The Borneo Post - Wednesday, 26 September 2003

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WELLINGTON: New Zealand's state accounts released yesterday reveal a government operating surplus that exceeds forecasted figures by one-third.

Treasury figures show a 1.966 billion-dollar (US$1.154 billion) operating surplus for the year ending June 30, exceeding the forecast in the May budget by US$605 million.

The operating balance excluding revaluations and accounting policy changes, which the government prefers to focus on, came in at US$5.580 billion -some US$1.539 billion better than forecast.

Finance Minister Michael Cullen said the fiscal position on balance day showed a significant shift since the budget forecasts were approved in April. -AFP