English reaps bigger surplus than expected as migration stokes tax take

Thu, 13 Oct 2016

By Paul McBeth Oct. 13 (BusinessDesk) - Finance Minister Bill English today announced a bigger surplus than expected in the last fiscal year as a growing economy underpinned by an expanding population delivered a bigger tax take than anticipated. The operating balance before gains and losses (obegal) was a surplus of $1.83 billion in the 12 months ended June 30, rising from $414 million a year earlier, and ahead of the budgeted $668 million surplus. Core tax revenue climbed 5.7 percent to $70.45 billion, beating the forecast $69.68 billi...

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