Photo: Getty ImagesThe Government's pre-election books show a bigger surplus for the 2017 financial year, largely at the expense of out-years, but Finance Minister Steven Joyce doesn't see room to splash out until about 2020. The operating balance before gains and losses (obegal) is forecast to show a surplus of $3.7 billion in the year ended June 30, larger than the $1.6 billion surplus projected in the May budget, the Treasury's pre-election economic and fiscal update shows. "We've got the highest surplus in the first year ... then a slightly flatter track in subsequent years," Mr Joyce told a briefing in Wellington today. GDP growth is expected to accelerate to an annual pace of 3.7% in 2019 before slowing to 2.3% in 2021. "We do want to show a stronger more tied down capital track over the future," Mr Joyce said.

Source: Otago Daily Times August 23, 2017 00:45 UTC