Luxon Highlights Value for Money in Post-Budget Breakfast Speech
Thank you for reading this post, don't forget to subscribe!Speaking at Eden Park during the post-Budget breakfast, Prime Minister Christopher Luxon described Budget 2024 as the result of a “systematic commitment to driving better value for money out of every government spend.”
“We have managed to allocate more funds for health, education, and disability services,” Luxon stated. “Additionally, there is increased funding for police, corrections, and defense.”
Luxon emphasized that the Budget is designed to support the “squeezed middle” and noted that it was the tightest annual Budget in over five years.
“It’s fair to say this Budget comes with a challenging economic backdrop. However, there are some encouraging signs of progress already,” he noted.
“Inflation is decreasing rapidly, down to 4% from 7% not long ago. Food inflation has dropped to 1% from 12% just over a year ago. Interest rates, while still high, have begun to soften, and business confidence has significantly improved from the lows of 2022 and 2023. This indicates growing optimism in both boardrooms and building sites.”
Luxon also mentioned that the accounting deficit, previously “among the worst in the developed world,” has started to improve as export sales increase.
“But we recognize there’s still much to be done and many challenges ahead,” he added.
Yesterday’s Budget announcement was dominated by discussions on tax cuts—who would benefit, the amounts involved, and the sources of funding.
Alongside the Budget release, protests took place nationwide, with crowds participating in a hīkoi to oppose the coalition Government’s policies affecting Māori.
While the Government claims the Budget will assist Kiwis facing tough times, the opposition argues it benefits only a small percentage of the population and offers insufficient capital investment in critical areas like health and education.
:By One news