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


Big shift in numbers since budget – Mallard

Media Statement

Big shift in numbers since budget – Mallard

“The final outturn for the 2002-2003 financial year shows a significant shift since the budget forecasts were signed off in late April,” Acting Finance Minister Trevor Mallard said today.

“The OBERAC [Operating Balance Excluding Revaluations and Accounting Changes] has come in at $5.6 billion, which is around $1.5 billion above the budget night forecast and reflects higher tax revenues, delays in spending and higher State Owned Enterprise and Crown entity surpluses.

“The shift in the operating balance – from around $1.4 billion to $1.96 billion - is smaller but still significant.

“Gross debt levels are now at their lowest since 1971 and the OBERAC – which provides the best guide to the underlying quality of the government’s fiscal stewardship – is the highest ever recorded. This is also reflected in net Crown debt which is around $1.3 million lower than projected on budget night.

“The stronger than expected results, if maintained and if other conditions permit, auger well for the government to deliver on the assistance package to low and middle income families and incentives to assist people to move from welfare to work, which Finance Minister Michael Cullen signalled in the budget speech.

“However, this government has and will continue to manage the Crown’s overall finances in a prudent and responsible manner.

“While the shift in actual outturn since the budget is in a positive direction, our overall fiscal strategy is to maintain a cautious fiscal stance with sufficient headroom to provide a buffer against forecast changes or unanticipated events,” Trevor Mallard said.


© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines

PM's Press Conference: Pike Re-Entry Agency

At today's post-cabinet press conference Prime Minister Jacinda Ardern was joined by Minister Responsible for Pike River Re-entry Andrew Little to announce plans for the new agency for re-entry of the mine.

The Pike River Recovery Agency, Te Kahui Whakamana Rua Tekau ma Iwa, will be officially established on 31 January 2018 and will work with the Pike River families with the intention of manned entry of the drift before March 2019. More>>


Foreign Affairs: Patrick Gower Interviews Jacinda Ardern

Prime Minister Jacinda Ardern says discussions have already begun on how to bring climate change refugees into New Zealand under a Pacific seasonal employment plan... More>>


Gordon Campbell: On The Centre Right’s Love Of ‘Nanny State’

You’d almost think it was 2005 again. That was a time when the rugged individualists of the centre-right were being beset by government regulations on the nature of light-bulbs, the size of shower heads, the junk food available at school tuck shops and other such essentials... More>>

Speaking Of Transport: Public Engagement On Wellington Scenarios

“Our work on possible solutions for Wellington’s transport future is ongoing, but has progressed to the stage where we’re ready to share our ideas with the public and seek their feedback to help guide our next steps...” More>>


Parental Leave: National's Time-Sharing Change Fails

National has proposed a change to the Parental Leave and Employment Protection Amendment Bill that would allow both parents to take paid parental leave at the same time, if that is what suits them best. More>>


Train Free Thursday: Workers Strike To Defend Terms Of Employment

"They signed up to these conditions a year ago when they got the contract for Wellington's rail services. Now they're trying to increase profits by squeezing frontline workers." More>>


Seclusion: Ombudsman Emphasises Importance Of Monitoring

Disability Rights Commissioner Paula Tesoriero says that while there have been changes to the Education (Update) Amendment Act 2017 to prohibit the use of seclusion, the report is an important reminder of the importance of regular monitoring of schools. More>>





Featured InfoPages

Opening the Election