In its official six-monthly fiscal and economic update, the New Zealand government has forecast rising surpluses over the coming few years, a situation which led Finance Minister, Michael Cullen to hint on Thursday that tax cuts for the country's low income earners may be on the cards.
According to the Reuters news service, the government figures projected a surplus of NZ$3.5 billion in the year ending June 2003, rising to NZ$4.5 billion by June 2004, and NZ$5.2 billion the year after that.
Mr Cullen was keen to quash rumours of across the board or corporate tax cuts, announcing that: 'I don't anticipate any great movement in basic rates, the priority is those low income earners.'
That said, however, he refused to commit the government to any tax breaks ahead of time, urging New Zealand's taxpayers and advisers to 'wait and see if the outcomes are as good as the forecasts'.
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