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.”


© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines



Labour: Parata Puts Brakes On Charter School Appraisal

“When the Ministry of Education recommended they compare the achievements of children at charter schools to those of their counterparts at state schools, the documents show Hekia Parata specifically prohibited them from doing so." More>>


Bad Day For Universities: Gun, Bomb Threats On Three Campuses

Dunedin Police are continuing their investigation into the threat made against the University of Otago. Staff are following a number of lines of inquiry, and police are working to verify the authenticity and source of the post. More>>


Gordon Campbell: On The TPP Deal Reached In Atlanta

Yes, the TPP has helped to knock a few points off the tariffs facing our exporters. Yet some of those alleged dollar gains may well have been made regardless over time – and without the negative baggage of the concessions in the non-trade areas (intellectual property, copyright extensions, investor-state dispute mechanisms etc) that the TPP deal also brings in its wake. More>> (Cartoon by Dave Wolland)

Public Summaries:


Wellington.Scoop: Serco – First The Prisons, And Now It Wants To Run The Trains

As the government continues its inquiry into Serco’s discredited administration of Mt Eden prison in Auckland, here in Wellington there’s further scrutiny of the British outsourcing company – because it’s competing to take over the running of our commuter trains. More>>


Pre-Signing: Gordon Campbell On The TPP Countdown

To date, the Key government has been unwilling to share any information about this TPP deal until it is too late for outraged public opinion to affect the outcome... the disclosure process is likely to consist of a similarly skewed and careful exercise in spin. More>>


Australia Deportations: English Relaxed On Immigration Centre Conditions

Labour's Annette King: “There have been numerous reports from inside these detention centres on just how bad conditions are... If they were being held in any other foreign jail, I imagine Mr English would be somewhat concerned. More>>


Schools: Achievement-Based Funding Would Be A Disaster

The Education Minister’s speech to the PPTA Conference raising the spectre of achievement data driving a new funding system would be disastrous, says NZEI Te Riu Roa. More>>

  • Video Out-Link - PPTA Annual Conference 2015 on Livestream (Q+A dicussion suggests funding would be directed to less successful schools.)

  • ALSO:

    ECE Report:

    Get More From Scoop



    Search Scoop  
    Powered by Vodafone
    NZ independent news