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Govt books stay in black

NZ NewswireNZ Newswire 2/06/2016

Just a week after the budget, the government's books have missed Treasury's forecasts by nearly $1 billion.

The operating balance before gains and losses for the 10 months to the end of April was a surplus of $297 million.

But that was $941 million lower than forecast at the budget's economic and fiscal update on May 26.

That was down to lower than expected tax revenue.

Core Crown tax revenue was $1.1 billion less than forecast with corporate tax revenue $1.4b below estimates.

Chief government accountant Paul Helm said the variance was largely timing-related with a number of large income tax assessments expected in April not yet filed.

Combining gains and losses, the operating balance was a deficit of $3.4b - $1.1b bigger than forecast.

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