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