Finance Minister promises more restraint in New Zealand government Budget

Finance Minister Bill English said Wednesday he will deliver the government's annual budget on May 21, but he stressed it was too early to tell whether the government would return to an operating surplus as targeted this financial year.

English said the government would remain committed to "spending restraint" in what will be his seventh straight Budget as Finance Minister.

"Since we were first elected in 2008, we have seen the economy move from a recession to sustained growth, and New Zealanders are now being assisted by low unemployment, stable low interest rates and wages that are growing faster than inflation," English said in a statement.

The government would continue to implement its program to return to fiscal surplus, pay down debt and build a buffer against the next global shock, he said.

The operating deficit had shrunk significantly from a peak of 9 percent of gross domestic product in the 2010-2011 fiscal year.

"We will know in October, when the final Crown accounts are published, whether a surplus was achieved 2014-2015," he said.

"The global economic environment remains uncertain, and this makes it even more important to maintain responsible fiscal management. Budget 2015 will do that." Endi