Hon John Key

Prime Minister

20 May 2010

Budget 2010 about opportunity for Kiwis

Prime Minister John Key says this year’s Budget is about building on our economic recovery and providing opportunities for New Zealanders.

“Budget 2009 mapped out a plan to get the Government’s finances on a firmer footing in the face of the recession, while maintaining existing services and entitlements to New Zealanders and their families.

“The centrepiece of this year’s Budget is a major tax package aimed at reforming the tax system to make it fairer, more sustainable and a better support for economic growth. Economic growth is vital to providing New Zealanders and their families with the services and living standards they want and deserve.”

As well as tax reform, the Budget’s other main goals are:

• Lifting the economy’s long-term economic performance to deliver New Zealanders the jobs, incomes and living standards they aspire to.

• Delivering better public services.

• Maintaining firm control of the Government’s finances.

“With these four goals in mind, Budget 2010 is all about Building our Recovery.

“New Zealand has the opportunity to come out of this downturn in a better position than many other countries, partly because of our lower debt levels and competitive tax rates by world standards.

“We are well placed to stand out from the crowd and deliver a rebalanced economy that focuses on investment in the right places – investment in productive firms and sustainable job creation.

“But Budget 2010 also shows we are not out of the woods yet, which is why there will be a continued focus on Crown debt levels, the quality and quantity of Government spending and our overall economic performance,” Mr Key says.

ENDS

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