BUDGET 2024 - The Winners and Losers of New Zealand's 2024 Budget

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On 30 May 2024 the New Zealand Government announced their Budget for 2024/25. In this video I dive into the detail, scanning through thousands of projected revenues and costs of the government over the upcoming year. There are winners and losers of course. Winners will see increased expenditure in their departments, sectors, or on the things that benefit them. An example is the increase in investment in road infrastructure, which the National Party campaigned hard on. Contractors to this industry will be pleased as they may have more business coming their way. On the other hand, the losers are those that will see less funding for the next year. An example are the services to first home buyers, as many policies such as the First Home Grant have seen their budgets slip away in Budget 2024.
Sources I used:
New Zealand Treasury Figures: budget.govt.nz/budget/2024/es...
Google Sheets Analysis: docs.google.com/spreadsheets/...
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// TIMESTAMPS
► 0:00 Intro
► 0:22 Approach
► 2:03 Government Revenue
► 5:50 Government Expenditure
► 14:13 Outro
Disclaimer:
I am not a financial adviser. This video is for education and entertainment purposes only. Seek professional help before making any investment decision.
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Опубликовано:

25 июл 2024

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Комментарии : 60

@BrentColeman Месяц назад

I just came across this great budget website called Budget Bird ( budgetbird.co.nz/dashboard ). You can see the year-on-year budget amounts for each line item of spending. You can also key in your income, and see how much of your tax goes towards each item. Super handy tool!! 💸

@sambeaumont395 Месяц назад

Just a tip for future videos like this one. When you are talking about a line on the spreadsheet - highlight it. And alternate the colours of the rows so they people can more easily see the department and relative revenue/expense etc.

@BrentColeman Месяц назад

Thanks! Yes good point 😁

@summerlee2024 Месяц назад

Thank you for sharing the video about New Zealand budget😊

@ooo-vc4xl Месяц назад

Can afford roads but can’t afford ferries to connect SH1 across the strait.

@akashaza9803 Месяц назад

Oh shut uhp

@itsjustweard2328 Месяц назад

We'll know Because there was no money left after the last government 🙄

@ooo-vc4xl Месяц назад

@@itsjustweard2328 Nationals fiscal projections are very similar to Labours.

@vbarcodev9714 Месяц назад

They can afford too, just have very incompetent contractors who are milking the government

@taahine312 Месяц назад

Thank you for sharing on this. Super helpful.

@pc6516 Месяц назад

Brent, you are legend bro. Super interesting. 👍

@Ajax-the-other-one Месяц назад

Thank you for your efforts.

@stephenlaurence8650 Месяц назад

I like your work Brent. Could you please breakdown the budget and the extent of benefits to pensioners. This would be great.

@ooo-vc4xl Месяц назад

More regressive user pays fees that the poor can’t afford

@GumballEdits Месяц назад

Whats up with the huge defense spending cut? is it possible its just temporary saying that as there might be a replan of NZDF?

@o900junior Месяц назад

So their going to spend 100mil on their own housing for when they need to be in Wellington?

@BrentColeman Месяц назад

Yup! The $100mill is just their spending over the next year. The total bill will be $257.5 million according to the media www.rnz.co.nz/national/programmes/the-house/audio/2018929741/parliament-s-future-out-the-back

@RossCollinge-xg4hs Месяц назад

Ryan is my favorite Coleman

@BrentColeman Месяц назад

Same

@hollyfromnz Месяц назад

So basically we're fucked

@ooo-vc4xl Месяц назад

Nationals borrowing is so high because it borrowed to fund the personal and landlord tax cuts

@ooo-vc4xl Месяц назад

Many other advanced economy countries run higher tax revenue to GDP ratios

@richardcoutts2198 Месяц назад

Only Canada in the Asia Pacific region is higher.Australia 26% NZ 32%.Maybe that is why many are going there.

@ooo-vc4xl Месяц назад

@@richardcoutts2198 cheating out the OECD rankings

@howstupidcanyoube100 Месяц назад

@@richardcoutts2198that’s absolutely wrong.

@adsdft585 Месяц назад

There is nothing innovative about the budget speak. The PM speech was not about innovation. The deputy PM was historical rather than innovative.

@micah1754 Месяц назад

What would you have liked to see?

@itsjustweard2328 Месяц назад

I Think putting billions of dollars in to core services is what it's all about isn't it?

@bryanholden6855 Месяц назад

Didn't go far enough. I was hoping for serious measures to tackle serious issues but no, it is a lame duck IMO. Fixing this mess is going to hurt but we need to tough it out and get it sorted.

@grizzz6884 Месяц назад

when sir bob jones started the new zealand party to split the nats voters , to bring sir roger douglas to power . to sell the country to his mates . is when it was clear the government dose not work for the people

@stephenlaurence8650 Месяц назад

Pensioners discounted. Pensioners on the "M" tax code are covered by the lowest two thresholds. Pensioners on the M tax code benefit from the first threshold lift from $14000 to $15,600 by $107.76 per year or $2.07 per week. Pensioners on the M tax code can only benefit on the second threshold lift from $48,000 to $53,500 if there total income miraculously lifts above $48,000. For every $1000 above $48,000 and up to $53,500 a pensioner on M tax code would benefit by another $125 per year or $2.40 per week. Questions: How many pensioners on a M tax code earn income above the $23,978 paid to them per annum. There is no benefit to a pensioner on M tax code for the next $24,022 taking total income to $48,000. More benefit only comes above this figure. Nicola Willis has spun "bullshit" to pensioners.

@ChelleMEis Месяц назад

They cut benefits right back under Labour policies, finger-point and make up dodgy excuses as to why and then announce they're putting benefits up, so it's still less than entitlements...how sneaky.

@ooo-vc4xl Месяц назад

NZ already has one of the highest per capita incarceration rate in the world. Locking more people up without proper rehabilitation is absurd.

@dave24-73 Месяц назад

Agree we made the mistake of building prisons like America, instead of making prisons like in European countries, lock someone in a cage for a few years, don’t expect them to get better.

@aaronlikescoffee Месяц назад

The guy sentenced to prison for my attempted murder told my flatmate he couldn't wait to go back to jail when he was on the phone to police. He had just been released for another violent assault before attacking me. He was released 3 months after being sentenced for attempting to kill me, and then went on to kill his fiancé in Dunedin a couple of years later. The people suspected of murdering my cousin Jessica Boyce in Marlborough were also beneficiaries of catch and release policies of this country's "justice" system. Rehabilitation is a nice pipe dream, but it seldom works. It's extremely easy for the most violent repeat offenders to have prison shrinks and the parole board sign them off. All of the crimes I mentioned above would have been prevented if we kept people locked up. When people say "prison doesn't work," they mean from the POV of longterm outcomes for the offender. To say prison doesn't work in general for preventing further offending is to argue against the laws of physics. Put simply, if someone is locked up, they're not out in the community throwing toddlers in washing machines, molesting kids, and beating people to death. How many people like my cousin have to be murdered to satisfy people's unworkable pipe dream of a successful rehabilitative approach? Go and work out a foolproof rehabilitation method that works for prisoners and then come back to us with your solutions. In the meantime, don't use the innocent members of New Zealand communities as guinea-pigs in your soft-on-crime experiments. People are literally dying for these stupid ideals. Blame poverty etc as much as you want, but let's not pretend the laxed lifestyle within NZ prisons isn't a contributing factor to deterrence failures. The guy slicing my gut open with a broken bottle was literally saying he couldn't wait to go back "and see the bros." Weak sentences, easy prisons, letting people hang out with their mates - but let's only focus on poverty and poor educational outcomes as the main drivers behind reoffending 🥴

@dave24-73 Месяц назад

@@aaronlikescoffee seldom works hahaha Germany and Norway have some of the highest rehabilitation levels in the world, and some of the lowest levels of reoffending, granted some people are exceptions and maybe should never be released, but there has to be a clear path for them to return to society with jobs for rehabilitation to be successful.

@rp7784 Месяц назад

@@aaronlikescoffeeit's innacurate to say rehabilitation seldom works, it can and it does become Europe is famous for it's successful criminal rehabilitation systems, don't group rehabilitation with New Zealand incompetence. Prison's are necessary to house offenders and keeping them from the community, but the issue here is we see prison's as the sole solution, we should be asking why certain individuals are turning to crime, NZ high cost of living, poor wages, disgusting house prices, little opportunity relative to other countries, expensive transport, poor infrastructure. All of these contribute to crime, and so we should be working to solve these for the sake of allowing a better lifestyle for people, and funding better rehabilitation systems. Build as much prison's as you want, it's not going to solve anything.

@aaronlikescoffee Месяц назад

Happy to give a more fleshed out reply when home from work, but did want to quickly point out that as is typical of contributions from people promoting the rehabilitation method, the number one driver of crime seems to be missing from the list of causes. Why does nobody ever want to talk about fatherless homes? 75% of substance abusers and 85% of incarcerated youth are from a single mother household, but that's one of those things where people only want to talk about the drivers of an issue until one of those major drivers is "taboo" and makes people uncomfortable. Just like we will never solve the issue of child homicide in this country until we're allowed to openly discuss the fact that one sector of society in particular seems to be phenomenally over represented in the stats. Oh no, we only talk about what's causing our issues until someone gets offended, at which point it's back into the too hard basket until history repeats next time. A nation of people too cowardly to talk about the real factors behind their biggest issues can never hope to truly address them in a practical and lasting way.

@GoodmanWed Месяц назад

I think new zealand goverment should offer same cancer treatement as australia. Otherwise it is unfair to all new zealand citizen.

@jasperhorace7147 Месяц назад

You are free to go to Australia.

@GoodmanWed Месяц назад

@@jasperhorace7147 Please say this to yourself if you or your relative face this situation.

@lancemillward1912 Месяц назад

Statistics are easily manipulated. On the ground passport applications have gone from 10 days turnaround to 10 weeks. Unless you want to pay double the standard charge and you can get the passport in less than a week.

@stephenlaurence8650 Месяц назад

Actually there is no benefit to Pensioners on M tax code from $15,600 to above $48,000. So a $107 tax relief on the first $15,600 is not that compelling when there is no tax relief at all on the next $32,400 ( rest of pension $8378 plus additional income up to $48,000). Shame on Nicola!

@rubberrocket7620 Месяц назад

Thanks for getting us into this much debt Labour

@ssygon2 Месяц назад

You can also thank KO (Kainga Ora) for borrowing and having to pay back 220million in loans....

@ye_zus Месяц назад

Actually the Key government increased far debt more than Ardern, despite the latter dealing with the pandemic. Just FYI

@justdonika4357 Месяц назад

Eh, rising debt burden was pretty much inevitable with Covid in the background. They actually drove down debt, meeting debt reduction targets years ahead of schedule, prior to 2020. I don't really blame Labour for driving up the debt after that point, any more than I blame National for the debt rising a bunch after the GFC. With the benefit of hindsight, maybe we could've borrowed a little less through Covid, but given forecasts st the time were for double digit declines in GDP and unemployment not seen since at least the Great Depression, I can't say I blame them for spending big to try to avoid that. And they were quite fiscally conservative before and after that.

@BrentColeman Месяц назад

Would love to see your source @ye_zus . There was definitely a lot of debt taken on during Key's time, but from everything I've seen, there was a much greater increase in debt after 2019 from the pandemic response. www.interest.co.nz/banking/106984/gareth-vaughan-strives-spark-21st-century-conversation-government-debt-urging-our . With a budget like this, it's safe to say National won't be spending much less than Labour did during their term, and they'll further entrench the country in debt.

@user-tg2vb5jj1e Месяц назад

John key did that buddy When labours Michael Cullen took over from national 25%of gdp was paying debt , by the time key took over he had us down to 5% then key sold everything and handed Jacinda 28% of gdp for debt servicing but everyone worships him Lots of National voters just blindly believe the party BS rather than fact check

@ooo-vc4xl Месяц назад

Labour had a 1:100 year pandemic to deal with

@sambeaumont395 Месяц назад