(MENAFN) New Zealand confirmed it had failed to meet a pledge to deliver a budget surplus this year, although Finance Minister insisted the government's books were on the right track, AFP reported.
The annual budget showed that the country logged a deficit of USD500 million for 2014-15, more than a billion dollars off the USD272.85 million surplus the minister predicted last year.
Blaming a fall in dairy prices for the budget miss, it's now expected to end a seven-year run of deficits slightly later than originally expected, forecasting a razor-thin surplus of USD129 million in 2015-16.
"The surplus target has helped turn around the government's books. We've come from an USD13.49 billion deficit four years ago to seeing steadily rising surpluses into the future," the minister added.
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