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Full Scoop Coverage: Budget 2011

Budget 2011 - Scoop Full Coverage



Parliament Live - LIVE Video Of Budget 2011



CLICK TO JUMP TO SCOOP BUDGET COMMENTARY AND REPORTS
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For the latest headlines and reaction see..
PARLIAMENT WIRE..., POLITICS WIRE..., BUSINESS WIRE..., EDUCATION WIRE..., HEALTH WIRE...


RELATED LINKS:
For the full text (when released) of the budget see...
TREASURY BUDGET 2011 WEBSITE
See also the BEEHIVE BUDGET PAGE
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For previous budgets see...
BUDGET 2010 - BUDGET 2009 - BUDGET 2008 - BUDGET 2007 - BUDGET 2007 - BUDGET 2006 - BUDGET 2005 - BUDGET 2004 - BUDGET 2003 - BUDGET 2002 - BUDGET 2001 & BUDGET 2000


BUDGET 2011 - SCOOP COMMENTARY


Sludge Report #194: Bill's Magic Deficit Elimination Budget



Analysis - By Scoop Co-Editor Alastair Thompson - Now You See It - Now You Don't! This year (the year ending next month) the NZ Government will borrowing a cool net $20 billion. But next year it plans to borrow a net $5.9 billion (albeit a gross $13.5 billion the majority of which will be used to re-finance existing debt).

This seems on its face remarkable, and is certainly news to warm the hearts of the hard nosed credit ratings gnomes upon whose judgment we will collectively wait following this year's budget. (At the time of publishing the demand for NZ bonds had increased as a result of the budget and Standard and Poors had announced no change to NZ's rating.)

To use the figure which Dr Brash (and formerly Bill English) is so fond of referring to - and which we will no doubt hear a great deal over coming days - the borrowing requirements of the Government are forecast to fall from $380 million a week to just $113 million a week.

Next year the fiscal deficit is expected to fall from close to 9% of GDP to under 5%.

And in a year in which we are expecting relatively modest growth of just 1.8%. More>>

Gordon Campbell: On The Budget 2011 - And Petrobras



While Deficit Phobia provides the rationale for the austerity and privatisation measures contained in this year's Budget, the government's stance is a curiously passive one, overall. The largely self-inflicted problems with the revenue base are being treated as essentially self correcting.

Yes, there is a new payroll tax thinly disguised as an 'increased employer contribution' to Kiwisaver. Yet active policies to generate revenue and to stimulate export growth remain very few and far between. In the meantime, any hopes for improvement in unemployment - forecast optimistically to fall to 4.8 % in a couple of years - are being pinned entirely on the rebuild of Christchurch. Essentially, the revenue side of the equation has been set on autopilot. More>>

BusinessDesk: Budget 2011: Reasons To Be Cheerful?

Analysis - By Pattrick Smellie: (BusinessDesk) - Every Budget is a guess at the future. Accordingly, every Budget requires the reader to ask: what do I need to believe? In this year's Budget, the biggest question marks are over growth rates, the expectation of a weakening exchange rate, and a larger-than-usual difference between the Treasury and the Inland Revenue Department forecasts for tax revenue.

If the IRD is right, the tax take in the year to March 2015 will be $1.5 billion lower than the forecasts used for the Budget, slightly more than the $1.3 billion fiscal surplus forecast for that year. On that simple analysis, Finance Minister Bill English's "healthy, meaningful" surplus is already at risk. More>>

ALSO:

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  • David Farrar - Budget Notes - Kiwiblog
  • Parliament Today - Budget Day In Parliament With Tom Frewen (audio)
  • The Standard - So where's the plan? - The Standard
  • TUMEKE!: - This budget is an epic fail! - Bomber Bradbury
  • Public Address - Budget 2011: A Credible Path to a Point in Time - OnPoint - Public Address
  • Keith Ng Budget Visualisation - Radioactive Donut in Friggin' Space
  • Pundit.co.nz Out-Link - The Standard & Poor's Budget
  • Scoop Business - Budget 2011: Fiscal drag is coming back
  • Scoop Business - Budget 2011: NZ bonds, dollar gain as surpluses loom
  • Scoop Business - Fitch leaves NZ credit rating outlook at negative
  • Scoop Business - KiwiSaver cuts may erode business profits, drag on wages
  • BusinessDesk - Budget 2011: NZ back in surplus by 2015
  • BusinessDesk - NZ govt reins in borrowing after $20 bln splurge
  • BusinessDesk - Meridian Energy offers biggest gain in $7 bln govt sell-down
  • BusinessDesk - IRD looks at tighter tax rules on livestock values, assets






    • BUDGET 2011 - THE REACTION - FULL COVERAGE


    BUDGET DEBATE SPEECHES - AS PREPARED


      Parliamentary Reaction:

      National

      Labour

      Progressive Party

      Greens

      The Maori Party

      ACT

      United Future

      Non Parliamentary Political Reaction:

      Health Sector Reaction:

      Education Sector Reaction:

      Union Reaction:

      Finance Sector Reaction:

      Other Business Sector Reaction:

      Other Reaction

      BUDGET 2011 - THE PRESS KIT
      (Note see also pre-budget announcements below)


      The Budget Speech
    • NZ Govt - Budget 2011 - Building Our Future
    • ParliamentToday.co.nz - Budget Statement: Bill English - Audio And Summary


      • Coalition Leaders' Statements

      SUMMARY SHEETS


      Economy

      Education

      Welfare

      Health

      Housing

      Law, Order & Security

      Research, Growth And Innovation Framework

      Art, Culture And Sport


        Trade and Foreign Affairs


          Christchurch Earthquake Recovery

          Other Stuff - Maori, State Sector, Local Govt

          BUDGET 2011 - PRE-BUDGET ANNOUNCEMENTS


        • Budget 2011: Canterbury trades training boost
        • PM Pre-Budget Speech: Fujitsu - Business NZ Luncheon
        • PM: Budget 2011 will be responsible, affordable
        • Budget to rein in deficit, set path to surplus - English
        • Budget 2011: ACC turnaround delivers taxpayer savings
        • Budget to rein in deficit, set path to surplus - English
        • Budget 2011: Lifting investment in irrigation
        • Budget 2011: New fresh water clean-up fund
        • A fresh start for fresh water
        • Power: Working with Sexual Violence Symposium
        • More support for victims of sexual violence, serious crime
        • Budget 2011: $54.5m extra for mothers, babies
        • Carter: Address to Annual Fonterra Network Conference
        • Budget 2011: Helping young people into jobs
        • Budget will map credible path back to surplus
        • Room for savings in state sector back office
        • English:Wellington Employers' Chamber of Commerce
        • Govt to spend $8.5b on rebuilding Christchurch
        • Simon Power Speech to Coalition of Community Law Centres
        • Speech: Tolley - Principals' Federation conference
        • Speech to the New Zealand Institute of International Affairs
        • Quake, guarantee scheme reflected in accounts
        • Govt committed to improving frontline services
        • Surplus remains in sight, focus on reducing debt
        • New agency to trim local body borrowing costs



          • BUDGET 2011 PREVIEWS & REACTION


          Economy Analysis: Debt Crises In Context Keith Rankin writes: Much in the economic world seems paradoxical. Certainly people and governments around the world are under pressure to, simultaneously, both spend more and save more. Yet we don't feel under pressure to lend more, even though "lending" and "saving" mean essentially the same thing! In a global financial balance sheet, the amount of lending is exactly equal to the amount of borrowing, in the same way that the number of brides is exactly equal to the number of bridegrooms... More>>

          Gordon Campbell: On The Lead-Up To The Budget
          Throughout his government's first term, the role of Prime Minister John Key has been to be the bringer of good news, the guy who carries the 'times are tough but the future is rosy' message - while Finance Minister Bill English has been the bad news bearer, underlining the need to tighten our belts, for eternity. More>>

          ALSO:

        • Scoop Audio - 95bFM: Selwyn Manning & Mikela's Pre-Budget Analysis
        • 5AA Australia - Selwyn Manning & Peter Godfrey On Obama's Invite To John Key + Budget
        • Business Scoop - NZ Dollar Holds Ground Ahead Of Budget 2011
        • TV3 Video - What we can expect from the Budget
        • Greens - Green Party: Alternative Budget Initiatives Audio
        • Auckland Action Against Poverty - "Race to the Bottom" to open Key's post-Budget speech
        • Hone Harawira - Budget Speech
        • ACT - Key: 'Nothing' Hardcore About Youth Wage - Hon John Boscawen
        • Labour - Importing workforce not the answer
        • iPredict - $7.8 billion deficit forecast for 2011/12
        • Scoop Business - Budget 2011 'screams responsibility', Key says
        • Scoop Audio - PM's Presser Audio 16/5/11: Budget
        • Scoop Audio - Phil Goff On Fiji/Tonga & National's Budget
        • Labour - David Cunliffe's Pre-Budget Speech - Owning Out Future - Kiwis lose confidence in National's economic management - David Cunliffe Pre-Budget Speech
        • Greens - Polluter subsidies blow hole in Budget - Unlawful student loan changes in Budget? - Govt can address debt, economic transformation this Budget
        • TVNZ - Transcript: Phil Goff interviewed on TV ONE's Breakfast
        • Q+A Transcript - Minor Parties' Budget Debate
        • Horizon Research - Kiwis enter Budget week feeling country on wrong track
        • NZ First - Winston Peters Speech To Counties Manukau Grey Power AGM
        • Public Service Association - Sub-zero budget highlights - PM's Ducking and Diving Can't Hide Lack of Economic Plan
        • CTU - Government funding cuts lead to cuts to Health and Safety - At least $564m more needed for Health to just stand still - CTU releases a vision for a constructive Budget
        • NZEI - Budget must treat education as an investment not a cost
        • Manufacturers and Exporters Association - Budget needs focus on generating revenue
        • TVNZ - John Key interviewed on TVNZ's Breakfast - Mon 16th May
        • Wellington Special Olympics - Celebrity Debate This Thursday Offers Budget alternative
        • iPredict - iPredict Launches Stocks on Budget 2011 Fiscal Outlook
        • David Choat - Capital and Coast DHB needs more funding not further cuts
        • Tax Justice Campaign - Tax Justice welcomes the active support of unions
        • Pundit.co.nz Out-Link - It's the end of the world, and I feel fine
        • Scoop Audio - Selwyn Manning On Winter's Arrival & National's 3rd Budget
        • Radio Wammo - Green Party's Russell Norman On His Alt Budget
        • TV3 Video - Govt shows 'lack of vision' - Greens - Further KiwiSaver tinkering possible in future - Government will chase student loans - Key - Investor confidence falls after quake


          • PM's Presser Audio 16/5/11: Budget Teaser
          At his post-cabinet press conference PM John Key said the budget "screams responsibility" and has achieved no increase in nominal spending More>>

          ALSO:

        • Labour - Phil Goff Presser 16/5/11: Tonga v Fiji, Nats v Kiwisaver
        • TV3 Video - Fiji and Tonga 'can sort it out' - expert


          • Backhanded Insults: On Don Brash's Letter To PM John Key
          "Dear John, It was with a very heavy heart that I felt obliged to resign my membership of the National Party and to seek the leadership of the ACT Party." More>>

          ALSO:

        • Don Brash - Letter to John Key
        • TV3 Video - Brash to Key: Dear John...
        • The Dim-Post Out-Link - Brash's secret letter
        • Pundit.co.nz Out-Link - Dear Don - An Open Letter


          • PM's Pre-Budget Speech: Changes To Kiwisaver, Working For Families
          Prime Minister John Key today said Budget 2011 will be responsible and measured, and ensure expensive programmes like KiwiSaver, Working for Families and interest-free student loans are affordable into the future. More>>

          ALSO:

        • NZ Govt - PM Pre-Budget Speech: Fujitsu - Business NZ Luncheon
        • Labour - National fiddles while the country burns - Cuts will hurt Kiwis but won't fix broken economy
        • Scoop Business - Budget 2011 - Key makes KiwiSaver changes an election issue - Comment: Key's slow route to retirement at 70
        • Greens - Vulnerable to shoulder costs of poor economic management
        • NZUSA - Short-sighted funding cuts cap nation's potential
        • The Nation - The Nation Budget Preview: Baby Boomers and the Budget
        • NZ Council of Trade Unions - Budget needs a vision for jobs, not a focus on the deficit
        • PSA - KiwiSaver changes to slash millions from essential services
        • Employers And Manufacturers Association - Employers fine with changes foreshadowed for Kiwisaver
        • TV3 Video - Key will campaign on KiwiSaver changes - Goff expects broken KiwiSaver promises - KiwiSaver remains 'financially viable' - MCA - Changes to KiwiSaver, Working for Families, student loans likely
        • Scoop Audio - 5AA Australia: Manning & Godfrey's NZ Issues Bulletin


          • Health: $54.5m Extra For Mothers, Babies

          "This Government has invested an extra $1.2 billion in health services over the past two years, and Budget 2011 will provide an extra $33.2 million for maternity services over four years to improve safety and quality. More>>

          ALSO:

        • Labour - Where is the maternity money coming from?
        • NZ Medical Association - NZMA welcomes extra maternity care funding
        • NZ Nurses Organisation - Extra funding for maternity services – but where from?


          • Scoop Business: English Says Budget To Show Large Deficit
          Finance Minister Bill English says the Budget next week will confirm a 'very large deficit' including the immediate costs of rebuilding Christchurch after its two earthquakes. More>>

          ALSO:

        • Scoop Business - Govt cash deficit hits $12.4 bln in March on quake costs
        • NZ Govt - Budget to rein in deficit, set path to surplus - English - Budget 2011: ACC turnaround delivers taxpayer savings
        • NZ Treasury - Financial Statements for the Nine Months ended 31 Mar 2011
        • TV3 Video - Budget will trim popular Govt programmes - Key


          • Gordon Campbell: On The Govt's Latest Handout To Agri-Business
          The largesse will include a $35 million "accelerated investment" fund over the next five years, rising to a possible $400 million fund for irrigation scheme investment by the government where taxpayers would be excluded - but of course ! - from owning or accessing the commercial benefits from the investment they will have so generously seeded. More>>

          ALSO:

        • Scoop Business - Budget 2011: Govt brings irrigation schemes to market
        • Scoop Audio - PM's Presser Audio 9/5/11: Water, Paint & Piggybanks
        • NZ Govt - Next steps on water reform
        • NZ Govt - Budget 2011 - New Fresh Water Clean-Up fund
        • NZ Govt - A Fresh Start For Fresh Water
        • NZ Govt - Budget 2011 - Lifting Investment In Irrigation
        • Greens - BBC questions NZ's "100% Pure" brand - Minister pulls teeth from clean water rules
        • Forest and Bird - Policy Wont Stop Pollution
        • Environmental Defence Society - Freshwater Announcements Need To Go Further
        • Federated Farmers - Water Marks NZ As The Real Lucky Country - Farmers express hopes for NPS on freshwater management
        • Greenpeace NZ - Government subsiding costly damming project
        • Irrigation NZ - IrrigationNZ welcomes support for irrigation development
        • Greater Wellington Regional Council - Greater Wellington welcomes irrigation commitment
        • Waikato Regional Council - Waikato Regional Council welcomes water policy
        • NZ Freshwater Sciences Society - Science Society Concerned About Freshwater NPS


          • Justice System: More Support For Victims Of Sexual Violence, Serious Crime

          Justice Minister Simon Power today announced more support for victims of sexual violence and serious crime at the Working with Sexual Violence Symposium in Auckland. More>>

          ALSO:

        • NZ Govt - Road victims' families to benefit from Offender Levy - Power: Working with Sexual Violence Symposium
        • Victim Support - New Victim Grants A Great Response
        • Candor Trust - Initial Road Homicide Aid Praised


          • Budget Preview: "Helping Young People Into Jobs"

          The Government is investing $55.2 million to get young people into jobs, Social Development and Employment Minister Paula Bennett says. More>>

          ALSO:

        • Labour - Bennett and Key mislead NZ with youth training announcement
        • NZCTU - Young People and Jobs - More Needed
        • Master Plumbers - Government investment in young people welcomed
        • Gordon Campbell - Werewolf 21: Failure to Launch


          • Gas: This Year's Fuel Tax Increase Cancelled

          The planned fuel tax increase of 1.5 cents per litre which was due to come into effect on 1 July has been deferred while economic conditions remain tight, says Transport Minister Steven Joyce.
          More>>

          Price Tag: Govt To Spend $8.5b On Rebuilding Christchurch

          The Government will spend about $8.5 billion over the next few years to help the rebuilding of Christchurch, Finance Minister Bill English said today. More>>

          ALSO:

        • Parliament Today - Earthquake Legislation Passes First Reading - Canterbury Earthquake Recovery Bill Now On-Line - Earthquake Recovery Authority Bill And Urgency
        • NZ Govt - State of national emergency extended further - English: Wellington Employers' Chamber of Commerce - Dunne: further Christchurch tax relief on depreciation
        • Greens - Greens support power for Christchurch not Brownlee
        • Future Canterbury Network - FCN welcomes Government commitment
        • GNS Science - Gravity Survey Included In Christchurch Subsurface Study
        • TV3 Video - Cathedral Square time capsules to be opened today - ChCh marae becomes courthouse
        • Scoop Full Coverage - Christchurch Earthquake 22/2/11


          • razor gang, public service cutsBack Office Savings: Treasury Fingers ICT Costs

          The government's best opportunities for back-office savings lie in improving its complex and divergent information and communications technology services, where savings of up to $236 million a year are available, according to The Treasury. More>>

          ALSO:

        • Scoop Business - Tough choices need to made over superannuation: Treasury
        • NZ Govt - Room for savings in state sector back office
        • PSA - PSA supports quest for greater public sector efficiency - Minister needs to come clean on merger plans for CRIs


          • ENDS
           

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