There will be no surprises in Budget 2024 as the Government will be focused on reducing public spending and cutting taxes, Prime Minister Christopher Luxon said on Wednesday. In a speech to the Auckland Business Chamber, the Prime Minister said there would be more money for health, education, and law enforcement in the Budget. Luxon's speech contrasted against the newly-released Australian budget which lifted net spending by AU$24 billion and will shift the Federal Government from a surplus to deficit. The Prime Minister said previous big budgets had resulted in higher taxes, more debt, and an economy dependent on government interventions. Luxon reiterated Willis’ view that bringing down public spending had to be done gradually to reduce the risk of stalling the already fragile economy.

Source: Stuff May 15, 2024 15:30 UTC