Strong NZ govt balance sheet about to blow out

Strong NZ govt balance sheet about to blow out
Rebecca Howard
A strong balance sheet will help the New Zealand government weather covid-19, although its latest accounts already showed signs of the pandemic's impact.“These results have reflected some of the covid-19 related impacts, mainly in relation to the significant losses impacting the operating balance, total borrowings and assets and liabilities values,” the Treasury said.Core Crown tax revenue and operating expenses had not been significantly impacted for these financial statements, Treasury officials noted.Net core crown debt was $59.8 billion at...

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NZIER's Shadow Board predicts RBNZ will hold, with one exception
Economy

NZIER's Shadow Board predicts RBNZ will hold, with one exception

The New Zealand Institute of Economic Research’s Shadow Board expects the Reserve Bank of NZ to hold the official cash rate at 5.5% for another year, although one member did call for a hike this week. “While inflation pressures are still high and the labour market remains strong,...

RBNZ could hint cuts may come sooner
Economy

RBNZ could hint cuts may come sooner

The RBNZ will announce its latest decision at 2pm on Wednesday. 

Briscoe Group says tax changes will hit FY net profit by $7.4m
Retail

Briscoe Group says tax changes will hit FY net profit by $7.4m

New legislation affects depreciation on commercial buildings.  

Rebecca Howard 05 Jul 2024
Core Crown tax revenue higher than expected in May accounts
Economy

Core Crown tax revenue higher than expected in May accounts

Government tax intake is $1.57 billion higher than forecast, according to the latest Crown accounts.Treasury released the interim financial statements for the 11 months ended May 31 on Wednesday morning, which showed core Crown tax revenue was $111.12b.This was 1.4% more than the...

Staff reporters 04 Jul 2024