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BUDGET 2017: Ten things you need to know

Author
Audrey Young, NZ Herald,
Publish Date
Thu, 25 May 2017, 2:12PM
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BUDGET 2017: Ten things you need to know

Author
Audrey Young, NZ Herald,
Publish Date
Thu, 25 May 2017, 2:12PM

• Family income package changes tax thresholds, working for families tax credits, and accommodation supplement, costing $6 billion over four years.

• Everyone earning over $14,000 a year will pay less tax as the thresholds for the lowest two tax brackets are raised.

• People earning over $22,000 will get $11 more a week; and $20 for people earning over $52,000.

• Working for Families family tax credits will rise: by $9 a week for the first child and either $18 or $27 as week for next ones, depending on age.

• Maximum rates for accommodation supplement are lifted between $5 and $80 depending on family size, income and region: 136,000 households to benefit.

• Around 26,000 students in Auckland, Wellington or Christchurch will get $20 a week more in accommodation benefits with lower increases in other centres.

• Payment to the Superfund will resume in 2020 - 21, as scheduled.

• $32.5 billion total to be spent on infrastructure over four years including $2.7 billion ion housing.

• Superannuation payments will lift next April: $13.10 a week for couple, $7.9 for single person sharing, $8.50 for person alone.

• Operating surplus forecast to grow to $7.2 billion by 2020-21

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