This year's Budget will be announced on Thursday, May 16, Finance Minister Bill English said today.

“This will be the National-led Government’s fifth Budget in what have been extremely challenging global economic times,” he says.

“It will continue to implement the Government’s programme to deliver a more competitive and faster-growing economy, more jobs and a return to fiscal surplus,” he says.

“The global economic environment remains uncertain and this makes it even more important to maintain clear and credible fiscal settings.

“As I’ve said, this will require restraint well beyond our surplus target of 2014/15, so we can pay down debt and build a buffer against the next global shock.

“As well as getting its own finances in order, the Government is continuing to address New Zealand’s significant economic challenges, including a sustained rebalancing towards the internationally competitive sectors of the economy.

“Budget 2013 will also contribute to the Government’s other main priorities of delivering better public services within tight financial constraints and supporting the rebuilding of Christchurch.”