Now that the surplus has evaporated, can we have our ACC rebates please?

Thanks to the Dairy sector collapsing…

Finance Minister Bill English used a speech yesterday to soften voters up for some disappointing news likely to be included in his Budget 2015 speech on May 21.

While continuing to outline what he described as positive achievements for the Government, such as welfare support, maintaining and improving health and education, there was an undertone of fiscal disappointment in his speech.

In the half-year update in December, the Treasury forecast an operating balance excluding gains and losses (obegal) deficit of about $570 million for the 2014-15 year – 0.2% of GDP.

It forecast a similar obegal surplus for 2015-16.

The Treasury was still finalising its forecasts for this year’s Budget.

”But it’s fair to say that both of those forecasts have deteriorated a little since the half-year update. So we expect the Budget to forecast a slightly bigger deficit for 2014-15 and to forecast a slightly smaller surplus for 2015-16.”

No need to hold on to those ACC excesses to try and force an artificial surplus. ? Stop the rort that’s taxing people somewhat invisibly by adjusting the ACC levies to levels where they are actually covering the requirements, and not turning it into a large savings account.

Just like the nation isn’t making its budget, the voters also are getting tired of rates and taxes in all forms escaping their pockets near the speed of Gerry gobbling down a pie.

 

– ODT

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