Lumpy tax take pushes govt accounts into red in first quarter

Lumpy tax take pushes govt accounts into red in first quarter
Paul McBeth
A lumpy tax take pushed the government's accounts into the red in the September quarter as the Inland Revenue Department's new systems meant some revenue was recognised earlier than anticipated. The operating balance before gains and losses (obegal) was a deficit of $593 million in the three months ended Sept. 30, compared to a deficit of $343 million a year earlier. Treasury had forecast an obegal surplus of $1 billion. However, the tax take of $20.35 billion was almost $1.5 billion below expectations, due in part to IRD's new information...

More Economy

US tariff policy rattles NZ business confidence
Economy

US tariff policy rattles NZ business confidence

Business confidence fell nine points to +49 in April.

Staff reporters 30 Apr 2025
Govt slashes Budget 2025 operating allowance
Economy

Govt slashes Budget 2025 operating allowance

Budget 2025 operating allowance is now $1.3 billion. 

Rebecca Howard 29 Apr 2025
Exporter eyes golden growth from revamped investor visa
Retail

Exporter eyes golden growth from revamped investor visa

Could a foreign investor be the solution to Anihana's quest for capital?

Consumer confidence back on the up – ANZ survey
Economy Free

Consumer confidence back on the up – ANZ survey

Consumer confidence rose five points to 98.3 in April, according to the latest ANZ-Roy Morgan survey, shoring up the upward trend that was starting to look wobbly.But inflation expectations also rose sharply – up 0.5 points to 4.7%, the highest reading since July 2023.“Household...

Staff reporters 24 Apr 2025