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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.

The transfer of ownership of thousands of houses today marks a significant step in regenerating the Tāmaki area and improving the stock of social and affordable housing in Auckland, Ministers Bill English and Dr Nick Smith say.

The ownership and management of about 2800 Housing NZ properties in Tāmaki will today be formally transferred to the Tāmaki Regeneration Company (TRC), which is jointly owned by the Crown and Auckland Council. 

Deputy Prime Minister Bill English says a robust democratic process has allowed New Zealanders to choose their flag.

Preliminary results, released by the Electoral Commission this evening, show 1,200,003 voted to keep the current flag, while 915,008 voted for the Kyle Lockwood-designed, alternative flag. Final results will be released by the Electoral Commission on Wednesday 30 March.

“We have run a robust, democratic process that has allowed us to discuss who we are and how we want to be represented on the world stage.

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.

The Government has requested formal proposals from four respondents looking to purchase and manage social houses in Tauranga and Invercargill, Ministers Bill English and Paula Bennett say.

As announced last January, the Government proposes to transfer 1,000 to 2,000 Housing New Zealand Corporation houses and tenancies to registered Community Housing Providers.

The shortlisted respondents are the Pact Group for Invercargill, and Accessible Properties, Hapori Connect Tauranga and Kainga Community Housing Partners for Tauranga.

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.

Every New Zealander who is eligible to vote should have their say on which flag will represent the country in the future, Deputy Prime Minister Bill English says.

The referendum that allows New Zealanders to choose between the existing flag and the Kyle Lockwood-designed silver fern begins tomorrow.

Mr Lockwood’s design received 670,790 votes in the first postal referendum held late last year.

“A total of 1,546,734 votes were cast in that first referendum, which is 48.78 percent of enrolled voters,” Mr English says.

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.

The redevelopment of the Lyttelton Port in Canterbury will play a significant role in the future economic growth and prosperity of the South Island by boosting jobs and trade, Deputy Prime Minister Bill English and Earthquake Recovery Minister Gerry Brownlee say.

On the same day trade ministers from around the world signed the Trans Pacific Partnership Agreement, Mr English formally opened the Cashin Quay 2 Wharf, an $85 million expansion that will increase the Port’s ability to grow trade in the coming decades.

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.

Ministers Bill English and Simon Bridges have announced that the proposed alternative Silver Fern (Black, White and Blue) flag will fly alongside the current New Zealand flag on the Auckland Harbour Bridge from Friday 22 January.

The Auckland Harbour Bridge will be the latest in over 250 sites around the country that have the alternative flag on-loan from the Flag Consideration Project to display beside the current flag, Deputy Prime Minister Bill English says.

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.

Deputy Prime Minister Bill English says the confirmed results of the first flag referendum mean New Zealanders now have a clear choice whether to change our flag or keep our existing one.

The final results of the first of the two postal referendums have confirmed the Silver Fern (Black, White and Blue) flag by designer Kyle Lockwood as the alternative option to the existing flag.

The Commission says a total of 1,546,734 votes were cast, 48.78 percent of enrolled voters.

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.