NZ govt operating deficit smaller than expected; MRP float beats forecast

Thu, 04 Jul 2013

July 5 (BusinessDesk) - The New Zealand government posted a smaller operating deficit than forecast as the corporate tax take continued to beat expectations, while its cash balance was bolstered by a more successful float of MightyRiverPower than anticipated. The operating balance before gains and losses (obegal) was a deficit of $3.27 billion in the 11 months ended May 31, smaller than the $4.03 billion shortfall predicted in the Budget Economic and Fiscal Update, according to the Crown’s latest accounts. Core tax revenue was 0.9 percent ah...

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