2007 New Zealand budget

2007 (2007) New Zealand budget
Submitted byMichael Cullen
ParliamentParliament of New Zealand
PartyLabour
Total revenueIncrease $59.4[1]
Total expendituresIncrease $56.1 billion[1]
SurplusIncrease $6.4 billion[1]
DebtIncrease $4.7 billion (Net)[1]
Increase 2.7% (Net debt to GDP)[1]
Websitehttp://www.treasury.govt.nz/budget/2007
ǂNumbers in italics are projections.
‹ 2006
2008›

The New Zealand budget for fiscal year 2007-2008 was presented to the New Zealand House of Representatives by Finance Minister Dr Michael Cullen on 17 May 2007.

This was the eighth budget Michael Cullen presented as Minister of Finance.

Outline

Tax changes

Budget 2007 made a number of changes to the tax system:

  • reduced the Company Tax rate from 33% to 30%.[2]
  • introduced a 15% research and development tax credit.[2]

KiwiSaver

Budget 2007 made a number of changes to the KiwiSaver scheme:[3]

  • Member contributions to KiwiSaver were matched by a tax credit, to a maximum of $20 per week (a total of $1,040 per year);
  • Increases to employers contributions to employees KiwiSaver accounts.

Infrastructure

Budget 2007 announced funding for the Auckland railway electrification project.[4]

References

  1. ^ a b c d e "Minister's Executive Summary" (PDF). New Zealand Treasury. 17 May 2006. Archived from the original (PDF) on 2 April 2015. Retrieved 20 March 2015.
  2. ^ a b "Budget 2007 tax announcements". IRD. 17 May 2007. Retrieved 24 March 2015.
  3. ^ "KiwiSaver Savers Fact Sheet Q&A" (PDF). IRD. 17 May 2007. Retrieved 24 March 2015.
  4. ^ "21st century public transport for Auckland". ARTA. 17 May 2007. Retrieved 20 March 2015.