Parliament

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

 

Crown finances tracking well compared to forecast


Hon Bill English
Minister of Finance

8 March 2013
Media Statement
Crown finances tracking well compared to forecast

The Government’s financial position continues to track slightly better than forecast in the Crown’s financial statements for the seven months to 31 January issued today, Finance Minister Bill English says.

The operating deficit before gains and losses for the seven months was $2.5 billion, or $571 million smaller than the $3.1 billion deficit forecast in the Half-Year Update in December.

“The Government is continuing to keep control of its spending, so we can remain on track for surplus in 2014/15,” Mr English says. “That’s reflected in the latest figures, where core Crown expenses have come in $282 million below forecast.

“At the same time, core Crown tax revenue is $486 million above forecast. This includes source deductions coming in $225 million above forecast, suggesting underlying strength in tax revenue.”

Core Crown tax revenue was $1.7 billion higher than in the seven months to January 2012. This was due mainly to higher source deductions and ‘other’ individuals’ tax.

Meanwhile, the operating balance – including gains from government investment funds – showed a $4.2 billion surplus for the seven months, reflecting recent strength in financial markets. This compared with a forecast $154 million deficit.

“Overall, the results are encouraging, but the Government will remain firmly focused on continuing to manage its finances responsibly so we can return to surplus and start repaying debt,” Mr English says.

“We will also press ahead with our programme to build a more competitive economy and support the business investment needed for growth and jobs.”

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On The Ch-Ch-Changes At IRD

job cuts aren’t happening at the IRD, exactly. Instead, there’s apparently a ‘transformation’ in store, and jobs won’t be axed ; no, they will be ‘transformed’ before our eyes into… non-jobs, if you happen to be among the unlucky legion of 1,900 who are being lined up for transformation, which seems to work rather like a secular version of the Rapture.

Except that at IRD, not even your shoes will be left behind. More>>

 

Christchurch Mental Health: Hospital Too 'Awful' For Reviewers To Visit

Jonathan Coleman has to stop the stalling over a new building for mental health services in Christchurch to replace the quake damaged Princess Margaret Hospital, says Labour’s Health spokesperson David Clark... More>>

ALSO:

Greens Call For Govt Action: Children Sick Because Of NZ Housing

The Royal Australasian College of Physicians president-elect said today that children with preventable respiratory illnesses are being re-admitted to hospital because they're being sent back to cold, damp homes. More>>

ALSO:

Less Tax Cut, More Spending: Labour Launches Fiscal Plan

“Labour will invest $8 billion more in health, $4 billion more in education and $5 billion more for Kiwi families through Working for Families, Best Start and the Winter Energy Payment than the Budget 2017 projections for the forecast period.” More>>

ALSO:

Gordon Campbell: On The Greens’ Room For Political Pragmatism

The Greens here are currently being criticized by the commentariat for not making the same kind of pragmatic choices that sunk the Democrats in Australia. More>>

Gordon Campbell: On Being Humane About Welfare, Child Support, And Tax

It made for an unusual Venn diagram, but Greens co-leader Metiria Turei and Finance Minister Steven Joyce were briefly sharing some common elements this week in the set that says – hey, don’t use the powers of the state in ways guaranteed to make the system you’re trying to defend worse, not better. More>>

ALSO:

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

Featured InfoPages

Opening the Election