FACTBOX-Incoming New Zealand government policies target central bank, tax cuts

They will also investigate whether the inflation target should specify a time target rather than the current wording "over the medium term". SPENDING It intends to reduce core government expenditure as a proportion of the overall economy and reduce spending on "non-essential" back office services, particularly those that have increased since 2017. RACE RELATIONS It plans to roll back a number of policies implemented by the last Labour Party government to improve the situation and visibility of the country's indigenous Maori.

New Zealand's National Party, ACT New Zealand and New Zealand First inked coalition agreements earlier on Friday and will form the country's next government.

The coalition agreements spell out some of the parties' policy priorities for the next three years in office. Below is a rundown on some of those policies.

TAX National will deliver on personal income tax cuts promised during the election campaign. For a single average income earner with no children, the tax cuts equate to NZ$24.85 ($14.88) a week or about a 2.4% increase in take-home-pay, according to data from Statistics New Zealand and the National 'tax calculator". However, plans to open up New Zealand's housing market to foreign buyers and tax these purchases to pay for the cuts have been shelved.

CENTRAL BANK The government intends to narrow the Reserve Bank of New Zealand's remit and amend the Reserve Bank of New Zealand Act 2021 to remove the dual mandate on inflation and employment, to focus monetary policy only on price stability. They will also investigate whether the inflation target should specify a time target rather than the current wording "over the medium term".

SPENDING It intends to reduce core government expenditure as a proportion of the overall economy and reduce spending on "non-essential" back office services, particularly those that have increased since 2017.

RACE RELATIONS It plans to roll back a number of policies implemented by the last Labour Party government to improve the situation and visibility of the country's indigenous Maori. The plans include disestablishing the authority set up to provide healthcare for Maori, removing so-called co-governance from the delivery of public services and returning many government departments to English names and require public departments primarily to communicate in English.

ENERGY EXPLORATION It is repealing a ban on offshore oil and gas exploration.

GUN CONTROL It has said it will rewrite the laws around firearms to simplify them but did not give further detail. It will also review the Firearms Registry introduced after the 2019 massacre in Christchurch to see if it is improving public safety.

FOREIGN POLICY The National government has reiterated on a number of occasions that foreign affairs in New Zealand is largely bipartisan and not to expect any change. This is supported by the appointment of Winston Peters to foreign minister, who held the role in the 2017 Labour-led government.

($1 = 1.6700 New Zealand dollars)

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