-
Finance Minister Bill English - Source: ONE News -
Watch Video
-
Related
A plan worth hundreds of millions of dollars to ensure New Zealand homes are better insulated will be unveiled in Thursday's Budget.
But ONE News can reveal that's just about the only boost to spending as the government slashes to save cash.
Even the Budget photo-opportunity is revealing about these economic times
Ten thousand copies of the Budget are normally printed. To cut costs, this year it's a third of that.
Finance Minister Bill English won't be cutting core entitlements like superannuation and benefits but future government spending will be pruned back.
"Making sure that over the next three to five years we get that spending and debt under control," says English.
ONE News understands about $2 billion will be either cut from government programmes or redirected into areas considered higher priority.
"We are putting our focus on a policy that is going to ensure New Zealanders don't end up with an unmanageable burden of debt," says English.
Labour sees it differently.
"The core of the Budget is looking after people, looking after jobs, looking after communities. It's not about slash and burn," says Phil Goff, Labour leader.
ONE News has also discovered one of the few spending areas in the Budget.
A home insulation fund worth more than $300 million over the next four years will be available for homes built before the year 2000.
People needing to upgrade their heating and insulation could qualify for a government grant paying for about a third of the cost and the remaining two thirds could be loaned to them by banks, power companies or councils. It would be paid back via the mortgage, power or rates bill.
"All that will be made very clear in the Budget on Thursday," says Gerry Brownlee, Economic Development Minister.
It will be English's first budget.
"The decimal points are in the right place and there won't be anyone finding a lot of money in their bank account after this Budget," he says.
And with a deficit likely to be around the $8 billion mark, that includes the government.
