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What's in this year's budget

NZ Newswire logoNZ Newswire 25/05/2017 Karen Sweeney

THE BUDGET AT A GLANCE:

* $2 billion Family Incomes Package including tax threshold, Working for Families and Accommodation Supplement changes.

* Increases the $14,000 income tax threshold to $22,000 and the $48,000 tax threshold to $52,000. Top tax bracket stays the same.

* Increase to the Family Tax Credit, Accommodation Supplement, and Accommodation Benefit for eligible students.

* $32.5b infrastructure spending over four years

* $2b law and order funding over four years, including $763.3m to increase prison capacity.

* $1.5b over four years for schools and early childhood education, including 31,000 new early learning places.

* $576m capital spending for defence including camp and base upgrades.

* $3.9b for health, including $1.76b new funding for District Health Boards.

* $803m over four years for social services, including social housing, employment support and the Ministry for Vulnerable Children Oranga Tamariki.

* $4b new capital infrastructure in 2017/18, as part of $11b over four years.

* Forecast surplus increase from $1.6b in 2016/17 to $7.2b in 2020/21.

* Increase in Earthquake Commission levies from 15c per $100 of coverage to 20c per $100 of coverage, with an annual cap of $276.

* $4m to help New Zealand meet its Paris Agreement Climate Change emissions targets by 2030.

* $9.6m cementing New Zealand's commitment to Antarctica.

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