Finance Minister Bill English has presented the Crown accounts for the year to June, showing a surplus of $1.8 billion in 2015/16, up from $414 million in 2014/15.

The Crown accounts show core Crown expenses are under 30 per cent of GDP for the first time since 2006, net debt has stabilised to 24.6 per cent of GDP and net worth has grown to $89.4 billion in 2015/16.

Bill says the $1.8 billion operating balance before gains and losses (OBEGAL) in 2015/16 - compared to a forecast of $176 million in Budget 2015 - is a significant turnaround on the $18.4 billion deficit in 2011 following the Global Financial Crisis and Canterbury earthquakes.

'The New Zealand economy has made significant progress over the past eight years,” says Bill.

'This delivers more jobs and higher incomes for New Zealanders, and also drives a greater tax take to help the Government's books.

'The outlook for the economy is positive, the Government's books are in good shape and we are addressing our toughest social problems. However, we also need to bear in mind that there are a lot of risks globally and that is why it is important to get our debt levels down.”

Bay of Plenty MP Todd Muller welcomed the announcement of a surplus.

'This is a testament to the hard work occurring across the country, from the smallest home-based businesses through to the largest exporters,” says Todd.

'We are all doing our part to right the economy, and when you compare New Zealand to the rest of the world the result is quite startling.”

Todd cannot praise his colleague enough, describing Bill English as a finance minister of a generation, understated, and relentless in ensuring the $75 billion the government receives in tax is prudently and competently spent on our behalf.