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

Scoop's Pledgeme Campaign To Become A Not-For-Profit Finishes Sunday 29th - Please Pledge Now
AMA: Scoop's 'Invisible Paywall'


Gordon Campbell: On A Funeral In Asia, The Northland By-Election, And News Priorities

Supposedly, New Zealand’s destiny lies in Asia, and that was one of Foreign Minister Murray McCully’s rationales for his bungled reforms at MFAT. OK. So, if that’s the case why didn’t Prime Minister John Key – who was already in South Korea – stay in the region so that he could attend the state funeral on Sunday of Singapore’s founding leader Lee Kuan Yew?

Instead, Key returned to New Zealand to campaign in the Northland by-election, and Governor-General Sir Jerry Mateparae will represent this country in his place. Bad call. Key has put the domestic interests of his party ahead of New Zealand’s wider interests on the world stage. More>>

 

PARLIAMENT TODAY:

Inspector-General of Intelligence and Security: Inquiry Into GCSB Pacific Allegations

The complaints follow recent public allegations about GCSB activities. The complaints, and these public allegations, raise wider questions regarding the collection, retention and sharing of communications data. More>>

ALSO:

TPPA Investment Leak: "NZ Surrender To US" On Corporates Suing Governments

Professor Jane Kelsey: ‘As anticipated, the deal gives foreign investors from the TPPA countries special rights, and the power to sue the government in private offshore tribunals for massive damages if new laws, or even court decisions, significantly affected their bottom line’. More>>

ALSO:

Enrol By Friday: Time’s Almost Up Before Northland By-Election

If you want to vote in the Northland by-election and you’re not enrolled, time is running out. That’s the message from Northland Registrar of Electors Deborah Darton, with just a few days to go until the by-election this Saturday, 28 March. More>>

ALSO:

Werewolf: The Myth Of Steven Joyce

Gordon Campbell: The myth of competence that’s been woven around Steven Joyce – the Key government’s “Minister of Everything” and “Mr Fixit” – has been disseminated from high-rises to hamlets, across the country... More>>

ALSO:

RMTU: No Public Submissions On International Government Procurement Deal

“The government is preparing to assent to the Government Procurement Agreement, a World Trade Organisation Treaty which opens up New Zealand Government contracts to foreign companies and closes the door on local businesses and their workers. However the Foreign Affairs, Defence and Trade Select Committee is refusing to take public submissions on the decision.” More>>

ALSO:

Gordon Campbell:
On Pacific Spying

So New Zealand spied on its friends and allies in the Pacific – and has not only been passing on the results to the NSA, but has apparently passed on the details of the Pacific’s relations with Taiwan to our other best friends, the Chinese. On the side, the Key government has also been using the security services to gauge the chances of Trade Minister Tim Groser landing the top job at the WTO... More>>

ALSO:

State Housing Transfer: Salvation Army Opts Out

The Salvation Army has decided against negotiating with Government for the transfer of Housing New Zealand stock.
More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Politics
Search Scoop  
 
 
Powered by Vodafone
NZ independent news