NZ budget deficit smaller than forecast in first 5 months as GST, corporate tax beat estimates

Wed, 25 Jan 2017

By Jonathan Underhill Jan. 26 (BusinessDesk) - The New Zealand government's accounts recorded a smaller-than-forecast deficit in the first five months of the fiscal year on a higher-than-expected inflow of corporate and goods and services tax. The operating balance before gains and losses was a deficit of $768 million in the five months ended Nov. 30, compared with a forecast deficit of $1.7 billion in the Treasury’s Half Year Fiscal and Economic Update (HYEFU). That was largely due to core Crown revenue being 1.3 percent more than expect...

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