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 Andrew Little’s Debut, Mockingjay, And Drunk Texting

John Key’s credibility has taken a hammering this week – at least among the 50% of the electorate who have always had doubts about him on that score.

The other substantial story of the week has been about Andrew Little’s debut as Labour leader, which has received top marks, especially among the 25% of the electorate still voting Labour. According to some reports, the Labour caucus has been ‘in seventh heaven’ about Little’s success this week in taking it to the government in the House. More>>

ALSO:

 
 

Parliament Today:

Gordon Campbell: On Government Arrogance

Right now, National is ramming anti-terrorism measures through Parliament. This legislation will grant the SIS the power to carry out 48 hour bouts of surveillance on anyone without a warrant, and will bestow on government the power to unilaterally revoke anyone’s passports and thus deny them the freedom to travel. More>>

ALSO:

Glenn Inquiry: Report Offers Solutions To Family Violence

The People’s Blueprint unveiled today by Sir Owen Glenn’s independent inquiry into child abuse and domestic violence outlines a new, more cohesive and effective system for reducing New Zealand’s alarmingly high family violence rates. More>>

ALSO:

Environment Commissioner: Changing Climate And Rising Seas - Understanding The Science

A rising sea will be with us for a long time to come – one way or another we will have to adapt. But how high and how fast the water rises will be influenced by the speed at which the world – including New Zealand – reduces greenhouse gas emissions over the coming decades. More>>

ALSO:

Key Texts With Whale Oil Released: PM Can’t Be Trusted Over Dirty Politics Defence - Greens

John Key’s answers to questions about dirty politics can’t be trusted, after he was forced to admit that he had misled journalists and Parliament about contact with attack blogger Cameron Slater, said the Green Party today.. More>>

ALSO:

Temporary Release Crackdown Continues: Corrections Review Of Phillip Smith Case

“The review by Corrections’ Chief Custodial Officer reveals that the plan for Smith’s series of temporary releases was overly ambitious and misinformed. He’s a highly manipulative and deceptive person who although technically eligible, should not have been considered for temporary release." More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news