Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search


Fiscal discipline rewarded - Cullen

Fiscal discipline rewarded - Cullen

“The government’s fiscal discipline continues to be rewarded with strong Crown accounts,” Finance Minister Michael Cullen said today.

He was commenting on the release of the Financial Statements for the year ended June. These show an OBERAC [operating balance excluding revaluations and accounting policy changes] of $2.7 billion.

“The OBERAC is the best measure of underlying financial stewardship as it strips out revaluation movements over which the government has no control, which can be very large, which are often driven by shifts in interest rates and which usually reverse out,” Dr Cullen said.

“The final result was around $550 million higher than forecast in the Pre-election Economic and Fiscal Update and compares with an OBERAC for the previous 2000-01 year of $2.1 billion.

“The figures show that the government is successfully achieving its fiscal policy objective of running budget surpluses to fund contributions to the New Zealand Superannuation Fund, financing the government’s investments and managing debt to prudent levels.

“Gross debt is around 30 percent of GDP and net debt at 16 percent, while net worth is up to 15 percent,” Dr Cullen said.

© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On The Tax Working Group’s Road Map

Trying to analyse the interim report on the Tax Working Group (TWG) is like trying to review an entire All Blacks game, but at the half- time mark.

With so much still to be finalised, Sir Michael Cullen and his colleagues are going to need all the All Blacks’ fabled finishing skills to get a coherent, fiscally neutral package together by the February 2019 deadline. More>>


Meth Testing Report: Housing NZ "To Right Wrong"

Phil Twyford “Housing NZ acknowledges that around 800 tenants suffered by either losing their tenancies, losing their possessions, being suspended from the public housing waiting list, negative effects on their credit ratings or, in the worst cases, being made homeless.” More>>


No Reshuffle: Meka Whaitiri Removed As A Minister

Meka Whaitiri will be removed as a Minister with immediate effect... The decision was made after receiving a report into an incident that occurred on 27 August in Gisborne, involving Meka Whaitiri and one of her staff. More>>


Pay Equity Bill: Making History For Women’s Pay

The Equal Pay Amendment Bill, introduced to the House today, will make it easier for workers to make a pay equity claim , using a more simple and accessible process within New Zealand’s existing bargaining framework. More>>


Suffrage 125: NZ A Trailblazer For Women

“We acknowledge the work of Kate Sheppard, Meri Te Tai Mangakāhia, and all of the suffragists who tirelessly campaigned for the vote… Today we also need to ask each other: how we can continue to make our country a fairer and better place to continue the legacy of the suffragists.” More>>


Asylum: Refugee Quota Increasing To 1500

“The quota increase will take place from July 2020. In the meantime, we will work to increase the number and spread of refugee resettlement and support services. We need to make sure we’re prepared for this change in policy.” More>>





InfoPages News Channels