Green Party releases fiscal plan with increased health spending

The Green Party has released a fiscal plan that proposes increasing public health funding by $3 billion each year, totalling $32 billion over a four-year forecast period. Co-leader and finance spokesperson Chlöe Swarbrick released the plan at Parliament. The strategy involves higher government borrowing and new taxes to fund these increases.

The plan projects a return to surplus in 2029/30, which is one year later than the current Government's track. It also forecasts an increase in net core Crown debt, with reports differing on the specific percentage for 2030/31. One report states debt would reach 44% of GDP, while another reports it would reach 50.8% of GDP.

To fund the plan, the party proposes several new taxes, including a 'super-rich' tax, a capital acquisitions tax, a big corporations tax, and a major banks levy. These measures, alongside other changes, are intended to generate approximately $7 billion to $8 billion in additional annual revenue. This revenue would be balanced by income tax cuts and investments aimed at adding 64,000 more jobs than Treasury forecasts.

Swarbrick defended the approach, stating, "Governments are failing if they declare a surplus while children have cancer treatment delayed and our emergency departments are in crisis". The plan also includes funding for climate emissions mitigation through the purchase of offshore credits.

Where reports differ

• Reports disagree on the projected net core Crown debt for 2030/31, citing either 44% or 50.8% of GDP

Compiled from reports by Stuff, 1News, RNZ, The Post, NZ Herald and Otago Daily Times.