Budget deficit better than forecast on NZ Super Fund gains

The Government's budget operating balance for the 10 months to the end of April was a deficit of NZ$7.69 billion, which was NZ$1.137 billion better than forecast in last week's budget, largely because the New Zealand Super Fund, ACC and the EQC reported investment gains that were NZ$1.1 billion above forecasts. The OBEGAL (operating balance excluding gains and losses) deficit was NZ$1.824 billion for the period, which was NZ$135 million better than forecast. This was largely because revenues were NZ$16 million better than forecast and spending was NZ$280 million better than forecast. Here is the full media statement from Treasury Deputy Secretary Peter Bushnell and the link to the full spreadsheet.