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 Last Rites For The TPP

The Trans Pacific Partnership trade deal is one of those litmus issues that has always had more to do with one’s place on the political spectrum than with any imminent reality.

To date, the Greens have opposed (a) a wide range of the leaked content of the TPP (b) the secretive way it has been negotiated and (c) the undemocratic way in which any final document would be ratified. Labour has shared some of those concerns, but while remaining generally supportive of the deal itself.

National has, for its part, been very enthusiastic about the TPP, while still giving assurances about Pharmac being protected... For the TPP’s friends and foes alike though, the end now seems nigh. More>>

 
 

Gordon Campbell: On The Farcical Elevation Of David Seymour

With the election won, it’s time to find jobs for the boy. David Seymour is the Act Party’s latest scrounger to be rewarded by the National Party, and not only with a seat in Parliament. More>>

ALSO:

As Key Mulls Joining ISIS Fighting: McCully Speech To UN Backs Security Council Bid

It is an honour to address you today on behalf of the Prime Minister and Government of New Zealand. Our General Election took place last week - our Prime Minister Rt Hon John Key is engaged in forming a government and that is why he is unable to be here in New York... More>>

ALSO:

Labour: Cunliffe Triggers Party Wide Leadership Contest

David Cunliffe has resigned as Labour Leader, but says he will seek re-election... If there is any contest the election will have to go through a process involving the party membership and union affiliates. More>>

ALSO:

Flyover Appeal: Progress And Certainty, Or Confusion And More Delays?

Lindsay Shelton: The Transport Agency, embarrassed by the rejection of its flyover alongside the Basin Reserve, says it’s appealing because the decision could “constrain progress.” Yet for most clear-sighted Wellingtonians a 300-metre-long concrete structure above Kent and Cambridge Terraces would in no way be seen as progress… More>>

ALSO:

Gordon Campbell: On Cunliffe’s Last Stand

Right now, embattled Labour leader David Cunliffe has three options. None of them are particularly attractive for him personally, or for the Labour Party... More>>

ALSO:

Key Seeking 'New Ideas': Look To Children’s Commissioner On Poverty - Greens

John Key should not reinvent the wheel when it comes to ideas for tackling child poverty, and instead look to the recommendations of the Children’s Commissioner’s Expert Group on Child Poverty, Green Party co-leader Metiria Turei says. More>>

ALSO:

'Safe To Re-Enter' - OIA Docs: Safety Is Absolute Priority At Pike River Mine

“We understand that the time it is taking to complete our evaluation of the risks is frustrating for the family members and we are trying to complete this work as quickly as we can,” Ms Dunphy says. “It is Solid Energy’s responsibility to make this decision and we will do so, once we have all the information required to make a fully-informed decision.” More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news