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Budget highlights: The 10 key points you need to know

Claire Trevett,
Publish Date
Thu, 30 May 2024, 2:52pm

Budget highlights: The 10 key points you need to know

Claire Trevett,
Publish Date
Thu, 30 May 2024, 2:52pm

Follow our live Budget Day coverage here.

Tax cuts

Tax cuts from $4 - $40 a fortnight for all workers on more than $14,000 after the Budget delivered on National’s election campaign promise. The $3.7 billion tax cuts kick in from July 31.

Other tax help

The Working for Families in-work tax credit will increase, giving 160,000 low and middle income families with children up to $50 a fortnight. The income cap for the Independent Earner Tax Credit will also increase from $48,000 to $70,000 - meaning 420,000 more people will be eligible.


$8.15 billion in health over the next four years, mainly to cover cost pressures - including $3.4b in hospital and speciality services and $2.12b for primary care and public health. Specific measures include funding security staff in emergency departments and extending the Breast Screening programme to 70 - 74 year olds. The Budget does not deliver on National’s promise to fund new cancer treatments, Nicola Willis said it was a work in progress.


$3b including $1.5b for new schools and classrooms, $67 million for structured literacy support and $477m for Healthy School Lunches


$651m over four years, including $226m to deliver an extra 500 police by the end of 2025, money for new cars and equipment and $242m for the pending decision on Police pay.

The cuts

Almost $6b has been shaved off spending through cuts to back office staff and to government programmes. $3.7b is being used to pay for tax cuts.

The spending

The operations allowance (new spending) was $3.2b and Finance Minister Nicola Willis has set a tight allowance of $2.4b for the next three Budgets.

The outlook

Treasury is forecasting inflation to drop back below 3 per cent by the end of the year and the Government books are now expected to be back in surplus (just) by 2027/2028.


An extra $1.1b over five years to address demand on the Ministry of Disabled People after Budget shortfalls in recent years.

Māori development and Te Matatini

A Budget that saw cuts to the Ministry of Māori Development, but delivered long-term funding of $48.7m to the kapa haka festival, Te Matatini.

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