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NZ unveils its toughest budget in 20 Years

New Zealand unveiled its toughest budget in 20 years on Thursday, with no spending increase and moves to increase the tax take in the struggling economy, as it laid out a return to a budget surplus by 2015.

The government said spending had been kept around the previous year’s level by reprioritising policies, cutting programmes, and it would bolster its income by closing tax loopholes.

Forecasts showed budget deficits falling sharply over the next two years and a small surplus in 2014/15, which it has seen as vital to maintaining its high credit ratings and satisfying foreign lenders. 
 

(Source: CNBC)