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Striking a balance

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The New Zealand Government’s 2023 Budget was announced on Thursday 18 May. 

Budget 2023 centred around the Government’s approach to balancing the short and long-term initiatives supporting Kiwi households through recent climate-related events and cost of living pressures, while maintaining focus on growing the economy through considered investment to improve productivity. 

View our insights and updates from Budget 2023 below.

Time to double down on climate measures

This year’s Budget announcements – financial and carbon alike – will be made against a backdrop of on-going international conflict, climate change-related supply chain and fuel price shocks, financial sector instability, global inflation, and climate change recovery efforts.
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Will tax changes rule the Budget? | Budget 2023 | Deloitte New Zealand

It is somewhat of a tradition that an election year budget splashes more cash around to entice potential voters, but in 2023 we find ourselves in a bit of a quandary given the focus of the Government on controlling inflation. Despite this, there is a strong desire amongst the general population for tax adjustments for individuals, to at least rectify some of the ‘bracket creep’ that has occurred due to tax rates and thresholds being virtually unchanged since 2010.
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Navigating the pinch points | Budget 2023 | Deloitte New Zealand

We know that our healthcare system is in trouble: there is less planned care, longer waiting times in our emergency departments, diminished access to GPs and fewer childhood immunisations than prior to COVID-19, despite budgets having risen significantly and despite additions to our workforce. This implies system performance challenges are broader than workforce shortages alone.
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Tackling the infrastructure deficit | Budget 2023 | Deloitte New Zealand

Ahead of the Budget announcement, we’re breaking down key areas and considerations we have on our radar for Budget 2023.
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Trustee tax rate to increase to 39%

The many New Zealanders who have a family trust may be unhappy to learn that Budget 2023 has announced an increase in the trustee tax rate from 33% to 39% with effect from 1 April 2024.
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Tax Principles Act off to an unprincipled start

It’s no secret that the Inland Revenue has been working on the development of a “Tax Principles Act,” the item has been on the tax policy work programme and has been referenced by the Minister of Revenue during his 2022 and 2023 speeches on tax fairness.
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Media releases

Budget 2023: Trustee tax rate to increase to 39%

Despite maintaining that Budget 2023 would have ‘no major tax changes,’ the Government today announced an increase in the trustee tax rate from 33% to 39% with effect from 1 April 2024
18 May 2023
News

Budget 2023: Tax Principles Act off to an unprincipled start

As part of today’s Budget 2023 announcements, the Tax Principles Act is expected to be tabled and swiftly proceed through Parliamentary processes, with the potential to bypass a select committee.
18 May 2023
News

Budget at a glance

Explore the announcements and funding allocations from Budget 2023 in more detail.

Explore our infographic

Speak to an expert

Robyn Walker

Partner - Tax

Norm Castles

Partner – Infrastructure & Capital Projects

Louise Aitken

Partner - Sustainability & Climate

Rikki Stancich

Partner - Sustainability & Climate

Liza Van Der Merwe

Partner - Deloitte Access Economics

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