By NZPA
Friday 1st July 2005 |
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The higher-than-forecast surplus was due to:
The operating surplus before operating balance excluding revaluations and accounting changes (Oberac) was $7.4 billion, which was $79 million lower than the operating balance, but $596m above forecast, reflecting the removal of investment gains on the investment asset portfolios held by the GSF, NZS Fund, EQC and ACC.
Net cash flow from core operating and investing activity was $3.3 billion - $708 million higher than forecast, reflecting higher than forecast tax receipts of $418m (primarily corporate tax) and delays in the purchase of physical assets and advances.
Gross government debt was $35.4 billion (24.2% of GDP), at the same level as the revised budget forecast. Net debt was $11.2 billion, which was around $700m lower-than-forecast, reflecting higher than forecast tax receipts, delays in purchases of physical assets and higher issues of circulating currency (not forecast as a matter of policy).
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