2008 New Zealand budget

2008 New Zealand budget

Submitted by	Michael Cullen
Parliament	Parliament of New Zealand
Party	Labour
Total revenue	$61.9 billion[1]
Total expenditures	$61.9b billion[1]
Surplus	$3.1 billion[1]
Debt	$1.8 billion (Net)[2] 1% (Net debt of GDP)[2]
Website	http://www.treasury.govt.nz/budget/2008
^ǂNumbers in italics are projections. ‹ 2007 2009 ›

The New Zealand budget for fiscal year 2008-2009 was presented to the New Zealand House of Representatives by Finance Minister Dr Michael Cullen on 22 May 2008.

This was the ninth budget Michael Cullen has presented as Minister of Finance, and his last before the Fifth Labour Government was defeated at the 2008 general election.

Outline

The New Zealand economy went into recession in the last quarter of 2007,^[3] putting significant strain on the Government's accounts.

Tax changes

The 2008 budget reduced income tax on the first $9,500 earned from 15% to 12.5%,^[4] and the company tax rate from 30% to 29%.^[4]

References

1. "Minister's Executive Summary" (PDF). New Zealand Treasury. 22 May 2008. Retrieved 20 March 2015.
2. "Debt Gross Sovereign Issued Debt (GSID) Excluding Settlement Cash". New Zealand Treasury. 22 May 2008.
3. "How bad is the Current Recession? Labour Market Downturns since the 1960s". Ministry of Business, Innovation and Employment. Retrieved 24 March 2015.
4. "Budget 2008 - Tax Changes". 22 May 2008. Retrieved 24 March 2015.

External links

• New Zealand Herald, 2008 Budget coverage