New Zealand's net debt position edges higher in latest financial statements

Tuesday 8th June 2010

The government’s cash flow and financial statements have remained similar to forecasts, and though the tax take is in line with projections, the country’s net debt position has climbed 0.3% to $27.8 billion, or 15% of GDP.

Forecast government revenue for the 10 months to April 30 were $74 million ahead of projections at $41.5 billion, while forecast government expenses were $416 million lower at $52.3 billion.

However, government cash payments were in line with forecast, and the residual cash deficit of $9.8 billion was higher than expected despite the smaller operating balance deficit.

The higher residual cash deficit, along with valuation losses, resulted in a net debt position that was $458 million higher than forecast at $27,787 million.

Businesswire.co.nz

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