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

Anzac Day:


Reshuffle: PM Announces Changes To Ministerial Portfolios

Prime Minister Bill English today announced the appointment of Gerry Brownlee as Minister of Foreign Affairs, Nathan Guy as Minister of Civil Defence, Nikki Kaye as Minister of Education and Mark Mitchell as Minister of Defence.

The changes follow the resignations from Cabinet of Hekia Parata and Murray McCully.

In other changes Simon Bridges has been appointed Leader of the House and Nicky Wagner has been made Minister supporting Greater Christchurch Regeneration. More>>

 

Q+A Transcript: CTU Call For 'National Standards' On Wages

‘If you look at countries who do better than us, who pay wages better, who have more competitive industries, more successful economies, they have systems where there are national standards.’ More>>

ALSO:

Health Workers Respond: People's Mental Health Report Released

The People's Mental Health Review reinforces a recent YesWeCare.nz survey of 6,000 health workers, which found nine in 10 believe they don't have the staff or resources to deliver the care Kiwis need when they need it. More>>

ALSO:

More Mental Health:

Energy: Greens Launch Plan For Cheaper And Cleaner Electricity

$112 million for winter warm-up payments to help low-income households cover their power bills • setting a goal for 100 percent renewable electricity by 2030 (in average hydrological conditions) • an investigation into the electricity wholesale market. More>>

ALSO:

Gordon Campbell: On The Aged-Care Settlement

Until yesterday, a National government has always been the sworn enemy of women seeking justice in the workplace, in the face of gender-based pay discrimination. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Politics
Search Scoop  
 
 
Powered by Vodafone
NZ independent news