2006 New Zealand budget

The New Zealand budget for fiscal year 2006-2007 was presented to the New Zealand House of Representatives by Finance Minister Hon. Dr Michael Cullen on May 18, 2006.

This was the seventh budget Michael Cullen has presented as Minister of Finance. Cullen's guiding principle was, he stated, "The fool who spends on the upturn will find himself broke on the downturn".

It has been labelled as the “Bondi Budget” by National party leader Dr Don Brash. Brash stated “Helen Clark and Michael Cullen believe there is a place for tax cuts - it's called Australia”.

The budget allocated an operating spending of $9.6 billion and capital of $2.7 billion over the next four years.

Highlights

Key issues in the budget includes:
*The Telecom New Zealand local loop unbundling.
*$1.3 billion extra for transport.
*$3 billion extra for health care, over the next four years.
*$361 million extra for schooling.
*$166 million extra for tertiary education and skill training.
*$162 million extra for early childhood education.
*While there was some lobbying for tax cuts, none were delivered.
*$8.5 billion OBERAC surplus; $1.5 billion cash surplus

External links

* [http://www.beehive.govt.nz/HomepageFeature.aspx?id=20 Budget 2006]
* [http://www.nzherald.co.nz/section/story.cfm?c_id=1&ObjectID=10382429 NZ Herald]
* [http://www.stuff.co.nz/stuff/0,2106,3672184a10,00.html STUFF]
* [http://www.nbr.co.nz/home/column_article.asp?id=15244&cid=15&cname=Politics Full text of 2006 Budget Speech]