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

 


Spending under control, revenue below forecast

Hon Bill English

Minister of Finance

21 February 2014

Media Statement  

Spending under control, revenue below forecast

Government spending remains under control and revenue remains somewhat below forecast in the six months to 31 December – possibly due to timing issues, Finance Minister Bill English says.

This resulted in the operating deficit before gains and losses coming in at $1.8 billion for the six months – or $379 million higher than forecast.

“Given the large size of both the revenue and spending bases, overall we are still tracking reasonably close to forecast for the first six months of the financial year,” Mr English says.

“And we remain on track to surplus in 2014/15. As we’ve said many times, this will require ongoing discipline and responsible fiscal and economic management.

“New Zealand certainly doesn’t need irresponsible and expensive spending promises - which we’re already seeing from other political parties – more than a year before we’ve even posted a surplus.”

Core Crown revenue at $32.1 billion in the six months to December was around $580 million below forecasts in the Half-Year Update and around $80 million lower than Budget forecasts last May.

“At this stage, Treasury says it is difficult to determine how much of the lower-than-forecast tax revenue is temporary and how much is permanent,” Mr English says. “They expect this to become clearer over the next few months.”

Continued strength in world sharemarkets generated gains on Crown financial instruments of $3.1 billion in the six months, which was $1.8 billion ahead of forecast. This left the operating surplus for the six months $1.6 billion larger than forecast at $3.2 billion.

ENDS

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell:
On Andrew Little’s Debut, Mockingjay, And Drunk Texting

John Key’s credibility has taken a hammering this week – at least among the 50% of the electorate who have always had doubts about him on that score.

The other substantial story of the week has been about Andrew Little’s debut as Labour leader, which has received top marks, especially among the 25% of the electorate still voting Labour. According to some reports, the Labour caucus has been ‘in seventh heaven’ about Little’s success this week in taking it to the government in the House. More>>

ALSO:

 
 

Parliament Today:

Gordon Campbell: On Government Arrogance

Right now, National is ramming anti-terrorism measures through Parliament. This legislation will grant the SIS the power to carry out 48 hour bouts of surveillance on anyone without a warrant, and will bestow on government the power to unilaterally revoke anyone’s passports and thus deny them the freedom to travel. More>>

ALSO:

Glenn Inquiry: Report Offers Solutions To Family Violence

The People’s Blueprint unveiled today by Sir Owen Glenn’s independent inquiry into child abuse and domestic violence outlines a new, more cohesive and effective system for reducing New Zealand’s alarmingly high family violence rates. More>>

ALSO:

Environment Commissioner: Changing Climate And Rising Seas - Understanding The Science

A rising sea will be with us for a long time to come – one way or another we will have to adapt. But how high and how fast the water rises will be influenced by the speed at which the world – including New Zealand – reduces greenhouse gas emissions over the coming decades. More>>

ALSO:

Key Texts With Whale Oil Released: PM Can’t Be Trusted Over Dirty Politics Defence - Greens

John Key’s answers to questions about dirty politics can’t be trusted, after he was forced to admit that he had misled journalists and Parliament about contact with attack blogger Cameron Slater, said the Green Party today.. More>>

ALSO:

Temporary Release Crackdown Continues: Corrections Review Of Phillip Smith Case

“The review by Corrections’ Chief Custodial Officer reveals that the plan for Smith’s series of temporary releases was overly ambitious and misinformed. He’s a highly manipulative and deceptive person who although technically eligible, should not have been considered for temporary release." More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news