NZ government operating deficit wider than forecast as tax take misses target

NZ government operating deficit wider than forecast as tax take misses target
Nov. 7 (BusinessDesk) – The New Zealand government’s operating deficit was wider than forecast in the first quarter of the financial year as the Crown took in less tax than expected in a subdued economy. The operating balance before gains and losses (obegal) was a deficit of $2.1 billion in the three months ended Sept. 30, $449 million, or 27 percent bigger than forecast. Core Crown tax revenue was $13.5 billion, or 2.1 percent lower than expected, the Treasury said. Source deductions and goods and services tax were $166 million apiece belo...