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

 

Labour: Healthy Homes Bill Passes First Reading

Some of New Zealand’s most vulnerable children and families are on their way towards safer living conditions with the passing of the first reading of the Healthy Homes Guarantee Bill in Parliament last night, Leader of the Opposition Andrew Little says. More>>

ALSO:

Werewolf Satire: Home, And A Way

The one thing even more popular than an Auckland house is offering advice on how to afford an Auckland house. So, on the grounds it can’t be worse than some of the stuff that’s out there, here’s my three cents* worth. [*Up 50% since 2013!] More>>

ALSO:

Werewolf: The Defence Pretence

Last year, the world began spending more money on weapons again, for the first time since 2011... New Zealand belongs to a region – Asia and Oceania – where military spending rose sharply in 2015, by 5.4 per cent. More>>

ALSO:

Gordon Campbell: On Not Crying Foul, Argentina

So a couple of guys found to be criminally liable of environmental pollution in Argentina lodge an application with the Overseas Investment Office… in order to buy some prime New Zealand rural land. Seems that their factory back home had carelessly and/or intentionally discharged toxic waste into the Lujan river. Bummer... More>>

ALSO:

Urban & Rural: $303m To Merge And Modernise New Zealand’s Fire Services

Internal Affairs Minister Peter Dunne today announced funding of $303 million over five years to combine urban and rural fire services into one organisation from mid-2017. More>>

ALSO:

High Trust Regime: What Did The PM Tell His Lawyer About Foreign Trusts?

The Government stopped the IRD from reviewing New Zealand foreign trusts shortly after the Prime Minister’s lawyer wrote to the Revenue Minister claiming John Key had promised him the regime would not be changed. More>>

ALSO:

Road Crime: Wicked Campers Vans Classified As Objectionable

The definition of publication includes any "thing that has printed or impressed upon it, or otherwise shown upon it, 1 or more (or a combination of 1 or more) images, representations, signs, statements, or words", The Classification Office has previously classified such 'things' as billboards, t-shirts, and even a drink can. This is the first time the Classification Office has classified a vehicle. More>>

ALSO:

'When New' Repairs: Landmark EQC Settlement

The Earthquake Commission has cut a deal with 98 Canterbury homeowners that affirms the government entity's responsibility to repair earthquake-damaged property to a 'when new' state, as well as covering repairs for undamaged parts of a property and clarifying its position on cash settlement calculations. More>>

ALSO:

Gordon Campbell: On Kiwirail’s Latest Stint In The Dogbox

The denigration of Kiwirail continues. The latest review (based on a 2014 assessment) of the options facing the company have enabled Kiwirail to be hung out to dry once again as a liability and burden on the taxpayer. More>>

ALSO:

Royal Society Report: Good Opportunities To Act Now On Climate Change

There are many actions New Zealand can and should take now to reduce the threat of climate change and transition to a low-carbon economy, a report released today by the Royal Society of New Zealand finds... More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news