Good news for the Government's books, with the latest financial update showing revenue stable, and spending and debt lower than expected.
Core crown revenue, at $27.3 billion for the six months to December, was just 0.1 per cent lower than forecast.
Expenses were $273 million lower than expected, because Treaty of Waitangi settlement costs were lower due to complex negotiations not being completed during December as planned.
The overall deficit excluding gains and losses was $158 million lower than expected, at $3.2 billion.
The operating balance was a whopping $1.7 billion in surplus, because of investment gains in the Superannuation Fund and ACC.
Photo / NZ Herald