On 24 May 2012, the Minister of Finance introduced the 2012/13 Budget to Parliament. The Government's objective is to turn the current year's deficit of NZD 8.44 billion into a surplus of NZD 197 million by 2014/15. It therefore presented a zero budget for the second year running.
The following tax changes were announced:
| - | repeal of the current tax credit for income under NZD 9,800, and the housekeeper and childcare tax credit; | |
| - | replacement of the tax credi… |