Govt's full year books show expenses outpaced revenue

Finance Minister Nicola Willis said the accounts showed the need for further spending constraints. (Image: NZME)

Thu, 10 Oct 2024

The Government’s operating deficit to the year ending June 30 was $1.8 billion more than forecast in the Budget at $12.9b.The operating balance before gains and losses (Obegal) was driven by revenue and expenses growing over the year, although growth in expenses was larger than revenue.Total revenue at $167.3b in the 2023/24 year was $14.3b higher than in 2022/23 and $2.3b higher than expected in Budget 2024 largely due to higher tax revenue. Total expenses at $180.1b in the year were $18.2b higher than in 2022/23 and $4.4b higher t...

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