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

 


Government Financial Statements

4 June 2013
MEDIA STATEMENT

Embargoed until 10.00am, Tuesday 4 June 2013 Fergus Welsh Chief Financial Officer The Treasury

Financial Statements of the Government of New Zealand for the Ten Months Ended 30 April 2013

The Financial Statements of the Government of New Zealand for the ten months ended 30 April 2013 were released by the Treasury today.

These financial statements are compared against forecasts based on the Budget Economic and Fiscal Update (BEFU), released on 16 May 2013.

The Operating Balance before Gains and Losses (OBEGAL) was in deficit by $4.0 billion, which was $664 million lower than forecast primarily reflecting higher than expected tax revenue.

Core Crown tax revenue was $486 million higher than forecast, with corporate tax $532 million above forecast. Just over half this variance is thought to be the result of higher corporate profitability, partly resulting from continued strength in equity markets. The remainder is a timing difference with some large taxpayers filing returns in April, earlier than expected.

Core Crown expenses were close to forecast at $57.8 billion.

The operating balance surplus was $2.8 billion, $142 million below forecast. In addition to the $664 million lower OBEGAL deficit was a $759 million positive variance from the Crown’s investment portfolios, with the NZS Fund recording net gains of $737 million above forecast. Offsetting this result was an unfavourable variance in relation to ACC’s outstanding claims liability that was $1.5 billion above forecast, mainly due to a lower discount rate at the end of April compared to that used in the forecast.

ENDS

Full document - Financial Statements of the Government of New Zealand For the Ten Months Ended 30 April 2013: mediafsgnz10mthsapr13.pdf

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Anzac Issue Out Now: Werewolf 47

Hi and welcome to the 47th edition of Werewolf, published on the eve of Anzac Day. Its become a cliché to describe Gallipolli as the crucible of this country’s identity, yet hold on... Isn’t our national identity supposed to be bi-cultural... and wouldn’t that suggest that the New Zealand Wars of the 19th century is a more important crucible of national identity than those fought on foreign soil?

Yet as Alison McCulloch eloquently reveals in this month’s cover story, New Zealand devotes a mere fraction of its attention span and funding resources to commemorating the New Zealand Wars compared to what it devotes to the two world wars, Vietnam and Afghanistan... More>>

 

Parliament Today:

Crowdsourcing: Green Party Launches Internet Rights And Freedoms Bill

The Green Party has today launched the Internet Rights and Freedoms Bill, New Zealand’s first ever Bill crowdsourced by a political party. More>>

ALSO:

Gordon Campbell: On The Shane Jones Departure

Shane Jones has left Parliament in the manner to which we have become accustomed, with self interest coming in first and second, and with the interests of the Labour Party (under whose banner he served) way, way back down the track. More>>

COMMENT:

Multimedia: PM Post-Cabinet Press Conference - April 22 2014

The Prime Minister met with reporters to discuss: • The recent improvement in the economy with a growing job market • Income and wealth inequality • Easter trading laws • The New Zealander killed in a drone strike in Yemen... More>>

Easter Trading: Workers 'Can Kiss Goodbye To Easter Sunday Off'

The Government’s decision to “reprioritise” scarce labour inspector resources by abandoning the enforcement of Easter Sunday Shop Trading laws means workers can kiss goodbye to a guaranteed day off, says Labour’s Associate Labour Issues spokesperson Darien Fenton. More>>

ALSO:

ACT Don't Go For Maximum Penalty: Three Strikes For Burglary, Three Years Jail

Three strikes for burglary was introduced to England and Wales in 1999. As in New Zealand, burglary was out of control and given a low priority by the police and the courts. A Labour government passed a three strikes law whereby a third conviction for burglaries earned a mandatory three years in prison... More>>

ALSO:

Gordon Campbell: On Drone Strikes And Judith Collins‘ Last Stand

The news that a New Zealand citizen was killed last November in a US drone attack in Yemen brings the drones controversy closer to home. More>>

ALSO:

Elections: New Electorate Boundaries Finalised

New boundaries for the country’s 64 General and seven Māori electorates have been finalised – with an additional electorate created in Auckland. More>>

ALSO:

Policies: Labour’s Economic Upgrade For Manufacturing

Labour Leader David Cunliffe has today announced his Economic Upgrade for the manufacturing sector – a plan that will create better jobs and higher wages. More>>

ALSO:

Gordon Campbell: On The Life And ACC Work Of Sir Owen Woodhouse

With the death of Sir Owen Woodhouse, the founding father of the Accident Compensation Scheme, New Zealand has lost one of the titans of its post-war social policy. More>>

ALSO:

Bad Transnationals: Rio Tinto Wins 2013 Roger Award

It won the 2011 Roger Award and was runner up in 2012, 2009 and 08. One 2013 nomination said simply and in its entirety: “Blackmailing country”... More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
Politics
Search Scoop  
 
 
Powered by Vodafone
NZ independent news