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"Taking highly profitable assets and flogging them off for aone-off gain is short term thinking at its worst," he said. 5.05: The Public Service Association is not thrilled with the Budget - "it's simply a money go-roundwhich will deliver more pain for no gain" it said in a statement. "The government is obsessed with this arbitrary surplus target ithas set and it is essential public services that are beingsacrificed to get it," says PSA National Secretary Brenda Pilott. 4.44: The Budget debate has been formally adjourned and Gerry Brownleecalls for Budget bills to now be considered under urgency. 4.38: United's Peter Dunne is on his feet but seems to have lost his audience, a wide shotreveals many, many empty seats. He is applauding the Government forits boldness in making long-term plans. 4.33: ONE News' Political Editor Corin Dann says there are not manylosers in the Budget but smokers are being stung as are peopleclaiming tax credits over their holiday homes. He applauds thespending on science and innovation saying it's the one area of spending that may actually create somejobs. 4.29: John Banks is copping nonstop heckling as he pushes the Act message saying Government spending is still too high. He's valiantlyfighting on, constantly reminding his audience that there isactually a lot of money being spent which he calls "middle-classwelfare". 4.24: Horticulture NZ says its disappointed with Government's failure totake biosecurity seriously in today's Budget, despite the recent episode with theQueensland fruit fly. The industry group says it's looking forstronger investment in securing our borders. 4.15: Mana's Hone Harawira says New Zealanders have been conned into thinking a zero budgetis what we need to get back into the global economy but austerity does not work - that's been proven overseas. He agrees with theGovernment that it is "Zero Budget" because it offers exactly thatto Kiwis - zero. 3.56: Winston holds up a series of portraits including John Banks, PeterDunne, Tau Henare and Te Ururoa Flavell saying they will be all bebooted out of Parliament because the Budget will be sodisappointing to voters. 3.49: Winston Peters proves he is still reliable for a soundbite sayingit's the "Back to the Future" Budget. He says "I heard it back in1991 when Ruth Richardson had "the Mother of all Budgets" and I'mhearing it again". Peters mocks it as a "great" Budget: if you aren't a pensioner, anexporter, a person with a student loan or someone needing thefinal push to decide to move to Australia. 3.42: Ernst and Young tax partner Jo Doolan slams the tax changes in the Budget saying it is "premised on New Zealanders stumpingup with a lot more tax without any clear growth agenda". "We are so over the excuses of the global financial crisis, theCanterbury earthquakes and the ongoing financial insecurity. Theseare realities we live with," she said. "Winston Churchill once said a country trying to tax itself intoprosperity was like someone standing in a bucket of water andtrying to lift themselves up by the handle. The tax measuresadopted to make the tax system fairer can be likened to theGovernment trying to squeeze the last of the toothpaste from adangerously empty tube". 3.36: Greens' co-leader Russel Norman delivers a predictable, measured -and rather boring - response to the Budget saying it is hurtingaverage Kiwis like pensioners being forced to pay more forprescriptions. "Budget 2012, with its mix of increased user pays charges, studentallowance cuts, bigger state school class sizes and increased costsfor early childhood education has simply made life a little moreexpensive for those least able to afford it," he said. He then attacks asset sales , saying they will only hurt the economy. 3.28: Mark Lister from Craigs Investment Partners said the Government'sBudget is "safe and steady" and will not spook anyone in marketsbecause it holds no surprises. 3.23: A "very sensible Budget for uncertain times" says Key as he runsthrough the spending for health - which did get the lion's share of "new money". He then goes onthe front foot over class sizes saying "let's have the conversationon national television". Apparently it's "our chance to focus onquality outcomes for our kids" although how those outcomes are"lifted" is not entirely clear. 3.16: Shearer's speech failed to impress Ray Miller with the commentatorsaying it sounded like it could have been written a few days ago asit focused on everything that had already been annouced. Keycontinues to mock Labour to loud yelling from his fellow MPs andback-benchers. 3.11: John Key starts his speech for mocking people living on "PlanetLabour" where he says they imagine the global financial crisisnever happened, nor did the Christchurch earthquakes. But he says"back in the real world" Key says Kiwis understand the globalcrisis and Kiwis are saving and paying off debt, just like theGovernment. 3.05: Peter Townsend from Canturbury's Chamber of Commerce said he ispleased to see the Government's "verbal and financial commitment"to the Christchurch rebuild. 3.01: Political commentator Raymond Miller told TVNZ it's a confusingmix of messages. "I keep forgetting it is a zero Budget with all the money goingaround. It is a case of taking from the left hand and giving to theright," he said. He said people will start asking if a surplus is worth sticking tofor all the sacrifices. 2.52: Opposition Leader David Shearer starts speaking and immediatelyslams budget cuts for the police and Mfat job cuts. He remindspeople that English has fallen short on all of his growthpredictions for the last three years. 2:46: English is stressing the Government's continued commitment to rebuilding Christchurch . However, it is relying on a serious uptick in constructionactivity to deliver its new forecast economic growth goals. Westpacchief economist Dominick Stephens told TVNZ the projection was foran "extraordinary level" and he thinks it will be very difficult toacheive without pushing up inflation and therefore interest rates. 2:42: Health gets $435 million available for health spending with the biggestchunk of that - $358 million - being new money. That will pay for better, faster cancer treatments, more electivesurgeries, a boost for maternity services and the Plunket helplineand give more money to dementia care, support services for peoplewith disabilities and free after-hours doctors' visits forunder-sixes. 2:30: Rating agency Standard and Poor's confirms no change to NewZealand's credit rating after the Budget. NZ dollar fell slightly after - now below 75US cents. 2:23: Science gets $385 million of new money including a special institutefor high-tech firms, a series of national science challenges,financial support for university-led research projects and boost tofunding for science and engineering courses. 2.14: English commends Kiwis for finally lifting the national savings rate but says it needs to continue to get the economy back on track. 2.02: Finance Minister Bill English says his Budget will chart a pathback to surplus by making savings in welfare, and driving down the costs of thepublic service. 2.00 The Government confirms a "zero budget" with $4.4 billion inspending matched by the same amount in spending and increased taxtake. Key points: Zero Budget that stays on track for a small surplus by 2014/15. 10% increase in excise on cigarettes every year for the next fouryear. No changes to KiwiSaver or Working For Families credits but "soft"enrolment plan for 2014 deferred. KiwiSaver providers' fees and returns must use standardised formatsso people can compare. Tax credits removed - childcare and housekeeper, income under$9,880. Tax loopholes closed for holiday homes, boats and livestockvaluatons. No extra money for Christchurch rebuild. 1.34: Auckland's Symonds Street has been closed off due to the "Blocadethe Budget" protests. Arena Williams, the President of the Auckland Universitys Students'Association said thousands of students will not be able to finishtheir degrees because of the changes to student allowances. "The Minister hasn't made it clear, but it seems that around 5000students in the system right now will find they're unable to getstudent allowances to finish their degrees," she said. 12.53: Auckland University students part of the "Blockade the Budget"activist group will gather at 1.00pm to strike against changes toloans and allowances. 12.33: David Shearer takes a swipe at Prime Minister John Key over new data showing exports are down by 17%. 12.12: Students from Wellington's Victoria University are marching toParliament in protest of changes to loans and allowances. 12.00: Auckland's media lockup gets underway. 11.46: Budget 2012 will be revealed in just a couple of hours. Right nowthe New Zealand dollar is hovering around a six-month low. Itrecently traded at 75.24 cents against the greenback and analystswill be looking for any reaction in currency markets as BillEnglish reveals the exact details of his planned path back tosurplus. 11.03: Another piece of poor economic news for the Government. StatisticsNZ new figures show exports fell $799 million - or 17% - comparedto April last year. Exports of dairy, meat, oil, logs and woodall showed "notable decreases" the government agency said. Thetrade balance for the month of April this year was a surplus of$355 million but annually, its running at a deficit of $541million. 10.30: Wellington-based journalists and economists are reluctantlysurrendering their smartphones and heading into the Beehive'sBudget lock-up right now. They will get all the Budget documents topore over and are allowed to prepare their articles and stories foron-air but can't communicate with anyone outside the room. ONE News' Political Editor Corin Dann will be ready with a snapanalysis on the TVNZ website right on 2pm. 9.39 : Online predictor says the Government will fail to return tosurplus by 2015, according to nearly 7000 registered share traders. 9.03 : ONE News Business Presenter Nadine Chalmers-Ross said theGovernment will continue to be a big spender in the New Zealandeconomy despite the zero Budget. 8.28 : Labour MP Jacinda Ardern told Breakfast this year's Budgetneeded to not only focus on returning to surplus by 2015 but theunemployment rate and the rising number of Kiwis moving toAustralia. National MP Simon Bridges says he is "optimistic" aboutthe way the Budget will be received and it's not a "slash and burn"Budget. 8.06 : ONE News Political Editor Corin Dann said today's Budget will beunlike the austere budgets seen in economically troubled countriessuch as Greece as the Government will look to make small changesacross the board instead of targeting big spending initiatives suchas Working for Families. 7.31 : Canterbury Chamber of Commerce chief executive PeterTownsend told Breakfast the Christchurch rebuild needs to bea top priority in this year's Budget as he expects it will boostNew Zealand's GDP by 1% every year for at least the next threeyears. 7.21 : Enviroschools national director Heidi Mardon told Breakfast theextra $8 million earmarked for the sustainability programme in thisyear's Budget will be used to train teachers and facilitateco-ordination between schools. 7.10 : Victoria University students are planning to march to Parliamenttoday to protest against proposed Budget changes to student loansand allowances. 6.35 : ASB chief economist Nick Tuffley told Breakfast the NewZealand economy will still be running a deficit for the next sixyears and the Budget needs to reassure international creditorsthere is an economic recovery plan in place. So far the Government has announced it will: - Give $287.5 million over the next four years to get morebeneficiaries into the workforce. This breaks down as a freshinjection of $81.5 million for Social Development, combined witharound $200 million of savings to be found within the department. The funding also includes a controversial $1million for acontraception scheme for beneficiaries. - The disability sector is to get $144 million over four years,including $58 million to boost the number of people usingresidential support services, and $55 million for home servicesthat enable disabled people to live at home. Health Minister Tony Ryall said the funding will mean an extra 600people will get help at home, although Labour says the funding willmean cut backs in other areas. - $3 million a year will be spent helping to stop rheumatic feverand, - $2 million a year will be set aside to teach school childrenabout the environment. The Government's changes to other areas like the tax system, earlychildhood education subsidies and tobacco prices will be unveiledat 2pm. Email this article Print this article Text size + - more... Share on Twitter Share on Facebook Business News Video Budget to give employers confidence - PM (9:39) Budget to send Kiwis overseas - opposition (1:18) KiwiSaver enrolments delayed (1:46). I am an expert from exhibition-boothdisplay.com, while we provides the quality product, such as China 10x10 Booth Display , China Custom Exhibit Booth, 10x10 Booth Display,and more.
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