The New Zealand government posted a smaller operating deficit than forecast as the corporate tax take continued to beat expectations, while its cash balance was bolstered by a more successful float of MightyRiverPower than anticipated. The operating balance before gains and losses (obegal) was a deficit of $3.27 billion in the 11 months ended May 31, smaller than the $4.03 …
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NZ operating deficit smaller than predicted
The New Zealand government reported a smaller operating deficit than predicted in last month’s Budget forecasts as improving corporate profitability underpinned a bigger company tax take. The operating balance before gains and losses (obegal) was a deficit of $3.99 billion in the 10 months ended April 30, smaller than the $4.65 billion shortfall projected in the Budget Economic and Fiscal …
Read More »BUDGET 2013: At a Glance
Progress in the Government’s programme while on track to surplus Provides a suite of measures to build faster economic growth, support more jobs and deliver a more innovative and productive economy. Forecasts economic growth to average between 2 and 3 per cent a year over the next four years. Includes a $100 million-a-year internationally-focused growth and innovation package to boost …
Read More »BUDGET 2013 Higher tax take, spending restraint keep 2015 surplus intact
Finance Minister Bill English will meet his targets for a return to budget surplus in 2015 and a drop in net debt by 2021 by putting a cap on new spending, taking in more tax and delaying the resumption of pension contributions. The Budget Economic and Fiscal Update forecasts a faster track for economic growth over the next four years, …
Read More »BUDGET 2013 Meridian mega-float to fund rail, hospitals, schools, irrigation
The country’s most valuable electricity company, Meridian Energy, will be partially privatised in the second of this year, assuming market conditions make it a good time to sell, Finance Minister Bill English announced in today’s budget. The widely anticipated announcement could see the government take in perhaps $3.3 billion for its so-called Future Investment Fund, with the state-owned electricity generator …
Read More »BUDGET 2013 COMMENT Tinkering at the edges as we sleep walk our way to a budget surplus
By Jo Doolan Higher taxes pave the path to the magical 2014/15 surplus – and as a reward taxpayers receive ACC premium reductions and tax measures that are largely tinkering around the edges. Yes ACC premium reductions put over $1.3 billion back into the economy over the next two years, on the other side of the ledger personal and corporate …
Read More »BUDGET 2013 COMMENT – Overly conservative, with a good deal of risk
Bill English has been too conservative in reigning in government expenditure. If he were confronting a bleaker fiscal picture, like the Australian government, I predict he would have done better. Total government spending in New Zealand is down by $1.4 billion on last year. In Australia total taxes to GDP is 22 percent compared with central government taxation of 32 …
Read More »BUDGET 2013 VIDEO: John Key sledges David Shearer
BUDGET 2013 VIDEO: It’s called a ‘fiscal syllogism’ Winston, the SFO won’t get it.
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Read More »BUDGET 2013 Debt Management Office trims $3 bln from borrowing programme
The New Zealand Debt Management Office will cut its borrowing programme by $3 billion over the next two years as the government looks to clamp down on its growing interest bill and build a buffer for future shocks. The DMO will cut its short-term Treasury bills on issue by $1 billion in the 2013/14 financial year and will reduce bond …
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