Podcasts about finance minister grant robertson

I am absolutely gobsmacked at the sheer gall of Labour even considering, suggesting, putting it out there, hey, run it up the flagpole, some form of capital gains tax might be back on the agenda. Apparently Barbara Edmonds, who is the finance spokesperson for Labour, is just putting it out there, seeing what people think. How very dare they for two glaringly obvious reasons. A) because they had every opportunity to introduce a capital gains tax or to revamp the taxation system not just once, but twice during their six long years in office. They set up the Tax Working Group to come up with recommendations to make New Zealand's tax system a fairer one, and when the working group Chair, Sir Michael Cullen, presented the final report, the Tax Working Group said, look, we support a broad-based tax on capital gains and suggested that handing back much of the $8.3 billion it might raise over five years through income tax cuts for almost all workers. The proposals, had they been adopted, would take billions from the wealthy and give most of that money back quite evenly to millions of taxpayers, which all sounds kind and fair and true to Labour's socialist roots and not completely unreasonable. As Sir Michael said, it was wrong that wage earners were taxed on their full income while you can earn income from gains on assets and not be taxed at all. So, all very Labour and all very true to the cause. But what did Jacinda Ardern do? She ignored the recommendations and said a Capital Gains Tax wouldn't happen while she was leader.  There was another attempt when Labour had an absolute majority in its final term to introduce a Capital Gains Tax. Both David Parker, the Revenue Minister, and Finance Minister Grant Robertson were for it. They'd done a lot of work on it, they'd picked up the work that the Tax Working Group had done. Chris Hipkins knew the electorate wouldn't stand for it, so put that proposal, along with many others on the bonfire, in a desperate and futile attempt to win back voters. And not only that, demoted David Parker. Well, David Parker to be fair excused himself or recused himself from being Minister because he didn't support ditching their Capital Gains Tax. It was an opportunity in a political lifetime to make effective change. His boss didn't have the cajones for it, so David Parker stepped back and was demoted and has since sort of languishing down in the ranks now.   So they had every opportunity to introduce a Capital Gains Tax and now they're in opposition they're talking about, hey, maybe we should look at some form of inheritance tax based on the Irish Capital Acquisitions Tax. It's galling.   And B), the other reason they shouldn't have the temerity to even suggest it, is because how could they possibly believe that New Zealanders would trust them with another brass cent? Even now, even the most deluded of fervent Labour supporters must look at the money that has been wasted. The money that is being wasted with nothing to show for it, and it makes me want to weep. If they were sensible stewards of our tax dollars, if they or any political party could show that they were sensible managers of our money, fill your boots. Take more of my tax dollars, take the money that I haven't earned, that's just come along with the rise in property values, bring in a 33% tax as Ireland is doing on unearned windfalls, ensure that everyone, not just the children of property owners, benefits from the accumulated wealth. Sure, do it, but for Labour to suggest taking more money from New Zealanders with their track record of waste etched into so many, many minds. It's going to take a very long time to forget that.   See omnystudio.com/listener for privacy information.

Who would think that former Finance Minister Grant Robertson and current Finance Minister Nicola Willis could agree on anything? But it seems they do.  Both of them think that it's the job of politicians to give people hope. I think that's wishful thinking on their part.  When Grant Robertson gave his valedictory speech two months ago before leaving Parliament to become Vice-Chancellor at the University of Otago, he said: “You've got to give them hope”.  He said: “That is our job in this place: to give people hope. To give hope to those who seek a better tomorrow for their families and communities, to give hope to everyone that they can be who they are and live free of discrimination, and to give hope to those who have none.”  And then yesterday, in her pre-Budget speech, Nicola Willis said the thing New Zealanders need most right now is "hope that tomorrow will be better".   Well I tell you what, unless Nicola Willis announces next week that the guy with the thick accent who called her on a crackly line from Nigeria saying he had $200 billion to gift to New Zealand - unless she announces that it wasn't actually a scam and the money's already in the bank, then don't expect me to say today that I'm hopeful about where New Zealand is heading.  And, as for what Grant Robertson said about it being the job of MPs to give people hope - well, that might be the theory, but we're deluded if we expect politicians to change our worlds.  I remember on the night of the 1984 election, and I was just about to drop out of school. I say “drop out” because, now that I look back on it, that's what I was doing.  I had scraped through three school certificate subjects, failed two, and the last place I wanted to be was school, especially the school I was at. So, my parents agreed to let me leave and start working at the little shop they ran in Dunedin.   And I remember on the night of that 1984 election, we were all sitting around the TV watching David Lange make his big victory speech and I remember my mother turning around to me and saying that if Labour hadn't won, I wouldn't be leaving school.  That was the hope she had that the change in government was going to make it a better place. As we know, though, that night in 1984 was the starting point in a time of significant upheaval and turmoil.  Forty years on from then, here we are in another state of upheaval and turmoil.   And I think Nicola Willis is dreaming if she expects us to have hope. And I think Grant Robertson was big on theory when he said it's the job of politicians to give people hope - but he was dreaming too.  Because what gives people hope is sentiment. Not policies, not slogans, and certainly not politicians. And anyone whose hope level is dictated by the weasel words of politicians is only setting themselves up for disappointment.   So, on the basis of hope being based on sentiment, you've got to say that the sentiment right now in New Zealand is far from hopeful.  And I'm not just basing that on how things are for me, personally, because I'm actually at a stage in life where we no longer have all the expenses that come with having kids at school. We own a house. The big $400-$500 shops at Pak ‘n' Save only happen during the university holidays, not all the time.  Yes, things are blimmin' expensive and we've done what a lot of people seem to have been doing recently and we've ditched Netflix and Neon and all those things. But that's largely because we can - not because we have to. Not because it comes down to Netflix or a loaf of bread.  So you could say that I have more reasons than a lot of people to be hopeful.  But I don't. Because I'm looking at this obsession with government cost-cutting and I'm asking, ‘where's the thinking behind it, other than simplistic numbers and percentages?”. And the answer to that, is there isn't.  I'm not hopeful because I look around and see infrastructure falling to pieces around our ears.  I'm not hopeful because businesses are in survival mode, trying to stay afloat in an oily rag economy.   And I'm certainly not hopeful when politicians tell me that hope is what I need most, and that they're going to deliver it. See omnystudio.com/listener for privacy information.

Former deputy Prime Minister and Finance Minister Grant Robertson announced earlier this week he is leaving politics. He is the latest member of the Labour Party who has chosen greener pastures over three years of being back in Opposition. So with Grant Robertson out the door, where does that leave Labour as it looks to rebuild, and are the remaining MPs strong enough to hold the Government to account? Today on The Front Page, NZ Herald political editor Claire Trevett joins to dig into Robertson's legacy and Labour's future. Follow The Front Page on iHeartRadio, Apple Podcasts, Spotify or wherever you get your podcasts. You can read more about this and other stories in the New Zealand Herald, online at nzherald.co.nz, or tune in to news bulletins across the NZME network. Host: Georgina CampbellSound Engineer: Paddy FoxProducer: Ethan SillsSee omnystudio.com/listener for privacy information.

Signs of camaraderie as we transition from one Government to the next. National's Finance spokesperson Nicola Willis says outgoing Finance Minister Grant Robertson has reached out to her. She says Robertson told her he was happy to discuss any aspect of the finance role. Willis says she appreciates that- and it's her intention to make some information requests of the Government over the next couple of weeks. LISTEN ABOVESee omnystudio.com/listener for privacy information.

The Finance Minister is defending the CTU's controversial attack ad, claiming it's a technique favoured by both sides. Billboards and newspaper ads from the Council of Trade Unions describe Chris Luxon as 'out of touch' and 'too much risk'. Finance Minister Grant Robertson says it's the CTU's right to highlight relevant issues in a democratic society. "And they wouldn't be alone in doing that, the Taxpayers' Union have done numerous screengrabs of me, unflattering photos- and they're a surrogate of National and the ACT Party." LISTEN ABOVESee omnystudio.com/listener for privacy information.

Grant Robertson believes Chris Luxon is confused about his own tax plan.  National's policy would lift income tax brackets to compensate for inflation and expand tax credits.    It promises to pay for the plan with about $8.4 billion worth of cuts and $6.2 billion of revenue increases, including taxing foreign buyers, which it thinks will bring in about $700 million.  Finance Minister Grant Robertson told Mike Hosking he relies on that happening every year.  LISTEN ABOVE See omnystudio.com/listener for privacy information.

The Labour government has found nearly $4 billion in savings across the public service over the next four years. It comes as the government's accounts for the eleven months to the end of May show tax take was $2 billion lower than expected. The government is treating the $4 billion as savings and won't be making it available for new spending. Finance Minister Grant Robertson says the savings will come from cuts to public agencies' spending, a reduction in Budget allowances and operational and capital savings. The Labour government has also directed public agencies to reduce the amount spent on consultants and contractors. Grant Robertson expects this would save about $165 million every year. He says this is not an admission the government has spent too much on consultants and contractors.

The Government is trying to cut spending as economists predict it'll need to borrow billions more.  Finance Minister Grant Robertson is cracking down on public contractors and consultants spending, announcing it'll mean savings of almost $4 billion over four years.  Westpac Chief Economist Kelly Eckhold told Mike Hosking the Government is spending $137 billion dollars a year, but this'll help at the margins.  He says given the revision of revenue estimates, it might need to borrow an extra $15 billion over the next four years.  LISTEN ABOVESee omnystudio.com/listener for privacy information.

The Government has told public service organisations to cut spending. Finance Minister Grant Robertson has announced a push to slash spending on contractors and consultants, trim programmes and limit future budget allowances. Robertson says it'll save almost $4 billion over the next four years. New Zealand Initiative executive director Oliver Hartwich says the Government's trying to make the books look a bit better before their pre-election fiscal and economic update. "It's too little and too late, because just shaving 1 or 2 percent off spending is nothing in the grand scheme of things." LISTEN ABOVESee omnystudio.com/listener for privacy information.

The Finance Minister says spending cuts announced today are responsible savings, as they balance delivering services New Zealanders need. Finance Minister Grant Robertson has unveiled a push to slash contractors, trim back programmes and limit future budget allowances. He forecasts they'll save almost $4 billion dollars over the next four years. Robertson says Government spending has gone up significantly over the last six years because of Covid-19. "We've had to deal with a massive global economic shock, and we've had to protect and support New Zealanders through that. I think that spending was needed, I think most political parties wanted us to spend that." LISTEN ABOVESee omnystudio.com/listener for privacy information.

Finance Minister Grant Robertson's unveiled a push to slash contractors, trim back programmes and limit future budget allowances. Almost $4 billion is forecast in savings over the next four years, with a keen eye on limiting contractors and tacking back under-spends. ZB senior political correspondent Barry Soper says this doesn't paint a good picture of the state of the Government's books. LISTEN ABOVESee omnystudio.com/listener for privacy information.

The Government is standing firm on it's approach to sharing the cost of severe weather events. Auckland Council and the Government will jointly fund a $2 billion recovery and resilience package - with the Crown contributing about half. It includes $774-million to purchase about 700 Category 3 residential properties. Cyclone Recovery and Finance Minister Grant Robertson told Mike Hosking they've tried to apply the same 50-50 principle for buyouts in each region. He says different areas have slightly different support for other measures, such as flood protection and transport. LISTEN ABOVESee omnystudio.com/listener for privacy information.

National's finance spokesperson Nicola Willis is rejecting accusations she lied about internal tensions among Labour over its tax policy. Willis claims Finance Minister Grant Robertson and Prime Minister Chris Hipkins had a disagreement over the start-date for Labour's promise to remove GST from fruits and veg. Robertson denies that's true, but Willis says she was only providing a theory - after Hipkins said he would 'aim' to have the policy in place by 1 April. "Why were their numbers put out that suggested the policy wasn't going to start until potentially October?" LISTEN ABOVESee omnystudio.com/listener for privacy information.

Whānau Manaaki Kindergartens, which provides services to many Pacific families, is backing the removal of GST on fruits and vegetables. The Finance Minister Grant Robertson says Labour's election promise to remove GST from fresh and frozen fruit and vegetables is just part of a bigger cost of living package. Community services leader Caroline Mareko spoke to Ingrid Hipkiss.

Top stories for 14 August 2023 - Labour hopes removing GST from fresh and frozen fruit and vegetables can be an election game-changer - we'll speak to Finance Minister Grant Robertson . An Auckland toddler has been found safe and well after going missing in West Auckland yesterday. The death toll from the fires on Maui reaches 93 - hundreds remain missing.

The Finance Minister's now backing Labour's plan to slash GST from fresh and frozen fruit and veggies. Grant Robertson's previously cited concerns the cost savings wouldn't be passed onto consumers, calling it a boondoggle — meaning a wasteful spend. The party's now promising to slash GST from fruit and veg from April, saving the average household around $20 a month. Finance Minister Grant Robertson says that the policy would be regulated and would help ease inflation woes. He says it would reduce the cost of food, and is still a good policy despite it not being a huge discount. LISTEN ABOVESee omnystudio.com/listener for privacy information.

The Finance Minister is denying there's a fiscal hole in the Government's books. Treasury is expected to open their accounts ahead of the election, giving an accurate picture of the Crown's finances. Grant Robertson says the Government's debt levels had been published in the budget- and they're not $20 billion in the hole. "We have ongoing conversations, but nothing has been firmed up at all, and that's the nature of this. The economy is in better shape than it was, say, a year ago." LISTEN ABOVE  See omnystudio.com/listener for privacy information.

The Act Party leader wants to “stop wasteful spending on day one”. We also ask how big is Finance Minister Grant Robertson's fiscal hole and whether Winston Peters and Seymour can be in the same room.See omnystudio.com/listener for privacy information.

Robertson and Hipkins have admitted Government's books are in a more challenging position than expected- but deny claims of a fiscal hole. The Finance Minister confirmed he met with public service chiefs for a meeting about monetary restraint. NZ Herald business editor Liam Dann explained that as the economy goes further south and diverges from Treasury forecasts, the gap in the Crown accounts grows- but it's unlikely to be $20 billion. LISTEN ABOVESee omnystudio.com/listener for privacy information.

A dispute has risen between the Government and Opposition over the state of Crown finances. Finance Minister Grant Robertson has told Newstalk ZB he called in public service chiefs for a meeting about financial restraint, but he rejects claims of a large shortfall in tax revenue. Act Leader David Seymour told Mike Hosking Robertson called the meeting to quickly improve the books before the pre-election update. LISTEN ABOVE  See omnystudio.com/listener for privacy information.

Tonight on The Huddle, Jack Tame from ZB's Saturday Mornings and Q&A and Business Mentors NZ chief executive Sarah Trotman joined in on a discussion about the following issues of the day- and more! Finance Minister Grant Robertson has met with public sector leaders to discuss spending restraint amid a rumoured hole in the Government books. National says the Government's financial situation's much worse than forecast in the Budget. What kind of shape must the Government books be in? How will this look in the polls? Chris Luxon has voiced enthusiasm at the prospect of accepting money from China to pay for our road rebuilds- is this a good idea? Donald Trump is scheduled to appear in a a Washington DC courthouse on charges to do with alleged attempts to overturn the 2020 election. Will this help or hinder his chances in 2024?See omnystudio.com/listener for privacy information.

Finance Minister Grant Robertson remains under pressure, as he bats off questions about Labour's tax policy. Robertson is still refusing to confirm whether Labour will remove the GST from fruit and vegetables, amid allegations from National. BusinessDesk managing editor Pattrick Smellie says Labour's been caught flat-footed, as Robertson would have said so directly if the party weren't considering this policy. LISTEN ABOVESee omnystudio.com/listener for privacy information.

The Finance Minister's staying tight lipped on how much the Government will fork out for managed retreat in Hawke's Bay. The region's councils are being asked to consider and consult on a cost-sharing agreement to buy-out cyclone-stricken homes. The package also includes Government contributions for flood protection projects - to protect houses which can still be lived in. Minister Grant Robertson says the details on the cost-sharing are for the councils to discuss first. "Within the next few days, a week or so I hope, we should be in a position to be able to announce all the details." LISTEN ABOVESee omnystudio.com/listener for privacy information.

A GST expert says it is possible to remove the tax from fruit and veges, but whether it's good policy is another question. National's Nicola Willis claims it's part of Labour's election tax policy, that's been leaked to her. Labour won't confirm or deny it. Deloitte GST specialist Allan Bullot told Mike Hosking we can make rules to do just about anything, but it might not be the best use of resources. He says the tax working group looked at a number of studies, including from overseas, and found only 30 percent of savings end up in consumers' hands. LISTEN ABOVE   'Not a bad idea': Is GST off fruit and veges Labour's new tax policy? -Thomas Coughlan, NZ Herald Labour is planning to resuscitate a policy from its disastrous 2011 election campaign to revive its ailing electoral hopes: taking GST off fresh fruit and vegetables. That is according to National Party Finance spokeswoman Nicola Willis who said she had been handed details of the plan. Willis has form in this area, claiming earlier this year that Labour was in the advanced stages of implementing a wealth tax, which turned out to be true. The Herald has confirmed Labour has looked at changes to GST as part of its tax policy - although the final details have not been announced. It is the second major leak from Labour in as many days. Willis warned the tax would hand millions to some of the country's largest and most profitable companies who would absorb the cut, and fatten their margins. A Labour Party battered and bruised from losing its fourth minister in seven months, and beset by a major leak from caucus this week, did not deny the tax rumours, with at least one MP saying the policy sounded like a good idea. Prime Minister Chris Hipkins, speaking from Christchurch, did not deny the rumours. “I'm not going to announce a tax policy today and Nicola Willis should be focused on making her own policies add up,” Hipkins said. Police Minister Ginny Andersen, a Hipkins loyalist, noted it was an idea that had been “considered before - it's a nice idea”. “Yeah it's not a bad idea,” she said. National's finance spokeswoman Nicola Willis said she had been leaked the policy immediately before Question Time on Thursday. Photo / Mark Mitchell Asked whether the plan was actually Labour policy, Andersen said it would be “pre-announcing the Labour Party tax policy”. The Government's new Revenue Minister Barbara Edmonds also did not deny Labour would be taking GST off fresh fruit and vegetables. “Every party will have the ability to release their tax policies and ours is coming out in the coming weeks,” Edmonds said. “I'm not going to release our tax policy without the Prime Minister,” she said. Edmonds took over the role just this week after her predecessor David Parker asked to be reshuffled out of the job saying it was “untenable” for him to continue. Parker did not stop to take questions on his way to the House on Thursday - the fifth time he has walked away from waiting media since Hipkins revealed he had killed Parker's beloved wealth tax. Illustration / Rod Emmerson The policy, if correct, puts the party at odds with economists, at odds with its own Tax Working Group, at odds with coalition partners the Greens - and even at odds with Finance Minister Grant Robertson who rubbished the idea as recently as May. “GST is a comprehensive tax which makes it very easy to administer and people in the room who've been in other countries with more exemptions will know it becomes an absolute boondoggle to get through,” Robertson told Newshub in March last year. “If you do it off fresh fruit and vegetables, or even staple products, then you get into an argument of what's the difference between beetroot and canned beetroot, and if you want to make a real impact on the lowest income people you wouldn't cut the tax off fresh beetroot - that's not what people on low incomes buy,” he said. Green Party co-leader James Shaw said his party thought a GST cut was the wrong way to go, arguing that other countries had issues in deciding what counted as “fresh” and what did not. In the United Kingdom, for example, chickens were taxed at different rates in the same establishment depending on whether they were cooked or not. “We think it's better to focus on people's incomes,” Shaw said. Shaw cited his own party's policy which was to implement a wealth and trust tax to pay for tax cuts for 95 per cent of income taxpayers. New Revenue Minister Barbara Edmonds. Photo / Angus Dreaver, RNZ Of all the parties in Parliament, only Te Pāti Māori backed the GST policy, but it wants to go further, taking GST off all food. On Thursday, it unveiled a suite of other tax changes, including income tax cuts paid for by a wealth tax and hiking income and company tax. Infometrics chief executive and economist Brad Olsen described the idea as “pure politics over economics - I've never, ever, spoken to an expert in the field before in economics or tax policy who says ‘this is good policy, love it'. Everyone thinks it's diabolically silly.” Olsen said there was no way to guarantee the GST cut was “passed on and, more importantly… passed on in perpetuity”, warning firms would simply absorb the GST cut, particularly in a time of high inflation. Deloitte GST Partner Allan Bullot said the problem with taking GST off fresh fruit and vegetables was how to make it work, and whether suppliers and retailers will simply hike prices. “I think that would actually be quite difficult to do. Then there's ongoing [questions] of how do you do it? “What do you do if the supermarket suppliers themselves put the prices up to the supermarkets [or] if you've got a non-resident that says, ‘Oh, I see that New Zealand is taking GST off food - I'll crank my prices up'.” He said it raised questions of whether seeds and fertiliser should also be GST exempt. Sir Michael Cullen's Tax Working Group called a GST exemption "complex, poorly targeted for achieving distributional goals and generate significant compliance costs". Photo / Mark Mitchell NZ Initiative chief economist Dr Eric Crampton told TVNZ's Breakfast this morning that removing GST from some foods had worked “very badly” in other countries, with some becoming tied up in litigation over which foods qualified. Even taking GST off all foods - as proposed by Te Pāti Māori - would have saved the lowest-income households only about $17 per week at the time the Tax Working Group looked at the issue in 2018. “You could do a lot more good by simply increasing transfers to lower income communities by above that amount, rather than trying to take GST off of food. “So generally you want to have an increase in broad-based taxes - not punch holes in GST - and then use the money to give it to people who you think need it.” The Tax Working Group, established by Labour in its first term and led by former Labour Finance Minister Michael Cullen, dismissed targeted GST exemptions as “complex, poorly targeted for achieving distributional goals and generate significant compliance costs. Furthermore, it is not clear whether the benefit of specific GST exceptions are passed on to consumers.” It said taking GST off all food and drink - a far broader policy than what Labour is proposing - would cost $2.4b a year in 2018, and benefit the wealthiest 10 per cent of households more than three times as much as the poorest 10 per cent. Edmonds said that she was a “team player” and that she would implement the Labour tax policy. “Whatever the tax policy that our party will release, I will make sure if I come back as the Minister of Revenue, I will make workable,” she said. Having different rates of GST on different items is often criticised for creating a compliance burden for businesses, which is passed on to consumers. Edmonds said this challenge was not insurmountable. “There is always a compliance issue with any tax regime and it's something that ministers and any party would need to work through,” she said. Labour had planned to announce its tax policy last week but pulled the announcement sometime after the party's Tuesday morning caucus meeting. Thomas Coughlan is deputy political editor of the New Zealand Herald, which he joined in 2021. He previously worked for Stuff and Newsroom in their Press Gallery offices in Wellington. He started in the Press Gallery in 2018.See omnystudio.com/listener for privacy information.

Prime Minister Chris Hipkins has ruled out introducing a wealth tax or a capital gains tax while he is leader - echoing the promise Jacinda Ardern made in 2019. Budget documents released yesterday also reveal the government investigated a "tax switch" - which would have implemented a tax-free threshold for income up to ten-thousand dollars, with a 1.5 percent tax on net wealth above $5m to fund it. But the idea wasn't taken up. Finance Minister Grant Robertson spoke to Corin Dann.

The Finance Minister is defending the climate change component of New Zealand's free trade agreement with the European Union. The free trade agreement will see tariffs eventually removed on 97 percent of our exports to the EU, including kiwifruit, Mānuka honey, fish, onions and wine. Finance Minister Grant Robertson says the EU wanted climate change provisions in the agreement, and this will be good for New Zealand's reputation. "This is something that not only I think we have to deal with, but it actually will be good for New Zealand." LISTEN ABOVESee omnystudio.com/listener for privacy information.

A raft of cost-of-living subsidies and temporary tax cuts are set to end tomorrow, with economists and budgeting services warning it will hurt those already struggling financially. Other changes made by the Government will begin tomorrow, including a total ban on plastic straws, parental leave payment increases and new rules on child support benefits. The biggest hit to New Zealanders' back pockets is the end of the fuel tax discount, adding 25c a litre and almost 4c extra GST. The subsidy for road user charges for diesel vehicles will also end. Half-price public transport fares will stop for most, with only children under 13 riding for free, while half-price fares for community services card holders and people under 25 will remain. “Any additional increase in spending is going to make some people's lives even worse,” said Mangere Budgeting Services Trust chief executive Lara Dolan. She told the Herald families who came to her for help, in particular, spend “about 10 to 15 per cent” of their weekly income on petrol and transportation. “You can't not buy petrol, you have to go to work. Some people won't have enough money to meet basic needs,” she said. “This increase is going to put people further into hardship.” The Government estimated the reduced fuel tax and road users charges will have cost it $2 billion in revenue. A spokesperson for Transport Minister David Parker's office said the cost of the half-price fares from April 1, 2022 to May 31 this year is $142 million. In February, Finance Minister Grant Robertson said extending the subsidies was the right thing to do to help people with the cost-of-living crisis, despite the extension alone costing an estimated $718m in lost Government revenue. “I believe this is the right thing to do for New Zealand families. We can strike a balance between targeted ongoing support and careful management of the Government accounts. We are paying for the extension from savings identified in the most recent baseline update,” he said. Prime Minister Chris Hipkins was also clear at the time that the suspension of the fuel excise duty would end tomorrow. But Infometrics economist Brad Olsen said the fuel tax cuts were not targeted and had been ineffectual. “The fuel tax subsidies were a dumb economic policy to start with,” he said. “It doesn't make their removal, though, any easier for the average New Zealand who's having to pay more for fuel from tomorrow. It wasn't a good, targeted policy. We shouldn't repeat it again, but it certainly is going to be a challenge for households when they have to readjust.” Olsen also said with only a few months to go before the general election, “this is the sort of thing that people are going to be looking at and wondering [about]”. He explained the return of the revenue for the Government would give it more options for spending, but money had already been allocated in Budget 2023. “All of that money [fuel taxes] goes directly into the land transport fund to fund transport projects and roads. While there has been a reduction in that revenue, the government has had to top up the transport fund from general taxes. “If anything, there might be less borrowing than the Government might have otherwise done if it had continued with the fuel tax cuts.” Westpac senior economist Satish Ranchhod echoed concerns for hardworking Kiwis, saying while petrol accounted for 4 per cent of the average household's budget, it was a larger share for those on lower incomes. “It's going to suck a lot of cash out of wallets. We are expecting households are going to go backwards in terms of their spending power,” Ranchhod said. “People are going to find they are not going to be able to purchase as much as they have been, especially since those cost increases are in areas they can't avoid buying like food and fuel. “That means they'll have to cut back in those discretionary areas like entertainment of some of those ‘nice to haves'. There is going to be a decent amount of belt-tightening.” Here is what you need to know Petrol: The fuel tax discount is coming to an end meaning motorists will be hit with an extra 25c per litre of fuel tax and almost 4c extra GST. The road user charges subsidy for diesel vehicles will also come to an end. Public transport: Half-price public transport fares will come to an end for most. Children under 13 will become free and half-price fares for community services card holders and people under 25 will remain. Plastic: Single-use plastic products including produce bags, plates, bowls and cutlery, straws and produce labels will no longer be able to be sold or manufactured. Associate Environment Minister Rachel Brooking with the new reusable fruit and vege bags at Countdown in Newtown, Wellington. Photo / Mark Mitchell Clean car discount: For new vehicles, the maximum rebate will decrease by about $1600 and the maximum fee will increase by about $1700. The threshold at which vehicles will be subject to fees will reduce from 192g of carbon dioxide per kilometre to 150g. A special rebate for new and used low-emission disability vehicles will be introduced. Parental leave: Parental leave payments will increase 7.7 per cent meaning the maximum weekly rate for eligible parents will rise to $712.17 gross per week. Child support: Work and Income will automatically treat child support payments as income when working out benefits and other entitlements. For sole parents on a benefit, there is no obligation to apply for child support through Inland Revenue but IRD will pass on the full amount and it will be counted as income. All child support payments public housing tenants get will be counted as income for Income Related Rent assessments. For those on the Young Parent Payment and Youth Payment, if the child support payments through IR go over the income limit, Work and Income will keep paying the benefit but at a reduced rate. NZ/UK working holiday/youth mobility scheme: The scheme now extends to those aged up to 35. Those taking part in the scheme can now stay for three years and work for the entirety of their stay. Australian citizenship: New Zealand citizens who have been living in Australia for four years or more will be eligible to apply directly for Australian citizenship. They will no longer need to first apply for and be granted a permanent visa. Cost of mail: The cost of sending letters and parcels domestically and internationally will increase, as will the cost of NZ Post couriers, PO Boxes and Private Bags. Alcohol: The alcohol excise rates will increase by 6.6 per cent. Raphael Franks is an Auckland-based reporter who covers breaking news. He joined the Herald as a Te Rito cadet in 2022. Amy Wiggins is an Auckland-based reporter who covers education. She joined the Herald in 2017 and has worked as a journalist for 12 years.See omnystudio.com/listener for privacy information.

The Government says it is under no illusions Defence Force aircraft need upgrading. It has been revealed two Air Force Boeing 757s were on the runway during a stopover in Manila, Philippines as the Prime Minister made his way to China. It's drawn criticism from National and ACT over emissions and the cost.Finance Minister Grant Robertson says they Defence Force are looking at upgrading the 757s. "But for now, we've got two planes that do the job. I know there have been problems going back as far as the early 2000s, but they do get the job done." LISTEN ABOVESee omnystudio.com/listener for privacy information.

There have long been calls for the Commerce Commission to look into competition in the banking sector, and it's now happening. The government announced yesterday the watchdog would run a market study to ensure the market is working well for New Zealanders. The banks say there is competition aplenty, and Finance Minister Grant Robertson suggests if that's the case, they have nothing to worry about. Sam Stubbs, who runs Kiwisaver fund Simplicity, spoke to Corin Dann.

The Government says the fundamentals of our economy are really strong. When asked how he rates the chances of a credit rating downgrade, Finance Minister Grant Robertson says we're still in a good spot. "The IMF here recently and others, they've had long term concerns about aspects of the New Zealand economy like the current account balance, but they also weigh that up against things like levels of debt and the way that the Government manages the accounts." LISTEN ABOVE  See omnystudio.com/listener for privacy information.

Prime Minister Chris Hipkins believes New Zealanders will recognise the domestic and global factors that have contributed to two consecutive quarters of negative economic growth, considered a technical recession, when it comes time to vote later this year. Statistics NZ data released yesterday confirmed market expectations by showing the economy had shrunk in the first three months of 2023. Revised data showed GDP contracted by 0.7 per cent in the final quarter of 2022, worse than the 0.6 per cent recorded earlier. Hipkins, asked whether he thought the country being in a recession would lose him the election, said Labour could enter the campaigning period with a “proud” economic track record. “We've managed New Zealand's economy through a number of very challenging times in recent years, including a global pandemic, including an international spike in inflation and including the current economic turmoil that we see globally as well. “This is part of a global economic downturn, New Zealand's not immune from those things.” In a statement yesterday, Finance Minister Grant Robertson said he believed the Auckland floods and Cyclone Gabrielle were the chief contributors to the recession. Robertson said he was not surprised and was quick to reference how the “second-largest natural disaster to hit New Zealand” - Cyclone Gabrielle - had tested the economy's resilience. “[Today's] result reflects the impact of the Auckland Anniversary floods and Cyclone Gabrielle, with estimates of hundreds of millions of dollars of lost production and activity across agriculture, forestry, fishing, transport and manufacturing due to the extensive flooding,” he said. “We know 2023 is a challenging year as global growth slows, inflation has stayed higher for longer and the impacts of North Island weather events continue to disrupt households and businesses. “Looking ahead, export growth, the tourism rebound, returning international students, migration inflows and investment in the recovery mean the economy is well-positioned to handle challenging times. “Today's outcome fits the definition of a technical recession by the barest of margins. But the resilience of the New Zealand economy, including historically low unemployment, means it will not have the impact that would normally be associated with this term.” Opposition parties claimed the blame sits with Robertson, saying Kiwis' livelihoods are now under further threat amid “excessive inflation, high interest rates [and] a severe balance of payments deficit”. National finance spokesperson Nicola Willis said “red lights are flashing for the New Zealand economy”, which was now “incredibly fragile. “While the Government continues to make excuses, the data does not lie: New Zealand is now in worse shape than many of the countries we compare ourselves to including Australia, Canada and the United States, all of which have faced similar global challenges but none of which face the toxic economic predicament we now find ourselves in. “The simple fact is that Labour has mismanaged the economy and New Zealanders are paying the price. “This recession is a red-light warning: the time for cavalier big-spending, anti-business, anti-growth policies is over.” National deputy leader and finance spokesperson Nicola Willis doesn't buy Robertson's claim the recession was caused by the impact of the severe weather events earlier this year. Photo / Mark Mitchell Act leader David Seymour dubbed Robertson's approach to paying for cyclone and flooding costs as an “Afterpay economy. “Today's GDP figures mean that even with Grant Robertson irresponsibly putting the economy on Afterpay with $7 billion borrowing this year, New Zealand has been unable to avoid a recession,” Seymour said. “It's buy now, pay next generation, but the economy is shrinking anyway.” He believed economic growth was being constrained by “too much regulation and red tape” - something Act had vowed to target through a new Ministry of Regulation. “Act will get rid of [regulation], whether it's [Resource Management Act] regulations making it too hard to use land and discouraging investment, productivity-sapping workplace relations laws making it impossible to employ staff, or banking laws like the [Credit Contracts and Consumer Finance Act] that make it too hard to get finance.” Taxpayers' Union Campaigns Manager Callum Purves accepted this year's severe weather events would have limited primary production, but said the Government needed to “shoulder much of the blame for this economic contraction. “New Zealand might have only just entered a technical recession, but without drastic and urgent action from the Government to rein in its spending, this situation may well persist for some time to come.” - Adam Pearse, NZ HeraldSee omnystudio.com/listener for privacy information.

It's official- New Zealand has entered a 'technical recession'. Newly released figures from Stats NZ show the GDP fell 0.1 percentage points from last quarter, following a drop in the December quarter. Finance Minister Grant Robertson says the destruction from the Auckland floods and Cyclone Gabrielle were chief contributors. ZB's senior political correspondent Barry Soper says New Zealand's experienced recessions before and the Government has had to contend with recent natural disasters. LISTEN ABOVESee omnystudio.com/listener for privacy information.

Secondary school teachers are inspiring mass frustration over their plan to resume striking. These teachers voted to reject the Government's latest collective agreement offers. They're refusing to teach two levels each day, from Monday to Thursday over the next three weeks. Finance Minister Grant Robertson says the Government's latest offer makes 'significant progress' for teachers, and the primary teachers agreed to a similar deal. "Personally, I think an 11 percent average pay rise- and some teachers would get an 18 percent pay rise- plus a one-off payment of $5,000 for teachers represents, in the environment we're in, a really good offer." LISTEN ABOVE  See omnystudio.com/listener for privacy information.

The Finance Minister won't divulge any potential changes to Labour's tax policy. The latest 1News Kantar Public poll revealed more than half of voters think the time is right to introduce tax cuts, and National promised to implement them if elected. Finance Minister Grant Robertson says it's not the right time to introduce tax cuts and add to inflationary pressures. "We just don't think that's the right thing to do right now, they would be more inflationary." LISTEN ABOVESee omnystudio.com/listener for privacy information.

The government is defending its decision to provide only specific groups with cost of living support in this year's Budget. Finance Minister Grant Robertson says he had to weigh up providing support and fueling inflation. Meanwhile, National has walked back its promise to reintroduce prescription charges . Here's our political reporter, Katie Scotcher.

The bread and butter, no frills budget which will see spending of nearly $11.5 billion more of taxpayers' money over four years; Kathryn scrutinizes the decisions made by Finance Minister Grant Robertson and the Government.

Finance Minister Grant Robertson says there's something in Budget 2023 for everyone. He joins Lisa Owen, live from Parliament. [embed] https://players.brightcove.net/6093072280001/default_default/index.html?videoId=6327723174112

The National Party says Labour is a party on a spending spree, saying this year's Budget will only increase debt and deficits. Finance Minister Grant Robertson disputed that, stressing none of the spending was wasteful. National's finance spokesperson, Nicola Willis, spoke with Jane Patterson.

The Government announced it is setting aside $6 billion to "build back better" from recent flooding and severe weather events in yesterday's budget. Finance Minister Grant Robertson says the recent weather events which have impacted the North Island have added a level of urgency to infrastructure investment planning and highlight the importance of strong and resilient infrastructure. Auckland University's School of Architecture and Planning is senior lecturer Dr Timothy Welch spoke with Jane Patterson.

Top stories for 19 May 2023 A man has been arrested and charged with arson in relation to the fatal Loafers Lodge fire in Wellington Labour's delivered its election year budget young families are the biggest winners, with extensions to free early childhood education and free or subsidised public transport But is the Government's plan enough to win votes? We'll speak to Finance Minister Grant Robertson

Questions for the Government this morning, over whether its Budget could make the Government's balance sheet even worse. The Budget includes removal of $5 prescription fees, the introduction of 20 hours free early childcare for two-year-olds, and public transport discounts for under 25s. Finance Minister Grant Robertson is branding it a "back to basics" budget. But JMI Wealth Director Andrew Keller told Mike Hosking the $4.8 billion of extra Government spending each year will put pressure on inflation and interest rates. LISTEN ABOVE  See omnystudio.com/listener for privacy information.

The Government has earmarked nearly $1 billion for a flood and cyclone recovery package aimed at repairing roads, rail and schools, as well as new flood protection and mental health support. The damage caused by Cyclone Gabrielle and the Auckland anniversary weekend floods is expected to cost up to $14 billion, roughly half of which is related to central and local government infrastructure. About 10-percent of the funding will go to protection, preventing future storms from causing the same devastation. Finance Minister Grant Robertson spoke with Ingrid Hipkiss.

Schools left in various states following Cyclone Gabrielle won't just be fixed up, they'll be upgraded. The Government's billion dollar support package focuses on rebuilding roads, rails, and schools, with 100 million set aside to improve resilience for future events. Finance Minister Grant Robertson told Mike Hosking that some schools need minor repairs, but others need to be relocated entirely. He says repairing a school to the way it was before the cyclone won't cut it, we need to improve its resilience as well. LISTEN ABOVESee omnystudio.com/listener for privacy information.

Finance Minister Grant Robertson is giving a pre-budget speech to the Wellington Chamber of Commerce this morning. [picture id="4LGSKSM_MicrosoftTeams_image_9_png" crop="16x10" layout="full"] He says next week's Budget will contain $4 billion of savings and reprioritisations over the next four years. Our political reporter Giles Dexter spoke to Corin Dann from the announcement.

Brace for higher prices at the petrol pump. Finance Minister Grant Robertson has just confirmed to Newstalk ZB that the Government won't be extending the current fuel tax discount beyond the end of June. The Government extended the 25 cents per litre discount for a fourth time back in February, against Treasury advice. Prime Minister Chris Hipkins has previously refused to rule out further extensions. But Grant Robertson has revealed to Tim Dower there will be no further extensions in next month's Budget. LISTEN ABOVE  See omnystudio.com/listener for privacy information.

While somewhat bound politically by Labour's promise of no new taxes this term, Finance Minister Grant Robertson is keeping all options open in his search for a way to fund the recovery from Cyclone Gabrielle and the Auckland Anniversary floods. It's the first big test for his pairing with Prime Minister Chris Hipkins - and they will need to carefully balance the practicalities of on-the-ground response with longer-term preparation for future challenges - all while keeping faith with voters, many of them still traumatised by the crises.  In this week's Focus on Politics, RNZ political editor Jane Patterson assesses the impact of the cyclone and the financial tools the government has for dealing with it. 

An economist says the government's decision to extend the fuel tax subsidy until the end of June, is a way of buying votes ahead of the Election in October. The government had planned to phase out the subsidy by the end of next month, only to make a drastic U-turn yesterday. Economist Brad Olsen says the change of tune is not good economic policy. Finance Minister Grant Robertson spoke to Corin Dann.

The government has hit the brakes and made a massive U-turn on its decision to put an end to the fuel tax subsidy and half price public transport. With people feeling the pinch of the cost of living crisis, the government has extended both subsidies beyond the end of this month, with the discounts now slated to finish at the end of June. Finance Minister Grant Robertson told reporters last month that it wasn't sustainable to continue the subsidies. Infometrics director and principal economist Brad Olsen says the extention of the fuel tax subsidy is "extremely dumb economic policy", and the government is essentially trying to buy votes. He spoke to Corin Dann.  

The Finance Minister Grant Robertson has announced he will not contest his Wellington Central seat this election and will instead stand on Labour's list. The man - who until Wednesday was Deputy Prime Minister - has held the safe Labour electorate for 15 years. Our deputy political editor Craig McCulloch talks to Lisa Owen.

Buckle up New Zealand - a speed-bump recession is coming next year - and full price petrol is too. The government's opened its books today - and Treasury's predicting pain to come - with inflation forecast to stay higher for longer. As such, the Finance Minister Grant Robertson is extending the discount on petrol, but only for two more months. Come April, the subsidies end. Here's our deputy political editor Craig McCulloch.