Latest news with #PublicFinanceAct
Kiwiblog
9 hours ago
- Business
- Kiwiblog
No more fiscal cliffs
Nicola Willis announced: The Government is amending the Public Finance Act to prevent future governments concealing the extent of fiscal risks in government accounts, Finance Minister Nicola Willis says. The change is included in legislation introduced to Parliament on Saturday evening to enhance the transparency and accountability of the public finance system. 'The Public Finance Act requires that fiscal forecasts, which are prepared by the Treasury, include a statement of specific fiscal risks. 'But, when I became Finance Minister I was alerted to a number of risks that were not clear in the statements I had read previously. 'I found that the statement of fiscal risks could be somewhat opaque. That did not support public understanding of risks that have the potential to impact the government's books or the provision of public services. 'Since then, the Treasury has done a good job of categorising and transparently describing fiscal risks. This includes explicitly identifying time-limited funding and capital cost escalations. 'The Public Finance Amendment Bill makes such categorisation a requirement.' This is a good move. The fiscal risks should be as explicit as possible, so that we know if a projected surplus is genuine or realistic. The bill also dispenses with the requirement for governments to articulate the wellbeing objectives that guide Budget decisions and for the Treasury to produce a Wellbeing Report every four years. 'The previous government thought it was the first government ever to consider the wellbeing of its citizens. And that it was the first government to realise that people's wellbeing was the ultimate purpose of the Budget. 'That is not the case. The purpose of building a stronger economy and delivering better public services is to improve the long-term social, economic, environmental and cultural wellbeing of people Labour's so called unique focus on wellbeing was a PR con. Every budget is about wellbeing. Every dollar spent on the health and education systems is about increasing people's wellbeing. This wasn't just invented in 2019.
Scoop
29-05-2025
- Business
- Scoop
Goodbye Budget Vibes, Hello Real-World Value
Press Release – New Zealand Taxpayers' Union Loneliness, housing quality, and happiness all matter, but trying to legislate for the vibe was never going to work. Real wellbeing comes from more opportunities in an economy with low inflation, stable debt, and rising incomes that let Kiwis … Responding to the announcement of the plan to repeal of Labour's 'wellbeing' provisions in the Public Finance Act, Taxpayers' Union Spokesman James Ross said: 'Finally, the Minister of Finance is free to focus what they can actually control — balancing the books, bringing down debt, and restoring the economy.' 'Loneliness, housing quality, and happiness all matter, but trying to legislate for 'the vibe' was never going to work. Real wellbeing comes from more opportunities in an economy with low inflation, stable debt, and rising incomes that let Kiwis afford the services and lifestyle they need to thrive.' 'What did the last Government's 'wellbeing' obsession give us? He chased the outcomes without doing the groundwork, turning surpluses into runaway deficits, tripling government debt, and letting inflation rip. It's time to turn the page on his failed experiment and let the Finance Minister focus on the figures, not just the feelings.'
Scoop
28-05-2025
- Business
- Scoop
Goodbye Budget Vibes, Hello Real-World Value
Responding to the announcement of the plan to repeal of Labour's 'wellbeing' provisions in the Public Finance Act, Taxpayers' Union Spokesman James Ross said: 'Finally, the Minister of Finance is free to focus what they can actually control -- balancing the books, bringing down debt, and restoring the economy.' 'Loneliness, housing quality, and happiness all matter, but trying to legislate for 'the vibe' was never going to work. Real wellbeing comes from more opportunities in an economy with low inflation, stable debt, and rising incomes that let Kiwis afford the services and lifestyle they need to thrive.' 'What did the last Government's 'wellbeing' obsession give us? He chased the outcomes without doing the groundwork, turning surpluses into runaway deficits, tripling government debt, and letting inflation rip. It's time to turn the page on his failed experiment and let the Finance Minister focus on the figures, not just the feelings.'
Newsroom
27-05-2025
- Business
- Newsroom
Wellbeing provisions to be stripped from Public Finance Act
Wellbeing requirements added to the Public Finance Act by the previous Labour government will be removed by the coalition Government, with amendments introduced to Parliament under urgency on Budget Day. The changes, which had their first reading late on Saturday and have been referred to a select committee for a standard process, would end the consideration of non-monetary factors such as loneliness, mental health or housing quality when governments craft their Budgets.
Scoop
26-05-2025
- Business
- Scoop
Have Your Say On Public Finance Amendment Bill
Press Release – The Finance and Expenditure Committee He says the changes also dispense with the requirement for Treasury to produce a Wellbeing Report every four years. Whats more, governments will no long have to articulate the wellbeing objectives that guide Budget decisions. The Chair of the Finance and Expenditure Committee is calling for submissions on the Public Finance Amendment Bill. The closing date for submissions is 11.59pm on Monday, 7 July 2025. 'The proposed changes will enhance the transparency and accountability of our public finance system. They specifically aim to make the extent of fiscal risks clearer for incoming governments,' says Chair of the Finance and Expenditure Committee, Cameron Brewer. He says the changes also dispense with the requirement for Treasury to produce a Wellbeing Report every four years. What's more, governments will no long have to articulate the wellbeing objectives that guide Budget decisions. 'A second tranche of reforms to the Public Finance Act is likely next year, once our committee has completed its inquiry into performance reporting and public accountability,' says Mr Brewer. The bill would amend the Public Finance Act 1989. Among other things, the bill would: introduce more specific disclosure requirements for the statement of specific fiscal risks introduce a requirement to publish a tax expenditure statement repeal the requirement to articulate wellbeing objectives in the Budget Policy Statement repeal the requirement to prepare a wellbeing report amend the publication window for the pre-election economic and fiscal update. Tell the Finance and Expenditure Committee what you think: Make a submission on the bill by 11.59pm on Monday, 7 July 2025.
