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


Fianancial Statement Of Government To 31 May 1999

Financial Statements Of The Government For The Eleven Months Ended 31 May 1999

The Financial Statements of the Government of New Zealand for the eleven months ended 31 May 1999 were released by the Treasury today.

The key results are as follows:

In table:


Operating balance (surplus)

Crown balance (net worth)

Net Crown debt

The operating balance for the eleven months ended 31 May was $431 million ahead of forecast, consisting largely of:

Tax revenue being $240 million higher than forecast, due to higher-than-forecast GST ($156 million) and companies tax ($117 million);

Expenses being $95 million lower than forecast; and Net surpluses from SOEs and Crown entities being $54 million higher than forecast.

The full year operating balance is likely to be somewhat higher than the $2.2 billion forecast in the Budget, given the year-to-date improvement against forecast. In addition, there are some one-off improvements to the operating balance to be recorded in June, including gains on sale of Cobb Hydro station by Meridian Energy, and TVNZ's shares in Sky Network TV and CLEAR Communications.

However, the final result for the 1998/99 financial year will be subject to year-end adjustments (eg, GSF pension liability), which may be positive or negative.

The improvement in the Crown balance against forecast of $422 million was largely due to the $431 million higher-than-forecast operating surplus for the eleven months ended 31 May 1999.

Net Crown debt was $587 million lower than forecast largely due to:

Higher-than-forecast tax receipts ($264 million); and

Lower-than-forecast cash disbursed to operations ($279 million) largely due to timing differences.

Net Crown debt is estimated to be 21.9% of GDP at 31 May 1999.

The Crown Financial Statements for the year ended 30 June 1999 are required to be tabled in the House of Representatives before publication. The publication and tabling date will be advised in due course. The publication is likely to be in September.


© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines

New Reports: Flood Risk From Rain And Sea Under Climate Change

One report looks at what would happen when rivers are flooded by heavy rain and storms, while the other examines flooding exposure in coastal and harbour areas and how that might change with sea-level rise.

Their findings show that across the country almost 700,000 people and 411,516 buildings worth $135 billion are presently exposed to river flooding in the event of extreme weather events...

There is near certainty that the sea will rise 20-30 cm by 2040. By the end of the century, depending on whether global greenhouse gas emissions are reduced, it could rise by between 0.5 to 1.1 m, which could add an additional 116,000 people exposed to extreme coastal storm flooding. More>>



Gordon Campbell: On The Commerce Commission Fuel Report

The interim Commerce Commission report on the fuel industry will do nothing to endear the major oil companies to the New Zealand public... More>>


Emergency Govt Bill: Overriding Local Licensing For The Rugby

“It’s pretty clear some clubs are having difficulty persuading their district licensing committees to grant a special licence to extend their hours for this obviously special event, and so it makes sense for Parliament to allow clubs to meet a community desire." More>>


Leaving Contract Early: KiwiBuild Programme Losing Another Top Boss

Ms O'Sullivan began a six-month contract as head of KiwiBuild Commercial in February, but the Housing Ministry has confirmed she has resigned and will depart a month early to take up a new job. More>>


Proposed National Policy Statement: Helping Our Cities Grow Up And Out

“We need a new approach to planning that allows our cities to grow up, especially in city centres and around transport connections. We also have to allow cities to expand in a way that protects our special heritage areas, the natural environment and highly productive land." More>>


Ombudsman's Report: Ngāpuhi Elder 'Shocked' By Conditions At Ngawha Prison

A prominent Ngāpuhi elder is shocked to find inmates at Ngawha Prison are denied water and forced to relieve themselves in the exercise yard... Chief Ombudsman Peter Boshier has released a report highly critical of conditions at the Northland prison. More>>


Promises: Independent Election Policy Costing Unit A Step Closer

The creation of an entity to provide political parties with independent and non-partisan policy costings is a step closer today, according to Finance Minister Grant Robertson and Associate Finance Minister James Shaw. More>>


School's In: Primary And Intermediate Principals Accept New Offer

Primary and intermediate school principals have voted to accept a new settlement from the Ministry of Education, which includes entrenched pay parity with secondary principals. More>>


IPCA On 'Rawshark' Investigation: Multiple Police Failings In Hager Searches Confirmed

The Independent Police Conduct Authority has found that the Police's unlawful search of Nicky Hager's property in October 2014 resulted from an unwitting neglect of duty and did not amount to misconduct by any individual officer... More>>


Broadcasting Standards: Decisions On Coverage Of Mosque Attacks

The Authority upheld one of these complaints, finding that the use of extensive excerpts from the alleged attacker’s livestream video on Sky News New Zealand had the potential to cause significant distress to audiences in New Zealand, and particularly to the family and friends of victims, and the wider Muslim community. More>>




InfoPages News Channels