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

JPMorgan is revamping Its bank for the superrich
Finance

JPMorgan is revamping Its bank for the superrich

There is a minimum required balance of US$10 million. 

Port of Auckland to pay $45m special dividend to council
Finance

Port of Auckland to pay $45m special dividend to council

The divestment proceeds will be used to top up the Auckland Future Fund.

Oliver Lewis 27 Jun 2025
$600m in tourist spend at risk from regulation: Mastercard
Finance

$600m in tourist spend at risk from regulation: Mastercard

When Europe cut interchange fees, foreign card decline rates soared.

Pattrick Smellie 27 Jun 2025