New Zealand's Finance Minister, Michael Cullen does not plan to use New Zealand's NZ$4 billion cash surplus to finance tax cuts, he told reporters recently.
Instead, much of this money will be placed in a government superannuation fund, and only a relatively small amount- in the region of NZ$400 to NZ$500 million- will be made available for "prudent" spending, according to Cullen. It is likely this money will be directed towards family and welfare schemes.
With an election approaching in 2005, the Finance Minister denied that there will be a pre-election spending spree, and suggested that the current healthy fiscal balance "demonstrates the strength of the government's accounts," with surplus estimates remaining "on track".
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