The Crown accounts for the eight months to 28 February posted a $1.4 billion operating surplus before gains and losses, $912 million better than expected at the half yearly update, Finance Minister Steven Joyce says.

“Higher tax revenues and lower than forecast expenditure mean the OBEGAL surplus is better than expected,” Mr Joyce says.

Tax revenues from the last year are 3.8 per cent ahead of Budget 2016 expectations and 7.7 per cent ahead of the same period last year, with all categories of tax growing.

Finance Minister Steven Joyce has welcomed the release of the Productivity Commission’s report Better Urban Planning.

“The report is a comprehensive study of the workings of New Zealand’s current urban planning regime and it proposes major changes to it. The issues raised in the report cross over a significant number of ministerial portfolios,” Mr Joyce says.

Leading credit rating agency Moody’s Investors Service has reaffirmed New Zealand's highest possible Aaa sovereign credit rating with a stable outlook, highlighting the country's high economic resilience, effective policy making and very strong fiscal position.

"The latest Moody's credit rating statement is a very positive endorsement of New Zealand's economic performance and the Government's policy settings," Finance Minister Steven Joyce says.

Finance Minister Steven Joyce, and Tertiary Education, Skills and Employment Minister Paul Goldsmith have welcomed the release of the Productivity Commission’s report New models of tertiary education.

“We would like to acknowledge the Commission’s time and effort in considering this issue, and the wide engagement of the tertiary sector in the inquiry,” Mr Joyce says.

The construction and services industries drove New Zealand’s economic growth in the December quarter as some other sectors eased back, Finance Minister Steven Joyce says.

Statistics New Zealand reported Gross Domestic Product grew by 0.4 per cent in the December 2016 quarter. This took annual growth to 3.1 per cent (2.7 per cent higher than the December 2015 quarter).

“Our economy is successfully navigating a still challenging international environment, and growing the prosperity of New Zealanders,” Mr Joyce says.

The Government’s books are better than expected, with a $1.1 billion OBEGAL surplus for the seven months to January, Finance Minister Steven Joyce says.

“Stronger tax revenues as a result of a healthier economy are flowing through to the Government’s financial performance,” Mr Joyce says.

Tax revenues year-to-date are 3.8 per cent more than they were predicted to be in Budget 2016.

Progressively lifting the age of entitlement to New Zealand Superannuation from 65 to 67 is the responsible and fair thing to do for New Zealand, Finance Minister Steven Joyce says.

"Average life expectancy is increasing by around 1.3 years each decade and more older people are staying in the workforce,” Mr Joyce says.

Finance Minister Steven Joyce and Revenue Minister Judith Collins have released three consultation papers proposing new measures to strengthen New Zealand’s rules for taxing large multinationals.

“Our broad-based low rate tax system continues to perform very well for New Zealand overall,” Mr Joyce says. “However it’s important that it keeps evolving to ensure that all companies operating in New Zealand pay their fair share of tax.”

New Zealand’s first social bond will help around 1,700 people with mental illness into work, Finance Minister Steven Joyce and Social Investment Minister Amy Adams say.

“The social bond approved by Cabinet in December 2016 has successfully raised the required finance so is now operational as New Zealand’s first social bond,” Mr Joyce says.

A full cost-benefit analysis on Debt-to-Income (DTI) limits and public consultation will be conducted by the Reserve Bank before any decision is made on the potential use of the macro-prudential policy tool, Finance Minister Steven Joyce says.

“I have discussed DTIs with the Reserve Bank Governor, who remains concerned about the levels of debt in some households in the context of recent increases in house prices,” Mr Joyce says.

The Government's 2017 Budget will be delivered on Thursday 25 May, and will be centred on providing opportunities for all Kiwis to get ahead, Finance Minister Steven Joyce says.

"The 2017 Budget will build on the strengthening performance of the New Zealand economy over the last several years. It will focus on creating the conditions for further growth and greater prosperity for all New Zealanders," Mr Joyce says.

Finance Minister Steven Joyce will appoint current Deputy Reserve Bank Governor Grant Spencer as the Acting Governor of the Bank for six months, following the expiry of current Governor Graeme Wheeler’s term on September 26 this year.

Higher than forecast tax revenues are the primary reason the Government accounts for the first five months of the financial year are ahead of forecast, Finance Minister Steven Joyce says.

The Government’s financial accounts to 30 November 2016 were released today, and they show that the Crown’s Operating Balance before Gains and Losses (OBEGAL) was a deficit of $768 million, which was $936 million better than the Treasury projected at the Half Year Fiscal Update (HYEFU).

Standard and Poor’s decision to affirm the AA foreign currency and AA+ local currency sovereign credit ratings with a stable outlook for New Zealand reflects international confidence in New Zealand’s economic and fiscal performance, Finance Minister Steven Joyce says.

“The assessment released by S & P today confirms the increasing resilience of New Zealand’s economy as we head into 2017. The Government’s careful economic management is seeing continued improvement across a range of economic measures,” Mr Joyce says.

The Government has released the interim Major Projects Performance Report for the period to November last year, covering 53 complex major projects across government with a whole of life cost of $37 billion.

“The Government is in the middle of our biggest ever infrastructure spend,” Finance Minister Steven Joyce says. “We are investing billions of dollars to construct hospitals, schools, roads and courts; provide equipment for our armed forces; and develop ICT capabilities to transform public services. 

The New Zealand economy continued to grow solidly in the September quarter, posting a higher than expected 1.1 per cent growth rate for the quarter and 3.5 per cent over the last year, Finance Minister Steven Joyce says.

“New Zealand’s focus on developing a strong and open economy is delivering good results for Kiwi families, especially relative to most of the rest of the developed world,” Mr Joyce says.

The Government is committed to building on its proven track record of strong economic and fiscal management, Acting Finance Minister Steven Joyce says.

“New Zealand is in an enviable position compared with most developed countries,” Mr Joyce says. “We are making good economic progress. We’re achieving steady growth, keeping debt well under control, and delivering fiscal surpluses.

Formal proposals are being requested from three responders to carry out New Zealand’s largest housing redevelopment project, Ministers Bill English and Dr Nick Smith say.

Ngāti Paoa Consortium, Tūhono Tāmaki Consortium and Exemplar Communities Consortium have been invited to submit proposals for the first phase of the Tāmaki Regeneration project, redeveloping around 1,000 existing social houses into 2,500 social, affordable and market houses. 

Treasury’s latest forecasts show the Government’s programme of responsible economic and fiscal management is delivering benefits for New Zealanders, Finance Minister Bill English says.

“Economic growth is expected to average around 3 per cent over the next five years – considerably stronger than forecast in Budget 2016 - supporting more jobs, falling unemployment and higher incomes,” Mr English says.

Targeted early intervention and a Social Investment approach is being reflected in the steadily improving Better Public Services (BPS) Results, Ministers Bill English and Paula Bennett say.

The Government has released the BPS mid-year report which outlines the progress being made against the 10 challenging Results set by the Prime Minister in 2012.

The NZ Super Fund and the Accident Compensation Corporation’s purchase of minority stakes in Kiwibank has been welcomed by Finance Minister Bill English and State Owned Enterprises Minister Todd McClay.

“The deal keeps Kiwibank in public ownership and gives the bank access to additional sources of capital,” Mr English says.

“It also returns a dividend of about $200 million to the Government which can be used for other high priorities.”