That was a $5.5 billion package.Īt the same time, we introduced child poverty legislation and started working on our targets to halve child poverty in 10 years, and we've done a lot of things in support of that. We introduced the winter energy payment, we introduced the Best Start payment that went to families with children, we increased the family tax credit, and we extended paid parental leave. It started in 2017, when we cancelled National's tax cuts and we designed support for low and middle income families. We don't want to leave anyone behind, and we've had four years of progress on that front, as well. But our agenda goes beyond working people. Wage growth's already been above inflation in New Zealand under this Government, meaning that people in work are much better off than they were in real terms before the Labour Government took office. Core Crown debt now is forecast to peak at below 50 percent of GDP, and we've retained a buffer of more than $5 billion in the COVID recovery fund to guard against the possibility of future outbreaks. So we do have a pathway back to surplus, and I make the point that this is about the same time that it took National to get back to surplus post the GFC, despite the challenge from COVID obviously being much deeper.
The deficit is forecast to fall-the Government deficit-from 5.3 percent of GDP in 2022 to 0.6 percent by the end of the forecast period, with a return to surplus in 2027. The OECD report out today says that's not just good for New Zealand that's very good by OECD standards. We are going back to pre-COVID levels pretty quickly-by 2023. It's growing better than it was previously. Unemployment is forecast to drop to 4.2 percent, lower than National ever got it after the global financial crisis (GFC). Over the next four years, 221,000 extra people are projected to gain employment. I'm going to talk about some of the high-level forecasts that have come from the Treasury, backed up by recent forecasts from the OECD, and then come to some of the initiatives that are in the Budget. Hon DAVID PARKER (Attorney-General): A week and a half, just about two weeks, since the Budget was delivered, and hasn't it gone down well? A bit of whinging from the other side of the House, but the vast majority of New Zealanders are congratulating us on our efforts to secure the economy while continuing to keep people safe.
Debate resumed from 20 May on the Appropriation (2021/22 Estimates) Bill.
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