New Zealand Budget Deficit Higher Than Expected

New Zealand Budget Deficit Higher Than Expected

New Zealand budget deficit remained above forecast in the fiscal year ended June 30, financial statements from the government revealed Wednesday.

The operating deficit before gains and losses was NZ$9.2 billion in the year to 30 June 2012, wider than NZ$8.4 billion forecast.

However, higher tax revenue, lower core Crown expenses and a large fall in annual Canterbury earthquake expenses helped halve the shortfall from NZ$18.4 billion last year, the government said in a statement.