Government operating surplus beats forecasts

By Phil Boeyen, ShareChat Business News Editor

Friday 7th December 2001

The government has recorded a much higher than forecast operating balance for the four months ended October as revenue jumped and costs fell.

Treasury reports the government had an operating balance of $547 million for the period, with total revenue higher by $257 million and expenses lower than forecast by $174 million.

The result was partially offset by the surplus from State-Owned Enterprises and Crown Enterprises being lower than forecast by $61 million.

Net Crown debt was $1.029 billion lower than forecast partly due to better than expected net cash flows from operations of $236 million and delays in capital spending of $205 million. However these are expected to reverse in coming months.

Net Crown debt was estimated to be 18.2% of GDP at 31 October, compared to a forecast of 19.1%.

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