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The impact of the recession will be felt by many businesses and, in turn, on the Government's books for some time, New Zealand Finance Minister Bill English said Friday.
The Crown account showed NZ$15.4 billion as tax revenue during the four months ended October 2009, which was NZ$1.6 billion or 9.4% lower than forecast, the Treasury reported. A large portion of the underlying revenue variance was driven by lower-than-expected net terminal tax related to lower-than-expected 2009 tax year business profitability.
English noted that the fiscal challenges facing the Government as the economy comes out of recession are again highlighted in the Crown's financial statements. "It means there will be little or no new money for government departments and ministries for the foreseeable future, and certainly not at the unsustainable rate of increase provided by the previous government."
He added that the latest data indicate that the impact of lower-than-expected business profits on tax revenue, particularly indications that lower company profits in 2009 will flow through to reduced 2010 tax revenue.
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