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The $398 million operating balance before gains and losses (OBEGAL) surplus for the eight months to 28 February was $730 million better than Treasury forecast at the Half-Year Update in December, Finance Minister Bill English says.

Mr English says the result has helped reduce net debt which, at 25.3 per cent of GDP, is more than $1.5 billion lower than expected in Treasury’s latest forecasts.

Finance Minister Bill English says a report into the progress of the Government’s major projects shows improvement to many of its largest, most complex and challenging investments.

The Major Projects Performance Report July-October 2015 provides a comprehensive update on the Government’s 41 biggest projects – that together have a whole of life cost of $18.5 billion - and advises on how well they are delivering on expectations.

NZ Post’s proposal for the Accident Compensation Corporation (ACC) and the NZ Super Fund (NZSF) to purchase part of Kiwibank will ensure the bank remains wholly owned by the Government, Ministers Bill English and Todd McClay say.

Kiwibank is currently a subsidiary of NZ Post. If the proposal goes ahead, a total of 45 per cent would be owned by the two additional taxpayer-owned shareholders.

“Kiwibank will remain 100 per cent Government-owned – that is a bottom-line,” Finance Minister Bill English says.

More paid parental leave, stronger work expectations for beneficiary parents and the first non-inflation increase to benefits in 43 years are part of a raft of measures coming into force tomorrow to help families get ahead, Finance Minister Bill English says.  

Working for Families, the minimum wage and New Zealand Superannuation will also increase on 1 April, and ACC levies will be further reduced.

Standard and Poor’s decision to reaffirm New Zealand’s AA credit rating underlines the importance of responsible and consistent economic management to give businesses the confidence to invest and grow, Finance Minister Bill English says.

“This Government’s responsible economic and fiscal management means New Zealand is now more resilient to international economic volatility,” Mr English says.

The New Zealand economy notched up another quarter of solid growth, showing that the government’s responsible and consistent economic programme continues to deliver results, Finance Minister Bill English says.

Statistics New Zealand today reported gross domestic product grew 0.9 per cent in the three months to 31 December 2015. This took annual growth over 2015 to 2.3 per cent.

“We had had a softer start to 2015, so it is pleasing to see that growth picked up again in the second half of the year,” Mr English says.

Student achievement is ahead of target, welfare dependence continues to fall, immunisation rates are growing and child abuse rates are stabilising, Ministers Bill English and Paula Bennett say.

The Government has released the latest update of the Better Public Services (BPS) Results, outlining their progress against the ten challenging targets set by the Prime Minister in 2012.

The $934 million operating balance before gains and losses (OBEGAL) surplus for the seven months to 31 January reflects an ongoing focus on careful financial management, but also highlights the volatility in the monthly accounts, Finance Minister Bill English says.

The surplus is $724 million higher than forecast in the 2015 Half Year Update and $857 million higher than at the same time last year.

Mr English says the result was driven by fluctuations in tax revenue, which was $446 million higher than forecast, and lower than expected core Crown expenses.

Good afternoon.

Thank you Michael and the Auckland Chamber of Commerce, and Steve and Massey University, for inviting me back to this annual event.

It’s a pleasure to be here again.

Today I want to take you through some of our initiatives through to 2017. I can tell you there is no letup in pace this term – we’ve got a busy policy programme, and there is much to do.

I also want to share with you some of our longer term thinking, particularly with ongoing reform of urban planning and the Government’s finances.

The Government’s accounts for the six months to 31 December show spending remains under control – reflecting a continued focus on fiscal responsibility, Finance Minister Bill English says.

The operating balance before gains and losses (OBEGAL) for the first half of 2015/16 was a deficit of $889 million. This was $92 million larger than forecast in the Half Year Update but more than $100 million smaller than the deficit at the same time last year.

Finance Minister Bill English and Transport Minister Simon Bridges today released a joint report with Auckland Council which looks at the future of transport in Auckland.

The Foundation Report is the first of three reports to be produced as part of the Auckland Transport Alignment Project, which aims to achieve an agreed strategic approach for developing Auckland’s transport system over the next 30 years.

INTRODUCTION

Good afternoon.

It is a pleasure to speak with you again, for what I make as my eighth time as Finance Minister.

One of the best parts of my job is the number of public servants and services providers I get to meet.

Overwhelmingly I find we’re all driven by the same thing - getting better results for New Zealanders, and doing our best for the most vulnerable.

Whether it’s social housing, health, education, welfare or justice, the goal is the same.

Further data on the risk factors that indicate children are likely to lead difficult lives has been released today, giving social service providers valuable insights into the issues these vulnerable children face, Finance Minister Bill English says.

Since 2013, Statistics New Zealand has collected data from government agencies including the Ministries of Social Development, Health and Education, as well as Child Youth and Family, Corrections, Police and Housing to create the world-leading Integrated Data Infrastructure (IDI).

Finance Minister Bill English today confirmed Budget 2016 will be delivered on Thursday 26 May and will be focused on delivering policies that support more jobs, higher incomes and opportunities for New Zealanders.

“This will be the National-led Government’s eighth Budget and it will deliver further policies to support a resilient and confident economy.”

Mr English says that while there are a number of positive signs in the domestic economy, there is still a lot of work to do.

Figures released today show the Government’s infrastructure programme is a significant contributor to jobs across New Zealand, Finance Minister Bill English and Tertiary Education, Skills and Employment Minister Steven Joyce say.

The Government will work with Auckland Council to bring forward the start date of the City Rail Link (CRL), Associate Finance Minister Steven Joyce and Transport Minister Simon Bridges announced today.

The Government is also working to formalise its funding commitment from 2020, which the Council has indicated would allow construction of the main works to start in 2018, at least two years sooner than currently envisaged.

Solid economic growth in recent months confirms the Government’s programme of economic management is on track to deliver more jobs and ongoing wage rises for New Zealanders, Finance Minister Bill English says.

Statistics New Zealand reported Gross Domestic Product expanded by 0.9 per cent in the three months to September – slightly higher than Treasury’s Half-Year Update forecast of 0.6 per cent.

This meant annual economic growth was 2.3 per cent since September 2014. Average annual growth was 2.9 per cent.

Treasury’s latest forecasts show ongoing improvement in the Government’s books – reflecting a continued focus on responsible fiscal management, Finance Minister Bill English says.

The Government is making good progress in providing better social services by publically releasing data which will assist its agencies – and the social sector - understand the needs of the most vulnerable New Zealanders, Finance Minister Bill English says.

“Reducing misery, rather than servicing it, requires a deep understanding of drivers of social dysfunction. Good information will enable the Government to better help vulnerable people make positive changes to their lives and become more independent.”

Catherine Savage has been named as the Chair of the Guardians of New Zealand Superannuation Board, replacing current Chair Gavin Walker, who has resigned, Finance Minister Bill English has announced.

Ms Savage begins her tenure as Chair on 1 January 2016 for a term of just over three years, while Mr Walker’s term will end on 31 December 2015.

“I’d like to thank Gavin for his strong professional and personal leadership during his tenure,” Mr English says.

New Zealand has formally became a member of the Asian Infrastructure Investment Bank (AIIB) Finance Minister Bill English says.

Ratification by members with 50 percent of the capital of the AIIB is needed for it to establish operations. New Zealand’s ratification will contribute to the organisation reaching the 50 percent threshold needed for the AIIB to establish operations.  This is expected to take place by mid-December.

This follows the passage of the International Financial Agreement Amendment Act here in New Zealand in November.

Data released today by Treasury and Figure.NZ makes is even easier for the public to dig into the Crown’s books for details on its spending and revenue, Finance Minister Bill English says.

Finance Minister Bill English says the release of two reports today on its investment practices and the performance of its major investment projects provide an overview to the public for the first time.

The annual report Managing Government Investment Projects 2014-15 - the first of its kind – provides a snapshot of the Government’s overall investment programme and the recently implemented changes to the way it is managed.

Finance Minister Bill English today welcomed the passing of the International Finance Agreements Amendment Bill, which enables New Zealand to become a founding member of the Asian Infrastructure Investment Bank.

The Bank is a China-led initiative which is being established to address a gap in new infrastructure across Asia. Its purpose is to foster sustainable economic development and to promote regional co-operation and partnership.