Mini Budget 2023 delivers savings but not tax cuts
Forecast for 2024: Rising unemployment, falling growth rate, Bleak outlookVenkat RamanAuckland, December 20, 2023Finance Minister Nicola Willis’ Mini Budget provides for an initial operating savings of $7.47 billion but most income-earners would have to wait until next year for tax cuts. There is however good news for property owners who will receive relief worth $2.31 billion as tax on depreciation on commercial buildings is removed. Today’s mini-Budget sets out a series of decisions that we have already made which deliver an initial down payment of $7.47 billion in operating savings and additional revenue over the forecast period,” she said. All savings proposals will be subject to an assurance process and a final agreement by Cabinet at Budget 2024. Budget 2024 and future fiscal policies of the current government will aim to achieve a financial surplus while delivering tax incentives including tax cuts.
Source:New Zealand Herald
December 20, 2023 15:59 UTC
Kami doubles down on marketing with new appointments
Appointed as Head of Digital is Shirin Bradfield. Before joining Kami, Shirin worked as the Head of Growth and Self Service at Optimal Workshop, where she played a pivotal role, leading cross-functional teams that drove user-acquisition, retention and revenue. With over seven years of experience in marketing and product management, Shirin is a growth leader with expertise in marketing, product and user research. “Kami is in the midst of an exciting phase of growth, and bolstering our marketing arm will help fuel this expansion” said Louis Esther, Vice President of Marketing at Kami. Today, the platform has over 40 million users across 180 countries, and is used in 90 percent of US K-12 schools.
Source:Stuff
December 20, 2023 15:58 UTC
Mini-Budget live updates: Finance Minister Nicola Willis reveals economic plan, latest Treasury forecasts
"It doesn't provide any analysis of the spending cuts being required of government departments, nor how they are to be achieved. How the government is going to pay for the inflationary tax cuts she has promised remains a mystery she refuses to solve. "Her claims of self-funded cuts have been labelled a risk by Treasury, and her savings, cuts and project costs don't add up. 1:32pm - The Taxpayers' Union is hitting out at the previous Labour Finance Minister after Willis released the Half Year Economic and Fiscal Update. "Today's half-year economic and fiscal update (HYEFU) lays bare the extent of Labour's economic and fiscal vandalism, she said.
Source:Stuff
December 20, 2023 14:48 UTC
Stuff quiz: Morning trivia challenge: December 20, 2023
Keen for more? Check out a full list of our quizzes, including our wordy brainbuster puzzle, The Hard Word, here. Our Three Strikes trivia test has moved from its weekday spot and runs at midday on Saturday and Sunday, and our kids quiz comes out as a new bumper version that runs from 5am every Sunday. Got a good quiz question? Send your questions to quiz@stuff.co.nz.
Source:Stuff
December 20, 2023 05:29 UTC
Daily review 20/12/2023
Written By: notices and features - Date published: 5:30 pm, December 20th, 2023 - 21 commentsCategories: Daily review - Tags:Daily review is also your post. This provides Standardistas the opportunity to review events of the day. The usual rules of good behaviour apply (see the Policy). Don’t forget to be kind to each other …Share this: FacebookLinkedInRedditPinterestMastodonTwitterPrintEmail
Source:Stuff
December 20, 2023 04:41 UTC
Government’s unfunded tax plans demonstrate ‘need for better taxes’
The Government doubled down on its tax cut plans in the mini budget today – but in doing so demonstrated the need for real tax reform, according to Tax Justice Aotearoa. “Paradoxically, the cutting of programmes such as Smokefree in return for relatively small tax cuts for most people demonstrates the collective power of taxation and the ability of public expenditure to address societal needs. “We are losing something of significant benefit to society and the people who will get most benefit from the tax cuts are a small group of wealthy individuals and landlords. “These tax changes are merely storing up problems for the future at a time when most economists are saying we need to raise more revenue. https://www.stuff.co.nz/business/money/300981634/forget-tax-cuts-we-need-to-face-up-to-paying-more-tax-economists-say“We need to properly tax wealth and consider taxes that target environmental and health issues, instead of backing away from them,” says Glenn Barclay.
Source:Stuff
December 20, 2023 04:04 UTC
"Your heart starts to pump a little bit" - Daryl Mitchell on his experience of watching IPL 2024 auction
New Zealand middle-order batter Daryl Mitchell revealed that watching the IPL 2024 auction with his family was a surreal experience. Your heart starts to pump a little bit, as you see the paddles going up. But having been through the auction before and going unsold, it was a pretty special night last night to experience that." "They're the ones that are the reason why you do all this" - Daryl Mitchell on love for his familyDaryl Mitchell. Get IPL Auction 2024 Updates and news.
Source:Stuff
December 20, 2023 02:54 UTC
Three takeaways from RBNZ’s select committee appearance
Reserve Bank (RBNZ) Governor Adrian Orr appeared before Parliament’s Finance and Expenditure Committee for the first time since the change in Government on Thursday morning. “We are busily internalizing that complex situation and we will be back in February with our [next] Monetary Policy Statement”. Paul Conway, the RBNZ’s chief economist, said that while historical headline GDP had been revised down, consumption and business investment were revised higher. “It is economically impossible to target a date and time to achieve consumer price inflation,” Orr told the committee. OCR should’ve been lifted slightly soonerOrr said the Monetary Policy Committee did wish it had raised the Official Cash Rate earlier, but only by “one or two quarters, at most”.
Source:Stuff
December 20, 2023 01:09 UTC
How Christchurch mum died in Aussie detention centre - Coroner probes mental health care
The death of a Kiwi mother at an Australian detention centre is one of three under scrutiny by a senior New South Wales Coroner. Leah Porter, 53, was found dead in her room in May 2022 at Villawood Immigration Detention Centre in Sydney. Steel fences surround the Villawood Immigration Detention Centre in Sydney. Photo / AFPLast month, NSW Deputy State Coroner Elizabeth Ryan began hearing evidence at an inquest into the death of Porter and two other Villawood detainees. They said the ABF “invests significant resources” to provide “quality amenities and a broad range of health and welfare services and activities”.
Source:New Zealand Herald
December 19, 2023 23:23 UTC
Parole denied for convicted Chch killer
Photo: NZ HeraldA convicted killer of a teen shot dead at a party has been declined parole at his first appearance before the board. Connor Whitehead, 16, was shot dead in Casebrook on November 5, 2021. In May, Daniel Nelson Sparks and Joshua David Craig Smith were found not guilty of murder but guilty of manslaughter. Connor Whitehead was an innocent bystander when he was shot dead at a party. A parole board spokesman confirmed to the New Zealand Herald Sparks was declined parole and that the full hearing decision would be available in “due course”.
Source:New Zealand Herald
December 19, 2023 22:24 UTC
Children struck by car
Photo: NZ Herald/fileTwo youths sustained moderate injuries after being struck yesterday by a vehicle in Coalgate. Police were advised at 11am on Tuesday that two people had been struck by a car on Beattys Rd, between Yeomans Rd and Homebush School Lane. The young people, aged around 10-15 years old, were treated by paramedics and transported to Christchurch Hospital. A police spokesperson said enquiries are ongoing.
Source:New Zealand Herald
December 19, 2023 21:19 UTC
One of the world's most exclusive superyachts is in Northland
One of the world's most exclusive superyachts has docked in the Northland port of Opua for a two-week stay. Built in Germany in 2020 at an estimated cost of $240 million and named Motor Yacht of the Year in 2021, Artefact is one of the world's largest superyachts by volume. The artifact was joined in the bay on Tuesday by the boutique cruise ship Crystal Symphony, one of a record 93 cruise ships expected this season. The largest ship, Ovation of the Seas, with 4,180 passengers, was scheduled to return on February 12. Wilson said cruise ships play an important role in the economy of the Bay of Islands and Northland, as they bring “fresh money” into the region, rather than money recycled among locals.
Source:Stuff
December 19, 2023 18:02 UTC
No change in housing affordability as the market stalled in November
There was no meaningful movement in the main measures of housing affordability in November as the bottom end of the housing market moved sideways in quiet trade and interest rate rises all but stalled. According to the Real Estate Institute of NZ, the national lower quartile selling price was $600,000 in November. The lower quartile price is the price point at which 75% of sales are above and 25% are below, representing the most affordable end of the housing market that's of most interest to potential first home buyers. Those tiny movements in prices and mortgage rates would have pushed up the mortgage payments on a home purchased at the national lower quartile price by about $4 a week. So overall, affordability for typical first home buyers improved by about $2 a week in November.
Source:Stuff
December 19, 2023 14:11 UTC
NZ food export revenues predicted to drop in the current financial year
According to forecasts by the Ministry for Primary Industries (MPI), NZ food and fibre export revenue will likely drop 5% in the current financial year. The predicted drop to $54.3b is due to weaker export revenue for New Zealand’s three largest sectors: dairy, providing 45% of export revenue, meat and wool, providing 21%, and forestry, providing 11%. “However, revenue growth for some smaller and emerging seafood and arable sectors is set to limit the overall fall in export revenues,” the report said. “Seafood, kiwifruit, apples and pears, cherries and arable products are forecast to grow export revenue despite headwinds.”Horticulture export revenue to decrease 1% to $7 billion, primarily driven by lower volumes of wine and vegetables. Increased yields are expected to bring a lift in kiwifruit revenue and apple crops are likely to improve.
Source:Stuff
December 19, 2023 13:14 UTC