Parliament

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

 

Govt accounts track slightly above forecasts


Hon Grant Robertson

Minister of Finance

25 January 2018

Govt accounts track slightly above forecasts

The Government’s accounts for the five months to November 2017 show revenue and expenses tracking above the latest Half Year Economic and Fiscal Update (HYEFU) forecasts, Finance Minister Grant Robertson says.

Core Crown tax revenue of $30.4 billion came in $530 million above forecast. Corporate tax, income tax and the GST take all came in slightly above the forecasts in the Treasury’s HYEFU published in December. The November statements are the first to be compared against the HYEFU forecasts,” Grant Robertson says.

“While it’s too early to fully establish whether all of this positive variance will remain through the year, some of it is expected to remain. The numbers are an initial sign of how businesses have been performing and how consumers have been spending in recent months.

“The Government accounts released today follow a number of economic surveys in recent weeks, including the Westpac McDermott-Miller Employment Confidence Index, which showed NZ workers are saying job availability is the best it’s been in nearly 10 years, and that they expect this will continue to improve over the next year.

“Also in the news have been a number of business confidence surveys. Behind the headlines, these surveys show that measures of firms’ own activity – which are more closely correlated to future GDP growth than headline business confidence readings – are holding up and pointing to a sustainable growth rate in line with the Treasury’s HYEFU forecasts.

“Core Crown expenses of $33.3 billion during the five months to November were slightly above the $33.1 billion forecast. Treasury says this is because some expenditure was recognised earlier in the year than had been expected.

“The Government accounts show the Operating Balance Before Gains and Losses (OBEGAL) was a surplus of $125 million, compared to a forecast deficit of $457 million. Core Crown net debt was 22.2% of GDP at the end of November 2017, slightly below the 22.5% of GDP expected.

“This Government has committed through its Budget Responsibility Rules to the target of reducing Core Crown net debt to 20% of GDP within five years of taking office. This is a responsible move to ensure that we, and future generations, have the capacity to withstand economic shocks.

“By committing to a slightly slower debt reduction track than the previous Government, we are also freeing up capacity for urgently needed investment to close the social and infrastructure deficits that opened up in New Zealand in recent years,” Grant Robertson says.

ends

© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On The Jami-Lee Ross Saga

In the end, the Jami-Lee Ross tweet about secretly taping his leader and promising to use it – assuming that such a tape exists, and wasn’t just being conjured out of thin air as a random threat – is a more serious offence than the original leak.

After all, even the PWC report hadn’t finally and definitively pointed the finger of blame at Ross, but had cited him merely as the most likely suspect. More>>

Press Conference Video: Jami-Lee Ross Plans By-Election, Police Complaint
National MP Jami-Lee Ross is to resign his seat and step down from the National Party, and will stand as an independent in any by-election for his Botany seat... Speaking to media at Parliament, he alleged Mr Bridges had broken electoral donation law and said he would put in an official police complaint. More>>
ALSO:

 

Education Amendment Bill Proceeda: Urgency Sought For Partnership School Treaty Claim

The claim takes issue with the acts and omissions of the Crown in respect of the closure of Partnership Schools | Kura Hourua. More>>

ALSO:

Salvation Army Paper: Call For Public Housing Investment

To meet these future demands the report suggests the government needs to look beyond the private rental market and begin to invest heavily into home-ownership programmes and more public and social housing. More>>

ALSO:

Fate Of Tahr Sealed: Himalayan Tahr Control Operation Proceeding

“The target of controlling 10,000 Himalayan tahr over the next eight months remains. The revised plan provides for a staged control operation with increased reporting to the Tahr Liaison Group...” More>>

ALSO:

Health: Petitions To Fund Breast Cancer Drugs

Women marching to Parliament today, to present two petitions calling for Government funding of vital medicines, have 100% support from a coalition representing than 30 breast cancer organisations. More>>

ALSO:

Animal Welfare Advisory Committee: Report On Rodeo Practices Released

The independent committee that advises the Minister responsible for Animal Welfare, has today released a report on animal welfare in rodeos, together with advice to the Minister making recommendations to improve the welfare of the animals in rodeos. More>>

ALSO:

PM's Press Conference: Fuel And Leaks

Other topics included the apparent murder of journalist Jamal Khashoggi at the Saudi Arabian embassy in Turkey, the relation between the Government moves against high fuel prices and the commitment to act on climate change, NZTA's failures in compliance checks ... More>>

ALSO:

New Hager Investigation: War Crimes, Sexual Assaults And Coverups In Armed Forces

A string of current and ex-New Zealand Defence Force staff have contacted Hager since the book he co-authored with Jon Stephenson – Hit & Run – was published in March 2017... More>>

ALSO:

Israel's Anti-Boycott Law: NZ Activists Fined Over Lorde Cancellation Raise $12k For Charity

New Zealand activists being fined in Israel for urging pop singer Lorde to cancel her concert have raised more than $12,000 for a Palestinian charity. More>>

ALSO:

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

InfoPages News Channels