Wednesday, 14 October 2015, 5:02pm

$414 Million: English Ekes Out Surplus

Finance Minister Bill English has delivered a surprise surplus, ending six years of red ink, as the economy maintained enough momentum to lift the government's tax-take, while keeping a lid on spending increases.

The operating balance before gains and losses (obegal) was a surplus of $414 million in the 12 months ended June 30, better than the deficit of $684 million predicted in the May budget, and turning around a shortfall of $2.8 billion a year earlier. Core tax revenue climbed 8.2 percent to $66.64 billion, almost $600 million more than predicted five months ago, and outpacing a 1.7 percent increase in core Crown expenses to $72.36 billion, some $500 million less than expected. More>>


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