Budget policy statement

Heading: inserted, on 25 January 2005, by section 7 of the Public Finance Amendment Act 2004 (2004 No 113).

26M Budget policy statement

(1)

The Minister must present to the House of Representatives a budget policy statement—

(a)

not later than 31 March in each financial year; or

(b)

if Parliament is not in session on 31 March and a budget policy statement has not been presented in that financial year, as soon as possible after the commencement of the next session of Parliament.

(2)

The budget policy statement must, for the financial year commencing on 1 July after the statement is presented, state the broad strategic priorities by which the Government will be guided in preparing the Budget for that financial year, including—

(a)

the overarching policy goals that will guide the Government’s Budget decisions; and

(aa)

the wellbeing objectives that will guide the Government’s Budget decisions; and

(b)

the policy areas that the Government will focus on in that year; and

(c)

how the Budget for that year accords with the short-term intentions referred to in the most recent fiscal strategy report or the amended short-term intentions under subsection (3).

(3)

The budget policy statement must,—

(a)

if the long-term objectives referred to in section 26J(1)(a) have changed from those stated in the most recent fiscal strategy report, indicate those amended long-term objectives and explain how they accord with the principles of responsible fiscal management; and

(b)

if the short-term intentions referred to in section 26K(1) have changed from those indicated in the most recent fiscal strategy report, indicate those amended short-term intentions and explain how they accord with the principles of responsible fiscal management and the long-term objectives in the most recent fiscal strategy report or the amended long-term objectives under paragraph (a); and

(c)

if the details of the Government’s strategy for managing expenditure, assets, and liabilities (see section 26KA) have changed from those stated in the most recent fiscal strategy report, indicate those amended details.

(4)

The wellbeing objectives referred to in subsection (2)(aa) must relate to social, economic, environmental, and cultural wellbeing and to any other matters that the Government considers support long-term wellbeing in New Zealand.

(5)

The budget policy statement must explain how the wellbeing objectives are intended to support long-term wellbeing in New Zealand.

Section 26M: inserted, on 25 January 2005, by section 7 of the Public Finance Amendment Act 2004 (2004 No 113).

Section 26M(2)(aa): inserted, on 1 July 2020, by section 6(1) of the Public Finance (Wellbeing) Amendment Act 2020 (2020 No 29).

Section 26M(3)(b): amended, on 4 September 2013, by section 7(1) of the Public Finance (Fiscal Responsibility) Amendment Act 2013 (2013 No 67).

Section 26M(3)(c): inserted, on 4 September 2013, by section 7(2) of the Public Finance (Fiscal Responsibility) Amendment Act 2013 (2013 No 67).

Section 26M(4): inserted, on 1 July 2020, by section 6(2) of the Public Finance (Wellbeing) Amendment Act 2020 (2020 No 29).

Section 26M(5): inserted, on 1 July 2020, by section 6(2) of the Public Finance (Wellbeing) Amendment Act 2020 (2020 No 29).