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

 


Crown Result Still Positive After Tough Year

Hon Bill English
Treasurer
Rt Hon Sir William Birch
Minister of Finance

15 September 1999
Embargoed Until 2 p.m.

Crown Result Still Positive After Tough Year

The 1999 Crown Financial Statements released today show that the Crown’s finances are in a strong and positive position, Treasurer Bill English and Finance Minister Sir William Birch said in a joint press statement today.
They said the $1.8 billion surplus recorded in 1998/99 was down $387 million on the Budget forecast, but net Crown worth and net Crown debt were, respectively, $566 million and $668 million ahead of forecast.
“The result contains a number of one-offs, most significantly the gain on the sale of Contact Energy Limited, and the negative impact of the Government Superannuation Fund unfunded liability revaluation.”
Commenting on an underlying surplus of about $150 million, the Ministers said: “This is evidence that the Asian crisis put Crown finances to the test, but it also reiterates two key lessons.
“First, New Zealand’s fortunes are inextricably linked to the world market place, so the Government must focus continually on policies that allow New Zealand enterprises to compete internationally.
“Secondly, a disciplined medium term strategy of running surpluses and reducing debt is of key importance to our economic security.
“The Government, while investing significantly in health and education, has budgeted prudently for more than 8 years now by carefully targeting its expenditure.
“This discipline is what laid the ground for tax cuts, the latest round of which put about $1.2 billion back in taxpayers pockets in 1998/99.
“Given expectations amid the conditions prevailing this time last year, we have emerged from the Asian downturn with a good result,” the Ministers said.

Ends

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

 

Gordon Campbell: On The Key Style Of Crisis Management

At Monday’s post Cabinet press conference Key was in his finest wide- eyed “Problem? What problem?” mode. No, there wasn’t really a problem that top MPI officials had been at odds with each other over the meaning of the fisheries policy and how that policy should be pursued... More>>

ALSO:

Mt Roskill: Greens Will Not Stand In Likely Post-Goff By-Election

“The Green Party’s priority is changing the Government in 2017, and as part of that we’ve decided that we won’t stand a candidate in the probable Mt Roskill by-election... This decision shows the Memorandum of Understanding between Labour and the Green Party is working." More>>

ALSO:

Wellington: Predator Free Capital Plan

Wellington City Council (WCC), the Greater Wellington Regional Council (GWRC) and NEXT Foundation, today announced a joint collaboration to make Wellington the first Predator Free capital city in the world. More>>

ALSO:

Gordon Campbell: On Judith Collins’ Efforts At Self Correction

Thousands of prisoners currently in prison may be entitled to an earlier release than expected – and compensation – because Corrections has incorrectly calculated their term of imprisonment. Unless of course, the government buries its mistakes by changing the law and retro-actively getting itself off the hook… More>>

ALSO:

More Justice & Corrections

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>>

ALSO:

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>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news