budget defecit tagged posts
April 9, 2010 New Zealand Taxation
The New Zealand Government has released documents showing that the national budget deficit is narrower than projected, despite tax collection falling below expectations.
On April 9th the New Zealand Government released its Financial Statements for the eight months ended February 28th 2010. The new statements show the Government’s operating deficit for the period to be NZD 4.49 billion, 11.2 percent below the 2009 Half Year Economic and Fiscal Update. The difference was attributed to lowered Government spending and a once-off payment to the Government from its structured financing legal settlements. An unexpected surge in retail sales caused also Goods and Service Tax (GST) collections to reach NZD 389 million, over 5.3 percent higher than projected...Read More
February 1, 2010 New Zealand Finance
The New Zealand Crown accounts for the five months to November 30th saw a marginal improvement over earlier estimates, following a better than expected New Zealand Super Fund, ACC and EQC investment performance.
According to a New Zealand Government press release, published on January 29th, the Crown’s operating deficit before gains and losses for the time period was NZD3.7 billion. The figure is NZD700 million better than previously forecast in the 2009 Half-Year Economic and Fiscal Update. The operating deficits including gains and losses for the same period were reported to be NZD1.4 billion, which was NZD1.1 billion better than forecast.
Though the figures are positive, Bill English, Finance Minister of New Zealand , has warned that the news should be taken with some caution...Read More