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

Gordon Campbell: A Govt. Christmas Bad News Dump -The Skycity Convention Center Blowout & A Negative MBIE Review

If the government really did have good tidings of great joy you can bet it wouldn’t be strewing them about at Christmas time – which is, traditionally, the dumping ground for terrible news that the government fervently hopes the public will be too distracted to notice. And so verily this Christmas Eve we learn of (a) the explosion of costs to the taxpayer and ratepayer of the vile SkyCity convention centre in Auckland and that (b) the government’s flagship MBIE “super-ministry” run by its Minister of Everything is a disaster zone of incompetence and mismanagement. MBIE is a Titanic looking for an iceberg, or so it would seem. More>>

 

Parliament Adjourns:

Greens: CAA Airport Door Report Conflicts With Brownlee’s Claims

The heavily redacted report into the incident shows conflicting versions of events as told by Gerry Brownlee and the Christchurch airport security staff. The report disputes Brownlee’s claim that he was allowed through, and states that he instead pushed his way through. More>>

ALSO:

TAIC: Final Report On Grounding Of MV Rena

Factors that directly contributed to the grounding included the crew:
- not following standard good practice for planning and executing the voyage
- not following standard good practice for navigation watchkeeping
- not following standard good practice when taking over control of the ship. More>>

ALSO:

Gordon Campbell:
On The Pakistan Schoolchildren Killings

The slaughter of the children in Pakistan is incomprehensibly awful. On the side, it has thrown a spotlight onto something that’s become a pop cultural meme. Fans of the Homeland TV series will be well aware of the collusion between sections of the Pakistan military/security establishment on one hand and sections of the Taliban of the other… More>>

ALSO:

Werewolf Satire:
The Politician’s Song

am a perfect picture of the modern politic-i-an:
I don’t precisely have a plan so much as an ambition;
‘Say what will sound most pleasant to the public’ is my main dictum:
And when in doubt attack someone who already is a victim More>>

ALSO:

Flight: Review Into Phillip Smith’s Escape Submitted To Government

The review follows an earlier operational review by the Department of Corrections and interim measures put in place by the Department shortly after prisoner Smith’s escape, and will inform the Government Inquiry currently underway. More>>

ALSO:

Intelligence: Inspector-General Accepts Apology For Leak Of Report

The Inspector-General of Intelligence and Security, Cheryl Gwyn, has accepted an unreserved apology from Hon Phil Goff MP for disclosing some of the contents of her recent Report into the Release of Information by the NZSIS in July and August 2011 to media prior to its publication. The Inspector-General will not take the matter any further. More>>

ALSO:

Drink: Alcohol Advertising Report Released

The report of the Ministerial Forum on Alcohol Advertising and Sponsorship has been released today, with Ministers noting that further work will be required on the feasibility and impact of the proposals. More>>

ALSO:

Other Report:

Leaked Cabinet Papers: Treasury Calls For Health Cuts

Leaked Cabinet papers that show that Government has been advised to cut the health budget by around $200 million is ringing alarm bells throughout the nursing and midwifery community. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Politics
Search Scoop  
 
 
Powered by Vodafone
NZ independent news