NZ Budget: Govt expects a bigger-than forecast budget surplus in 2017

New Zealand (NZ) Treasury is out with the Annual Budget release, outlining the government's budget for the year, presented in parliament by the finance minister.

Key Highlights:

Government predicted a NZ$1.62 billion surplus in the year to June versus its prior forecast for a NZ$473 million surplus in the December half-year economic and fiscal update

Finance Minister Steven Joyce: "These surpluses are significant, but they will be needed to meet the cost of the very large new capital investment the Government has committed to"

Joyce announced NZ$11 billion in spending on infrastructure over the next four years

Budget also included a NZ$6.5 billion package to increase family incomes by adjusting tax thresholds and increasing grants

Government forecast a NZ$2.85 billion surplus in the year to June 2018, versus a prior forecast of a NZ$3.34 billion surplus