KEY POINTS:
The Government's operating balance has dipped slightly to $1.13 billion in the nine months to the end of March, the crown accounts show.
The figure, released today, is $4b below forecast, almost entirely due to unrealised losses on investments by government agencies such as the Cullen super fund.
The operating balance to the end of February was $1.43b.
However tax revenue has bounced back from a dip last month.
Those accounts showed it $700 million below forecast, but today's set of accounts shows it rising back to just $300m below forecast.
GST and personal income tax were each $100m lower than expected, corporate tax was $200m lower, but resident witholding tax was $100m higher than expected.
Other crown revenue was largely on track.
Finance Minister Michael Cullen has said the level of the tax take would be one of the factors taken into account when deciding the size and timing of tax cuts.
Once unrealised losses on investments are taken out of the picture the crown accounts look fairly healthy.
This month's operating balance excluding gains and losses (OBEGAL), which strips out unrealised investment gains, was a surplus of $4.6b, just $200m lower than forecast.
Core crown expenses were $300m higher than forecast.
Gross government debt stood at $32b, or 18.3 per cent of gross domestic product - about $180m lower than forecast.
Of the crown financial institutions, the New Zealand Super Fund's investments were hit the hardest, coming in $1.8b lower than forecast.
- NZPA