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Budget 2024 is the New Zealand budget for fiscal year 2024/25 presented to the House of Representatives by Minister of Finance, Nicola Willis, on 30 May 2024 as the first budget presented by the Sixth National Government, [1] [2] ignoring the mini-budget they presented in December 2023.
New Zealand went through a major program of tax reform in the 1980s. The top marginal rate of income tax was reduced from 66% to 33% (changed to 39% in April 2000, 38% in April 2009, 33% on 1 October 2010 and back to 39% in April 2021) and corporate income tax rate from 48% to 28% (changed to 30% in 2008 and to 28% on 1 October 2010).
Median weekly household income in New Zealand fell slightly or stagnated from 2009 to 2010 during the "great recession" period. In June 2009 it was $1,234 [ 7 ] and June 2010 it was $1,236. [ 8 ] In 2011 household incomes recovered to beyond the high of 2008 again – median weekly household incomes increased again to $1,289.
The average income of the poorest tenth increased by 13% from $9700 to $11,000. [140] Statistics New Zealand, which keeps track of income disparity using the P80/20 ratio, confirms the increase in income inequality. The ratio shows the difference between high household incomes (those in the 80th percentile) and low household incomes (those in ...
The gross average monthly wage estimates for 2023 are computed by converting national currency figures from the United Nations Economic Commission for Europe (UNECE) Statistical Database, compiled from national and international (the CIS, Eurostat, the OECD) official sources. Wages in U.S. dollars are computed by the UNECE Secretariat using ...
Budget 2021 is the New Zealand budget for fiscal year 2021/22, presented to the House of Representatives by Finance Minister Grant Robertson on 20 May 2021 as the fourth budget presented by the Sixth Labour Government. This budget occurs after a year of several lockdowns due to the COVID-19 pandemic in New Zealand and focuses on economic ...
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Almost half of that increase went to a small group who were already the richest in the country. During this period, the average income of the top 10% of earners in New Zealand (those earning more than $72,000) [1] almost doubled going from $56,300 to $100,200. The average income of the poorest tenth increased by only 13% from $9,700 to $11,000. [2]