Bold Steps for Growth: Finance Minister Nicola Willis Unveils Budget 2025

The Budget aims to accelerate economic expansion, improve incomes, and strengthen New Zealand’s fiscal position.

Finance Minister Nicola Willis has announced that Budget 2025, dubbed the "Growth Budget," will be delivered on Thursday, May 22. The Budget aims to accelerate economic expansion, improve incomes, and strengthen New Zealand’s fiscal position.

Willis emphasized that this year’s Budget will play a crucial role in implementing the Government’s economic growth plan, ensuring higher incomes for New Zealanders both now and in the future.

“Budget 2025 will build on our efforts to secure New Zealand’s future prospects while continuing the fiscal repair job made necessary by Labour’s era of wasteful spending,” Willis said.

The Government remains committed to addressing the deficits and debt inherited from the previous administration and is determined to implement measures that support sustainable economic growth.

Bold Reforms for a More Productive Economy

Beyond traditional Budget measures focused on spending and savings, Budget 2025 will introduce legislative and regulatory changes aimed at removing barriers to job and wealth creation.

“The Budget will contain bold steps to support economic growth, including measures to address New Zealand’s long-standing productivity challenges,” Willis stated.

Key initiatives will include:

• Tax Reforms: Potential tax relief for businesses and households to encourage investment and spending.

• Regulatory Streamlining: Reducing bureaucratic hurdles for businesses to enhance efficiency and economic dynamism.

• Infrastructure Investment: Increased funding for critical infrastructure projects such as transport, housing, and digital connectivity to support long-term economic expansion.

Focus on Cost of Living, Public Services, and Law & Order

Building on the foundation of Budget 2024, the Government remains committed to addressing cost-of-living pressures, strengthening essential public services, and restoring law and order.

“We will advance new social investment measures to improve the lives of New Zealanders in the greatest need by getting better results from taxpayer-funded social services after six years of Labour Budgets focused almost exclusively on agencies spending more,” Willis stated.

Key initiatives in these areas will include:

• Targeted Cost-of-Living Relief: Measures to ease financial strain on families and individuals.

• Healthcare and Education Investments: Funding to improve service delivery and outcomes in key public sectors.

• Crime Reduction Strategies: Enhanced resources for law enforcement to restore community safety.

A Responsible, Future-Focused Budget

Willis underscored that Budget 2025 will be a responsible and forward-looking financial plan designed to secure better incomes and opportunities for New Zealanders in the coming years.

“This will be the responsible, future-focused Budget New Zealand needs to ensure economic prosperity and financial security for all,” Willis concluded.

With a clear focus on economic growth, fiscal responsibility, and improved public services, Budget 2025 is set to play a pivotal role in shaping New Zealand’s future.