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

 


Restraint and Higher Revenue Boost Govt Books


Hon Bill English

Minister of Finance

6 May 2013 Media Statement

Restraint and Higher Revenue Boost Govt Books

The Government’s finances continue to improve with higher than forecast tax revenue contributing to the operating deficit now being lower than forecast in the Half-Year Update in December, Finance Minister Bill English says.

The operating deficit before gains and losses for the nine months to 31 March was $5 billion, or $273 million smaller than the $5.2 billion deficit forecast in December.

“The financial statements show that continued spending restraint is important as we remain on track to surplus in 2014/15, as the Budget next week will confirm,” Mr English says. “Ongoing spending control will allow the Government to build up sufficient surpluses to provide choices around repaying debt and investing more in priority public services.”

Overall, core Crown tax revenue was $535 million higher than forecast at $41.9 billion for the nine months. Tax on individuals’ income other than salary and wages was $406 million above forecast - a result of solid investment incomes driven by recent strength in sharemarkets. Source deductions were $187 million above forecast.

Compared with the nine months to March 2012, tax revenue increased by $2.1 billion, mainly reflecting wage growth, higher effective tax rates and a rise in GST revenue.

Core Crown expenses remain in line with forecasts set out in December’s Half-year Update, which showed a substantial $1.7 billion reduction in expenses compared with Budget 2012.

Higher than expected net gains from Government investment funds delivered a $2.5 billion operating surplus for the nine months, which was significantly better than the $2.0 billion forecast operating deficit.

ENDS


© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

 

PARLIAMENT TODAY:

"Gutted" Safety Bill: Time To Listen To Workplace Victims’ Families

Labour has listened to the families of whose loved ones have been killed at work and calls on other political parties to back its proposals to make workplaces safer and prevent unnecessary deaths on the job. More>>

ALSO:

Regulators: Govt To ‘Crowd-Source’ Regulatory Advice

A wide-ranging set of reforms is to be implemented to shake up the way New Zealand government agencies develop, write and implement regulations. More>>

ALSO:

Board Appointments: Some Minister Appoint Less The 3 In 10 Women

“It’s 2015 not 1915: Ministers who appoint less than 3 in 10 women to their boards must do better, they have no excuse but to do better,” said Dr Blue. More>>

Gordon Campbell: On The 1990s Retro Proposals For Our Health System

As we learned yesterday, the reviews propose that the democratically elected representation on DHBs should be reduced, such that community wishes will be able to be over-ridden by political appointees. In today’s revelations, the reviews also propose a return to the destructive competitive health model of the 1990s. More>>

ALSO:

Post-Cab Press Conference: Foreign Buyers Register, TPP And Serco

At a press conference today in Wellington, John Key discussed the foreign buyers register as well as the TPP and Serco. Key was questioned on whether a stamp tax might be used as a tool to deal with foreign buyers. More>>

ALSO:

Lyndon Hood Satire: Serco To Outsource Prison To Public Sector

In response to high-profile failings, multinational omnicorporation Serco will introduce public management in its prison system. Serco's New Zealand manager, speaking on condition of anonymity, has announced plans for managers from the Department of Corrections to run the Mt Eden Correctional Facility. More>>

National Party Conference: Plans To Nudge Immigrants Towards Regions

The Government will introduce a package of immigration measures aimed at improving the spread of workers, skills and investment across New Zealand, Immigration Minister Michael Woodhouse says. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news