Parliament

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

 

Govt surplus above forecast as books remain strong

Hon Grant Robertson

Minister of Finance

8 May 2018

PĀNUI PĀPĀHO

MEDIA STATEMENT

The Government’s accounts continued to perform slightly better-than-expected in the nine months to the end of March, with the surplus $910 million higher than the Treasury forecast in December, Finance Minister Grant Robertson says.


“The financial statements reflect the Coalition Government’s prudent fiscal management and show we are keeping to the Budget Responsibility Rules requiring us to run sustainable surpluses, cut net debt to 20% of GDP within five years and for us to spend responsibly in line with previous governments,” Grant Robertson says.

“The Treasury’s financial statements to the end of March show that corporate and income tax has been stronger-than-expected in recent months. This indicates business profits have been higher than expected and that employment growth has remained strong. This matches figures last week showing the unemployment rate is now at its lowest level since December 2008. GST has been buoyed by residential investment and consumption. The Treasury expects this strength in revenue to continue.

“Core Crown expenses were close to forecast in the nine months to the end of March. The operating balance before gains and losses was $3.3 billion, $910 million above forecast in December. The surplus is $1.8 billion higher than at the same time last year.

Core Crown net debt at the end of March was 21.4% of GDP, which was below the 22.2% expected by the Treasury at the Half Year Economic and Fiscal Update in December 2017.

“These numbers show the Government’s plan to make the responsible investments required for a more productive economy is on track. We came into Government six months ago with different priorities and fresh ideas for how to make our economy more productive and shift the drivers of growth away from population increase and housing speculation. We will have more to say on this plan at Budget 2018 on 17 May.

“We are committed to responsibly managing the Government’s finances so that we can make the investments required to ensure people have access to doctors and modern hospitals when they need to, that our children receive the best education in the world that and every New Zealander has a warm, dry place to call home. These critical public services are the foundations of our economy,” Grant Robertson says.

ends

© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

"Systematic Murder": Complaint Filed To ICC Over Gaza Killings

Scoop's Alastair Thompson reports: At 10am on Thursday 17th May in a small office in the center of Lyon a detailed war crimes complaint on behalf of 562 victims and families of those seriously injured or killed in the Great Return March was submitted to the International Criminal Court by French lawyer Gilles Devers.

Over the past four years Kiwi journalist, investigator and human rights activist Julie Webb Pullman has trained and coordinated funding to assemble teams to collect evidence, interview witnesses and properly document thousands of individual war crimes committed in the period since Operation Protective Edge (2014). More>>

 
 

PM On Mycoplasma Bovis, Prisons: Working On It

At today's post-cabinet press conference Prime Minister Jacinda Ardern gave an update on the response to the spread of Mycoplasma bovis in New Zealand cattle. More>>

ALSO:

Alarm Bells: Teacher Shortages Worst Since Surveys Began

PPTA: “There is a wave of teachers about to retire and I’m embarrassed to say that we have reached the point where we are begging them to stay on… Young graduates no longer want to enter the profession, the pay is far too low compared to what they earn in other careers and, of the new teachers who do enter the profession, nearly half burn out and leave within five years.” More>>

ALSO:

Gordon Campbell: On Budget 2018

To put it mildly, Budget 2018 has not been an outbreak of wild-eyed, tax and spend liberalism... More>>

ALSO:

Corrections Officers: 600 New Prison Beds Not Enough

Finance Minister Grant Robertson announced 600 new prison beds to be built in modular units by the end of next year, but would not say whether the extension of Waikeria Prison would go ahead. More>>

ALSO:

Peters Returns: Visit Reinforces New Zealand-Japan Relationship

Deputy Prime Minister and Minister of Foreign Affairs Winston Peters has departed Tokyo following a productive three-day visit to Japan. More>>

ALSO:

Gordon Campbell: On Regressive Taxes

The headlines would have you believe that inflation is safely under control, but a Statistics NZ press release indicates that isn’t the reality being experienced by the poor, given how the steeply rising costs of smoking, petrol, rent etc are falling disproportionately on low to middle income earners. More>>

ALSO:

Overlapping Treaty Claims: ‘You Are Taking Us To War’

Treaty Negotiations Minister Andrew Little was speaking about the treaty process and the importance of communication when he was challenged by a kaumatua from Tauranga Moana. More>>

ALSO:

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

Featured InfoPages