Post lockdown spend-up drives $1.1 billion boost to Crown accounts

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New Zealanders who went on a spending spree after the August lockdown have helped boost the Government’s tax take, putting Crown Accounts more than $1 billion ahead of where they were forecast to be.

Treasury this morning confirmed that the Government’s financial position continued to track ahead of forecasts for the year to December 31.

The accounts still show the severe scars of the pandemic.

For the full 2020 year to December 31 the Crown had an operating balance before gains and losses (OBEGAL) deficit of $4 billion and net core Crown debt of $104.5 billion (32.6 per cent of GDP).

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