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

Scot finds love in New Zealand thanks to poster - UK-Kiwi love story

4 Mar 2015 News
They had a sleepover - but was it because of a hangover? Picton's star-crossed lovers, Kiwi William Scott Chalmers and Scottish... more

Consultation on proposed gambling fee changes

4 Mar 2015 News
New Zealand Government Consultation on proposed gambling fee changes The gambling sector and the public are being consulted on... more

Business

NZ dollar little changed after Australian GDP data

4 Mar 2015 Business News
Article - BusinessDesk   NZ dollar little changed as Australian GDP shows healthy household consumption By Paul McBeth March 4 ... more

MARKET CLOSE: NZ shares fall; Meridian, MRP, DNZ drop

4 Mar 2015 Business News
Article - BusinessDesk   MARKET CLOSE: NZ shares fall; Meridian, MRP, DNZ drop on weakening yield demand By Suze Metherell March... more

Living

Supports Announced for Stephen Malkmus & the Jicks’

4 Mar 2015 Lifestyle
The Maple Supports Announced for Stephen Malkmus & the Jicks’ New Zealand Tour New Zealand are lucky to play host to ... more

National Release of Award-Winning Film, Pulp

4 Mar 2015 Lifestyle
Nga Taonga Sound and Vision   Florian Habicht (left) and Jarvis Cocker promoting Pulp: A Film... more

Property

Auckland houses prices fall in Feb as volume, listings rise

4 Mar 2015 Property
Article - BusinessDesk   Auckland houses prices fall in February as volume, listings pick up By Suze Metherell March 4 ... more

NZ residential building activity rises 4.3% in 4th-qtr

4 Mar 2015 Property
Article - BusinessDesk   NZ residential building activity rises 4.3% in 4th-qtr, driven by Canterbury March 4 (BusinessDesk) -... more

Migration

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

NZ migration rose to record in 2014

30 Jan 2015 Migration By Tina Morrison
  NZ migration surged to record in 2014, helped by robust economy Jan. 30 (BusinessDesk) - New Zealand migration surged to a... more

Travel

Air New Zealand promises cheaper deals

2 Mar 2015 Travel & Tourism
Air New Zealand is promising more discounted fares as it adds hundreds of thousands of extra seats to its network where travel agents... more

Oz holiday boom as kiwi dollar surges

2 Mar 2015 Travel & Tourism
Travel across the Tasman is forecast to increase this year as the Australian dollar continues its recent trend towards parity with the... more

Sport

Golden Shears set to start in Masterton

4 Mar 2015 Sport
Shearing Sports New Zealand Golden Shears set to start in Masterton Hundreds of competitors are descending on Masterton for the 55th ... more

NZ’s Original Mtn Bike Race Celebrates Three Decades!

4 Mar 2015 Sport
Karapoti Classic NZ’s Original Mtn Bike Race Celebrates Three Decades! Thirty years ago mountain biking was a new fringe... more

Columns

Gordon Campbell on the Privy Council’s Teina Pora decision

4 Mar 2015 Opinion
Column - Gordon Campbell   Gordon Campbell on the Privy Council’s Teina Pora decision and Iron & Wine The quashing of... more

Gordon Campbell on the recent smackdown over Greece

2 Mar 2015 Opinion
There had been a fortnight of fevered buildup. Yet here we are in the aftermath of the February 28 showdown between the new Syriza... more

Kiwi Success

New Consul-General to Sydney

20 Feb 2015 Appointments
Foreign Minister Murray McCully has named diplomat Billie Moore as New Zealand’s new Consul-General in Sydney. "Ms Moore will... more

New Ambassador to Ethiopia and the AU

20 Feb 2015 Appointments
New Zealand Government New Ambassador to Ethiopia and the AU Foreign Minister Murray McCully has named diplomat Bruce Shepherd as ... more

Recruitment

Luring talent to job expos a win-win

2 Mar 2015 Recruitment
Bringing employers face-to-face with future workforce creates positive labour market outcomes, writes Mark Gillard, director of the... more

Living wage estimate rises to $19.25/hour

2 Mar 2015 Recruitment
Campaigners for a "living wage" say it now costs $19.25 an hour for a mother, father and two children to "live with dignity" in New... more