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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: NZ govt to cut taxes, spend more to beat recession Reuters - 1 hour 15 minutes ago WELLINGTON, Dec 9 - New Zealand will lower taxes, increase infrastructure spending and cut red tape to help lift the economy out of recession, the centre-right government said on Tuesday. The newly-elected National-led government of Prime Minister John Key, which ousted Labour in the Nov. 8 election, outlined its policy priorities in a speech delivered by the Governor-General at the opening of the new parliament. The speech confirmed the National-led government would fulfil its election promise to cut personal tax rates in each of the next three years, despite a weak economic outlook. "The government will run an operating deficit this year and is likely to do so for some years to come," the speech said. The tax package was expected to cost around NZ$4.4 billion up to 2013. Unemployment was likely to rise, but the government would give targeted assistance to those losing their job in the current downturn. New Zealand has been in a shallow recession since the start of the year. The central bank and the Treasury have both said the economy should show some weak growth in the fourth quarter, although many forecasters expect the recession to continue into next year because of the deteriorating global outlook. The government would also look to stimulate the economy through increased infrastructure spending. "Of particular focus will be the development of new roading and public transport projects, the improvement and expansion of school property...and the accelerated roll-out of an ultra-fast broadband network," the speech said. The Reserve Bank of NZ last week cut its cash rate by a record 150 basis points to a five-year low of 5 percent. It was the fourth cut since July, when the cash rate was 8.25 percent, and it has said that further, smaller cuts are possible depending on the global outlook. Key's government is supported by the small Maori, ACT, and United Future parties on confidence and financial matters, ensuring it a majority in the 122-seat parliament, in return for some policy concessions and junior ministerial posts outside of cabinet. Key's government said it would also move to reform environmental planning and political funding laws, and is reviewing the emissions trading scheme put in place by the former government. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy Japan's recession worse than thought: official dataAFP - 20 minutes ago CBH says consdering Perilya-China share dealReuters - 32 minutes ago China's Chery has no plan to buy U.S. auto assets-paperReuters - 45 minutes ago NZ govt to cut taxes, spend more to beat recessionReuters - 1 hour 15 minutes ago Related Articles: Business Japan's recession worse than thought: official dataAFP - 20 minutes ago Morgan Stanley, Merrill chiefs give up bonusesAP - 29 minutes ago CBH says consdering Perilya-China share dealReuters - 32 minutes ago H&R Block reports smaller 2Q lossAP - 33 minutes ago Japan mulling $216 bln economic package - YomiuriReuters - 34 minutes ago Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed Financial crisis tipped to cut cost of air travel Climate change: Sci-fi solutions no longer in the margins Oil price falls below $40 Stocks take flight on prospects for anti-recession moves Vinnie Jones gets into bar fight over role in X-Men View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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