Govt coffers still swelling, just not as fast

It's almost budget time. (Image: Getty)

Tue, 09 May 2023

The pace of growth in the government’s swelling tax coffers continued to slow in March, with the expected increases in corporate taxes and GST not quite eventuating. Core tax revenue rose 6.4% to $83.62 billion in the nine months ended March 31, primarily due to the nation’s low unemployment rate and rising wages driving up income tax by 11.4% to $35.08b, and the rapid pace of inflation meaning the government clipped a bigger ticket on goods and services, with goods and services tax (GST) up 8.9% to $20.87b. Still, that ca...

Subscribe to BusinessDesk

Stay informed on business, government and financial developments across New Zealand.

Deeply researched, twice-edited and fact-checked news
Annual subscribers also receive a complimentary subscription to The Wall Street Journal
Personalised email news alerts, plus gift up to 5 stories a month to non-subscribers

You can cancel anytime with two clicks, an email or a phone call.
Find out more.

We are serious about journalism.

Already a Subscriber ? Sign in here.

Name {{ registerForm.errors.get('name') }}

Email address {{ registerForm.errors.get('email') }}

Phone Number {{ registerForm.errors.get('phone') }}

Job Title {{ registerForm.errors.get('title') }}

Password Minimum password length of 8 characters.
Require at least one upper and lowercase, numeric, and special character. {{ registerForm.errors.get('password') }}

Repeat password {{ registerForm.errors.get('password_confirmation') }}

We had trouble validating your card. It's possible your card provider is preventing us from charging the card. Please contact your card provider or customer support.

Credit Card

Cardholder's name

{{ __(plans[index].name) | capitalize }} {{ plans[index].attributes.old_price | currency }} {{ plans[index].price | currency }}

All subscriptions auto renew but are easy to cancel.

I Accept The Terms Of Service

{{ registerForm.errors.get('terms') }}

Tax: {{ taxAmount(selectedPlan) | currency }}

Total Price Including Tax: {{ priceWithTax(selectedPlan) | currency }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerSeat ? '/ '+ spark.seatName : '' }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerTeam ? '/ '+ __('teams.team') : '' }} / {{ __(selectedPlan.interval) | capitalize }}

Markets Market Close

NZ sharemarket up 0.4%; Hallenstein CEO resigns

The S&P/NZX 50 Index closed at 13,133.16, up 62.71 points or 0.48%.

Graham Skellern 02 Sep 2025

Retail

Smiths City placed in voluntary administration

All nine Smiths City stores and online shop have been temporarily closed.

Staff reporters 02 Sep 2025

Smiths City placed in voluntary administration

Infrastructure

A year late, but AWS $7.5b investment is here

Amazon's $7.5b datacentre investment originally announced in 2021 is here.

Dileepa Fonseka 02 Sep 2025

A year late, but AWS $7.5b investment is here

Sponsored

Bold Steps: reshaping women’s leadership in Aotearoa

Dame Therese Walsh and Dame Joan Withers reflect on the summit’s unlikely beginnings – and how it has evolved into a platform for ambition and impact today.

OnBeingBold

Sponsored