The Government's tax-take is running below forecasts made in the Budget, Finance Minister Bill English says.
The economy remains flat and that is being reflected in the Government's books.
The release of the figures for the past year showed tax revenue higher than forecast in the Budget in May.
But Mr English says tax collected in the first two months of the new financial year was $750 million below forecast at the time of the Budget.
Mr English says figures due to be published in November will show a slight improvement in September's tax-take.
The weak economic recovery in New Zealand and overseas is weighing on tax revenues, he says, and November's economic and fiscal update from the Treasury will be bleaker than forecasts contained in the Budget.