Half-Year Economic and Fiscal Update tagged posts

New Zealand Tax Revenue Down by $3.18 Billion

March 5, 2010 New Zealand Taxation

Government Building @ WellingtonIn its latest Tax Outturn report, the New Zealand Government has revealed that the total unconsolidated tax revenues for the seven months to January 2010 were 9 percent lower than the same period last year, and 0.1 percent below previous forecasts.

On March 5th the New Zealand Government made public its Tax Outturn data for the seven months to January 2010, which it claimed is one of the earliest indicators available to judge the economic conditions of the country. The data shows that the total direct tax revenues for the time period were 1.3 percent lower than projected in the 2009 Half-Year Economic and Fiscal Update, though indirect taxes had risen by 1.8 percent, making the net effect an approximate 0.1 percent drop below forecasts...

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NZ Accounts Saw Small Improvement

February 1, 2010 New Zealand Finance

Government, old and newThe 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...

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