English ekes out surprise surplus as growth stokes tax-take, keeps one eye on debt

Wed, 14 Oct 2015

By Paul McBeth Oct. 14 (BusinessDesk) - Finance Minister Bill English has delivered a surprise surplus, ending six years of red ink, as the economy maintained enough momentum to lift the government's tax-take, while keeping a lid on spending increases. The operating balance before gains and losses (obegal) was a surplus of $414 million in the 12 months ended June 30, better than the deficit of $684 million predicted in the May budget, and turning around a shortfall of $2.8 billion a year earlier. Core tax revenue climbed 8.2 percent to $6...

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