Little change, but wary of downside risks

Key highlights Earthquake-related costs increase deficit in 2012, but balance recovers swiftly from 2013. Tax revenue projection revised lower on weaker GDP growth in 2013.  Expenses also lower, largely due to lower interest rates and reduced debt financing costs. Net debt profile and the Bond Tender Program unchanged.     Report prepared by: Jane Turner ASB Economist Phone: +64 9 301 5660 Fax: +64 9 302 0992