The 2024 Budget will "deliver tax relief to hardworking New Zealanders, rebuild business confidence and restore the Crown’s finances to order" when it is announced on May 30, Finance Minister Nicola Willis says.
The Budget is currently under development by ministers ahead of Budget Day.
"The last government’s mismanagement of the economy and the Crown’s finances has left a legacy of high inflation, reduced spending power for New Zealanders and wasteful expenditure," Willis said in a statement this afternoon.
"This coalition Government is focusing on putting more money in people’s pockets, delivering better value for public money and enabling private enterprise.
"Undoing the damage done by Labour will take time, but New Zealanders can be confident that the country is now on the right track."
Prime Minister Christopher Luxon told reporters in a post-Cabinet press conference this afternoon that the current Government "has inherited an economy in bad shape".
"The damage done by Labour’s economic mismanagement and fiscal recklessness take time to undo, but New Zealanders can have confidence that our Government is getting our country back on track,” he said.
It will include the Government's plans to "deliver tax relief to hard-working New Zealanders", Luxon said.
The Government's Budget priorities will be set out in the Budget Policy Statement, to be announced on March 27.
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