New Zealand (NZ) Treasury is out with the Annual Budget release, outlining the government's budget for the year, presented in parliament by the finance minister.
Government predicted a NZ$1.62 billion surplus in the year to June versus its prior forecast for a NZ$473 million surplus in the December half-year economic and fiscal update
Finance Minister Steven Joyce: "These surpluses are significant, but they will be needed to meet the cost of the very large new capital investment the Government has committed to"
Joyce announced NZ$11 billion in spending on infrastructure over the next four years
Budget also included a NZ$6.5 billion package to increase family incomes by adjusting tax thresholds and increasing grants
Government forecast a NZ$2.85 billion surplus in the year to June 2018, versus a prior forecast of a NZ$3.34 billion surplus
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