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Crown Accounts Record Increased Surplus

Crown Accounts Record Increased Surplus

The New Zealand Government recorded an annual surplus of $2,662 million in its current account for the year ended June 2002 according to Statistics New Zealand. The surplus is $881 million higher than the result for the June 2001 year, but lower than the peak of $4,178 million recorded in 1996.

Total current income for the June 2002 year was $40,189 million, an increase of $2,188 million or 5.8 percent on the previous year. Taxation revenue made the most significant contribution to this increase, up $1,618 million.

Income taxation increased by $668 million from $23,291 million in the June 2001 year to $23,959 million: with tax on individuals up $999 million, partly offset by falls in company taxes, down $244 million and withholding tax, down $87 million. Taxes on production and imports increased by $936 million in the June 2002 year to $12,938 million. This increase was largely a result of a $678 million rise in GST revenue. The increases in taxation revenue reflected the growth in the economy over the year (Gross Domestic Product grew 3.5 percent in the year to June 2002), and increased employment and wage growth.

Total current outlays rose by 3.6 percent in the June 2002 year, taking the level from $36,221 million in the previous year to $37,528 million. Increases in Crown spending on health and education contributed most to this increase in current expenditure. Current outlays on health rose by $247 million to $6,970 million, while education spending was up by $344 million to $6,225 million.

Debt servicing costs fell by $178 million or 6.8 percent, in the latest June year, to a level of $2,455 million.

After financing current and capital expenditure, the Crown recorded a net lending figure of $2,597 million in the June 2002 year. This is $943 million higher than the net lending figure of $1,654 million recorded in the June 2001 year.

Brian Pink

Government Statistician

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