Gordon Campbell | Parliament TV | Parliament Today | News Video | Crime | Employers | Housing | Immigration | Legal | Local Govt. | Maori | Welfare | Unions | Youth | Search


Financial Statements of the Govt to 30 April 2008

Treasury release Financial Statements of the Government of NZ for the Ten Months Ended 30 April 2008

[Full statement (PDF)]


Results for the ten months ended 30 April 2008

The results are compared against April forecast based on the forecasts in the 2008 BEFU published on 22 May 2008;

• The operating balance including gains and losses was $0.6 billion higher than forecast. The three main contributors to this higher than expected outturn were:

° Investment returns were $0.8 billion higher than forecast due to positive investment performances in April;

° Corporate tax revenue was $0.3 billion higher than forecast. Higher than expected assessments were lodged in April. This is expected to impact positively on the year end result; and

° GST revenue was $0.6 billion lower than forecast mainly due to a change in GST due dates. The GST due date for April was recently moved from 28 April to 7 May, so there was no GST due date in the month of April itself. Consequently, GST payable to the Crown on some large transactions had not yet been processed, as taxpayers had no incentive to file earlier than 7 May. Refund assessments however, tend to be processed earlier as taxpayers have an incentive to claim as soon as possible. Refunds processed in April were also impacted by strong export growth and some large, one-off transactions.

• The OBEGAL was $0.6 billion higher than forecast. This variance was mainly due to ACC actuarial losses being incorrectly classified in ACC’s forecast as insurance expense rather than gains and losses.

This reclassification has no impact on the operating balance.

• Core Crown residual cash was largely on track with forecast.

• Net core Crown debt was $0.4 billion lower than forecast due to higher than forecast gains on valuations of financial assets and a slightly higher than forecast residual cash.

[Full statement (PDF)]

© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines

Not Easy: Gordon Campbell On The Greens’ Ongoing Problems

Hard to treat the Greens’ belated decision to stand a candidate in Ohariu as being anything other than a desperation move, by a party whose own leadership is evidently concerned about its chances of survival...

A few months ago, the Greens felt able to forego that role in Ohariu in order to help a beleaguered Labour Party get its candidate Greg O’Connor across the line, and knock Peter Dunne out of the parliamentary frame. More>>


Closing The Gap: Ardern Rules Out Income Tax Rise

After earlier commitments by Jacinda Ardern to do something about inequality and poverty, this new position on income tax seems an about face. To do something significant about inequality requires increases in income for those at the bottom and decreases for those at the top... More>>


Gordon Campbell: On DHB Deficits And Free Trade

Currently the world is looking on aghast at the Trump administration’s plans to slash Obamacare, mainly in order to finance massive tax changes that will deliver most of their gains to the wealthy. Lives will be lost in the trade-off. Millions of Americans stand to lose access to the healthcare they need... More>>

Greens' Response: Slum-Like Rentals Exposed In Renting Review

“...The grim findings of the review are a wakeup call about the true state of rentals in this country. Too many renters are festering in slum-like conditions under the thumb of landlords who have largely unchecked powers and ignore tenants’ complaints when it suits them.” More>>


Gordon Campbell: On The Life And Times Of Peter Dunne

The unkind might talk of sinking ships, others could be more reminded of a loaded revolver left on the desk by his Cabinet colleagues as they closed the door behind them, now that the polls in Ohariu had confirmed he was no longer of much use to National. More>>


Gordon Campbell: On Labour’s Campaign Launch

One of the key motifs of Ardern’s speech was her repeated use of the phrase – “Now, what?” Cleverly, that looks like being Labour’s response to National’s ‘steady as it goes’ warning against not putting the economic ‘gains’ at risk. More>>


Lyndon Hood: Social Welfare, Explained

Speaking as someone who has seen better times and nowadays mostly operates by being really annoying and humiliating to deal with, I have some fellow feeling with the current system, so I’ll take this chance to set a few things straight.. More>>





Featured InfoPages

Opening the Election