Despite the challenges posed by the Covid-19 pandemic, the New Zealand government's first results for the new financial year show the country's economy is still strong, according to Deputy Prime Minister Grant Robertson. According to reports, the Crown accounts for the three months ending in September take into account the improved starting position from the previous financial year as well as continued economic strength.
The current Delta outbreak, however, has hampered this progress, according to Robertson, who is also the Finance Minister. Core Crown tax revenue was NZUSD2.3 billion (USD1 billion) above the Budget 2021 forecast, coming in at NZUSD24 billion as a result of the stronger economy. Robertson said in a statement that GST revenue was NZUSD184 million higher than expected due to higher-than-expected consumer demand.
The operating balance before gains and losses was also a deficit of NZUSD5.4 billion, which was NZUSD0.8 billion higher than expected, according to the accounts. According to him, the Delta outbreak prompted a shift in Alert Level restrictions as well as the payment of government financial assistance. As a result, core Crown expenses were NZUSD3.2 billion higher than expected, owing primarily to wage subsidies and Covid-19 resurgence support payments, he said.
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