Latest news with #WellbeingReport
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.
Scoop
26-05-2025
- Business
- Scoop
Have Your Say On Public Finance Amendment Bill
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.
Scoop
25-05-2025
- Business
- Scoop
Increased Transparency For Government Accounts
Press Release – New Zealand Government While Treasury should, and does, have a broad perspective, I would like the bright and talented minds at the Treasury to focus on economic and financial advice, rather than preparing reports on whether people have friends and whether their life has … Minister of Finance 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.' 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 peoplep 'While Treasury should, and does, have a broad perspective, I would like the bright and talented minds at the Treasury to focus on economic and financial advice, rather than preparing reports on whether people have friends and whether their life has meaning and purpose,' Nicola Willis says. Other changes introduced by the amendment bill include: requiring better information on tax expenditures to be provided to the public bringing the publication window of the Pre-election Economic and Fiscal Update forward five days so that the public is better informed before elections; and allowing the Government to express its fiscal strategy using alternative fiscal variables (so long as it explains its choice of variables). 'These changes complement the non-legislative actions being taken to strengthen fiscal responsibility, including introducing agency performance plans to help governments better plan for spending over the medium-term, and improving reporting on investments and major Budget decisions,' Nicola Willis says. The bill passed its first reading on Saturday evening and has been referred to the finance and expenditure committee for consideration.
Scoop
25-05-2025
- Business
- Scoop
Increased Transparency For Government Accounts
Minister of Finance 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.' 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 peoplep 'While Treasury should, and does, have a broad perspective, I would like the bright and talented minds at the Treasury to focus on economic and financial advice, rather than preparing reports on whether people have friends and whether their life has meaning and purpose,' Nicola Willis says. Other changes introduced by the amendment bill include: requiring better information on tax expenditures to be provided to the public bringing the publication window of the Pre-election Economic and Fiscal Update forward five days so that the public is better informed before elections; and allowing the Government to express its fiscal strategy using alternative fiscal variables (so long as it explains its choice of variables). 'These changes complement the non-legislative actions being taken to strengthen fiscal responsibility, including introducing agency performance plans to help governments better plan for spending over the medium-term, and improving reporting on investments and major Budget decisions,' Nicola Willis says. The bill passed its first reading on Saturday evening and has been referred to the finance and expenditure committee for consideration.
