The Crown accounts are continuing to reflect the strong position New Zealand is in to manage the challenging global environment, Grant Robertson said.
For the nine months to the end of March, the Operating Balance before Gains and Losses (OBEGAL) deficit was $8.1 billion, $4.1 billion below that forecast in December’s Half Year Economic and Fiscal Update.
“This result shows the strong position New Zealand finds itself in despite the uncertainty and volatility of the Ukraine war, the pandemic and ongoing supply chain disruptions in critical trading hubs like China. It is further evidence that our strong health response has been the right one for the economy, Grant Robertson said.
“There is no doubt that there are significant challenges for families and business right now. But we face those challenges with record low unemployment, good growth levels, lower debt than most and the Government books in a strong position.
Tax revenue was $2.7 billion above forecast at $78.6 billion, due to better-than-expected corporate profits and a strong jobs market. This was partly offset by lower GST returns. Core Crown expenses were close to forecast at $92.6 billion.
Net core Crown debt stood at 36.3 percent of GDP, $155 million less than forecast.
“Our economy has come through the Covid shock better than almost anywhere else. GDP is up 5.6 percent from a year ago, unemployment is at a record low, and exports are growing. The recovery is gaining momentum and the easing of restrictions and opening up to skilled workers and tourists will help business and the economy rebuild,” Grant Robertson said.
“2022 continues to be a challenging year for many New Zealanders facing the impact of global inflation and our resilience will continue to be tested as the effects of the Omicron outbreak have yet to be fully accounted for and this will affect the current year’s Crown expenses.
“But our fiscal position is strong. Our debt is substantially below most other nations and we are among a handful of countries which have a Triple A credit rating from the leading ratings agencies.
“The investments made by the Government to keep businesses open and Kiwis in work has paid dividends. Projections of 10 percent unemployment and an economy going backwards were avoided because of the actions we’ve taken, and our strong economic and fiscal position highlight how successful our plan to keep and support New Zealanders has been.
“Our new fiscal rules will ensure we are taking a balanced approach and controlling spending and targeting at those who need it most, keeping a lid on debt and able to make important investments in infrastructure,” Grant Robertson said.
I would say this is nothing short of a fairy tale.
Well well ain’t that just fantastic news!!! The elites will be laughing all the way to the bank????. If we are doing so well you better be financing the nzders you have damaged through your Effin jab you b.sta.ds. Our tax money, our people and their right to compensation is a no brainer. So get out your purse robertson and make sure you are generous with our/their money before you do anything else. Also we don’t give a rats arse about how we compare to other countries financially, you just make sure that you do the right thing in regards to our suffering people. You caused it!! You better bloody fix it!!!! Standing up grandstanding Robertson? Really? Congratulating yourself on nz economy? Hang your head in shame and keep it hanging until our people have their injuries validated, and there is nothing left in the pot!!! Despicable man
Such a liar. He suits to work as a journalist for a main stream media than a finance minister.
Any clown can qunatitatively ease creating dollars from thin air. Excessive money supply can only have short term effect but there is much more pain after an year or two. We have now moved to the pain stage. The excessive inflation is going to hurt for years to come.
All quantitative easing hurts the honest real savers, and rewards speculators of housing stock. When inflation goes out of control, which is already the case, savers as well as first home buyers get hurt due to lack of purchasing power. When interest rates go up to control the inflation, those who saved to buy a house as well as those who bought a house get hurt.
Labour as shifted more wealth to those who are already wealthier. This rate of shift in wealth is mh more under Labour than National. Ordinary kiwis will never improve under both Labour and National. Both parties are experts in providing lips service and fooling kiwis.
Robertson lives in a parallel fantasy universe. Mainstream New Zealanders have never been worse off than today and it is a direct of Ardern and Robertson”s gross Marxist mismanagement of Health and Finance.
Spent 8.1 billion more than they stole but because that was 4.1 billion less than expected they have done well? Really?
GAY (Go After Yanks) economic and financial management. Americans, Europeans, Brits, Aussies and Kiwis were all directed to print money by the deep state. Simple.
“If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered.“
-Thomas Jefferson
Robertson is spot on correct..our govt debt is below many other countries….only because those countries have a hyper inflationary unservivable debt so makes it look good having little less for us having excessive debt…. statistics and lies are his trademark..a pig is still a pig.,no matter how much lipstick