HomeNewsExtra money is coming our way according to the new Govt budget...

Extra money is coming our way according to the new Govt budget plans


With Whittaker’s Chocolate hiking up their prices again, *chocolate lovers unite*, I really had to sit down and think about what this truly meant for my weekly binge sesh and it wasn’t pretty! In fact, I could feel my wallet cringing at the devastating news. Honestly, we get it, but it doesn’t soften the sting!

SOURCE: Whittaker’s Chocolate Lovers on Facebook

And with PayWave surcharge transactions sneaking up (an extra 13.75cents per $5.50 coffee – times that by 365 days and it’s an extra $50.19 a year… just on PayWave!)

And then seeing this Gisborne Pak’n’Save receipt from 1994 that went viral because it gave us Kiwis a major throwback to just how cheap groceries used to be, it really it was like adding extra special salt into an already vinegar filled wound.

A 1994 Pak’nSave receipt shows how much grocery prices have gone up in the past 30 years. Photo / mm-tts, Reddit


So it was a bit of relief to hear that ‘ExTrA MoNeY Is CoMiNg OuR WaY’ in this years Government budget. So, really? Like, how much? Well here’s how to see how much you’ll save with NZ’s tax relief….

With the cost of living still grinding us down and cash being tight for many Kiwis right now, we’re all hunting for any extra bucks to ease the strain on our wallets.

The government just dropped its budget plans, promising some tax relief to help us hang onto more of our hard-earned cash.

SOURCE: budget.govt.nz

This new budget comes with a nifty calculator to figure out how much you, or your household, could benefit from the package. It’ll tell you your fortnightly and yearly savings.

You’ll need to plug in a few details – your annual income (before tax), if you receive NZ Super (65+), if you’ve got any dependent kids, their ages, and early childhood education costs etc.

If you’ve got a partner and want see how much you’ll be saving together, make sure their annual income is ready to chuck in too.

This calculator is pretty spot-on for most peeps, but it doesn’t cover those receiving benefits, student allowance, or the Minimum Family Tax Credit.

The reduction in personal income tax is the first since 2010.  It’s fully funded from savings and revenue initiatives, so the government isn’t borrowing to make this happen.

They’re saying it “won’t add to inflation”.

According to the government’s numbers, around 1.9 million households will get an average of $60 extra per fortnight.

When I ran my numbers, it showed I’d be about $50 better off – at least it’s a bit of extra dosh for my coffee-fiend ways or a little extra petrol in the tank.

I mean, I’ll take what I can get right now. Every little bit helps, right?!