Ministers' big spending plans dashed by reality

Ministers' big spending plans dashed by reality
Finance minister Grant Robertson to ministers: "As will be obvious to you, that is far beyond the funding available." (Image: Norrie Montgomery)
Ian Llewellyn
Budget documentation shows how ambitious ministers' spending plans were compared to what was available to be spent or could be realistically implemented, with the haggling over climate change spending particularly intense.The Treasury today released the papers that cover the negotiations and policy debates between both ministers and officials in this year’s budget formation.Early in the budget process, finance minister Grant Robertson wrote to one minister and turned down several bids, saying: “Over 560 initiatives were submitte...

More Economy

Weaker than expected jobs data won't move the rate cut dial
Economy

Weaker than expected jobs data won't move the rate cut dial

The March quarter jobs data was gloomier than expected.

Rebecca Howard 01 May 2024
Cautious lending keeps lid on default rates – Reserve Bank
Finance

Cautious lending keeps lid on default rates – Reserve Bank

Non-performing mortgages have overtaken Covid levels.

Jem Traylen 01 May 2024
Business confidence still falling
Economy

Business confidence still falling

Business confidence fell eight points to 15 in the latest ANZ NZ Business Outlook survey as cost pressures continue to bite. According to Westpac Bank senior economist Satish Ranchhod, a net 20% of firms reported their trading activity has declined over the past year. “That’s the...

Staff reporters 30 Apr 2024
Returning GST to councils would cover 'infrastructure cost increases' to councils
Economy

Returning GST to councils would cover 'infrastructure cost increases' to councils

Returning GST to councils would help councils out a lot, Infometrics says.

Dileepa Fonseka 30 Apr 2024