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

 


Restraint and Higher Revenue Boost Govt Books

Hon Bill English

Minister of Finance

6 May 2013 Media Statement

Restraint and Higher Revenue Boost Govt Books

The Government’s finances continue to improve with higher than forecast tax revenue contributing to the operating deficit now being lower than forecast in the Half-Year Update in December, Finance Minister Bill English says. 

The operating deficit before gains and losses for the nine months to 31 March was $5 billion, or $273 million smaller than the $5.2 billion deficit forecast in December.

“The financial statements show that continued spending restraint is important as we remain on track to surplus in 2014/15, as the Budget next week will confirm,” Mr English says. “Ongoing spending control will allow the Government to build up sufficient surpluses to provide choices around repaying debt and investing more in priority public services.”

Overall, core Crown tax revenue was $535 million higher than forecast at $41.9 billion for the nine months. Tax on individuals’ income other than salary and wages was $406 million above forecast - a result of solid investment incomes driven by recent strength in sharemarkets. Source deductions were $187 million above forecast.

Compared with the nine months to March 2012, tax revenue increased by $2.1 billion, mainly reflecting wage growth, higher effective tax rates and a rise in GST revenue.

Core Crown expenses remain in line with forecasts set out in December’s Half-year Update, which showed a substantial $1.7 billion reduction in expenses compared with Budget 2012.

Higher than expected net gains from Government investment funds delivered a $2.5 billion operating surplus for the nine months, which was significantly better than the $2.0 billion forecast operating deficit.

ENDS

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

#Kexit: Prime Minister John Key Announces Resignation

Prime Minister John Key has announced that he’s resigning as Prime Minister in seven days’ time. He made the unexpected announcement at a 12.45 press conference at Parliament, called with less than an hour’s notice.

“It has been an enormous privilege to be Prime Minister of New Zealand, and these last eight years have been an incredible experience. Throughout these years I have given everything I could to this job that I cherish, and this country that I love...“ More>>

Gordon Campbell: On The Key Resignation

The resignation of John Key is one thing. The way that Key and his deputy Bill English have screwed the scrum on the leadership succession vote (due on December 12) is something else again. It remains to be seen whether the party caucus – ie, the ambitious likes of Steven Joyce, Judith Collins, Paula Bennett, and Amy Adams – will simply roll over... More>>

 

Q+A: Labour's Michael Wood Wins Mt Roskill

Labour’s Michael Wood, who last night won a 6,000 vote majority in the Mt Roskill by-election, says the reason for the win was simple, clear messaging... More>>

ALSO:

Gordon Campbell: On Anne Tolley’s Callous Folly

Last week’s conflict between Social Development Minister Anne Tolley and District Court judge Carolyn Henwood illustrated quite a few of the flaws in the system. More>>

ALSO:

Members’ Bills: Greens' Domestic Violence And Loans Bills Pulled From Ballot

Jan Logie’s Domestic Violence-Victims' Protection Bill introduces workplace protections for victims of domestic violence, including allowing victims to request paid domestic violence leave for up to 10 days... Gareth Hughes’ Bill allows Kiwis with student loans to defer their student loan repayments into a first home savings scheme. More>>

ALSO:

IPCA: Police Did Not 'Deliberately' Use Pepper Spray On 10-Year-Old

"When spraying the man, the officer did not properly consider the necessity of using pepper spray in a confined space, the likelihood that it would affect the other innocent passengers or the fact that he was using a more powerful spray." More>>

ALSO:

Donor Bill Passes: Full Income Compensation For Live Organ Donors

Unanimous cross-party support for the Compensation for Live Organ Donors Bill represents a critical step in reducing the burgeoning waiting list for kidney donations, according to Kidney Health New Zealand chief executive Max Reid. More>>

ALSO:

Earthquake Response: Emergency Legislation Prepared

Three new Bills have been drafted in the wake of the magnitude 7.8 earthquake on November 14 to ensure the government can enable affected communities to respond quickly and efficiently. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
More RSS  RSS News AlertsNews Alerts
 
 
Politics
Search Scoop  
 
 
Powered by Vodafone
NZ independent news