New Zealand's government collected NZ$1.57 billion less tax than forecast in the Pre-election Economic and Fiscal Update in the nine months ended March 2012, the Treasury said on Tuesday.
The Treasury expects this gap to narrow by approximately NZ$700 million before the end of the financial year.
Also, the core crown expenditure for the nine-month period was NZ$1.75 billion or 3.3 percent lower than forecast in October.
The operating deficit before gains and losses was NZ$800 million higher than forecast at NZ$6.13 billion. At March 31, net debt stood at NZ$50.06 billion or 24.5 percent of GDP and gross debt at NZ$75.93 billion or 37.1 percent of GDP.
"These statements are consistent with preliminary Budget forecasts which show a NZ$1 billion deterioration since the Budget Policy Statement in February," Finance Minister Bill English said.
Returning to surplus in 2014-15 will require tight spending control for the foreseeable future, he added.
For comments and feedback contact: editorial@rttnews.com
Economic News
What parts of the world are seeing the best (and worst) economic performances lately? Click here to check out our Econ Scorecard and find out! See up-to-the-moment rankings for the best and worst performers in GDP, unemployment rate, inflation and much more.
June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.