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

 


OBEGAL Deficit Close To Forecast In October

Hon Bill English

Minister of Finance


5 December 2012

Media Statement

OBEGAL Deficit Close To Forecast In October

The Government’s $2.87 billion operating deficit before gains and losses in the four months to 31 October was slightly larger than forecast, after core Crown revenue and expenses both came in below expectations.

“The latest figures confirm that the Government is continuing to control its new spending and getting better results from existing programmes, as we move towards our target of returning to surplus in 2014/15,” Finance Minister Bill English says.

“Core Crown tax revenue was a bit below Budget 2012 forecasts, as it was in the three months to September. This reflected slightly weaker than forecast consumption and wage growth feeding into GST and PAYE revenue.

“But it’s good to see Inland Revenue’s tighter collection and enforcement policies resulting in higher effective tax rates for non-incorporated businesses.

“On the other side of the ledger, core Crown spending was $343 million below forecasts, reflecting slightly lower than expected spending in health, welfare, education and lower finance costs as a result of lower-than-forecast interest rates.”

The $2.87 billion OBEGAL deficit for the four months was $169 million larger than Budget 2012 forecasts. Net core Crown debt at $55.47 billion, or 27.1 per cent of GDP, was as forecast in the Budget.

“With the world economic position remaining uncertain, it is important that the Government remains focused on responsible and prudent fiscal policy well beyond its 2014/15 surplus target,” Mr English says.

“A new set of forecasts will be issued with the Half-Year Economic and Fiscal Update on 18 December. They will include the Treasury’s latest assessment of the global economic situation and its likely impact on New Zealand, as well as confirming the Government’s ongoing long-term economic plan.”

ENDS

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

2040 Target And Lower Standards: “Swimmable” Rivers Five Times More Likely To Make You Sick

Forest & Bird has condemned the government’s new water quality standards, warning New Zealanders that they lock in current levels of water pollution and allow for a 5-fold increase in the chance of getting sick from swimming in a river.

“Despite an explicit assurance from Minister Smith that the new water standards would provide for human and ecosystem health, he has failed to deliver on either of these things,” says Forest & Bird CEO Kevin Hague. More>>

ALSO:

 
 

Immigration: Clampdown On Rogue Employers Good First Step

The Human Trafficking Research Coalition is pleased at the new clampdown on rouge employers who exploit migrants announced by Minister Woodhouse this morning, and believes this is a step in the right direction. More>>

ALSO:

Mayor: 750 New Social And Affordable Homes For Wellington (Over A Decade)

The next stage of Wellington’s Housing Upgrade Programme will see at least 750 new units of social and affordable housing built over the next decade, Mayor Justin Lester has announced. More>>

ALSO:

22/2: Christchurch Quake Memorial Unveiled

A city, a region, a nation and an international community impacted by the Canterbury Earthquakes will come together to mark the sixth anniversary of the deadly quake and dedicate Oi Manawa Canterbury Earthquake National Memorial. More>>

ALSO:


November Quakes:

Gordon Campbell: On The Mana-Maori Party Deal

If the self-interest involved wasn’t so blatant, the electorate deal between the Maori Party and Hone Harawira would be kind of poignant. It’s a bit like seeing the remaining members of Guns’n’Roses or the Eagles back on the road touring the nostalgia circuit… playing all the old hits of Maori unity and kaupapa Maori politics. More>>

ALSO:

Private Provision: First Social Bond To Focus On Mental Health

New Zealand’s first social bond will help around 1700 people with mental illness into work, Finance Minister Steven Joyce and Social Investment Minister Amy Adams say. More>>

ALSO:

Immigration: Short Reprieve For Nine Indian Students

A temporary hold on deportations of nine Indian students is a step in the right direction but the Government urgently needs to implement safeguards to stop further injustices to more international students, the Green Party says. More>>

EARLIER:


Megaupload Case: High Court Rules Dotcom, Co-Accused Eligible For Extradion

Internet entrepreneur Kim Dotcom and his three co-accused are eligible for extradition to the United States, New Zealand's High Court ruled... Justice Murray Gilbert upheld a decision by the District Court that there were grounds for Dotcom, Mathias Ortmann, Bram van der Kolk and Finn Batato to be extradited. More>>

ALSO:

PREVIOUSLY:

Port Hills Fire: Midday Update, Monday 20 February

• 9 homes destroyed
• 2 homes with partial damage. Damage includes things like cracked windows, heat damage.
• 3 properties with damage to other external structures e.g sheds or outbuildings More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news