Disciplined NZ Budget will rein in deficit 8 May 2012
- New Zealander Glenn Sutton finishes world's toughest race Living
- NZ congratulates Indonesian President elect News
- NZSO performs The Creation Living
- Climate change - from corridors of power to powerful film Living
- World Champs Vaulting Team Head to Europe Living
- Griffin's to ramp up exports under new ownership, CEO says Business
- Hon.Judith Collins announces appointments to Public Trust Board Kiwi Success
- NZ Government Minister Foss announces commerce reappointments Kiwi Success
- Trainee teachers to benefit from education portal News
- New drug analyser to save time and money News
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)
18 Jul 2014 News
The Government today announced a $70,000 Community Conservation Partnership Fund grant for the Rimutaka Forest Park Trust to ensure... more
22 Jul 2014 Business News
Article - BusinessDesk Moa boosts first quarter sales, expects higher margins to drive profits By Tina Morrison July 22 ... more
21 Jul 2014 Business News
A single unique number for every business and a range of new services that reduce the need for businesses to provide the same ... more
23 Jul 2014 Entertainment
New Zealand Film Commission New Zealand Film 'The Dead Lands' to Have Toronto World Premiere Maori action epic The Dead Lands will... more
22 Jul 2014 Entertainment
Playing at this year’s New Zealand International Film Festival, Cap Bocage is a close-up exploration of the forces that came... more
14 Jul 2014 Property
July 14 (BusinessDesk) - New Zealand house sales fell in June from a year earlier, led by properties of $400,000 or less, indicating... more
11 Jul 2014 Migration
If you’re in the UK on a Tier 1 (General) visa, you’ll need to apply for an extension as soon as possible. The deadline... more
17 Jul 2014 Travel & Tourism
Associate Tourism Minister Todd McClay has congratulated Tourism New Zealand on winning the Pacific Asia Travel Association’s... more
23 Jul 2014 Commonwealth Games
Reigning Olympic, Commonwealth and World Champion Valerie Adams has been named flag bearer for the New Zealand Commonwealth Games Team... more
23 Jul 2014 Column
The holistic helper's guide to wellbeing and work: part eight Like all good reports, my Wellbeing and Work series comes with an... more
22 Jul 2014 Opinion
The refusal by Prime Minister John Key to issue a personal apology to Tania Billingsley has been accompanied by an array of... more
23 Jul 2014 Appointments
New Zealand Government Appointments to Public Trust Board Justice Minister Judith Collins today announced the appointment of ... more
23 Jul 2014 Appointments
Commerce Minister Craig Foss today announced four reappointments to various independent Crown entities and statutory... more
14 Jul 2014 Recruitment
New Zealand Government Hon Steven Joyce Minister for Tertiary Education, Skills and Employment Hon Hekia Parata Minister of... more