Budget 2024 Prioritizes Pacific Investment and Fiscal Efficiency: Winston Peters

"Aligned with the Government’s foreign policy focus on the Pacific, Budget 2024 allocates nearly $60 million for the renewal of New Zealand’s diplomatic post infrastructure in the region," Peters stated.

Foreign Minister Winston Peters announced today that the Vote Foreign Affairs allocation in Budget 2024 will address two key priorities of the Coalition Government.

Despite a constrained fiscal environment, the Government acknowledges the critical role the Ministry of Foreign Affairs and Trade (MFAT) plays in safeguarding and enhancing the prosperity of New Zealanders.

"Aligned with the Government’s foreign policy focus on the Pacific, Budget 2024 allocates nearly $60 million for the renewal of New Zealand’s diplomatic post infrastructure in the region," Peters stated.

"In light of the significant debt and budget deficits inherited from previous administrations, we have identified $15 million in annual savings within Vote Foreign Affairs through back-office efficiencies and the elimination of lower-priority activities, amounting to a total of $60 million over the forecast period," Peters explained.

Under new Board leadership, the Government is also addressing the fiscal challenges of the stalled Scott Base Redevelopment project, aiming to reduce taxpayer liability while ensuring this important national project progresses.

"This budget strikes a balance between managing risk and seizing opportunities, emphasizing fiscal savings and front-line investment. It appropriately focuses on reviewing MFAT’s overall operations, including our overseas diplomatic network, to better align with the Coalition Government’s foreign policy priorities and to significantly boost our export performance over the next decade," Peters added.

Additionally, MFAT will benchmark its diplomatic reach against comparable countries to enhance New Zealand's economic and security interests globally.

"This strategic approach will enable New Zealand to advance its international economic and security interests more effectively," Peters concluded.