NZ govt operating deficit bigger than expected as tax take lags

Mon, 07 Jul 2014

By Paul McBeth Jul. 8 (BusinessDesk) - The New Zealand government posted a bigger operating deficit than forecasts in the May Budget, as company tax and GST again lagged expectations. The Crown's operating balance before gains and losses (obegal) was a deficit of $1.1 billion in the 11 months ended May 31, smaller than the $3.27 billion shortfall a year earlier, though more than the $767 million deficit forecast in the Budget economist and fiscal update. Core tax revenue was up 4.6 percent from a year earlier, though $459 million short of...

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