2006 New Zealand budget
Encyclopedia
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 18 May 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.
New Zealand
New Zealand is an island country in the south-western Pacific Ocean comprising two main landmasses and numerous smaller islands. The country is situated some east of Australia across the Tasman Sea, and roughly south of the Pacific island nations of New Caledonia, Fiji, and Tonga...
House of Representatives by Finance Minister Hon. Dr Michael Cullen on 18 May 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
Bondi
Bondi could refer to:-Places in Australia:* Bondi Beach, New South Wales, a beach and suburb in Sydney, Australia* Bondi Junction, New South Wales, a suburb and commercial centre in Sydney, Australia* Bondi, New South Wales, a suburb in Sydney, Australia...
Budget” by National party leader Dr Don Brash
Don Brash
Donald "Don" Thomas Brash , a New Zealand politician, was Leader of the Opposition, parliamentary leader of the National Party from 28 October 2003 to 27 November 2006 and the leader of the ACT Party for 28th April 2011 - 26 November 2011...
. Brash stated “Helen Clark
Helen Clark
Helen Elizabeth Clark, ONZ is a New Zealand political figure who was the 37th Prime Minister of New Zealand for three consecutive terms from 1999 to 2008...
and Michael Cullen believe there is a place for tax cuts - it's called Australia
Australia
Australia , officially the Commonwealth of Australia, is a country in the Southern Hemisphere comprising the mainland of the Australian continent, the island of Tasmania, and numerous smaller islands in the Indian and Pacific Oceans. It is the world's sixth-largest country by total area...
”.
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 ZealandTelecom New ZealandTelecom New Zealand is a New Zealand-wide communications service provider , providing fixed line telephone services, a mobile network, an internet service provider , a major ICT provider to NZ businesses , and a wholesale network infrastructure provider to other NZ CSPs...
local loopLocal loopIn telephony, the local loop is the physical link or circuit that connects from the demarcation point of the customer premises to the edge of the carrier or telecommunications service provider's network...
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 OBERACOBERACThe initials OBERAC stand for: 'operating balance excluding revaluations and accounting changes'.The government of New Zealand uses OBERAC as an indicator of current cash flow....
surplus; $1.5 billion cash surplus