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Crown Result Better Than Expected

The 2000 Crown Financial Statements show that the Crown’s finances reflect an improvement to Crown operations compared to the previous year and provide a strong basis for going forward, Treasurer and Minister of Finance Dr Michael Cullen said today.

Dr Cullen was commenting on the release of the Crown Financial Statements for the year ended 30 June 2000.

He said the $1.45 billion surplus was ahead of the Budget forecast by $686 million. Net Crown worth and net Crown debt were $1.28 billion and $423 million ahead of forecast, respectively.

“However, over half the improvement in the operating balance result was due to timing issues and favourable valuation movements. As a result, it is not likely to flow through into the 2000/01 year.

“Looking forward, the Government remains committed to its prudent fiscal policy, by staying within the $5.9 billion spending cap over the next three years, and focusing on ensuring we get value from the money we spend at the moment.

“We are still looking to strengthen the fiscal surpluses to ensure we are able to put aside money to partially pre-fund future New Zealand superannuation pressures.

“These results show that the Government’s strategy of continuing to run surpluses and pay down debt, while setting aside an allowance for future superannuation payments remains achievable” Dr Cullen said.

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