General Politics

Fast action ruled out by Key on rort by rich

John Key

As per the media reports, immediate move is being ruled out by Prime Minister John Key, for forbidding well-off families rorting the Working for Families scheme. Mr. Key said that he will wait for a high-powered tax review group to recommend changes in December.

It has been forwarded by the Treasury and the Inland Revenue Department that over 9700 families claiming tax credit, also own rental properties, and claim losses on them to offset their other income.

Huge welcome to Primary investment funding

Agriculture and Forestry Minister David Carter

During yesterday's budget, government investment for primary industries was welcomed with wide open arms, in spite of criticism from some for a scrapped tax credit for research.

Whopping $190 million of funding was given to a new Primary Growth Partnership over the next four years, reaching $70 million a year when fully operating in 2012/13.

The industry would match the government investment that would lead in an annual investment of up to $140 million.