While the Government’s revenue, including its tax take, rose over the year, the expenses it faced increased by more. There have been calls for ACC to improve its claims management processes to keep a lid on these costs. Altogether, the Government’s expenses rose by 11.3% over the year, while its revenue only increased by 9.4%. Turning to the Government’s debt position, net core Crown debt rose by 13% over the year to $175.5b. While this was a little below what the Treasury forecast at the May Budget, it still surpassed Willis’ debt target.

Source: New Zealand Herald October 10, 2024 00:24 UTC