The Green Party has laid out its alternative Budget. Photo: RNZ
The Green Party has laid out its alternative Budget, pledging free GP visits and free childcare funded through new taxes and increased borrowing.
It comes just over a week before the coalition government reveals its spending plans in Budget 2025.
On Wednesday, the Greens released a suite of proposed policies and taxes - some new, some previously campaigned on.
They include a wealth tax, inheritance tax, private jet tax, ending interest deductibility for landlords, restoring the 10 year 'bright-line' test, doubling minerals royalties and changes to ACC levies.
The plan would see net debt climb from 45 percent of GDP to above 53 percent by the 2028/29 financial year.
According to the Greens' calculations, the new revenue streams would fund a free public health service providing GP and nursing services, free annual dental check-ups and basic dental care, as well as the restoring free prescriptions.
On the childcare front, it would give 20 hours free care per week for children from six months until school age, and cap fees at $10 per day for hours above the 20 per week entitlement in the short term, transitioning over time to free provision.
The alternative Budget also includes an "Income Guarantee" which would ensure anyone out of work or studying has an income of at least $395 a week, plus top-ups of $140 a week for sole parents.
The proposed inheritance tax would kick in after a lifetime threshold of $1m was reached, levelled at 33 percent.
As well, the party would introduce new rates of income tax of 39 percent on income over $120,000 and 45 percent on income over $180,000. That would be accompanied by a tax-free threshold on income beneath $10,000.
The Greens would also increase the corporate tax rate to 33 percent, three percent higher than Australia's current rates.
The promised wealth tax would be set at 2.5 percent on net assets, such as property, over an individual threshold of $2m, or $4m for couples.
Green Party co-leader Chlöe Swarbrick told reporters on Wednesday their proposal could be done responsibly.
"What we have presented in this budget is entirely credible, entirely feasible and entirely serviceable."
Swarbrick said New Zealand will be unresilient if investment was not made in the planet, infrastructure and the well-being of people.
With regard to the party's proposed jet tax, she said that the world was in the middle of a climate crisis.
"We have seen a doubling of private jets landing in this country in the last 10 years so this is putting a stake and saying hey look they should pay a little bit for doing so."
Earlier, Swarbrick said the alternative budget showed how peoples' lives would be better under a government run by them.
"This is a budget for a country that belongs to and works for New Zealanders."
Swarbrick said the Party believed in fairness and common sense.
"A Green Government will rapidly reduce emissions, reduce the cost of living and improve our quality of life."
She said her policies could be funded by taxing New Zealand's wealthiest people fairly.
The party also planned to reinstate the jobs for nature programme which was set up during the Covid-19 pandemic and is set to end in next month.
It would also require farming to be included in the emissions trading scheme (ETS) this year and remove forestry from the ETS.
There would be funding for a range of regional rail lines across the country and light rail lines in Auckland, Wellington and Christchurch.
The Green Party planned to go on a tour across the country with their alternative budget this month.
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