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

 


Crown accounts confirm no room for spend up

Crown accounts confirm no room for spend up

Another month of revenue running below forecast has again pushed up the deficit and reinforces the need for restraint in government spending, Finance Minister Bill English says.

“We remain committed to reaching surplus next year and Budget forecasts next month will confirm we are on track,” he says. “But today’s figures confirm what we have said repeatedly: It is a challenging task that will be achieved only if we remain disciplined.”

The Government’s financial statements for the eight months to 28 February show the operating deficit before gains and losses at $1.4 billion, or $884 million more than expected, due mainly to lower than-forecast core Crown tax revenue.

Consistent with a growing economy, tax revenue was $1.9 billion (or 5 per cent) higher than at the same time last year – reflecting increases in source deductions, other persons’ tax and GST. However, tax revenue was $1.1 billion less than forecast in the Half-Year Update in December.

“While some of the variance is due to timing issues and is therefore likely to dissipate over coming months, corporate tax, GST, other individuals’ tax, source deductions and customs and excise duties were all below forecast,” Mr English says.

“These figures will be factored into next month’s Budget and reinforce the need for restraint in government spending. They also confirm that there will be no capacity for reckless spending promises ahead of the election later this year.”

Continuing strength in equity markets saw gains of $3.5 billion on financial instruments, which was $1.9 billion ahead of forecast. As a result, the Government’s operating surplus at $3.7 billion was $891 million higher than forecast.


ends

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Gaza.Scoop: Another Israeli Attack On A Hospital

Israeli tanks attacked Al Aqsa hospital in Deir Al Balah, killing five patients and doctors, and injuring more than 70.

The third and fourth floors, housing the emergency department, orthopaedic department, surgical department, and the Intensive Care Unit (ICU) were destroyed. Operating theatres had to cease work because of the lack of oxygen.

Patients are being evacuated to Shifa Hospital in Gaza City, and the European Gaza Hospital between Rafah and Khan Younes. More>>

 

Parliament Today:

Red Tape: Local Regulations Go Under Microscope

The Government says it is accepting nearly all of the recommendations the Productivity Commission has made on ways to improve local regulations. More>>

ALSO:

Gordon Campbell: On The Non-Apology To Tania Billingsley

The refusal by Prime Minister John Key to issue a personal apology to Tania Billingsley has been accompanied by an array of excuses... Yesterday though, Key’s choice of words indicated that an apology was the last thing on his mind. More>>

ALSO:

Conventions: Winston Peters On The Nation

Winston Peters opens door to standing in East Coast Bays electorate, says it's an "exciting point" and he's thinking about it. "I’ve had a whole lot of people writing to me and calling up and saying ‘why don’t you have a go in East Coast Bays’." More>>

ALSO:

Waitangi Tribunal: Report On The MV Rena

In its interim report, the Waitangi Tribunal has found that the Crown’s conduct in response to the grounding of the MV Rena on Otaiti (Astrolabe) reef breached the principles of the Treaty of Waitangi. More>>

ALSO:

Gaza: Wellington Protest For Palestine Calls For End To Bombing

Around 300 people gathered outside the Israeli Embassy in Wellington on Friday to protest Israel’s occupation of Palestine. More>>

ALSO:

Gordon Campbell: On The Failure To Prosecute The GCSB

So one hand of the state – the Independent Police Conduct Authority – has now washed the hands of its brother agencies, and declared that all hands are clean. Case closed. More>>

ALSO:

Illegal Search: Police Behaviour 'Reminiscent Of Tūhoe Raids'

"Māori will lose further trust and confidence in the New Zealand Police and the Independent Police Conduct Authority (IPCA) if the recent incident in Stratford is not adequately addressed. This behaviour would not occur in Epsom or Khandallah so why should police think that such behaviour was acceptable in Stratford," says Chris McKenzie. More>>

ALSO:

Gordon Campbell:
On The Dotcom Emails

The Dotcom residency decision fails any number of sniff tests... Why, then, was it approved? Here we get into the realm of the “INZ being under political pressure” to approve Dotcom’s application. More>>

ALSO:

Gordon Campbell: On The Shonky Police Statistics, And The Israeli Air Strikes On Gaza

When people systematically alter how being statistics are recorded in order to gain personal and organisational advantage, that’s usually when the Police get called in. Yet in the case of the burglary statistics in Counties-Manakau, it was the Police doing the fudging and – at the time – it was then-Police Minister Judith Collins claiming the credit... More>>

ALSO:

'Clean Rivers': Green Party Launches Key Election Priority

The Green Party will make a series of announcements over the course of the election campaign in which it will outline the specifics of how it will clean up our rivers and protect our beaches. In the first of these announcements the party launched its plan for clean rivers. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news