The Government now concedes it will receive much less from the partial privatisation of state-owned companies than originally forecast.
It had estimated it would get $5-7 billion from the sale of shares in four energy companies and Air New Zealand.
But Finance Minister Bill English told Parliament's finance and expenditure select committeethat figure has now been revised down.
English said the new forecast takes into account the fact Solid Energy is in no state to be sold and is based on the share sales already completed.