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

 


Crown accounts reinforce need for discipline

Hon Bill English

Minister of Finance

24 January 2014

Media Statement

Crown accounts reinforce need for discipline

The Government’s financial statements for the five months to 30 November reinforce the need to remain focused on disciplined fiscal and economic policy, Finance Minister Bill English says.

Lower core Crown tax revenue than forecast in the Half-Year Update last month left the operating deficit before gains and losses at $2.34 billion for the five months.

This was about $400 million larger than forecast, although the Treasury believes most of this revenue difference was due to timing issues and will reverse out in coming months.

“We remain on track to surplus in 2014/15, but, as we have said many times before, this remains quite a challenge,” Mr English says.

“In particular, we need to remain focused and disciplined and now is certainly not the time to get loose with spending and fiscal policy – as some political parties are advocating.”

The latest financial statements confirm core Crown expenses are close to forecast at $29.2 billion and net core Crown debt is slightly lower than forecast at $59.6 billion.

Continued strength in world sharemarkets generated gains on Crown financial instruments of $2.8 billion in the five months, which was $2 billion ahead of forecast. This left the operating surplus $1.6 billion larger than forecast at $2.3 billion.

“Overall, we are making good progress in putting the Government’s finances on a stronger footing and in getting back to surplus,” Mr English says. “It will require responsible fiscal management well beyond our return to surplus – something this Government is committed to delivering.”

ENDS

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell:
On War Crimes And The Afghan Insurgency

Truly, with friends like former defence Minster Wayne Mapp, the SAS does not need enemies. At the very least, the Hit and Run book has raised the possibility that the New Zealand SAS committed war crimes in the attack they led in Afghnistan upon the villages of Naik and Khak Khuday Dad...

Mapp’s attempted defence of the SAS on RNZ this morning unintentionally indicated that collective punishment was baked into the planning exercise for the raid, and also into how the raid proceeded on the ground. More>>

 

Biscuit Tin Of Democracy: World Heritage Site Protection, Ombudsman and Equal Pay Bills Drawn

On Thursday, 23 March 2017 three places are available on the Order Paper for the first reading of a Member’s bill. The ballot was held, and resulted in the following bills being drawn... More>>

ALSO:

Emissions Plan: NZ Needs More Science, More Trees, Fewer Beasts

A combination of technology breakthroughs, much more plantation forestry, and a big switch away from pastoral, particularly dairy farming, are identified as the key elements of any approach New Zealand takes to reducing its carbon emissions to a net zero level, according to a new report sponsored by the New Zealand chapter of GLOBE, a multi-party, global parliamentary grouping. More>>

ALSO:

"Backed To Win Seats": Labour Māori Seat MPs Won't Stand On List

The Labour Party is backing a request from its Māori seat MPs to stand as electorate MPs only, says Labour Leader Andrew Little. More>>

Productivity Commission: New Models Of Tertiary Education Are Coming

The report is a broad-ranging inquiry into how well New Zealand’s tertiary education system is set up to respond to emerging trends in technology and the internationalisation of education, and changes in the structure of the population, and the skills needed in the economy and society... More>>

ALSO:

PM's Press Conference: Water Everywhere

Monday's Post-Cabinet press conference focused on water, with the Prime Minister fielding questions about the possibility pricing water taken for export. Mr English said the government was directing their water allocation technical advisory group to include export water in considerations. More>>

ALSO:

Kim Workman: Reality Check Needed For Public Service Reoffending Target

Reducing the prison population results in a reduction in re-offending. Shortening sentences reduces reoffending... More>>

ALSO:

PSA: Minister Should Stop Dodging On Salisbury School

"The decision around the future of Salisbury School has been overdue for months, and the ambiguity is leaving parents, staff and students in limbo. It’s time the Minister stopped hiding, muddying the waters and being dishonest about her Ministry’s intentions," says Erin Polaczuk, PSA national secretary. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news