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Smaller than expected surplus on New Zealand government books

Xinhua, June 3, 2016 Adjust font size:

The New Zealand government saw a smaller than expected operating surplus for the 10 months ending April, due to tax revenues being underestimated, the New Zealand Treasury said Friday.

Core tax revenue at 56.7 billion NZ dollars (38.71 billion U.S. dollars), was 1.9 percent lower than forecast largely due to timing in the payment of corporate tax, said a statement from the Treasury.

Spending at 60.8 billion NZ dollars (41.51 billion U.S. dollars), was close to forecast, and the operating surplus came in at 297 million NZ dollars (202.79 million U.S. dollars), which was 941 million NZ dollars (642.51 million U.S. dollars) lower than forecast.

The surplus highlighted the monthly volatility in the government's accounts, Finance Minister Bill English said in a statement.

"What is important is the overall trend, which shows the government growing surpluses and getting on top of debt."

In the government's annual Budget last month, English said the forecast growing surpluses would be used to pay down debt. Endit