Government maintains surplus in Crown accounts

  • Hon Grant Robertson

The Coalition Government continues to manage the books carefully, with a surplus in the latest set of accounts.

The Crown financial statements show a surplus of $2.5 billion in the operating balance before gains and losses for the nine months to 31 March 2019. The result is $329 million higher than the Treasury forecast in December 2018.

“It’s important we continue to manage the books well in the face of softening global growth and international volatility,” Grant Robertson said.

“I heard first-hand at the IMF/World Bank meetings in Washington earlier this month about the uncertainty caused by issues like the US-China trade dispute and Brexit.

“The Wellbeing Budget in May will outline the next steps in the Government’s plan to grow and support the economy, particularly given the international situation.”

These are the last monthly Crown financial statements to be released before the Budget on 30 May.

The accounts show core Crown expenses were within 0.9% of the Treasury’s forecast over the past nine months, while core Crown revenue was within 0.7% of the forecast.

Net core Crown debt sat at 20.6% of GDP at 31 March, compared to the 20.9% expected.