The surplus unveiled today is $4b higher than what was expected in May’s Budget – and $2b higher than the actual surplus unveiled this time last year.
The NZ Herald notes that:
Part of the reason for the $2b increase in the surplus is largely down to a revaluation of New Zealand’s railway. A change in the way the government-owned rail assets were valued contributed to the surplus being $2.6 billion higher than expected.
One-off changes to the way tax was calculated also contributed to the surplus.”
What should they spend it on?