The New Zealand budget for fiscal year 2008-2009 was presented to the

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Finance Minister A finance minister is an executive or cabinet position in charge of one or more of government finances, economic policy and financial regulation. A finance minister's portfolio has a large variety of names around the world, such as "treasury", " ...

Dr Michael Cullen on 22 May 2008. This was the ninth budget Michael Cullen has presented as Minister of Finance, and his last before the

Fifth Labour Government The Fifth Labour Government of New Zealand was the government of New Zealand from 10 December 1999 to 19 November 2008. Labour Party leader Helen Clark negotiated a coalition with Jim Anderton, leader of the Alliance Party. While undertaking ...

was defeated at the 2008 general election.

Outline

The

New Zealand economy The economy of New Zealand is a highly developed free-market economy. It is the 51st-largest national economy in the world when measured by nominal gross domestic product (GDP) and the 63rd-largest in the world when measured by purchasing p ...

went into recession in the last quarter of 2007, putting significant strain on the Government's accounts.

Tax changes

The 2008 budget reduced income tax on the first $9,500 earned from 15% to 12.5%, and the company tax rate from 30% to 29%.

References

External links

New Zealand Herald, 2008 Budget coverage
{{DEFAULTSORT:2008 New Zealand Budget Budget, 2008 New Zealand budgets

New Zealand budget The New Zealand Budget is an annual statement by the New Zealand Government that outlines of the nation's revenues and expenditures for the preceding fiscal year and expectations for the next one. It is prepared by the New Zealand Treasury for the ...

May 2008 events in New Zealand