Most of you would have noticed a boost in your pay packet since tax cuts became effective on October 1, 2010.
A majority of New Zealanders are now better off, even after the GST increase.
This is great news for hardworking Indian families.
The tax changes give you the incentive to save more, seek a higher paying job, and get ahead under your own steam.
The cost of living has also been made easier for families with the annual inflation at its lowest levels in six years. And real wages are rising.
Inflation for the year to September stood at 1.5%, the lowest annual figure since 1.5% inflation in the year to March 2004. The last time it was lower was in the year to December 1999.
Fruit and vegetable prices have fallen by 11% since National took office, and petrol prices have fallen 14% in the two years to September 2010. Real inflation-adjusted after-tax wages have increased by 9% in the last two years, after going backwards in the previous two years.
National’s tax cuts mean nearly three quarters of income earners now have a top tax rate of 17.5% or less.
We also immediately compensated superannuitants, beneficiaries, and Working For Families recipients for the rise in GST at the start of October.
We are working hard to boost growth to create jobs and raise incomes, encourage savings and investment, and help families get ahead.
The National-led Government is also working hard to strengthen the ladder of opportunity for students and help them gain the skills they need to succeed.
That is why we are putting more money into extra University places.
We are funding 765 new places in universities and an additional 455 core places at Polytechnics and Institutes of Technology next year.
On top of that, we would invest $55 million over the next two years to provide almost 3000 extra places for university students.
This means the number of full-time places funded in Universities next year will be about 119,000, the highest ever.
This is great news for New Zealand because a boost in the number of university graduates will help strengthen our workforce and grow our economy.
National is also focused on lifting performance and accountability in the tertiary education sector.
From 2012, Tertiary Education Organisations will receive some of their funding based on how well they perform academically.
Kanwaljit Singh Bakshi is Member of Parliament on National Party List. The above article is exclusive to Indian Newslink. ©
