Treaty settlements yet to hit Govt accounts

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

Relevant offers

Politics

'Mate, you're dreaming': Kevin Rudd's UN hopes dashed, but what does it mean for Helen Clark? All mental health calls, including to 111, to be triaged in single system Prime Minister John Key seeks assurances regarding Tongan passports Where does TPP stand in this Trump v Clinton Presidential showdown? Hamilton City Council votes unanimously for Momentum theatre rebuild Kevin Rudd's bid to become UN chief kicked to Australian PM Chinese get 70 per cent of NZ entrepreneur work visas Teina Pora: Minister rejected inflation adjustment for compo - Pora will go to court for it Greens' plans to wade into river pollution issue curbed for safety reasons Faces of Innocents: Planned 'Ministry for Vulnerable Children' labelled "stigmatising" and "cripplingly disappointing"

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

Should the speed limit be raised to 110kmh on some roads?

Yes

No

Vote Result

Related story: 110kmh limit moves closer

Featured Promotions

Sponsored Content