Cameron Preston

gains and losses), it does impact net debt as net debt is a core Crown measure,’’ Treasury said.

Finance Minister Bill English denied the Government had any influence over Treasury’s decisions about how it put together the nation’s accounts, although Parker claimed considerable political pressure could be applied.

In a written statement, English said: ‘‘Decisions about how Budget initiatives are accounted for are made independently by the Treasury, which applies Generally Accepted Accounting Practice (GAAP) standards when preparing and presenting financial statements.

Treasury echoed that: ‘‘The Treasury is solely responsible for ensuring its forecasts represent its officials’ best professional judgement on the basis of economic and fiscal information available at the time that forecasts are finalised.’’