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

 


Govt Financial Statements for 3 Months Ended 31 Oct 2012

5 December 2012

MEDIA STATEMENT

The Treasury

Financial Statements of the Government of New Zealand for the Four Months Ended 31 October 2012

The Financial Statements of the Government of New Zealand for the four months ended 31 October 2012 were released by the Treasury today.

These financial statements are compared against forecast tracks based on the 2012 Budget Economic and Fiscal Update (BEFU) released on 24 May 2012.

In the four months to 31 October the operating balance before gains and losses (OBEGAL) deficit was $169 million higher than forecast, at $2.9 billion. Core Crown tax and interest revenue were both lower than expected, partially offset by lower core Crown expenses.

Core Crown tax revenue of $17.9 billion was $292 million or 1.6% lower than expected. This is a similar result to September, with most major types of tax revenue below forecast, except other individuals’ tax revenue, which was higher than expected. In summary:

  • GST was $253 million lower than forecast, driven by private consumption levels that were lower than expected
  • source deductions were $191 million below forecast, due to weaker wage growth than anticipated, and
  • other individuals’ tax revenue was $351 million higher than expected, reflecting an increase in the effective tax rate paid by non-incorporated businesses.

Other core Crown revenue was $244 million lower than forecast, primarily due to lowerthan- expected interest rates, resulting in lower interest revenue.

Core Crown expenditure of $22.9 billion was $343 million or 1.5% lower than forecast. Most areas recorded under-spends, with delays in some health spending ($117 million), and lower than expected welfare costs ($108 million) reflecting lower beneficiary numbers than anticipated. Education expenses and finance costs were also below forecast, $72 million and $69 million respectively.

Largely offsetting these under-spends were earthquake expenses, which were $114 million higher than forecast due to land zoning decisions that were announced after the BEFU forecast was finalised.

While the OBEGAL deficit was higher than forecast, year-to-date gains made on the New Zealand Superannuation Fund and ACC’s investment portfolios were around $1.4 billion greater than expected, and an unforecast actuarial gain of $228 million was also recorded on ACC’s claims liability. These gains held the operating balance deficit to $34 million, which was $1.9 billion less than expected.

Gross debt and Net debt were close to forecast at $81.5 billion (39.8% of GDP) and $55.5 billion (27.1% of GDP) respectively.

Click here to read the full Financial Statements [pdf]

ENDS

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

InternetNZ On Snowden Docs: Mass Collection Of Pacific Data Affects Kiwi Holidaymakers

The allegation that New Zealand has conducted mass data harvesting on its Pacific Island neighbours raises concerns about New Zealanders’ communications being collected, says InternetNZ.

“If the allegations are correct, then New Zealand would be mining data about everyone in the Pacific Islands named in the allegations. That’s everyone. Not just individuals who attract specific surveillance warrants, but everyone. This means local residents to visiting Kiwi tourists could be having their data collected." More>>

 

PARLIAMENT TODAY:

Teina Pora Wins Appeal: Gordon Campbell On The Privy Council Decision

The quashing of the convictions of Teina Pora for the rape and murder of Susan Burdett in 1992 has shone a spotlight once again on a major gap in the New Zealand justice system... More>>

ALSO:

Urgent Bill Planned: MP Pay Rises To Match Public Service

Prime Minister John Key today announced an overhaul of the Remuneration Authority Act, tying MP salaries to those of the wider public sector, which will be passed under urgency. More>>

ALSO:

PM's Press Conference: MP Pay Rises, Solid Energy, Iraq

Prime Minister John Key answered questions in his Post-Cabinet press conference about the Iraq deployment, Solid Energy and National’s decision to overhaul the Remuneration Authority Act. More>>

ALSO:

Worksafe: MSD Charged Over Work And Income Ashburton Shooting

WorkSafe NZ has laid one charge against the Ministry of Social Development (MSD) in relation to the shooting at the MSD Ashburton office on 1 September 2014 in which two Work and Income staff were killed and another was injured. More>>

ALSO:

Iraq: Ex-Hostage Says Government Not Putting NZers, Iraqis First

Harmeet Singh Sooden is travelling to Iraq in the coming weeks to work with Christian Peacemaker Teams (CPT) on a short-term assignment. More>>

ALSO:

Joint Statement: Australia-New Zealand Leaders’ Meeting

Prime Minister Key warmly welcomed Prime Minister Abbott and Mrs Abbott to New Zealand. The visit has enabled wide-ranging and substantive discussion that has underlined the strength, value, diversity and warmth of our trans-Tasman relationship. More>>

ALSO:

Press Conference: Peters To Stand In Northland By-Election

New Zealand First Leader Winston Peters has announced his intention to stand in the Northland by-election, citing his own links to the electorate and ongoing neglect of the region by central government. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Politics
Search Scoop  
 
 
Powered by Vodafone
NZ independent news