Tuesday 4th November 2008 |
Text too small? |
The Treasury today reported an operating deficit of $757 million. That's $1.7 billion below the government's forecast, which was for a surplus of $943 million surplus forecast by the government in early October.
The deficit reflects "the period of disruption and weakness in global financial markets," Finance Minister Michael Cullen said in a statement today.
Much of the reversal related to losses on the investments by Crown entities, reflecting turmoil in financial markets. The Dow Jones Industrial Average has tumbled 30% this year. New Zealand's NZX 50 Index has slumped 45%.
"New Zealand is today in a better position to weather the current global economic situation than the great majority of developed countries," Cullen said.
No comments yet
EBOS announces appointment of new Chief Financial Officer
AM Best affirms Tower Limited's A- (Excellent) FSR
MCK enters into conditional agreement for Whangarei land
April 26th Morning Report
SPG - Change to Executive Team
BGI - Forgiveness of $200,000 of secured indebtedness
General Capital Subsidiary General Finance Market Update
AFT,Massey Ventures,Gilles McIndoe to develop scar treatmen
April 24th Morning Report
Cheers to many fewer grape harvest spills