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

 


Government finances on track in latest figures

Government finances on track in latest figures

The Government’s finances are largely in line with Budget forecasts in the ten months to 30 April, Finance Minister Bill English says.

The operating balance before gains and losses (OBEGAL) deficit was $1.371 billion for the period – $148 million lower than forecast in Budget 2014.

“These results confirm Treasury’s Budget forecasts which showed that we are on track to a modest surplus of $372 million next year, increasing to $3.49 billion in 2017/18,” Mr English says.

“Sound fiscal policy is essential for sustaining economic growth over the medium term. By keeping on top of government spending we can also help interest rates stay lower for longer.”

Core Crown tax revenue continued its trend of below forecast outturns. It was $111 million below the Budget 2014 forecast. This was largely offset by higher than expected non-tax revenue. Overall, core Crown revenue was $12 million below forecast.

The financial statements show core Crown tax revenue was $2.3 billion or 4.8 per cent higher than at the same time last year, reflecting stronger growth in source deductions, GST and corporate tax.

Core Crown expenses for the ten months were $90 million below forecast, and were the main driver of the lower than anticipated OBEGAL deficit.

“In the next four years, the Government will continue to focus on achieving better results as the main way of restraining future government spending, and increasing the surplus,” Mr English says. “We’re already making good progress. Crime and reoffending are falling, and educational achievement is on the rise.

“Returning to surplus will allow us to repay debt, and give us better choices in how we support New Zealand families and households.”


ends

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

 

PARLIAMENT TODAY:

Regulators: Govt To ‘Crowd-Source’ Regulatory Advice

A wide-ranging set of reforms is to be implemented to shake up the way New Zealand government agencies develop, write and implement regulations. More>>

ALSO:

Board Appointments: Some Minister Appoint Less The 3 In 10 Women

“It’s 2015 not 1915: Ministers who appoint less than 3 in 10 women to their boards must do better, they have no excuse but to do better,” said Dr Blue. More>>

Gordon Campbell: On The 1990s Retro Proposals For Our Health System

As we learned yesterday, the reviews propose that the democratically elected representation on DHBs should be reduced, such that community wishes will be able to be over-ridden by political appointees. In today’s revelations, the reviews also propose a return to the destructive competitive health model of the 1990s. More>>

ALSO:

Post-Cab Press Conference: Foreign Buyers Register, TPP And Serco

At a press conference today in Wellington, John Key discussed the foreign buyers register as well as the TPP and Serco. Key was questioned on whether a stamp tax might be used as a tool to deal with foreign buyers. More>>

ALSO:

Lyndon Hood Satire: Serco To Outsource Prison To Public Sector

In response to high-profile failings, multinational omnicorporation Serco will introduce public management in its prison system. Serco's New Zealand manager, speaking on condition of anonymity, has announced plans for managers from the Department of Corrections to run the Mt Eden Correctional Facility. More>>

National Party Conference: Plans To Nudge Immigrants Towards Regions

The Government will introduce a package of immigration measures aimed at improving the spread of workers, skills and investment across New Zealand, Immigration Minister Michael Woodhouse says. More>>

ALSO:

Corrections: Serco Relieved Of Control At Mt Eden Prison, Retains Contract

Multi-national private prison operator Serco has been forced to hand back control of Auckland's Mt Eden remand prison to the Department of Corrections, which has used a 'step-in' clause in its contract with Serco following a string of increasingly serious allegations about contraband, prisoner injuries and a death. More>>

ALSO:

Other Experiments: Failing Charter School Stays Open 'For Kids'

Education Minister Hekia Parata says she has given Te Pumanawa o te Wairua in Northland a chance to continue operating because of her concerns about finding other educational opportunities for its students. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
More RSS  RSS News AlertsNews Alerts
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news