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

 


Crown Accounts for the 8 months to end of Feb 2013

Financial Statements of the Government of New Zealand for the 8 months to end of Feb 2013

The Financial Statements of the Government of New Zealand for the eight months ended 28 February 2013 were released by the Treasury today.

These financial statements are compared against forecast tracks based on the 2012 Half Year Economic and Fiscal Update (HYEFU), released on 18 December 2012.

The Operating Balance before Gains and Losses (OBEGAL) was in deficit by $3.0 billion, which is $556 million lower than forecast largely owing to core Crown tax revenue being $719 million higher than expected. There were two tax types contributing to the higher than forecast tax revenue:

• Tax from source deductions was $266 million above forecast owing to a higher than expected effective tax rate. Total labour force earnings were in line with forecast, however the composition of the labour force has changed with a fall in employment concentrated at the lower end of the income scale. Overall, this means the same amount of income was earned by fewer workers, increasing the average tax rate due to the progressive nature of the personal income tax scale.

• Tax from other individuals was $326 million above forecast, primarily owing to higher taxable income being declared, part of which was from investment income on the back of strong equity markets. Core Crown expenses were $370 million below forecast at $45.0 billion. This was largely due to delays in finalising complex negotiation issues in Treaty of Waitangi settlements.

Including net gains, the operating balance was in surplus by $4.3 billion, some $4.8 billion ahead of forecast, largely owing to significant net investment gains made by the New Zealand Superannuation Fund ($1.5 billion) and ACC ($0.6 billion). In addition, ACC has recorded higher than expected actuarial gains on its outstanding claims liability of $1.5 billion, largely due to favourable changes in the discount rate and claims experience.

The residual cash deficit was $434 million smaller than expected, largely reflecting higher tax receipts than forecast.

Net debt was $614 million lower than forecast, reflecting the residual cash result and higher than forecast levels of currency in circulation.

Full release.. http://img.scoop.co.nz/media/pdfs/1304/mediafsgnz8mthsfeb13.pdf

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

 

Parliament Today:

Werewolf: The Defence Pretence

Last year, the world began spending more money on weapons again, for the first time since 2011... New Zealand belongs to a region – Asia and Oceania – where military spending rose sharply in 2015, by 5.4 per cent. More>>

ALSO:

Gordon Campbell: On Not Crying Foul, Argentina

So a couple of guys found to be criminally liable of environmental pollution in Argentina lodge an application with the Overseas Investment Office… in order to buy some prime New Zealand rural land. Seems that their factory back home had carelessly and/or intentionally discharged toxic waste into the Lujan river. Bummer... More>>

ALSO:

Urban & Rural: $303m To Merge And Modernise New Zealand’s Fire Services

Internal Affairs Minister Peter Dunne today announced funding of $303 million over five years to combine urban and rural fire services into one organisation from mid-2017. More>>

ALSO:

High Trust Regime: What Did The PM Tell His Lawyer About Foreign Trusts?

The Government stopped the IRD from reviewing New Zealand foreign trusts shortly after the Prime Minister’s lawyer wrote to the Revenue Minister claiming John Key had promised him the regime would not be changed. More>>

ALSO:

Road Crime: Wicked Campers Vans Classified As Objectionable

The definition of publication includes any "thing that has printed or impressed upon it, or otherwise shown upon it, 1 or more (or a combination of 1 or more) images, representations, signs, statements, or words", The Classification Office has previously classified such 'things' as billboards, t-shirts, and even a drink can. This is the first time the Classification Office has classified a vehicle. More>>

ALSO:

'When New' Repairs: Landmark EQC Settlement

The Earthquake Commission has cut a deal with 98 Canterbury homeowners that affirms the government entity's responsibility to repair earthquake-damaged property to a 'when new' state, as well as covering repairs for undamaged parts of a property and clarifying its position on cash settlement calculations. More>>

ALSO:

Gordon Campbell: On Kiwirail’s Latest Stint In The Dogbox

The denigration of Kiwirail continues. The latest review (based on a 2014 assessment) of the options facing the company have enabled Kiwirail to be hung out to dry once again as a liability and burden on the taxpayer. More>>

ALSO:

Royal Society Report: Good Opportunities To Act Now On Climate Change

There are many actions New Zealand can and should take now to reduce the threat of climate change and transition to a low-carbon economy, a report released today by the Royal Society of New Zealand finds... More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
 
Politics
Search Scoop  
 
 
Powered by Vodafone
NZ independent news