NZ government operating deficit smaller than forecast, even as Canterbury quake costs grow

Sun, 05 May 2013

By Paul McBeth May 6 (BusinessDesk) - The New Zealand government kept a smaller operating deficit than forecast in the first nine months of the financial year, even as the cost of the Canterbury earthquakes grew an expected $192 million. The operating balance before gains and losses (obegal) was a deficit of $4.95 billion in the nine months ended March 31, smaller than the $5.22 billion shortfall expected in the half-year economic and fiscal update, according to the Crown’s latest accounts. Core tax revenue continued to track ahead of expe...

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