The Government accounts for the first nine months of the 2016/17 financial year showed a surplus of $1.5 billion, compared to a forecast surplus of $147 million at the Half Year Update, Finance Minister Steven Joyce says.
“Growing tax revenues coupled with lower than expected expenditure has resulted in the higher outturn,” Mr Joyce says.
“Tax revenue growth has softened a little in the last month, but over the nine months tax revenue is still up 7.3 per cent compared to the same period last year.”
Net debt is currently at 23.8 per cent of GDP.
“It is clear New Zealand is now one of the few developed countries currently running a fiscal surplus, and that’s a real tribute to the hard work done by all Kiwis over the last three years. These accounts show that if you have a strong economic plan and stick to it, you can achieve real progress,” Mr Joyce says.
“This will be the last set of Government accounts prior to the Budget later this month. Treasury will update our fiscal situation and the fiscal forecasts on May 25th.”