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Significant Lift in Crown Accounts Surplus

Significant Lift in Crown Accounts Surplus

The New Zealand Government recorded an annual surplus of $4,539 million in its current account for the year ended June 2003, according to Statistics New Zealand. This is $1,770 million higher than the result for the June 2002 year, an increase of 63.9 percent. The higher surplus (or saving) was the result of a 9.2 percent increase in current income, compared with a 5.1 percent lift in current expenditure.

Total current income for the June 2003 year was $43,662 million, an increase of $3,683 million on the previous year. Taxation revenue made the most significant contribution to this increase, up $3,777 million. Revenue from income taxation was $26,653, up $2,694 million from the $23,959 million in the June 2002 year, with tax on individuals contributing $1,511 million (up 8.5 percent), company taxes $939 million (up 20.5 percent), and withholding tax $244 million (up 15.4 percent).

Taxes on production and imports increased by $1,083 million (up 8.4 percent) in the June 2003 year to $13,995 million. This increase was largely the result of a $726 million rise in GST revenue.

The increases in taxation revenue reflected the growth in the economy over the year (Gross Domestic Product in constant prices grew 4.0 percent in the year to June 2003), and increased employment and wage growth.

Total current outlays rose by 5.1 percent in the June 2003 year, taking the level from $37,211 million in the previous year to $39,123 million. Increases in Crown spending on health and education contributed most to this increase in current expenditure. Current outlays on health rose by $545 million to $7,520 million, while education spending was up by $530 million to $6,686 million.

With revenue exceeding both current and capital expenditure, the Crown recorded a significant lift in net lending, which increased from $2,283 million in the June 2002 year to $4,293 million in the June 2003 year, an increase of $2,010 million.

Brian Pink

Government Statistician

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