Budget highlights for business

The finance minister Michael Cullen has this afternoon delivered his budget.


Highlights:

Operating Surplus projections:
2001/02 - $2.3 billion
2002/03 - $2.28 billion

Gross debt: Forecast to fall to to 28.6 percent of gdp in 2002/03, down from 36.8 per cent when the government took office.

$1.2 billion into the Superannuation Fund.

Total net new spending of $6.124 billion.

GDP growth expected to be 3.1 percent to March 2003.

No consideration of upfront tax incentives.

New spending of $400 million over four years on tertiary education and skills training, including $214 million for a new tertiary education funding system.

Extra spending on research and science, including $33.5 million over four years to the Marsden Fund and the New Economy Research Fund.

Full Herald coverage:
nzherald.co.nz/budget

Budget links - including Treasury documents:
nzherald.co.nz/budgetlinks