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Budget 2012 Home Page Budget Economic and Fiscal Update 2012

Financial Statements

Forecast Statement of Financial Performance for the years ending 30 June
Note 2011
Actual
$m
2012
Previous
Budget
$m
2012
Forecast
$m
2013
Forecast
$m
2014
Forecast
$m
2015
Forecast
$m
2016
Forecast
$m

Revenue

Taxation revenue 1 51,128 54,690 54,331 57,663 62,370 66,341 70,297
Other sovereign revenue 1 5,281 5,808 5,112 5,446 5,679 5,872 6,221
Total revenue levied through the Crown's sovereign power 56,409 60,498 59,443 63,109 68,049 72,213 76,518
Sales of goods and services 15,084 16,078 16,380 16,337 16,975 17,939 18,590
Interest revenue and dividends 2 2,570 3,051 2,824 3,376 3,644 4,245 4,617
Other revenue 7,500 3,106 3,928 3,481 3,580 3,774 3,865
Total revenue earned through the Crown's operations 25,154 22,235 23,132 23,194 24,199 25,958 27,072
Total revenue (excluding gains) 81,563 82,733 82,575 86,303 92,248 98,171 103,590

Expenses

Transfer payments and subsidies 3 22,172 22,926 22,534 23,218 23,742 24,459 25,442
Personnel expenses 4 19,088 19,149 19,315 19,676 19,811 20,055 20,301
Depreciation and amortisation 5 4,682 4,631 4,520 4,687 4,819 4,915 5,010
Other operating expenses 5 35,829 37,792 36,386 38,929 36,235 36,568 37,113
Interest expenses 6 3,596 4,685 4,173 4,663 5,019 5,636 5,781
Insurance expenses 7 14,592 3,138 4,451 3,289 3,464 3,851 4,063
Forecast new operating spending 8 463 87 348 1,141 2,370 3,568
Top-down expense adjustment 8 (310) (450) (700) (150) (150) (150)
Total expenses (excluding losses) 99,959 92,474 91,016 94,110 94,081 97,704 101,128
Forgone profits from partial share sales (90) (180) (270) (360)
Operating balance before gains/(losses) (18,396) (9,741) (8,441) (7,897) (2,013) 197 2,102
Net gains/(losses) on financial instruments 9 4,619 1,973 917 1,735 1,932 2,082 2,256
Net gains/(losses) on non-financial instruments 10 79 172 (3,371) 201 176 183 186
Total gains/(losses) 4,698 2,145 (2,454) 1,936 2,108 2,265 2,442
Net surplus from associates and joint ventures 237 303 253 262 271 273 270
Attributable to minority interest 101
Operating balance 11 (13,360) (7,293) (10,642) (5,699) 366 2,735 4,814

Forecast Statement of Financial Performance (continued) - Functional Expense Analysis for the years ending 30 June
2011
Actual
$m
2012
Previous
Budget
$m
2012
Forecast
$m
2013
Forecast
$m
2014
Forecast
$m
2015
Forecast
$m
2016
Forecast
$m

Total Crown expenses

             

By functional classification

             
Social security and welfare 25,324 26,353 25,772 26,912 27,662 28,474 29,682
GSF pension expenses 311 311 200 340 369 426 467
Health 13,068 13,787 13,471 14,013 13,800 13,780 13,749
Education 12,406 13,005 12,690 13,164 13,068 13,183 13,335
Core government services 5,515 5,440 4,791 6,459 4,583 4,204 4,245
Law and order 3,567 3,745 3,679 3,779 3,677 3,675 3,754
Defence 1,778 1,872 1,776 1,973 1,834 1,831 1,827
Transport and communications 8,402 8,584 8,829 8,801 9,032 9,416 9,702
Economic and industrial services 18,818 7,758 9,560 7,900 7,670 8,245 8,401
Primary services 1,603 1,700 1,650 1,830 1,743 1,744 1,719
Heritage, culture and recreation 3,437 3,327 3,421 3,022 2,998 3,217 3,423
Housing and community development 1,655 1,119 878 1,115 1,103 1,123 1,094
Other 479 635 489 491 532 530 531
Finance costs 3,596 4,685 4,173 4,663 5,019 5,636 5,781
Forecast new operating spending 463 87 348 1,141 2,370 3,568
Top-down expense adjustment (310) (450) (700) (150) (150) (150)
Total Crown expenses excluding losses 99,959 92,474 91,016 94,110 94,081 97,704 101,128

Below is an analysis of core Crown expenses by functional classification. Core Crown expenses include expenses incurred by Ministers, Departments, Offices of Parliament, the NZS Fund and the Reserve Bank, but not Crown entities and State-owned enterprises.

Forecast Statement of Financial Performance (continued) - Functional Expense Analysis for the years ending 30 June
2011
Actual
$m
2012
Previous
Budget
$m
2012
Forecast
$m
2013
Forecast
$m
2014
Forecast
$m
2015
Forecast
$m
2016
Forecast
$m

Core Crown expenses

By functional classification

Social security and welfare 22,005 22,935 22,236 23,239 23,794 24,365 25,307
GSF pension expenses 305 302 190 329 356 413 453
Health 13,753 14,353 14,130 14,745 14,630 14,611 14,583
Education 11,650 12,257 11,883 12,387 12,213 12,289 12,420
Core government services 5,563 5,564 4,943 6,537 4,649 4,298 4,339
Law and order 3,382 3,555 3,494 3,558 3,448 3,436 3,505
Defence 1,809 1,911 1,818 2,016 1,877 1,875 1,871
Transport and communications 2,281 2,378 2,366 2,174 2,041 2,107 1,992
Economic and industrial services 2,609 2,235 2,099 2,134 1,910 1,844 1,862
Primary services 706 755 677 832 731 726 695
Heritage, culture and recreation 1,966 1,947 2,015 1,548 1,452 1,625 1,800
Housing and community development 876 333 103 328 307 307 256
Other 479 635 489 491 532 530 531
Finance costs 3,066 3,714 3,553 3,766 3,971 4,266 4,224
Forecast new operating spending 463 87 348 1,141 2,370 3,568
Top-down expense adjustment (310) (450) (700) (150) (150) (150)
Total core Crown expenses excluding losses 70,450 73,027 69,633 73,732 72,902 74,912 77,256

The accompanying notes and accounting policies are an integral part of these Statements.

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