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

Parliament Today: Parliament Adjourns

The 50th Parliament has adjourned for the final time.

After the completion of the adjournment debate, MPs left for the campaign trail with Parliament to be dissolved on August 14 ahead of the September 20 election.

Speaker David Carter thanked staff and MPs for their work, and in particular the Clerk of the House Mary Harris saying his job would be near impossible without her wise advice on a daily basis. Harris has signaled she would retire next year and would leave a large gap. More>>

 

Parliament Today:

Novopayout: Government-Owned Company To Take Over School Payroll

After lengthy negotiations, the Ministry of Education and the existing school payroll provider, Talent2, have settled both on the amounts payable by Talent2 towards the costs of remediating the Novopay service and a new operating model for the school payroll system. More>>

ALSO:

Employment: Labour Will Raise Minimum Wage, Restore Work Rights

A Labour government will raise the minimum wage $2 an hour to $16.25 and restore work rights to ensure the benefits of economic growth are shared fairly by all New Zealanders, Labour Leader David Cunliffe says. More>>

ALSO:

Police: Crewe File Review Released

No new evidence has come to light implicating any specific person as being responsible for the murders of Jeannette and Harvey Crewe... The review identifies there is a distinct possibility that Exhibit 350 (the brass .22 cartridge case) may be fabricated evidence, and that if this is the case, that a member of Police would have been responsible. More>>

ALSO:

Werewolf Issue #49: Gordon Campbell Interviews Laila Harre

For 25 years, Labour and National have been in virtual agreement about the basics of economic policy, and differed mainly on how to go about managing its social consequences. More>>

ALSO:

Greens: Plan To Protect Our Maui’s Dolphins

1. Protect Maui’s from being killed in the sanctuary set up to protect them... 2. Extend fishing protections to the entire Maui’s range... 3. Help protect the livelihoods of affected fishers by supporting them to adopt dolphin-safe fishing methods. More>>

ALSO:

Gordon Campbell: On National’s Electorate Deals

For all the talk yesterday from Prime Minister John Key about National being transparent about its electorate deals in Epsom and Ohariu, that transparency is entirely front-loaded. More>>

ALSO:

Greens: Oil Drilling Face-Off With Labour

The key policy points in the Green Party’s plan to protect our beaches from oil spills are to:
1. Prohibit deep sea oil drilling; 2. Implement compulsory shipping lanes for coastal shipping; 3. Build Maritime New Zealand’s oil spill response capability; and 4. Introduce a stronger legal framework so that when accidents do happen, the New Zealand taxpayer does not have to pay for the clean-up. More>>

ALSO:


Nick Smith v Fish & Game:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news