Introduction
Mr Speaker,
I move that the Appropriation (2011/12 Estimates) Bill be now read a second time.
In 2008, this Government was elected to build a more prosperous and ambitious New Zealand.
Since then New Zealand has been hit with the lingering effects of the global financial crisis, the two earthquakes and other unforeseeable setbacks.
But we have made progress regardless.
The Budgets of 2009 and 2010 helped sustain economic activity and support jobs, and protected the most vulnerable New Zealanders.
At the same time the Government has pursued a longer-term programme to lift growth. It has made major infrastructure investments, improved regulation, continued to reform and invest in science and innovation, shifted resources to frontline services and reformed the tax system.
That work continues. Today I introduce a Budget that will further strengthen the long-term performance of the economy.
It supports economic forecasts that show growth returning to its highest in over five years and 170,000 net new jobs being created by 2015.
It channels resources into key social programmes, while ensuring they are well-targeted and protect the most vulnerable.
It provides certainty that Christchurch, our second largest city, can be rapidly rebuilt.
And, despite the earthquake, it eliminates the deficit and achieves surplus by 2014/15, a year earlier than forecast in last year's Budget.
As a result, the Government's need to raise debt will greatly diminish. This year we have raised an average of $380 million of net new debt every week.
Next year that will fall by more than two-thirds to around $100 million. And from 2014/15 on we will be repaying debt.
Creating and passing through this House a Budget each year is at the heart of stable government. I want to especially thank the Government's support parties, ACT, the Māori Party and United Future, for their contributions.
