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Labour MP Su'a William Sio says budget 2008 is a responsible budget that provides significant support and investment for all our communities in Manukau. 

"It not only provides assistance to families to meet the pressures they face at the checkout counters, petrol station and with mortgage & rental payments, it also continues the enhancement of investments in education, health, housing, business, young people and the elderly." 

The Government has been delivering a significant programme of tax reductions since 2004.  The combination of Working for Families tax credits, business tax cuts, and cuts to taxes on savings will total some $4.6 billion a year excluding indexation.  This has represented a considerable growth dividend to New Zealanders. 

Budget 2008 builds on that growth dividend with a substantial programme of personal and family tax cuts beginning on 1 October this year, with second and third stages occurring on 1 April 2010 and 1 April 2011. 

As a consequence of the tax changes, on 1 October superannuitants will receive an increase of $45.88 per fortnight for a married couple and $23.84 per fortnight for a single person living alone. Combined with the regular annual adjustments to take effect in 2009, these are the largest increases in New Zealand Superannuation rates since the Labour-led Government restored the floor of New Zealand Superannuation after the National Government's cuts. 

At the completion of the Budget 2008 tax-cut programme the rates will be 12.5 per cent on the first $20,000 of income, 21 per cent from $20,001 to $42,500, 33 per cent from $42,501 to $80,000, and 39 per cent above $80,000.  

"With the exception of one person who seemed intoxicated by greed, everyone else I've spoken to have described Dr Michael Cullen's ninth budget as fiscally responsible, visionary and compassionate. 

"Budgeting services who are at the cold face of community engagement tell me that every little cent counts, and the additional money that is available through tax cuts, increases in the working for families  package, and increases for superannuitants, will provide healthy meals for many families, and will help in making ends meet." 

Ends. 

For further information, please call Chris McAvoy: (04) 471 9870

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