Budget 2017: Family income and tax package - by the numbers video

Finance Minister Steven Joyce presents his Budget to the House.
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Finance Minister Steven Joyce presents his Budget to the House.

Kiwis have a lot of information to digest in this year's Budget, with families getting the most out of this year's pre-election efforts.

Here's the Government's family income and tax package, by the numbers:

WHAT ARE THE CHANGES?

Steven Joyce has announced a package of measures targeted at families. We've unpicked the numbers.

Steven Joyce has announced a package of measures targeted at families. We've unpicked the numbers.

Two of the income tax thresholds will rise. The $14,000 threshold rises to $22,000, the $48,000 threshold rises to $52,000

The Working for Families Family Tax Credit - up for some and down for others.

The Accommodation Supplement increases and more areas will qualify for higher payments.

Cartoonist Tom Scott
TOM SCOTT

Cartoonist Tom Scott

WHAT WILL YOU GET?

The Government says 1.3m working-age families will get an average of $26 a week.

Anyone earning more than $22,000 a year will get $10.70 a week.

Anyone earning more than $52,000 will get $20.38 more a week.

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The higher family tax credit, available to children aged 16-18, will be expanded to cover all children - an increase of $9.25 a week for the first child and $17.75-26.81 a week for each subsequent child. 

ROBERT KITCHIN/FAIRFAX NZ

Finance Minister Steven Joyce delivers Budget 2017.

The accommodation supplement will increase by between $25 a week and $75 a week for a two-person household and between $40 and $80 a week for larger households.

Student allowance recipients in housing stress will get up to $20 more a week in accommodation benefit.

A couple on superannuation will get a $13.12 a week rise next year because of the link to higher wages.

WHEN WILL I GET IT? 

From April 1, 2018.

WHO MISSES OUT? 

Individuals with no other state help lose the independent earner tax credit, worth up to $10 a week, but will get a boost from the tax changes.

The abatement rate changes for the families tax credit will claw some of the gains back - at 25c in the dollar if you earn over $35,000 (up from 22.5c at $36,350 previously).

A small number - estimated at 200 households - will lose a few dollars a week from the accommodation supplement changes.

WHAT WILL IT COST?

Tax changes: $486 in 2017/18, $1.87 billion in 2018/19

Working for families: $97m in 2017/18, $373m in 2018/19

Accommodation supplement: $88m in 2017/18,  $361m in 2018/19

Total: $603m in 2017/18, $2.075b in 2018/19

 - Stuff

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