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budget 2008

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What’s Behind Key’s Cheesy Grin?

Written By: - Date published: 2:06 pm, June 8th, 2008 - 36 comments

Ever since Labour’s budget was released, John Key has been talking cheese. I’ve been wondering why all his talk of blocks of cheese has been making him smile with such a big big grin. Well, a check of MPs’ financial interests sheds some light. Slippery John is making a bundle from Kiwis buying cheese.  He is the third largest shareholder […]

Treasury dreams of cheap oil

Written By: - Date published: 2:59 pm, June 3rd, 2008 - 26 comments

This is the graph of the oil price forecasts Treasury used to underpin its fiscal model for the Budget. It assumes that oil would touch $115 a barrel US in about July this year before easing off to a long-run level of $100 a barrel. That is already up on Treasury’s forecast from November, which […]

Back in the real world

Written By: - Date published: 6:41 am, May 27th, 2008 - 40 comments

Let’s have another look at our friend, the distribution of income graph. The red circle is what most people earn. The blue circle is where you would think most people earn given the commentariat’s fixation with the 39% bracket. No prizes for guessing which circle editors and opinion writers fall into, eh? You’ll also note […]

Cumulative Effect

Written By: - Date published: 1:51 pm, May 23rd, 2008 - 60 comments

The Press (Budget Doesn’t Impress Family) looks at the effect of the tax cuts on an average family with a combined income of $78,000 and two kids under 12 . They will have $42 more a week from tax cuts and boosted Working for Families tax credits come October 1. That’s like getting paid for […]

Where’s the beef John?

Written By: - Date published: 10:57 am, May 23rd, 2008 - 5 comments

Key kicks off this Close Up interview by trying to dampen down rising expectations of National’s tax package and make himself some wiggle room by emphasising that his comments from earlier in the week about tax cuts “north of $50” relate to voter expectations rather than what National may eventually be able to deliver. Presumably […]

National’s cruel hoax

Written By: - Date published: 10:10 am, May 23rd, 2008 - 52 comments

Well the budget is out and across the country the public are looking at their tax cuts and asking “is that it?” and this is at a time that economists are very nervous about the inflationary impact of such a large package of cuts and anything bigger means cutting services or significantly increasing borrowing. The […]

“As slippery as a snake in wet grass”

Written By: - Date published: 9:04 am, May 23rd, 2008 - 59 comments

John Campbell interviews John Key on the budget, refusing to let him get away with merely repeating his focus-grouped lines. At about the 3 minute mark Campbell challenges Key’s evasiveness directly: “I think you are as slippery as a snake in wet grass”. It’s not just the media that are starting to get frustrated with […]

Tax cut calculator

Written By: - Date published: 5:27 pm, May 22nd, 2008 - 5 comments

As much as I despair to see our political discourse descend into a bidding war on taxes, it’s worth looking at Infometrics’ online online tax cut calculator here. Just plug in your income and it’ll tell you your new effective tax rate and how much you’ll get in your pocket from October 1 through to […]

Commentators on the Budget

Written By: - Date published: 4:30 pm, May 22nd, 2008 - 36 comments

From John Armstrong in The Herald: Is it enough? Michael Cullen has given it his best shot. He has been about as generous as he could be. He and his Labour colleagues will not die wondering what might have been had the Finance minister’s tax cuts been bolder. He could not have been bolder without […]

Budget 2008: Analysis

Written By: - Date published: 3:00 pm, May 22nd, 2008 - 67 comments

The tax cuts are smaller up front than Labour had been hoping to deliver but the economic position at present means there is simply not the money in the coffers to give huge cuts right now. Labour is bringing forward the cuts and the boost to Working for Families to October 1, instead of April […]

Budget 2008: Spending

Written By: - Date published: 2:58 pm, May 22nd, 2008 - 7 comments

The tax cuts are the cornerstone of this budget but there is also important new spending. New Spending in the Budget: $172.3 million for improving DHB efficiency $2 billion for DHBS $164.2 million for HPV immunisation $160 million for more elective surgery $60 million to improve the health workforce $79 million for child and youth […]

Budget 2008: Tax cuts

Written By: - Date published: 2:55 pm, May 22nd, 2008 - 26 comments

Labour has announced a three year tax cut package worth $10.6 billion. Here’s a table showing the changes: Current 15.00% 21.00% 33.00% 39.00% Up to $9,500.00 $38,000.00 $60,000.00 $60 K New 12.50% 21.00% 33.00% 39.00% 01/10/08 $14,000.00 $40,000.00 $70,000.00 $70K plus 01/04/10 $17,500.00 $40,000.00 $75,000.00 $75K plus 01/04/11 $20,000.00 $42,500.00 $80,000.00 $80K plus What does […]

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