Rail revaluation bolsters Crown 2019 accounts as tax take swells

Tue, 08 Oct 2019

The government's annual accounts were healthier than predicted, due in large part to a $2.6 billion reversal in earlier writedowns to the value of the rail network, and a bigger tax take. The operating balance before gains and losses (obegal) was a surplus of $7.5 billion in the 12 months ended June 30, from a surplus of $5.5 billion a year earlier and well above the $3.5 billion predicted in the 2019 budget forecasts. The nation's 3,700 kilometre-rail network is now being valued on a public benefit basis rather than a commercial for-profit...

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