New Zealand news

Tax take forecast down

Radio NZ,

7 November, 2012

The Government's forecast tax take fell in the first three months of the financial year, pushing the operating deficit before gains and losses higher than expected.

Tax revenue was $295 million dollars lower than forecast in the Budget at $13.5 billion.

Radio New Zealand's political editor says the lower tax take helped push the deficit, excluding investment gains and losses, to $2.1 billion, $449 million above forecast.

When investment gains by the New Zealand Superannuation Fund and ACC are included, the operating balance recorded a surplus of $90 million in the three months to the end of September.

Net debt stood at $54.9 billion, or 27% of gross domestic product.

The Government expects to return to surplus in the June 2015 financial year, but economists say that's unlikely given a weak global recovery.

Finance Minister Bill English says the accounts confirm the Government is making progress, but it still needs to restrain spending for years to come 

 

Govt accused of trying to play down carbon deficit

Radio NZ,

7 November, 2012

The Sustainability Council says Government ministers are trying to play down a big deficit in the carbon accounts by changing the way the information is publicly disclosed.

Emissions Trading units are traded within the scheme, but the Government gives some to polluters who can't pass on their emissions costs to consumers.

Those units show up as a cost to the Government.

Sustainability Council executive director Simon Terry said that by the end of this year the Government will have a carbon liability of $1.3 billion.

He said documents he has obtained show that ministers have asked officials to consider whether the units should still be valued in the Crown's financial 

statements.

Climate Change Minister Tim Groser declined to comment because he has not been fully briefed on the documents.

State housing tenants march on Parliament

Radio NZ,

7 November, 2012

State housing tenants are marching on Parliament to protest against Government and Housing New Zealand policy.

They claim tenant evictions have been dressed up as upgrades and redevelopment.

Yvonne Dainty, a resident of Glen Innes, Auckland, told Nine to Noon they were promised there would be no reduction in state housing in the area.

She said they thought the houses would be refurbished and rebuilt, but instead they are being removed.

Ms Dainty said there are no policies to help people to buy property.