New Zealand government's operating balance excluding gains and losses (OBEGAL) for the 12 months to June 30 was a surplus of NZ$414 million

More (via Reuters):

  • Operating surplus (OBEGAL) for year to end-June 2015 0.2 pct of GDP
  • Surplus for the first time since 2008, vs previous guidance for small deficit

Says New Zealand finance minister English:

  • Return to suplus was mainly a result of growth in tax take outpacing spending growth
  • In an uncertain global environment, prudent to stay focussed on steady reduction in public debt
  • Government finances need to be resilient, better to have lower debt given global risks
  • Lower dairy prices, lower inflation mean revenue likely to be weaker than previously forecast
  • Strong uplift in tax revenue now looks unlikely, focus on drivers of expenditure
  • NZ government net debt at end-June 2015 was 25.2% of GDP vs previous forecast of 25.7%
  • Expenses at 30.1% of GDP, down from 34% four years ago