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

HiveMind: Fair Enough? How Should New Zealanders Be Taxed? - Have Your Say

Scoop and PEP invite you to share your issues, ideas and perspectives on the NZ tax system with other New Zealanders using Scoop’s HiveMind tool. This Tax HiveMind is intended to complement and feed into the review being run by the Government-appointed Tax Working Group (TWG), which is looking at the fairness, balance and structure of the tax system with a 10-year time horizon.

We at Scoop and PEP believe that an issue as important as the fairness of the tax regime should be open for discussion, debate and dialogue. Unfortunately, a written submission process just doesn’t encourage the kind of public exchange we think is necessary in a well-functioning democracy. More>>


Gordon Campbell: On The GCSB’s Security Hang-Up With Russia

So our GCSB has chimed in, alongside its British, Australian and US allies, with warnings about a “fresh wave” of Russian cyber attacks, although the warning has been curiously framed. More>>


PM's Europe Trip: CHOGM & Bilateral Meetings

Prime Minister Jacinda Ardern is in urope for the Commonwealth Heads of Government Meeting (CHOGM) in London and meetings with counterparts in Paris and Berlin. More>>


Road Safety Summit: Actions To Improve Identified

The Local Government Road Safety Summit held last week identified actions that will lead to lasting changes to road safety in New Zealand, says Associate Transport Minister Julie Anne Genter. More>>


Hit And Run: AG Gives Approval For Inquiry

Attorney-General David Parker has today announced a Government Inquiry will be held into Operation Burnham and related events. The operation undertaken in Tirgiran Valley, Afghanistan, ... More>>


Addressing Climate Change: No New Offshore Exploration Permits

The Coalition Government is taking an important step to address climate change and create a clean, green and sustainable future for New Zealand, Prime Minister Jacinda Ardern announced today. More>>


Early Childhood Sector: Complaints Data Released

A new report released today by the Ministry of Education provides greater transparency and additional information to parents, says Deputy Secretary Sector Enablement and Support Katrina Casey. More>>





Featured InfoPages