Govt seeks $4b in cuts as tax take falls

Govt seeks $4b in cuts as tax take falls
Finance minister Grant Robertson is trimming the budget. (Image: Getty)
Staff reporters
The government says it will trim nearly $4 billion from its budget over the current and next three financial years as economic conditions and the tax take deteriorate.As part of his austerity package, finance minister Grant Robertson said he had identified about $1.5b in “immediate savings” and had asked most agencies (with police and defence notable exceptions) to also trim either 1% or 2% from their baselines, saving a further $1.4b.An additional $1b will be saved by trimming the operating allowance for the next two budgets. ...

More Finance

No longer 'boutique' Generate is executing, CEO says
Finance

No longer 'boutique' Generate is executing, CEO says

The fund manager is now the seventh-largest KiwiSaver provider.

ANZ half-year profit surges on non-cash gains
Finance

ANZ half-year profit surges on non-cash gains

Cash earnings were flat, and net interest margin rose slightly.

Pattrick Smellie 08 May 2025
BNZ preserves margins on flat half-year
Finance

BNZ preserves margins on flat half-year

BNZ outranks its Australian cousins for customer preference.

Pattrick Smellie 07 May 2025
Westpac's NZ net interest margin expands again
Finance

Westpac's NZ net interest margin expands again

Net interest margins rose in NZ, but shrank for the group as a whole.

Pattrick Smellie 05 May 2025