WELLINGTON, Jan. 16 (Xinhua) -- The latest Crown financial statements released on Wednesday showed the New Zealand government's books are in good order, Finance Minister Grant Robertson said.
The Treasury published the Crown accounts for the five months ended Nov. 30, 2018, showing a surplus of 261 million NZ dollars (177 million U.S. dollars) over the five months. Expenses, revenue and net debt were all close to forecast.
"It's important that we manage the books well so we can continue making the investments New Zealand needs, while ensuring we're well-placed to face the increasing risks from the international economy," Robertson said in a statement.
The Crown financial statements are updated each month, and results can differ slightly from forecasts due to timing issues.
"Core Crown tax revenue was within 0.4 percent of the Treasury's forecast. Stronger-than-expected wage growth saw source deductions 0.8 percent above forecast," he said.
Corporate tax was 2.8 percent below forecast due to timing issues which are expected to reverse out over the year, the minister said, adding corporate tax receipts were up 8.1 percent from a year ago, due to the stronger underlying business fundamentals in the economy.
Core Crown net debt was close to forecast at 21.3 percent of GDP at Nov. 30, 2018. This is down from 23 percent of GDP in November 2017, Robertson said.
