NZ govt deficit worse than forecast on KiwiRail writedown, actuarial losses mount

Wed, 10 Oct 2012

Oct. 10 (BusinessDesk) - The New Zealand government's annual accounts were worse than forecast in the May budget after a writedown in the value of Kiwirail weighed on the books, even as the Crown reaped more in company taxes. The operating balance before gains and losses (obegal) was a deficit of $9.24 billion in the year ended June 30, worse than the $8.44 billion shortfall expected by the Treasury, after running ahead of expectations in the 11 month accounts. The target was missed largely due to a $1.4 billion impairment charge on the rail...

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