Parliament

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

SCOOP COVERAGE: CHRISTCHURCH MOSQUES TERROR ATTACK


Environment Aotearoa 2019: Report Warns Environment In Serious Trouble

The report is jointly produced by the Ministry for the Environment and Statistics New Zealand, and is a follow on from the last report in 2015.

The report says the way New Zealanders live and make a living is having a serious impact on the environment, and the benefits New Zealanders get from being in nature, though not measured or quantified, could be lost. More>>

 

Gordon Campbell: On Scrapping The Capital Gains Tax

As PM Jacinda Arden said yesterday, there was no point in Labour bringing a proposal into the House that it didn’t have the votes to get passed. Looking back, maybe she always felt this outcome to be inevitable... More>>

ALSO:

Welfare: Access To Hardship Grants Hits Record High

Figures from the Ministry of Social Development for the March 2019 Quarter showed that hardship assistance grants increased by $48 million in the past year... They also showed the emergency housing grants went from $6.6m to $23m, and there were 70,000 extra requests for assistance for food. More>>

ALSO:

City Rail Link: Billion Dollar Cost Rise (And Preferred Bidder)

The revised cost envelope for completing the entire Auckland City Rail Link project now totals $4.419 billion. The revised cost has yet to be endorsed by the project’s sponsors (the Crown and Auckland Council). More>>

ALSO:

Meth Scare: Debt Write-Off For HNZ Meth Testing Evictions

People living in Housing New Zealand (HNZ) properties who were wrongly evicted because of flawed methamphetamine contamination policies will have their related debts with the Ministry of Social Development (MSD) written off. More>>

ALSO:

RNZ Report: Fears Grow For NZ Nurse Kidnapped In Syria

A New Zealand nurse working for the Red Cross was captured by Islamic State (IS) in Syria more than five years ago, and there are now public pleas for any information that could help bring her home. More>>

ALSO:

Streets Blocked In London: Climate 'Extinction Rebellion' Reaches Aotearoa

Across the world, thousands of people are taking part in a rebellion to avert climate, ecological and human catastrophe. This begins in Aotearoa New Zealand today. More>>

ALSO:

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

InfoPages News Channels