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Grant Robertson
Grant Robertson
The release this week of the Crown accounts for the three months ended September provide a line in the sand for Labour Finance Minister Grant Robertson.

As the election was held on September 23, the next set of accounts for October, November and December will come under his purview.

Commenting on the accounts in his new role, Mr Robertson said Core Crown tax revenue, expenses and the operating balance excluding gains and losses (obegal) were all close to forecast in the 2017 Budget and Economic Fiscal Update (Befu).

Adding in the gains and losses, the operating balance was higher than expected. Core Crown net debt was slightly lower than expected.

''These numbers are a look at the Government's books in the three months to September 30. While Treasury notes they are close to the Befu forecast, they do say it is too early in the financial year to extrapolate the results to form a conclusion on the full-year numbers,'' he said.

The accounts showed core tax revenue increased 3.9% to $18billion in the three months to September from $17.34 billion in the previous corresponding 2016 period.

Former finance minister Steven Joyce was responsible for the books in that time.

Crown revenue grew 3.6% to $19.7 billion, expenses rose by 5.7% to nearly $20 billion, gross debt as a percentage of GDP fell to 32.7% from 35.1% and net debt as a percentage of GDP fell to 22.8% from 25.1% in the pcp.

Mr Robertson said the Government was committed to the fiscal parameters it outlined before the election. They included reducing government net debt to 20% of GDP within five years of taking office, maintaining government expenditure to within the recent historical range of spending to GDP and delivering a stable obegal surplus throughout the Treasury's Budget forecast period.

''I do note readings of business confidence during the government forecast process reflected the temporary uncertainty at the time, which had been expected by economists no matter what the outcome of the coalition negotiations.''

Mr Robertson was confident the Government's plans would feed back into increased confidence and activity in the months ahead.

Comments

I would ask the new minister what back ground in finance has he...who runs the country regards these matters is treasury .