treasury tagged posts

Economic Growth to Pick up Next Year

November 6, 2012 New Zealand Finance

KoruNew Zealand’s economy has slowed down recently, but should pick up again in 2013.

On November 5th the New Zealand Treasury released the latest Monthly Economic Indicators report, warning that economic growth in New Zealand has slowed in the second half of the year.

The softening in growth was not attributed by a singular event, but several smaller factors, including decreasing confidence amongst consumers and businesses, the persistently high New Zealand dollar, continued uncertainty regarding the rebuild of Christchurch, and the ongoing economic turbulence in Europe and amongst New Zealand’s main trading partners.

Over the medium term, growth in the New Zealand economy should recover, as the value of the New Zealand dollar decreases and the stability returns to the country’s trading part...

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NZ Deficit Better Than Forecasted

July 13, 2010 New Zealand FinanceNew Zealand Taxation

Usurers and FinanciersThe 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 to several delays by the Government in its capital expenditures.

The tax revenue for the period was also NZD 243 million above projections...

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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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Bold Decisions Economic Decisions Needed

October 14, 2009 New Zealand FinanceNew Zealand Taxation

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 Institute of Directors workshop in Queenstown on the 25th of September, the notes of which were released by the Treasury on October 7th...

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