25 May 2017

Budget 2017 - at a glance

6:55 pm on 25 May 2017

Finance Minister Steven Joyce has revealed this year's Budget. Here's what you need to know - at a glance.

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Photo: 123RF

Income tax: The $14,000 tax threshold is raised to $22,000 and the $48,000 threshold to $52,000. The government estimates this will mean $11 a week more for people in the lower threshold and up to $20 a week more for those in the higher band.

Family incomes: Working for Families tax credit rates for children under 16 go up. The eldest child credit is a maximum $101.98 a week and $91.25 for every subsequent child. But the point where tax credits start reducing kick in at a lower income level ($35,000 compared to $36,500 previously).

Housing costs: The accommodation supplement goes up by an average $36 per week. More areas are eligible for the higher payments; for example, people living in tourist hotspots such as Queenstown, Wanaka and Tauranga, and in all Auckland suburbs, will join central Aucklanders in getting the top payments.

Independent earner tax credit: The credit for people earning from $24,000 to $48,000 and not receiving a benefit, superannuation or Working for Families is scrapped. It was worth up to $10 a week.

Rail: $548m in new money for the country's rail network. That includes $450m for KiwiRail over two years and $98.4m for Wellington's metro rail network.

Auckland's City Rail Link: $436m earmarked as the first part of the government's investment.

Education: $1.5bn over four years in new spending on schools and early childhood education. It includes money for six new schools and more than 300 new classrooms.

Mental health: $224m over four years for mental health services including for a fund to trial new addiction and mental health treatment approaches, $11.6m to help Corrections manage prisoners at risk of self harm.

Health: Extra $3.9bn over four years - including $1.54bn towards the care workers pay equity settlement - bringing the total budget to $16.77bn in 2017/2018

RNZ: Receives $11.4m extra operating funding over four years.

Economy: Growth predicted to rise from 3.1 percent in the June 2017 year to peak at 3.8 percent in 2019, before easing back.

Surplus: Treasury forecasts a $1.6bn surplus in 2017, climbing to $7.2bn in 2021.

Want more detail? Read RNZ's full Budget coverage here.

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