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

 


Govt accounts closer to forecast in nine months

Govt accounts closer to forecast in nine months


An improvement in revenue and firm spending control left the Government’s financial accounts closer to forecasts in the nine months to 31 March, Finance Minister Bill English says.

The operating deficit before gains and losses was $1.66 billion for the nine months – or $199 million larger than forecast in the Half-Year Update in December.

The deficit had been almost $900 million larger than forecast in the eight months to February.

“As the Budget will show next week, we remain on track to a small surplus next year and increasing surpluses in following years,” Mr English says. “This will give us choices about repaying debt, investing a bit more in priority public services and, eventually, resuming contributions to the New Zealand Superannuation Fund.

“But to meet this challenging target, we must remain focused on responsible fiscal policy and sensible economic policy that supports ongoing economic growth, more jobs and higher incomes.”

The Government’s financial statements for the nine months to 31 March show core Crown tax revenue was $2.6 billion or 6.3 per cent higher than at the same time last year, reflecting stronger growth in source deductions, GST and corporate tax.

Core Crown tax revenue was $829 million below forecasts in the Half-Year Update, although that gap narrowed from $1.1 billion in February as some timing factors with corporate tax and GST began to reverse.

Core Crown expenses for the nine months were $423 million below forecast. This was spread across a number of departments and also included lower Treaty of Waitangi expenses due to timing delays in finalising some settlements.

Continuing strength in equity markets saw gains of $3.2 billion on financial instruments, which was $1.5 billion ahead of forecast. As a result, the Government’s operating surplus at $3.3 billion was $1.3 billion higher than forecast.

“The track to surplus is just one indicator confirming the economy is heading in the right direction,” Mr English says.

“As the Budget will show, the Government’s economic programme is making good progress in supporting more jobs, higher incomes, increased business investment and better public services New Zealanders deserve.

“Now is certainly not the time to put that at risk through untried and convoluted experiments such as fiddling with monetary policy, nationalising the electricity industry or returning to bloated and inefficient government spending.”


ends

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

 

Two Years With New Methods: Crime Stats Show Increase Led By Burglary

The two years of data show an increase in the total victimisation rate of 3.1 per cent, with 12,060 more victimisations in the 2015/16 year when compared to 2014/15 year. From this increase, 72 per cent is attributable to burglaries. More>>

ALSO:

Auckland Relocation Grants: 12 Grants Paid So Far

Since the policy took effect one month ago, 12 applicants have received the non-recoverable grant, supporting 32 people. $54,508 has been paid out, covering things like moving costs, bond, rent in advance and letting fees. More>>

ALSO:

Vaccine Funding Change: HPV Vaccines For All Children

PHARMAC has today announced changes to funded vaccines, which will benefit an extra 100,000 people... The human papillomavirus (HPV) vaccine will be available for all children and adults up to the age of 26 years, and boys will now be included in the HPV school vaccination programme. More>>

ALSO:

Gordon Campbell: On Why The Opinion Polls For Key And Trump Defy Gravity

What is going on? Donald Trump got confirmed as the Republican presidential candidate at a bizarrely chaotic political convention… and promptly received an upwards bump in the polls to where he’s now rating ahead of Hillary Clinton, for only the second time this year. More>>

Sugar: Auckland Leisure Centres Axe Unhealthy Drinks

Auckland Council is to stop selling drinks that are sweetened by sugar from vending machines at its leisure centres in a bid to try to reduce obesity and type 2 diabetes... More>>

ALSO:

Gordon Campbell: On Todd McClay’s Faulty Memory

Time and again, whenever an issue arises the initial response by government is to deny or diminish the problem – nothing to worry about here, everything’s OK, move on. Then, hang on. In line with the usual pattern, as embarrassing details emerged into daylight, the story changed. More>>

ALSO:

Labour's 'Future Of Work': Major Reform Of Careers And Apprenticeships

The next Labour Government will transform careers advice in high schools to ensure every student has a personalised career plan, Leader of the Opposition Andrew Little says. More>>

ALSO:

State Investments Management: Treasury Likes IRD, Not Education Or Corrections

The Inland Revenue Department has scored an 'A' in the first tranche of the Treasury's investor confidence rating for state agencies that manage significant Crown investments and assets, gaining greater autonomy as a result, while the Corrections and Education ministries gained a 'C' rating. More>>

ALSO:

Govt Goal: NZ To Be "Predator Free" By 2050

Prime Minister John Key has today announced the Government has adopted the goal of New Zealand becoming Predator Free by 2050... “That’s why we have adopted this goal. Our ambition is that by 2050 every single part of New Zealand will be completely free of rats, stoats and possums." More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news