KEY POINTS:
The Government's operating surplus for the seven months to January 31 was $5.57 billion, $1.27 billion or 29 per cent above forecast due to gains from investments, the Treasury said yesterday.
Tax revenue was fractionally lower than forecast but investment income for the Government pension fund and other agencies was about $1.2 billion higher than forecast. Government spending was also slightly below forecast.
Core government revenue and expenses were close to forecasts in the Treasury's December half-year fiscal and economic update.
The operating balance before revaluations and accounting changes, which strips out unrealised investment gains, was $4.42 billion, $118 million above forecast.
The net cash position, the difference between all income and spending, was a surplus of $574 million from a forecast deficit of $242 million. Net government debt stood at $6.67 billion or 4.2 per cent of GDP.
- REUTERS
