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The Foreign Economy Committee meeting on Tuesday reviewed two significant budget submissions. The first focused on revenue options for 2023, including updated forecasts, tax cuts, and tax increases. Treasurer Ian Linkstaki emphasized the importance of responsible budgeting, anticipating a reduction of windfall gains from 2022 oil price increases by approximately 1.5 billion Kina in 2023. The capital budget presentations suggested substantial increases, building on the nearly doubled capital budget under the Marape-Rosso government, from 3 billion to nearly 6 billion Kina. Despite these increases, Linkstaki noted major expenditure pressures affecting the operating budget, particularly highlighted by recent rental lockouts.
