Friday 5th December 2008
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The deficit in the four months ended Oct. 31 was the result of unrealized losses on investments as a result of "continuing turmoil in global financial markets," Treasury deputy secretary Peter Bushnell said in a statement.
Stock markets worldwide have slumped in the past three months amid increasing evidence of a prolonged global recession. The super fund had a larger-than-expected $3.5 billion loss on its investment portfolio. ACC's loss was $600 million and EQC's was $200 million.
The Government Superannuation Fund and ACC also had losses of $1 billion and $400 million respectively after their long-term liabilities were revalued.
The government's cash deficit was $900 million lower than expected at $3.7 billion, reflecting in transferring the $700 million from the previous government's Fast Forward fund and higher-than-expected petroleum mining royalties.
Gross crown debt was $3.1 billion higher than expected at NZ$33.6 billion. Net core crown debt was $1.9 billion lower than expected at $2.2 billion.
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