Budget 2022 - Cost of Living Payment
The Government has announced a Cost of Living Payment as part of Budget 2022. The payment will be up to $350, split into 3 monthly payments of around $116. The first payment will be made on 1 August 2022. The payment will be available to eligible individuals who earned up to $70,000 during the period from 1 April 2021 to 31 March 2022, and who are not eligible to receive the Winter Energy Payment.
You do not need to apply for the Cost of Living Payment. If you're eligible, this will be paid directly into your bank account.
Budget 2022 - Funding Snapshot For Agribusiness
Research and development funding for emissions reductions technology is the big winner for agribusiness in Grant Robertson’s Budget 2022, providing opportunity for further growth in New Zealand’s innovative agri-tech sector. Other notable expenditures in this year’s budget include bio security and support for freshwater reform, however, farmers and growers might be left wondering what relief they will get from the rising cost of doing business.
Biosecurity - $110.9m funding
$42.9 million to bolster New Zealand’s biosecurity readiness for future incursions.
$68 million over the coming year to continue the M. bovis eradication momentum.
Climate Change - $728m funding
Funding allocated towards the $710m of funding announced pre budget over four years for Agriculture and Forestry, as part of the newly announced ‘Emissions Reduction Plan’.
$339m into R&D including the establishment of the Centre for Climate Action of Agricultural Emissions.
$256.2m for forestry to help with sequestration of C02, $35.4m for farmers and growers to support transition.
Training and education - $230m funding
Funding boost for apprenticeships, and support for Mana in Mahi and Māori Trades and Training Fund.
Environment - $35m funding
Freshwater farm plan system to help enable the implementation of the freshwater farm planning system. Freshwater farm plans (FWFPs) will be progressively rolled out across all farms in New Zealand (above certain size thresholds) over the following four to six years.
Warm Regards
Frans Els
MBA CA, Director
M. 021 0249 9798
Visit - Waipukurau: 45 Ruataniwha Street
Visit - Hastings: 100 Queen Street East
Contact number: 06 858 8796
Website: www.ruralaccountantshb.co.nz
