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Budget 2008 Home Page Budget Policy Statement 2008


In summary, the HYEFU released today incorporates a Budget 2008 capital allowance of $1.8 billion. The operating allowance for Budget 2008 remains at $3.1 billion per annum, which includes the Business Tax Reform – but we have also created a revenue reduction contingency of $1.5 billion per annum, which we will target toward changes to personal taxes.

We are looking forward to setting out our long-term programme for personal tax reform in Budget 2008 to share the dividends of economic growth fairly. This will be the next step in building a sustainable New Zealand underpinned by strengthened families, a transformed economy, and a unique national identity – all achieved in a fiscally responsible way.

Hon Dr Michael Cullen signature.

Hon Dr Michael Cullen
Minister of Finance

5 December 2007

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