The on again off again surplus is on again:
Budget roars back into surplus
Vernon dear the time to “roar” back in to surplus was about 4 years ago. What we’re doing now is crawling back.
Hopes of a Budget surplus have soared after Treasury reported the books were in the black by more than $1 billion at the end of May. With just one month of the financial year to run it suggests the Government’s election promise of a return to surplus in 2014-15 will be met – ironically only weeks after it officially abandoned the target.
The 11 month operating surplus excluding gains and losses (Obegal) was $1.176b against a forecast $193m surplus in the May 21 Budget. The final outcome for the year will not be known until the full Crown accounts are published in October.
If we do indeed crawl back to surplus it will be political good news for the Nats, if not necessarily actual good news for a country where too many have borne the brunt of unnecessary and damaging austerity (worked so well in Greece!).