Story perspectives

Willis cuts 8,700 jobs, adds $14.7B tax cuts, $8.5B gap

5/22/2026

Summary

Story summary

Minister Nicola Willis announced 8,700 public-service job cuts to save $2.4 billion, earmarked for infrastructure, defence and police.
The 2024 budget’s $14.7 billion tax cuts will be funded by $12 billion of borrowing.
The budget set aside $23 billion in savings, allocating $3.68 billion to tax cuts, $16.68 billion to health and $2.9 billion to landlord deductions.
After reshuffling, the government left an $8.5 billion unfunded gap, hoping growth will fill it rather than borrowing.

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Story summary

Minister Nicola Willis announced 8,700 public-service job cuts to save $2.4 billion, earmarked for infrastructure, defence and police.
The 2024 budget’s $14.7 billion tax cuts will be funded by $12 billion of borrowing.
The budget set aside $23 billion in savings, allocating $3.68 billion to tax cuts, $16.68 billion to health and $2.9 billion to landlord deductions.
After reshuffling, the government left an $8.5 billion unfunded gap, hoping growth will fill it rather than borrowing.