The New Zealand Budget is an annual statement by the

New Zealand Government , background_color = #012169 , image = New Zealand Government wordmark.svg , image_size=250px , date_established = , country = New Zealand , leader_title = Prime Minister Jacinda Ardern , appointed = Governor-General , main_organ = , ...

that outlines of the nation's revenues and expenditures for the preceding

fiscal year A fiscal year (or financial year, or sometimes budget year) is used in government accounting, which varies between countries, and for budget purposes. It is also used for financial reporting by businesses and other organizations. Laws in many ...

and expectations for the next one. It is prepared by the

New Zealand Treasury The New Zealand Treasury ( mi, Te Tai Ōhanga) is the central public service department of New Zealand charged with advising the Government on economic policy, assisting with improving the performance of New Zealand's economy, and managing fina ...

for the

Minister of Finance 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", " ...

. The Budget is usually presented to the

House of Representatives House of Representatives is the name of legislative bodies in many countries and sub-national entitles. In many countries, the House of Representatives is the lower house of a bicameral legislature, with the corresponding upper house often c ...

in May.

Budget statement

The Minister of Finance delivers the Budget statement, a speech in the

with no time limit. In the Budget statement, the Minister may review the international economic outlook and the performance of the New Zealand economy, and outlines the Government's proposed economic and fiscal measures to deal with the assessed situation of the country. Changes to social policy may also be made by the Budget. The Minister of Finance then moves the second reading of the main Appropriation Bill. Associated parliamentary papers are also presented. These papers include the Estimates of Appropriations, which are papers outlining the Government's spending plans. The Budget statement is the start of the annual Budget debate, which lasts for up to 14 hours. This excludes the time taken to read the Budget Statement. This debate usually takes precedence over all other Government business and ensures the Budget is put under sustained scrutiny. Following the delivery of the Budget, select committees examine the Estimates of Appropriations, a process that often involves the hearing of evidence from Ministers and government officials. Select committees must report on the "Votes" (areas of spending) allocated to them within two months of

Budget Day Budget Day is the day that a government presents its budget to a legislature for approval, in a ceremonial fashion. It only exists in some countries of the world. India The Union Budget of India, referred to as the Annual Financial Statement i ...

, and the House then holds a further debate on the Government's spending plans (the Estimates debate). Documents generally released at the time of the Budget: * Appropriation (Estimates) Bill * Budget Executive Summary * Budget Speech and Fiscal Strategy Report * Budget Economic and Fiscal Update * Estimates of Appropriations for the Government of New Zealand * Information Supporting the Estimates of Appropriations * Statements of Intent * Press statements

References

External links

*
New Zealand Treasury - the Budget
{{Economy of New Zealand