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

 

PARLIAMENT TODAY:

Flyover Over: NZTA Not Appealing Flyover Decision

The NZ Transport Agency has decided not to appeal the High Court’s Basin Bridge decision, and says the High Court’s findings provide valuable clarity to help guide the development of future infrastructure projects throughout the country. More>>

ALSO:

Developing Crown Land: Government, Auckland Iwi Reach Agreement

The government has reached agreement with Ngati Whatua and other Auckland iwi over developing 500 hectares of excess land in Auckland for private housing which had been under High Court challenge. More>>

ALSO:

Gordon Campbell: On Maurice Williamson

Maurice Williamson seems to have been granted an annual licence to embarrass the National Party, and its that time of year again. Also as per usual, Williamson’s recent exercise in sexism and homophobia has passed by with barely a murmur from his leader. More>>

ALSO:

Green Climate Plan: Shaw Launches 40% Emission Cut Target

Green Party co-leader James Shaw has announced an emissions target initiative for 40% reduction by 2030. He said agriculture has to long been used as a reason for inaction, a roadblock to action... He proposed a tax of 8 cents per kilo of milk. More>>

ALSO:


Images & Video: Four Alternative Flags For Referendum

Flag Consideration Panel chair, Professor John Burrows, said the Panel’s decision had been guided first and foremost by the results of its engagement programme across a range of communities where thousands of Kiwis shared what was special about New Zealand, as well as the Panel’s own selection criteria. More>>

ALSO:

Transport Report: LGNZ Calls For Proactive Approach To Mobilise Regions

LGNZ has today released Mobilising the Regions, its major transport study, which highlights the economic and social impact of strategic transport decisions nationally and in the regions, and the direct link between regional development, national prosperity, social well-being and cohesiveness. More>>

ALSO:

Transport: New Rules Bring Double-Deckers To Our Cities

New rules that allow buses, including double-deckers, to carry more people will ramp up the public transport offering in our cities, Transport Minister Simon Bridges and Associate Transport Minister Craig Foss say. More>>

ALSO:

Cycling:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news