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Budget 2006 Home Page Half Year Economic & Fiscal Update 2006

Statement of Responsibility

On the basis of the economic and fiscal information available to it, the Treasury has used its best professional judgement in supplying the Minister of Finance with this Economic and Fiscal Update. The Update incorporates the fiscal and economic implications both of Government decisions and circumstances as at 8 December 2006 that were communicated to me, and of other economic and fiscal information available to the Treasury in accordance with the provisions of the Public Finance Act 1989.

John Whitehead Secretary to the Treasury

8 December 2006


This Economic and Fiscal Update has been prepared in accordance with the Public Finance
Act 1989 for the 30 June 2007 forecast year. In 2008 and outyears the fiscal forecasts
depart from the requirements of FRS-29. This standard requires prospective information to
be prepared in accordance with the financial standards that will be effective in these periods,
which will be New Zealand International Financial Reporting Standards (NZ IFRS). As the
impacts of the transition to NZ IFRS have yet to be fully identified and clarified, forecasts for
30 June 2008 and outyears have been prepared under current financial reporting standards.


I accept overall responsibility for the integrity of the disclosures contained in this Update, and
the consistency and completeness of the Update information in accordance with the
requirements of the Public Finance Act 1989.


To enable the Treasury to prepare this Update, I have ensured that the Secretary to the
Treasury has been advised of all Government decisions and other circumstances as at
8 December 2006 of which I was aware and that had material economic or fiscal
implications.

Hon Dr Michael Cullen
Minister of Finance
8 December 2006

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