Treaty settlements yet to hit Govt accounts

HAMISH RUTHERFORD
Last updated 10:11 20/02/2013

Relevant offers

Politics

Nelson byelection could be parting gift from councillors bound for Beehive Number of cycle helmet fines drops from 11,000 to 5500 in two years Labour leader Andrew Little makes Pike River re-entry bill an election promise Beggars reveal what life is like on the street Fair trade pants hard to come by for Oxfam trailwalkers Good times on the water, political storm to come MPs' hidden talents: Statistics Minister Mark Mitchell has a handle on police dogs North Taranaki iwi welcomes first Government Minister in almost 100 years Green lawyer hopes to be first refugee to win a seat in Parliament MPs' hidden talents: Kris Faafoi turns to guitar for 'a bit of an escape'

Delays in finalising Treaty settlements saw the Government accounts post a smaller than expected deficit in the second half of 2012.

According to The Treasury, New Zealand's operating balance before gains and losses (OBEGAL) was $158 million lower than expected when the Government released its half year forecasts on December 18, at $3.2 billion.

The difference was primarily due to lower Crown expenditure, although tax paid by companies was also below forecast.

The Treasury figures showed core Crown expenses  $273m below forecasts ''largely owing to Treaty settlement expenses being $186m below forecast due to complex negotiation issues not being finalised as planned during December'' the agency said in a statement.

The Crown's core tax revenue was $27.3 billion was $31m lower than expected.

Source deductions and other individuals tax were both higher than expected in December, by $111m and $122m respectively, while corporate tax was under forecast by $151 million.

A surge in investment gains from ACC and the New Zealand Superannuation Fund, on the back of rising markets, gave an operating surplus of $1.7b, compared to forecasts of a deficit of $541m.

Ad Feedback

- Stuff

Special offers
Opinion poll

Where do you stand on political coat-tail riding?

If it gets marginalised voices into Parliament, I'm for it.

I'm against it - if you don't get the votes, you shouldn't be there.

It's just part of the political game.

Vote Result

Related story: Voters reject riding on the coat-tails

Featured Promotions

Sponsored Content