Books looking good ahead of Budget

Finance Minister Bill English says because of some growth in the economy the Crowns accounts are in good order ahead of the release of this year's Budget later this month.

The $167 million operating balance before gains and losses surplus for the nine months to March 31, was $334 million better than forecast, says Bill.


Finance Minister Bill English.

Core Crown revenue was $206 million higher than forecast, largely due to core Crown tax revenue being $702 million higher than forecast by the Treasury in December.

This was partially offset by core Crown interest and dividend revenue being $456 million lower than forecast.

Bill says because of sustained, moderate growth in the economy, the Crown accounts are in good order ahead of the May 26, delivery of Budget 2016.

'We've been successful in turning an $18.4 billion deficit in 2011 to a surplus last year. In Budget 2016 our focus is shifting more to repaying debt.

'Budget 2016 will reflect this Government's continued commitment to responsible fiscal management.”

He says at the same time it will build on the good progress the Government made over the previous seven Budgets, with further investment in a growing economy and public services.

'We measure success by results, rather than the level of spending.”

3 comments

We do not hear

Posted on 12-05-2016 14:54 | By Merlin

In their financial releases the Government never seem to mention Overseas debt.The treasury overseas debt graph shows the debt has risen from under $30 Billion to over $100 Billion since this Government took over.Few press releases on this wonder why.


Unforseen earthquakes

Posted on 13-05-2016 03:45 | By Kenworthlogger

Christchurch would have taken a fair chunk of your money there fenderbender. Isnt this what your artical is all about. Repaying debt?


Strange

Posted on 14-05-2016 11:29 | By astex

No mention of this either reported a few weeks back. "According to Statistics New Zealand the annual trade balance is in deficit by more than $3 billion and it


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