Accounts show need for spending discipline   20 Feb 2012

New Zealand Government

Hon Bill English
Minister of Finance

20 February 2012

Accounts show need for spending discipline

Lower Government spending has offset lower than expected tax revenue, helping keep the Government's finances on track in the six months to 31 December 2011, Finance Minister Bill English says.

The Crown accounts show tax revenue was $400 million below forecast and revenue $743 million lower overall. However this was offset by lower core Crown expenses of $887 million, leaving the operating balance before gains and losses close to forecast.

"Lower tax revenue reinforces the need for the Government to be disciplined in its spending and stick to its plan to get back to surplus in 2014/15," Mr English says.

"Balancing the books and returning to surplus is one of the most important things the Government can do to rebalance our economy towards savings and exports.

"That is why we have made it one of our four main priorities, alongside building a more productive and competitive economy, delivering better public services and rebuilding Canterbury.

"The economic update in the Budget Policy Statement last week shows growth will be slightly lower in the near term due to a weaker global outlook.

"That makes getting back to surplus an even bigger challenge, but we are committed to keeping a tight lid on spending and putting in place policies that make our economy more competitive. That will continue into the foreseeable future," Mr English says.

ENDS

Add a comment

Bookmark and Share

News

ANZAC 2015 in pictures

25 Apr 2015 News
NZ News UK attended several ANZAC ceremonies in Auckland today. These photos were taken at the Northcote Community where the... more

ANZAC 2015: Anzac Messages, NZ Prime Minster and Governor-General

24 Apr 2015 News
Anzac Day 'We will remember them'   Anzac Day 2015 – Message from the Governor-General of New Zealand On 25 April every... more

Business

Oracle-owned boatbuilder has had two government grants

23 Apr 2015 Business News By Fiona Rotherham
  Oracle-owned boatbuilder has had two government grants in three years April 23 (BusinessDesk) - Core Builders Composites,... more

Alex Swney pleads guilty to $2.5M fraud charge

21 Apr 2015 Business News
  Alex Swney pleads guilty to fraud charge over $2.5 mln of payments April 21 (BusinessDesk) - Alex Swney, former chief... more

Living

A Kiwi's guide to ANZAC in Europe - our list of events across the UK, Ireland and beyond

24 Apr 2015 ANZAC By Charlotte Everett
Tomorrow marks the 100th ANZAC Day, and if you are a Kiwi or Aussie far from home there are plenty of events on to enable you both to... more

London is getting its first NZ wine shop - NZ Cellar crowdfunding closes 121% funded

23 Apr 2015 Food & Wine
The New Zealand Cellar’s crowdfunding campaign has ended and they are delighted to report that the project raised... more

Property

New process for red zone Crown offers

21 Apr 2015 Property
Canterbury Earthquake Recovery Minister Gerry Brownlee has announced a process to give everyone a say on the Crown offers to... more

NZ house prices rise 8% in March, led by 13% Auckland jump

14 Apr 2015 Property By Tina Morrison
April 14 (BusinessDesk) - New Zealand residential property prices rose in March, led by Auckland where housing supply isn't meeting... more

Migration

NZ migration hits new annual record in March

23 Apr 2015 Migration By Tina Morrison
April 23 (BusinessDesk) - New Zealand migration hit a new annual record in March, as more students arrived from India and China and... more

PM plays down claim war criminals are living in NZ

2 Mar 2015 Migration
Prime Minister John Key says he is not aware of any suspected war criminals from the former Yugoslavia in New Zealand. The claim that... more

Travel

Air NZ's Houston link paves way for United Airlines tie-up

17 Apr 2015 Travel & Tourism By Fiona Rotherham
  Air NZ's Houston service paves the way for partnership with United Airlines, analysts say April 17 (BusinessDesk) - Air New... more

Wellington Airport revised fees 'just within' OK range

17 Apr 2015 Travel & Tourism By Tina Morrison
  Wellington Airport's revised fees are 'just within' acceptable range of returns, regulator says April 17 (BusinessDesk) -... more

Sport

Price and Wesko Nail the Dressage at Kentucky

25 Apr 2015 Equestrian
Kiwi eventer Tim Price and Wesko have delivered their best-ever dressage score to sit at the front of the field this morning at the... more

ISAF Sailing World Cup Hyeres

25 Apr 2015 Sailing
ISAF Sailing World Cup Hyeres: Burling and Tuke still lead, one more day of fleet racing At the end of day three at ISAF Sailing ... more

Columns

Gordon Campbell on the hair-pulling finale and Gallipoli

24 Apr 2015 Column
  Gordon Campbell on the hair-pulling finale, and the real hero of Gallipoli Don’t know about you, but when hi-jinks and... more

Gordon Campbell on UE pass rates & university dropout rates

14 Apr 2015 Opinion
Houston, there is clearly a problem with (a) the plunge in pass rates for University Entrance qualifications, which has been ... more

Kiwi Success

Fonterra reshuffles management team

24 Apr 2015 Appointments By Fiona Rotherham
  Fonterra reshuffles management team to speed up value-add strategy April 24 (BusinessDesk) - Fonterra Cooperative Group, the... more

TVNZ and RNZ appointments announced

23 Apr 2015 Appointments
New Zealand Government TVNZ and RNZ appointments announced Broadcasting Minister Amy Adams today announced the appointment of Sussan... more

Recruitment

Apprenticeship scheme launched

18 Apr 2015 Recruitment
The He Toki ki te Mahi Apprenticeship Training Trust was launched by Prime Minister, the Rt Hon John Key at Rehua Marae in ... more

Chinese rail workers must be paid minimum wage

17 Apr 2015 Recruitment
KiwiRail must immediately stop further Chinese engineers from working here until they can guarantee they are being paid the New... more