budget tagged posts

Deficit Halved, NZ on Track to Surplus

October 11, 2012 New Zealand FinanceNew Zealand Taxation

The beehiveOver the course of the year the government’s financial situation has improved, and the national deficit has been slashed in half.

On October 10th the Treasury of New Zealand released the Financial Statements of the Government of New Zealand for the Year Ended 30 June 2012, showing that he government has slashed the budget deficit in half during the time period.

Over the course of the year the government saw overall revenues of NZD 84 billion, and spent approximately NZD 93 billion, leading to a deficit of NZD 9.2 billion.

The deficit is approximately NZD 800 million than forecasted in May, which was mainly attributed to a NZD 1.4 billion write down in the value of the assets of KiwiRail.

The government’s debts are NZD 10 billion higher than at the start of the year, a level that is in l...

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Governments Stills Aims for Surplus in 2014

May 1, 2012 New Zealand Taxation

John Key talks on surplus goalDespite the recent reduction in the forecast for the New Zealand budget, John Key has repeated the government’s goal of reaching a surplus within the next three years.

Following a meeting of the Cabinet on April 30th, the Prime Minister John Key confirmed that the government would stick to its goal of achieving a budgetary surplus by the end of the 2014 fiscal year. The Prime Minister’s words come only days after the Finance Minister Bill English announced that the projection for the government’s budget surplus in the 2014 fiscal year has been reduced from a NZD 370 million surplus to a NZD 640 million deficit.

The Prime Minister explained that all the Cabinet Ministers and their departments are currently investigating means of reducing their expenditures and boosting revenues further...

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Government Releases New Budget

May 19, 2011 New Zealand Finance

BeehiveNew Zealand’s new government budget has been revealed, showcasing a series of changes aimed at shoring the country’s economic position into the future, through several cost cutting measures and a lack of any new public spending.

The New Zealand government released its 2011 budgetary plan on May 19th, revealing several changes to the country’s economic policies and new forecasts for the country. The release outlined the government’s primary goals of reducing spending, shrinking public debt, increasing national savings levels, and supporting the goal of a future financial surplus. The new budget was presented by the Finance Minister Bill English.

The Minister confirmed expectations that next year the budget deficit would reach NZD 16.7 billion, approximately 8.4 percent of the GDP...

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Landlords Planning Rent Increases

May 25, 2010 New Zealand Taxation

Budget AnnouncementA recently released survey indicates that New Zealand landlords are planning to raise residential property rental rates, as a result of tax changes introduced in the 2010 national Budget.

On May 25th the New Zealand Business Council for Sustainable Development released the results of their post-Budget announcement survey. Among other findings, the results revealed that 47 percent of surveyed landlords intend to raise rents to compensate for any loss of profit from new taxation changes. Only 13 percent of landlords were undecided on the rates of rent they will charge. Among all survey respondents 69 percent of non-landlords believed that average rents would increase, and 65 percent of landlords expected to see an overall rise in rent.

In the 2010 New Zealand Budget, released on May 20th, fi...

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