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

 


Financial Statements of NZ Govt for 8 Months to 28/2/14

[Full document: mediafsgnz8mthsfeb14.pdf]

8 April 2014
MEDIA STATEMENT
Embargoed until 10.00am, Tuesday 8 April 2014 Fergus Welsh Acting Chief Government Accountant The Treasury

Financial Statements of the Government of New Zealand for the Eight Months Ended 28 February 2014

The Financial Statements of the Government of New Zealand for the eight months ended 28 February 2014 were released by the Treasury today. These statements are compared against forecasts based on the Half Year Economic and Fiscal Update (HYEFU), released on 17 December 2013.

Core Crown tax revenue has increased by $1.9 billion (or 5.0%) compared to the same time last year. However this was $1.1 billion less than expected and is reflected across most tax types, continuing the pattern of recent months. While some weakness is expected to persist as a result of some assumptions made at HYEFU for GST, other individuals’ tax and customs and excise duties in the current year not eventuating, the lower than forecast tax relating to corporate tax ($372 million) and source deductions ($136 million) are thought to be mostly timing in nature.

Overall, it is expected that slightly over half of the $1.1 billion weaker year to date outturn will remain at year end once the elements that appear timing-related reverse. There are risks associated with this view and, owing to the timing of tax assessments, much of the expected narrowing may not be apparent until June data is received.

Updated tax revenue forecasts will be released as part of the Budget Economic and Fiscal Update in May. At this stage, it is anticipated that a stronger outlook for the economy will further boost tax revenues from their current position, largely offsetting the current weakness in revenue outturns, resulting in an outlook for tax revenue for 2014/15 that is broadly similar to that presented in the HYEFU. As a result tax revenue developments are not likely to impact on the forecast surplus for 2014/15.

The operating balance before gains and losses (OBEGAL) was in deficit by $1.4 billion, which was $884 million more than expected, mainly due to the lower core Crown tax revenue. This result was partially offset by higher returns from Crown Entities largely due to an updated EQC valuation.

Continued strength in equity markets saw gains recorded on financial instruments of $3.5 billion, which was $1.9 billion ahead of forecast. As a result, the operating balance surplus was $891 million higher than forecasts at $3.7 billion.

Net debt was $435 million higher than forecast at $60.0 billion or 27.1% of GDP. This variance was primarily due to a higher than forecast residual cash deficit driven by lower than expected core Crown tax receipts and higher than expected operating payments.

At 28 February, total Crown assets were $246.8 billion and liabilities were $171.4 billion and the Crown’s share of net worth strengthened to $70.9 billion.

[Full document: mediafsgnz8mthsfeb14.pdf]

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Last Sitting Day Of Parliament: Slave Ships Bill To Pass

The House resumed at 9am and MPs agreed to add the third reading of the Fisheries (Foreign Charter Vessels and Other Matters) Amendment Bill to this morning’s business.

The bill requires all foreign owned fishing vessels to fly under a New Zealand flag from May 2016 and obey all New Zealand laws. This includes labour laws...

Last night Opposition MPs accused the Maori Party of blocking the passage of this bill into law in this Parliament, no members of the Maori Party were in the House to answer the accusations though they denied this in a press release. More>>

 

Parliament Today:

Novopayout: Government-Owned Company To Take Over School Payroll

After lengthy negotiations, the Ministry of Education and the existing school payroll provider, Talent2, have settled both on the amounts payable by Talent2 towards the costs of remediating the Novopay service and a new operating model for the school payroll system. More>>

ALSO:

Employment: Labour Will Raise Minimum Wage, Restore Work Rights

A Labour government will raise the minimum wage $2 an hour to $16.25 and restore work rights to ensure the benefits of economic growth are shared fairly by all New Zealanders, Labour Leader David Cunliffe says. More>>

ALSO:

Police: Crewe File Review Released

No new evidence has come to light implicating any specific person as being responsible for the murders of Jeannette and Harvey Crewe... The review identifies there is a distinct possibility that Exhibit 350 (the brass .22 cartridge case) may be fabricated evidence, and that if this is the case, that a member of Police would have been responsible. More>>

ALSO:

Werewolf Issue #49: Gordon Campbell Interviews Laila Harre

For 25 years, Labour and National have been in virtual agreement about the basics of economic policy, and differed mainly on how to go about managing its social consequences. More>>

ALSO:

Greens: Plan To Protect Our Maui’s Dolphins

1. Protect Maui’s from being killed in the sanctuary set up to protect them... 2. Extend fishing protections to the entire Maui’s range... 3. Help protect the livelihoods of affected fishers by supporting them to adopt dolphin-safe fishing methods. More>>

ALSO:

Gordon Campbell: On National’s Electorate Deals

For all the talk yesterday from Prime Minister John Key about National being transparent about its electorate deals in Epsom and Ohariu, that transparency is entirely front-loaded. More>>

ALSO:

Greens: Oil Drilling Face-Off With Labour

The key policy points in the Green Party’s plan to protect our beaches from oil spills are to:
1. Prohibit deep sea oil drilling; 2. Implement compulsory shipping lanes for coastal shipping; 3. Build Maritime New Zealand’s oil spill response capability; and 4. Introduce a stronger legal framework so that when accidents do happen, the New Zealand taxpayer does not have to pay for the clean-up. More>>

ALSO:


Nick Smith v Fish & Game:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
Politics
Search Scoop  
 
 
Powered by Vodafone
NZ independent news