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Budget 2010 Home Page 2010 Investment Statement of the Government of New Zealand

Major Assets and Liabilities on the Crown's Balance Sheet

Current structure and organisation of the Crown's assets and liabilities

In this Investment Statement each of the assets and liabilities of the Crown have been classified into the following categories:

Social assets and liabilities - Assets and liabilities held by the Crown primarily to provide public services or to protect assets for future generations.  These include, for instance, roads, schools and the national parks.  For the purposes of this document, social assets also include tax receivables and student loans managed by Inland Revenue, and Crown companies that do not have purely commercial objectives (such as the Crown Research Institutes [CRIs] and TVNZ).

Financial assets and liabilities - Assets and liabilities held by the Crown to finance or pre-fund government expenditure and to recognise the obligation for future expenditure.  This category is comprised of the CFIs (NZSF, ACC, EQC, GSF and NPF), the central bank (RBNZ) and government borrowing (NZDMO).

Commercial assets and liabilities - A portfolio of companies held by the Crown with purely commercial objectives.  The companies are largely self-sustaining entities operating in openly competitive environments.  This category is comprised of all the SOEs and Air New Zealand.

The following diagram provides a snapshot of the structure of the Crown's material assets and liabilities, split into social, commercial and financial categories. The diagram also shows the relationships between the entities managing assets and liabilities and the departments monitoring those entities on behalf of central government.[1]

A copy of the actual balance sheet (Statement of Financial Position) as presented in the Financial Statements of the Government of New Zealand June 2010 follows the diagram for reference. The supporting notes in this document are an integral part of the Crown balance sheet and can be accessed at the Treasury website.[2]

* The accounting valuation of $13.3 billion assumes the company is a ‘public benefit entity’ rather than a commercially viable enterprise.
** TEIs are only equity accounted in the Crown's accounts, which is why no values for assets and liabilities are shown.
*** These are IRD Crown values only
Source:  The Treasury

Refer to the Glossary of Terms for an explanation of acronyms.

Statement of Financial Position as at 30 June 2010
Forecast Actual
30 June 2010
30 June 2009


5,042 6,143 Cash and cash equivalents 7,774 6,268
14,093 13,813 Receivables 13,884 14,619
49,683 45,465 Marketable securities, deposits and derivatives in gain 43,687 45,708
11,867 15,675 Share investments 12,179 11,160
17,268 17,967 Advances 18,447 15,604
1,165 1,177 Inventory 1,160 1,082
1,836 1,518 Other assets 1,661 1,630
110,251 113,634 Property, plant & equipment 113,330 110,135
9,197 8,925 Equity accounted investments 9,049 8,777
2,133 2,320 Intangible assets and goodwill 2,184 2,168
72 Forecast for new capital spending
(375) (125) Top-down capital adjustment
222,232 226,512 Total assets 223,355 217,151


4,220 4,147 Issued currency 4,020 4,005
10,296 8,950 Payables 9,931 9,139
1,213 1,331 Deferred revenue 1,628 1,426
76,423 73,643 Borrowings 69,733 61,953
25,345 27,305 Insurance liabilities 27,131 26,567
10,307 9,158 Retirement plan liabilities 9,940 8,993
4,479 5,499 Provisions 5,984 5,553
132,283 130,033 Total liabilities 128,367 117,636
89,949 96,479 Total assets less total liabilities 94,988 99,515

Net Worth

31,803 34,027 Taxpayer funds 31,087 36,382
57,723 62,110 Property, plant and equipment revaluation reserve 63,593 62,612
41 (105) Other reserves (94) 74
89,567 96,032 Total net worth attributable to the Crown 94,586 99,068
382 447 Net worth attributable to minority interest in Air New Zealand 402 447
89,949 96,479 Total net worth 94,988 99,515


  • [1]The values shown in the diagram are gross. This means that they represent the assets and liabilities of the specified reporting entities, without removing the effect of any transactions with other government entities. Consequently, if all the asset figures in the diagram are totalled, they will exceed the total government assets which are consolidated and which do remove inter-entity transactions.
  • [2]See
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