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

 


OBEGAL deficit shows careful stewardship

Hon Bill English
Minister of Finance

20 February 2013

OBEGAL deficit shows careful stewardship

A marginal improvement in the operating deficit before gains and losses in the six months to Dec 31 reflects the Government’s continuing careful stewardship of its finances, Finance Minister Bill English says.

The Government’s financial statements for the six months ended December 31 were published today showing that both Core Crown tax revenue and Core Crown revenue were slightly lower (0.1%) than forecast, but Core Crown expenses came in $273 million lower (0.8%) than expected, helping reduce the OBEGAL deficit by $158 million to $3.2 billion.

“These figures confirm that the Government’s determination to control its spending and get better value from taxpayers’ money is paying off,” Mr English says.

Core Crown expenditure for the six months to December was 32.8% of GDP, compared with forecasts back at our first Budget in 2009 of 36.3% of GDP by 2012/13.

“The six-month results show we are on track to reducing this further to around 30% of GDP in the next few years,” Mr English says.

Part of the reason for the reduced Crown spending was that two Treaty claims were delayed which has deferred $186 million of spending till later in the year. However, setting aside those, most government departments made savings.

Mr English said the operating balance of $1.7 billion was much higher than the forecast deficit of $541 million, largely reflecting the gains on the investments of ACC and the New Zealand Superannuation Fund.

Mr English said the Crown accounts showed that despite difficult financial conditions globally, the Government’s responsible and prudent fiscal management was reaping a steady gain for the New Zealand economy.

“We are doing the right things to achieve our long-term economic plan.”

ENDS

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On Drone Strikes And Judith Collins‘ Last Stand

The news that a New Zealand citizen was killed last November in a US drone attack in Yemen brings the drones controversy closer to home.

To the US, drones are a legitimate response to the threat posed by the al Qaeda organisation and its franchisees... To the US, the drones carry the added advantage of not putting US troops at risk on the ground, and minimises the need for putting them in large numbers in bases in the countries concerned, always a politically sensitive point.

The counter-argument, well articulated by security analyst Paul Buchanan on RNZ this morning, is that this particular drone attack can be said to amount to an extra-judicial execution of a New Zealand citizen by one of our military allies, in circumstances where the person concerned posed no threat to New Zealand’s domestic security. More>>

 

Parliament Today:

Policies: Labour’s Economic Upgrade For Manufacturing

Labour Leader David Cunliffe has today announced his Economic Upgrade for the manufacturing sector – a plan that will create better jobs and higher wages. More>>

ALSO:

Gordon Campbell: On The Life And ACC Work Of Sir Owen Woodhouse

With the death of Sir Owen Woodhouse, the founding father of the Accident Compensation Scheme, New Zealand has lost one of the titans of its post-war social policy. More>>

ALSO:

Bad Transnationals: Rio Tinto Wins 2013 Roger Award

It won the 2011 Roger Award and was runner up in 2012, 2009 and 08. One 2013 nomination said simply and in its entirety: “Blackmailing country”... More>>

ALSO:

Select Committees: Tobacco Plain Packaging Hearings

The Stroke Foundation is today backing the Cancer Society and Smokefree Coalition who are making oral submissions to the Health Select Committee in support of proposed legislation to remove of all branding from tobacco products. More>>

ALSO:

Milk: Oravida Asked For Cabinet Help

New evidence released by New Zealand First today reveals Justice Minister Judith Collins used her position to manipulate the Government to help her husband’s company, Oravida, after the Fonterra botulism scare, says New Zealand First Leader Rt Hon Winston Peters. More>>

ALSO:

With Conditions: Ruataniwha Consents Approved In Draft Decision

The Tukituki Catchment Proposal Board of Inquiry has granted 17 resource consents relating to the $265 million Ruataniwha Water Storage Scheme in a draft decision that would open more of the Hawke’s Bay to irrigation. More>>

ALSO:

Fast Lanes, Campervans: Labour 'Making The Holidays Easier For Kiwi Drivers'

The next Labour Government will make the holidays easier and journeys quicker for Kiwi families driving on the roads, says Labour Leader David Cunliffe. More>>

ALSO:

Gordon Campbell: On Royalty And Its Tourism Spin-Offs

Ultimately the Queen’s longevity has been one of her most significant accomplishments. A transition to Prince Charles while the monarchy was in the pits of public esteem in the mid to late 1990s would have been disastrous for the Royal Firm. Far more congenial representatives have now emerged... More>>

ALSO:

Privacy (Again): ACC Demands Excessive Privacy Waivers

Labour: “This is just another example of ACC under National deliberately acting to deny treatment and compensation... Those who did fill in the form have effectively been victims of yet another ACC privacy breach. This time Judith Collins knew it was happening..." More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news