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


Sector Opposes Bill: Local Government Bill Timeframe Extended

The Minister of Local Government Peseta Sam Lotu-Iiga has asked the Select Committee to extend the report back date for the Local Government Act 2002 Amendment Bill (No 2). More>>


Breed Laws Don’t Work: Vets On New National Dog Control Plan

It is pleasing therefore to see Louise Upston Associate Minister for Local Government calling for a comprehensive solution... However, relying on breed specific laws to manage dog aggression will not work. More>>


Not Waiting On Select Committee: Green Party Releases Medically-Assisted Dying Policy

“Adults with a terminal illness should have the right to choose a medically assisted death,” Green Party health spokesperson Kevin Hague said. “The Green Party does not support extending assisted dying to people who aren't terminally ill because we can’t be confident that this won't further marginalise the lives of people with disabilities." More>>


General Election Review: Changes To Electoral Act Introduced

More effective systems in polling places and earlier counting of advanced votes are on their way through proposed changes to our electoral laws, Justice Minister Amy Adams says. More>>

Gordon Campbell: On Our Posturing At The UN

In New York, Key basically took an old May 2 Washington Post article written by Barack Obama, recycled it back to the Americans, and still scored headlines here at home… We’ve had a double serving of this kind of comfort food. More>>


Treaty Settlements: Bills Delayed As NZ First Pulls Support

Ngāruahine, Te Atiawa and Taranaki are reeling today as they learnt that the third and final readings of each Iwi’s Historical Treaty Settlement Bills scheduled for this Friday, have been put in jeopardy by the actions of NZ First. More>>


Gordon Campbell: On The Damage De-Regulation Is Doing To Fisheries And Education, Plus Kate Tempest

Our faith in the benign workings of the market – and of the light-handed regulation that goes with it – has had a body count. Back in 1992, the free market friendly Health Safety and Employment Act gutted the labour inspectorate and turned forestry, mining and other workplace sites into death traps, long before the Pike River disaster. More>>

Get More From Scoop



Search Scoop  
Powered by Vodafone
NZ independent news