Disciplined NZ Budget will rein in deficit 8 May 2012
- Lyttelton Port board backs council takeover proposal Business
- New rules for limited partnerships begin News
- Press Conference with John Key: 1st September News
- The Letter 1 September 2014 News
- Taupo Again Hosts Successful Kiwi Duathlon National Champs Sport
- Largest solar array in the Pacific completed News
- Key questions for Motel-owners to ask Election candidates Business
- Disappointing Day in Edmonton for New Zealanders Sport
- Stingrays off to commanding start Sport
- Dodds 34th In Triathlon Grand Final Sport
The Budget later this month will confirm the path back to surplus in 2014/15, despite lower than forecast tax revenue in the Government financial statements in the nine months to 31 March, Finance Minister Bill English says.
Core Crown tax revenue was $1.6 billion below the Pre-Election Economic and Fiscal Update forecast and overall revenue was lower by $1.8 billion. However this was offset by lower core Crown expenses of about $1.8 billion.
The operating balance before gains and losses was about $800 million below forecast – mostly due to EQC recognising costs from the 23 December earthquake.
“These statements are consistent with preliminary Budget forecasts which show a $1 billion deterioration since the Budget Policy Statement in February,” Mr English says.
“The Government is committed to returning to surplus in 2014/15 and the Budget will confirm that. But we shouldn’t underestimate the challenge – returning to surplus will require tight spending control for the foreseeable future.
“Returning to surplus is important because New Zealand is one of the most indebted countries in the world as measured by our net international investment position.
“We need to start rebuilding a buffer for when the next global crisis comes. Surpluses give us choices we simply don’t have while we’re running deficits.
“But while we’re making some challenging decisions to get back to surplus, we will continue with the same balanced approach we’ve adopted for the previous three Budgets.
“We’re keeping up entitlements to welfare and superannuation and we’ll be investing more in health, education and law and order,” Mr English says.
(New Zealand Government)
1 Sep 2014 Politics
Roy Morgan Research The Worm turns down for John Key The Roy Morgan Reactor is back! John Key struggled to coax The Worm above the... more
1 Sep 2014 Business News
Article - BusinessDesk NZ terms of trade sets new 40-year high as cheaper imports offset falling exports Sept. 1... more
29 Aug 2014 Business News
Fonterra credit rating cut by S&P over Beingmate deal, Fitch affirms rating Aug. 29 (BusinessDesk) - Fonterra Cooperative... more
1 Sep 2014 Lifestyle
NZ Symphony Orchestra 1 September 2014 - NZSO Media Release for immediate release The ‘best trumpet player in the ... more
29 Aug 2014 Lifestyle
Aarhus Festival Death Lines - a Memento Mori Collection Performances from five cities around the world –... more
14 Aug 2014 Property
New Zealand house sales fell in July as winter cooled the appetite of house hunters while a drop in properties selling for $400,000... more
7 Aug 2014 Property
Aug. 7 (BusinessDesk) - New Zealand property values rose at the slowest annual pace in 13 months in July as rising interest rates,... more
20 Aug 2014 Migration
Statistics NZ puts out detailed data on different ethnic groups, down to the 108 people from the Isle of Man. Did you know there are... more
28 Aug 2014 Travel & Tourism
Aug. 28 (BusinessDesk) - Jetstar, the discount unit of Australian airline Qantas Airways, lost ground in New Zealand, while claiming... more
1 Sep 2014 World Rowing Championships
The New Zealand Rowing Team has wrapped up a successful campaign in Amsterdam at the 2014 edition of the World Rowing... more
1 Sep 2014 Opinion
Gordon Campbell on John Key’s ‘blame it on Judith’ strategy Right now, Prime Minister John Key seems intent... more
29 Aug 2014 Column
As regular readers of this column already know, I am a bit of a fan when it comes to change. Evaluating your life, deciding how you... more
20 Aug 2014 People
We're expecting big things from Harman Grubisa, the new label from Auckland-based friends Madeleine Harman (right) and Jessica... more
22 Aug 2014 Recruitment
The loss of up to 100 jobs at Croxley stationery in Auckland is devastating news for their families and the local Avondale... more