2.03pm - Bill English gets underway...but where are Russel and Metiria?
2.07pm - The First Reading passes by 64 votes to 57 and we're in business..
"This is a Budget for the future"- focus is on rebalancing the economy, building a better public service and rebuilding Christchurch.
The economy has grown modestly but steadily; growth over 3% predicted for 2014-5 when the economy will return to surplus
Treasury forecasts a nett increase of 154,000 jobs in the next five years; good news
2.12pm - Growth in the 2000's was built on unsustainable foundations; hard to disagree with that.
Build-up in debt has been an appropriate response to difficult economic circumstances considering the alternatives. Fiscal discipline will see NZ return to surplus by 2014-15, then start repaying debt.
2.17pm - Zero budget, where $4.4b of new spending is balanced by $4.4b in savings.
2.20pm - Contributions to the Cullen Fund forecast to resume in 2017-18
2.23pm - Future Investment Fund established with the sales proceeds under the Mixed Ownership Model; assets can be built without new borrowing, and $1b will go towards upgrading schools.Budget 2012 provides for $559m of investment to a range of projects.
2.27pm - Kiwisaver funds have grown from $9b to $12b in the last year. Auto-enrolment is being deferred until after this year.
2.30pm - The goal of a 25% reduction in reoffending, and an increase of participation in ECE to 98% are announced; results to be reported publicly; that's good.
2.32pm - Significant extra spending in health is announced, funded from savings elsewhere. Tobacco excise to increase by 10% over inflation each year for the next four years, standing 1 January 2013; great!
2.34pm - Education is a priority; significant investment in teacher quality. $9.6b to be spent on schooling and ECE this year. Extra investment into pathways from school to tertiary learning.
2.37pm - Ambitious reforms to transition people out of welfare and into work. More education and training for young people. Second phase of welfare reform (benefit category changes) in July 2012.
2.39pm - Reduction of crime a priority; restructure of the housing sector to blend in with welfare reforms
2.41pm - Christchurch rebuild estimated at in excess of $20b. Demolition, rebuilding and infracstructure programmes well underway. Government working closely with Christchurch council and community on the blueprint for the CBD rebuild.
2.45pm - New Zealand's economy is in better shape than many others; adherence to the government's plan will see the economy continue to grow.
2.47pm - "New Zealanders have shown great resilience through challenging times" - English's closing remarks
2.48pm - David Shearer begins his speech, referring to Bill English as "that man" twice in the first 20 seconds...he delivers a rambling speech in which he calls Lockwood Smith "Mr Australia" and refers to "Queensland Fluit Fries" in about 3 minutes of his speech devoted to biosecurity. Even Left-leaning bloggers on Twitter (Dim-Post and No Right Turn) are scathing.
3.10pm - John Key begins - "The nicest thing I can say about David Shearer's speech is that it's 20 minutes of my life I'll never get back. But at least one person liked it; David Cunliffe is over there licking his chops like Scar from "The Lion King"!"
2.20pm - Contributions to the Cullen Fund forecast to resume in 2017-18
2.23pm - Future Investment Fund established with the sales proceeds under the Mixed Ownership Model; assets can be built without new borrowing, and $1b will go towards upgrading schools.Budget 2012 provides for $559m of investment to a range of projects.
2.27pm - Kiwisaver funds have grown from $9b to $12b in the last year. Auto-enrolment is being deferred until after this year.
2.30pm - The goal of a 25% reduction in reoffending, and an increase of participation in ECE to 98% are announced; results to be reported publicly; that's good.
2.32pm - Significant extra spending in health is announced, funded from savings elsewhere. Tobacco excise to increase by 10% over inflation each year for the next four years, standing 1 January 2013; great!
2.34pm - Education is a priority; significant investment in teacher quality. $9.6b to be spent on schooling and ECE this year. Extra investment into pathways from school to tertiary learning.
2.37pm - Ambitious reforms to transition people out of welfare and into work. More education and training for young people. Second phase of welfare reform (benefit category changes) in July 2012.
2.39pm - Reduction of crime a priority; restructure of the housing sector to blend in with welfare reforms
2.41pm - Christchurch rebuild estimated at in excess of $20b. Demolition, rebuilding and infracstructure programmes well underway. Government working closely with Christchurch council and community on the blueprint for the CBD rebuild.
2.45pm - New Zealand's economy is in better shape than many others; adherence to the government's plan will see the economy continue to grow.
2.47pm - "New Zealanders have shown great resilience through challenging times" - English's closing remarks
2.48pm - David Shearer begins his speech, referring to Bill English as "that man" twice in the first 20 seconds...he delivers a rambling speech in which he calls Lockwood Smith "Mr Australia" and refers to "Queensland Fluit Fries" in about 3 minutes of his speech devoted to biosecurity. Even Left-leaning bloggers on Twitter (Dim-Post and No Right Turn) are scathing.
3.10pm - John Key begins - "The nicest thing I can say about David Shearer's speech is that it's 20 minutes of my life I'll never get back. But at least one person liked it; David Cunliffe is over there licking his chops like Scar from "The Lion King"!"
18 comments:
You are fortunate the business you own allows you such sofa leisure time.
I've worked right through the last two weekends Anon, and will be working again this weekend. A half-day today is a little compensation, even if the phone is still ringing, and e-mails are still being answered
In shocking news IV2 loves the budget and pans Shearer's speech! Who would have thought?
Quite frankly, Keeping Stock, you could have reported in an even-handed way on today's Budget, it's details and those who spoke to it.
It wouldn't kill you, you know.
You have the trolls whingeing and spitting again, Inv. a sure sign of time well spent!
Whatever, birther freak.
Birther?
He has, like, a blood-temperature pool in his bedroom and lots of towels?
Very probably, although for reasons that have little to do with the issue at hand. He's on the same wavelength as these guys (enjoy):
http://birthers.org/
Bill, it seems anyone with a mildly inquisitorial nature, who dares question any aspect of the eligibility to serve, or record of, the current SCOAMF in the White House, promotes something of a visceral reaction in Sludge Holden.
So much so he's been banned from pretty much every blog on the 'net. It's a source of constant amazement to me that Inventory II hasn't yet followed in the footsteps of the vast majority of bloggers and kicked him to the curb.
He was warned about starting flame wars earlier in the week TGG. Please don't encourage him; my patience only extends so far!
My mum a,ways used to say if I can't find something nice to say about someone, I shouldn't say anything at all.
Sadly, her advice proves too difficult to follow when dealing with the terminally moronic. I shall, however, accede to your request, and make no move to provoke a stream of filth and bike. I shall merely defend myself when attacked.
On an entirely Off-Topic note, thanks for live-blogging the budget, Inv.
"So much so he's been banned from pretty much every blog on the 'net."
If by that you mean one plus the dolt's posts at No Minister, then yes. That's about as accurate as anything else you excrete birther boy.
OK IV2, I'll leave it at that and trust you won't fall prey to Gantt's attempts to bully you...
"I shall, however, accede to your request, and make no move to provoke a stream of filth and bike."
Thank God! Streams of bike are beyond the pale!
You're welcome TGG
@ Robert G (3.46pm) - I'm neither journalist nor economist, nor do I pretend to be. What was blogged today were snippets as they happened, and thoughts which passed through my brain and were committed to the keyboard before they exited out the other side.
Anon @ 7.27, I apologise for my iPad's auto-correct. Bike should of course have been "bile".
Auto-correct does my head in TGG; it's even worse on the iPhone where the key spaces barely have enough room for my chubby digits!
Sludge Holden very apt
Thanks IV2. I thought your summation was not only helpful but accurate. Given circumstances I thought the Budget to be a decent and sensible document,
I note that students are whining about the (slightly) higher repayment rate for their interest-free loans. If they don't like it, don't borrow! The alternative is to take a deep breath, earn for 5-6 years then study with a pocketful of one's OWN cash.
Cadwallader
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