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Budget 2012 Home Page Key Facts for Taxpayers - Budget 2012

Key Facts for Taxpayers (Part 1)

New Zealand's real GDP recovering

New Zealand's real GDP recovering.

This graph shows Budget 2012 history and forecast growth rates of production-based real GDP.

Earthquake rebuild to boost growth

Earthquake rebuild to boost growth.

This graph shows the forecast gross expenditure on rebuilding capital stock destroyed in the Canterbury earthquakes as a percentage of real GDP.

Household saving improving

Household saving improving.

The household saving rate is the difference between the disposable income and expenditure of households, as a percentage of disposable income.

New Zealand's external vulnerability remains

New Zealand's external vulnerability remains.

New Zealand's net international investment position is the difference between the value of New Zealand's international assets and liabilities as a percentage of GDP.

2011 benefits from reinsurance inflows related to the Canterbury earthquakes. Budget 2010 and 2011 figures have been updated to reflect historical revisions.

Where do core Crown expenses go?

2012/13: $73.7b (33.8% of GDP)

Where do core Crown expenses go?.

Social security and welfare includes social assistance benefits such as NZ Superannuation, Domestic Purposes Benefit and the Unemployment Benefit.

Where does core Crown revenue come from?

2012/13: $64.2b (29.5% of GDP)

Where does core Crown revenue come from?.

Other direct taxes includes resident interest and dividend witholding taxes. Other indirect taxes includes customs, excise and gaming duties.

Expenses and revenue are on a core Crown basis and so exclude Crown entities and state-owned enterprises.

Operating balance before gains and losses

2012/13: -$7.9b (-3.6% of GDP)

Operating balance before gains and losses.

This graph shows the difference between total Crown revenue and expenses. It does not include gains and losses resulting from changing values of assets and liabilities.

Net core Crown debt

2012/13: $61.3b (28.1% of GDP)

Net core Crown debt.

Net core Crown debt excludes advances and financial assets held by the NZ Superannuation Fund.

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