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

Tuesday 8th June 2010

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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.

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