Story perspectives

Luxon Slashes $300M, Ends Final-Year Fees, Targets Surplus

5/13/2026

Summary

Story summary

The May 28 budget will cut the operating allowance for new initiatives by $300 million.
Prime Minister Christopher Luxon said operating spending will be $2.1 billion, $300 million below the $2.4 billion allowance.
He added government aims for a surplus by 2028/29 and to cut debt to 40 percent of GDP.
Luxon announced immigration policy that will prioritize social cohesion over economic considerations.
Winston Peters disclosed government will end fees-free tertiary study benefit for final-year students.

1 of 1

Story summary

The May 28 budget will cut the operating allowance for new initiatives by $300 million.
Prime Minister Christopher Luxon said operating spending will be $2.1 billion, $300 million below the $2.4 billion allowance.
He added government aims for a surplus by 2028/29 and to cut debt to 40 percent of GDP.
Luxon announced immigration policy that will prioritize social cohesion over economic considerations.
Winston Peters disclosed government will end fees-free tertiary study benefit for final-year students.