Parliament

Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search

 

Crown Result Still Positive After Tough Year

Hon Bill English
Treasurer
Rt Hon Sir William Birch
Minister of Finance

15 September 1999
Embargoed Until 2 p.m.

Crown Result Still Positive After Tough Year

The 1999 Crown Financial Statements released today show that the Crown’s finances are in a strong and positive position, Treasurer Bill English and Finance Minister Sir William Birch said in a joint press statement today.
They said the $1.8 billion surplus recorded in 1998/99 was down $387 million on the Budget forecast, but net Crown worth and net Crown debt were, respectively, $566 million and $668 million ahead of forecast.
“The result contains a number of one-offs, most significantly the gain on the sale of Contact Energy Limited, and the negative impact of the Government Superannuation Fund unfunded liability revaluation.”
Commenting on an underlying surplus of about $150 million, the Ministers said: “This is evidence that the Asian crisis put Crown finances to the test, but it also reiterates two key lessons.
“First, New Zealand’s fortunes are inextricably linked to the world market place, so the Government must focus continually on policies that allow New Zealand enterprises to compete internationally.
“Secondly, a disciplined medium term strategy of running surpluses and reducing debt is of key importance to our economic security.
“The Government, while investing significantly in health and education, has budgeted prudently for more than 8 years now by carefully targeting its expenditure.
“This discipline is what laid the ground for tax cuts, the latest round of which put about $1.2 billion back in taxpayers pockets in 1998/99.
“Given expectations amid the conditions prevailing this time last year, we have emerged from the Asian downturn with a good result,” the Ministers said.

Ends

© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On The Erebus Memorial In Parnell

Social media can be a wonderful tool for bringing people together in a common cause. It can also be a seedbed and spreader of mis-information on a community-wide scale. To which category do the protests against the siting of an Erebus memorial (to the 257 New Zealanders who died in that tragedy) in a secluded corner of a Parnell park happen to belong? IMO, it is clearly the latter, and the reasons for thinking so are explained below... More>>

 

National: Proposed Hate Speech Laws A Step Too Far

Reports of the Government’s proposed new hate speech laws go a step too far and risk sacrificing the freedoms New Zealanders enjoy, National’s Justice spokesperson Simon Bridges says. “The reforms are supposedly including protections to every ... More>>

ALSO:

Agriculture: Government To Phase Out Live Exports By Sea

The Government has announced that the export of livestock by sea will cease following a transition period of up to two years, said Agriculture Minister Damien O’Connor. “At the heart of our decision is upholding New Zealand’s reputation for high ... More>>

ALSO:

Norman Gemmell: New Zealand’s New Housing Policy Is Really Just A New Tax Package — And It’s A Shambles

Norman Gemmell , Te Herenga Waka — Victoria University of Wellington Economists like to talk about “optimal policy instruments” — essentially, policies that achieve their objectives more effectively or efficiently than the alternatives, and ... More>>

Claire Breen: ACC’s Policy Of Not Covering Birth Injuries Is One More Sign The System Is Overdue For Reform

Claire Breen , University of Waikato Recent media coverage of women not being able to get treatment for birth injuries highlights yet another example of gender bias in healthcare in New Zealand. More>>

Police: Police Accept Findings Of IPCA Report Into Photographs Taken At Checkpoint

Police accept the findings of a report by the Independent Police Conduct Authority (IPCA) relating to photographs taken at a checkpoint in Northland. On November 16, 2019, Police set up a checkpoint down the road from a fight night event in Ruakaka ... More>>

ALSO:

Health: Drug-Testing Law To Be Made Permanent

Interim legislation that is already proving to keep people safer from drugs will be made permanent, Health Minister Andrew Little says. More>>

 
 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

InfoPages News Channels