The New Zealand Budget cash deficit was below previously forecasted levels, for the 11 months ended May 31st. On July 12th the New Zealand Treasury Department released a statement revealing the country’s latest financial figures. According to the release, the total cash deficit for the period totaled NZD 7.73 billion, approximately NZD 86 million better than forecasted in the national budget. Excluding gains and losses the deficit was NZD 4.7 billion, an estimated NZD 1.1 billion below forecasts. The improvement has been attributed ... Read More

In 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 ... Read More

John Whitehead, Secretary to the Treasury, has stated that bold policies and tough decisions need to be made for economic recovery to occur. In order for New Zealand to reach income levels comparable to that of Australia by 2025, New Zealand will require an estimated economic growth rate of 3.3%. According to John Whitehead, for this to become a reality, bold decisions would need to be made in New Zealand's tax reforms and economic situation. John Whitehead, conveyed these sentiments at an ... Read More

According to the New Zealand Treasury, the country is no longer facing a recession. The New Zealand economy is predicted to be out of its recessionary period according to the Treasury’s economic indicator report, released on the 7th of September. It is thought that the quarter ending September will be the last in which New Zealand will experience contracted economic indicators. The report was accompanied with the statement "A small decline in real gross domestic product in the second quarter is likely to ... Read More