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Budget Economic and Fiscal Update 2012
- Forecast Financial Statements
  - Notes to the Forecast Financial Statements (continued)

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Notes to the Forecast Financial Statements (continued)

NOTE 2: Interest revenue and dividends
	2011 Actual $m	2012 Previous Budget $m	2012 Forecast $m	2013 Forecast $m	2014 Forecast $m	2015 Forecast $m	2016 Forecast $m
By type
Interest revenue	2,142	2,569	2,383	2,885	3,111	3,675	4,003
Dividends	428	482	441	491	533	570	614
Total interest revenue and dividends	2,570	3,051	2,824	3,376	3,644	4,245	4,617
By source
Core Crown	2,169	2,134	1,856	2,397	2,487	2,736	2,817
Crown entities	1,234	768	1,126	1,123	1,171	1,282	1,423
State-owned enterprises	801	1,021	838	905	1,083	1,309	1,537
Inter-segment eliminations	(1,634)	(872)	(996)	(1,049)	(1,097)	(1,082)	(1,160)
Total interest revenue and dividends	2,570	3,051	2,824	3,376	3,644	4,245	4,617

NOTE 3: Transfer payments and subsidies
	2011 Actual $m	2012 Previous Budget $m	2012 Forecast $m	2013 Forecast $m	2014 Forecast $m	2015 Forecast $m	2016 Forecast $m
New Zealand Superannuation	8,830	9,575	9,587	10,243	10,867	11,583	12,369
Family tax credit	2,139	2,178	2,111	2,113	2,065	2,040	2,062
Domestic Purposes Benefit	1,757	1,895	1,818	1,820	1,841	1,880	1,919
Invalid's Benefit	1,306	1,347	1,326	1,321	1,327	1,341	1,353
Accommodation supplement	1,197	1,264	1,203	1,243	1,271	1,288	1,310
Unemployment Benefit	943	1,029	888	881	849	788	737
Sickness Benefit	743	782	774	781	803	830	858
Student allowances	620	627	649	602	532	505	494
Disability allowances	409	411	403	366	360	362	365
Other social assistance benefits	2,691	2,637	2,532	2,661	2,659	2,678	2,737
Total social assistance grants	20,635	21,745	21,291	22,031	22,574	23,295	24,204
Subsidies
KiwiSaver subsidies	1,042	656	708	688	673	669	693
Other transfer payments
Official development assistance	495	525	535	499	495	495	545
Total transfer payments and subsidies	22,172	22,926	22,534	23,218	23,742	24,459	25,442

NOTE 4: Personnel expenses
	2011 Actual $m	2012 Previous Budget $m	2012 Forecast $m	2013 Forecast $m	2014 Forecast $m	2015 Forecast $m	2016 Forecast $m
Core Crown	5,996	6,021	5,860	6,003	5,977	6,034	6,120
Crown entities	10,410	10,440	10,655	10,897	10,982	11,094	11,170
State-owned enterprises	2,695	2,697	2,810	2,786	2,862	2,937	3,021
Inter-segment eliminations	(13)	(9)	(10)	(10)	(10)	(10)	(10)
Total personnel expenses	19,088	19,149	19,315	19,676	19,811	20,055	20,301

NOTE 5: Depreciation, amortisation and other operating expenses
	2011 Actual $m	2012 Previous Budget $m	2012 Forecast $m	2013 Forecast $m	2014 Forecast $m	2015 Forecast $m	2016 Forecast $m
Core Crown	39,157	40,197	38,028	41,041	38,150	37,873	38,000
Crown entities	17,905	18,390	17,967	18,062	17,906	17,967	18,116
State-owned enterprises	9,567	10,560	11,289	11,173	11,526	12,315	12,817
Inter-segment eliminations	(26,118)	(26,724)	(26,378)	(26,660)	(26,528)	(26,672)	(26,810)
Total depreciation, amortisation and other operating expenses	40,511	42,423	40,906	43,616	41,054	41,483	42,123

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