Cullen said “uncertainties” still existed, but Treasury had “significantly” lifted its revenue forecasts which meant the $1.5b in tax cuts in addition to more spending could be factored in to the budget.
“This figure is very soft as no decisions have been taken on the timing, size, shape or scope of our personal tax cuts,” Cullen said.
Cullen has also reemphasised that:
“I can say, however, that the Labour-led government’s personal tax cuts will meet the four tests that I have previously outlined. We will cut personal taxes:
– Without borrowing to do so
– Without cutting services
– Without exacerbating inflationary pressures
– Without creating greater inequalities in our society”
Cullen’s release is here.