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

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:

 

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:

NZEI: Teacher Shortage Plan Falls Short

NZEI Te Riu Roa has welcomed the Government's announcement of new initiatives to address the growing teacher shortage, but says teaching must become a sustainable career choice if there is to be a long-term solution… More>>

ALSO:

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

InfoPages News Channels