours free early childhood education and free or cheaper public transport for young people are among the measures announced by Finance Minister Grant Robertson at today’s Budget.
Public transport fares, prescription fees and early childhood care were all winners in this year's Budget. (Source: 1News)
Here's what you need to know:
The $5 charge for prescription medicine will be scrapped in most cases, at a cost of $618.6m over four years.
Extend 20 hours free early childhood education to two-year-olds from March 1 2024, at a cost of $1.2b over four years.
Free public transport fares for kids under 13 from July 1.
Half price public transport fares for people under 25 from July 1.
Expansion of electric vehicle charging network with 23 new charging hubs, with the private sector - $120m over four years.
$279m investment in state highways focusing on slip prevention, flood mitigations and managing risk of sea level rise.
$402.6m over four years to expand Warmer Kiwi Homes – 26,5000 insulation and heating retrofits, reduce upfront costs of LED light bulbs.
Chatham Islands power – install renewable system to cut electricity prices in half.
$63m for safe staffing, allowing 500 more nurses to be employed, as part of $1b investment package that includes increased pay rates.
Lift trustee tax rate from 33% to 39%, in line with top personal tax rate.
Ending minimum wage exemption for disabled, replaced with wage supplement.
Economic forecast
Inflation to fall to the 1-3% target range by late next year.
Treasury is no longer forecasting a recession in 2023.
Economy to grow 3.2% to the year June 2023, before easing to 1% the following year.
Unemployment to peak at 5.3% in the December 2024 quarter.
A return to surplus in 2025-26.
Wages to grow 5.2% a year over the forecast period.
Follow live coverage of the Budget on TVNZ1 from 2-4pm and on 1News.co.nz throughout the day.
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