BUDGET 2013 Higher tax take, spending restraint keep 2015 surplus intact

Thu, 16 May 2013

By Jonathan Underhill May 16 (BusinessDesk) – Finance Minister Bill English will meet his targets for a return to budget surplus in 2015 and a drop in net debt by 2021 by putting a cap on new spending, taking in more tax and delaying the resumption of pension contributions. The Budget Economic and Fiscal Update forecasts a faster track for economic growth over the next four years, excluding a drought-impacted fiscal 2014, which will help bolster core Crown tax revenue by some $14.5 billion. That provides room for some $5.1 billion of new ope...

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