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Budget 2013 Home Page Budget Economic and Fiscal Update 2013

Financial Statements

Forecast Statement of Financial Performance for the years ending 30 June
Note 2012
Actual
$m
2013
Previous
Budget
$m
2013
Forecast
$m
2014
Forecast
$m
2015
Forecast
$m
2016
Forecast
$m
2017
Forecast
$m

Revenue

Taxation revenue 1 54,665 57,663 57,839 61,773 65,394 68,903 71,982
Other sovereign revenue 1 5,130 5,446 5,126 5,296 5,435 5,379 5,531
Revenue contingency for ACC levy reductions (300) (1,000) (1,000)
Total revenue levied through the Crown's sovereign power 59,795 63,109 62,965 67,069 70,529 73,282 76,513
Sales of goods and services 16,785 16,337 16,809 17,080 17,963 18,586 19,085
Interest revenue and dividends 2 2,763 3,376 3,051 3,588 4,031 4,330 5,064
Other revenue 4,140 3,481 3,638 3,867 3,683 3,766 3,832
Total revenue earned through the Crown's operations 23,688 23,194 23,498 24,535 25,677 26,682 27,981
Total revenue (excluding gains) 83,483 86,303 86,463 91,604 96,206 99,964 104,494

Expenses

Transfer payments and subsidies 3 22,354 23,218 22,918 23,485 24,010 24,685 25,408
Personnel expenses 4 19,475 19,676 20,156 20,172 20,406 20,719 20,894
Depreciation and amortisation 5 6,350 4,687 4,858 4,640 4,792 4,871 4,952
Other operating expenses 5 35,678 38,929 37,628 37,608 37,005 37,329 37,438
Interest expenses 6 4,290 4,663 4,301 4,516 4,934 5,031 5,595
Insurance expenses 7 4,576 3,289 3,165 3,215 3,710 4,215 4,141
Forecast new operating spending 8 348 42 461 1,324 2,347 3,408
Top-down expense adjustment 8 (700) (330) (600) (250) (300) (300)
Total expenses (excluding losses) 92,723 94,110 92,738 93,497 95,931 98,897 101,536
Forgone profits from Government share offers (90) (10) (140) (200) (270) (340)
Operating balance before gains/(losses) (9,240) (7,897) (6,285) (2,033) 75 797 2,618
Net gains/(losses) on financial instruments 9 692 1,735 5,859 1,748 1,869 1,988 2,126
Net gains/(losses) on non-financial instruments 10 (6,526) 201 2,088 443 558 488 457
Total gains/(losses) (5,834) 1,936 7,947 2,191 2,427 2,476 2,583
Net surplus from associates and joint ventures 233 262 256 200 213 213 212
Attributable to minority interest (56)
Operating balance 11 (14,897) (5,699) 1,918 358 2,715 3,486 5,413

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

Forecast Statement of Financial Performance (continued) - Functional Expense Analysis for the years ending 30 June
Total Crown expenses 2012
Actual
$m
2013
Previous
Budget
$m
2013
Forecast
$m
2014
Forecast
$m
2015
Forecast
$m
2016
Forecast
$m
2017
Forecast
$m

By functional classification

             
Social security and welfare 25,457 26,912 26,439 27,510 28,293 29,281 29,801
GSF pension expenses 197 340 287 283 315 357 390
Health 13,650 14,013 13,895 14,351 14,237 14,210 14,075
Education 12,407 13,164 13,119 13,186 13,266 13,380 13,455
Core government services 5,305 6,459 5,537 4,588 4,216 4,219 4,142
Law and order 3,592 3,779 3,732 3,804 3,703 3,769 3,754
Defence 1,693 1,973 1,780 1,893 1,859 1,912 1,817
Transport and communications 10,259 8,801 8,805 8,596 8,930 9,121 9,485
Economic and industrial services 10,018 7,900 8,634 8,058 8,585 8,808 9,157
Primary services 1,588 1,830 1,732 1,962 1,897 1,873 1,847
Heritage, culture and recreation1 2,446 2,309 2,514 2,572 2,611 2,670 2,738
Housing and community development 627 1,115 1,098 1,116 1,130 1,098 1,061
Environmental protection1 769 713 496 473 404 417 407
Other 425 491 657 728 477 704 704
Finance costs 4,290 4,663 4,301 4,516 4,934 5,031 5,595
Forecast new operating spending 348 42 461 1,324 2,347 3,408
Top-down expense adjustment (700) (330) (600) (250) (300) (300)
Total Crown expenses excluding losses 92,723 94,110 92,738 93,497 95,931 98,897 101,536

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 SOEs.

Analysis of core Crown expenses by functional classification
Core Crown expenses 2012
Actual
$m
2013
Previous
Budget
$m
2013
Forecast
$m
2014
Forecast
$m
2015
Forecast
$m
2016
Forecast
$m
2017
Forecast
$m

By functional classification

Social security and welfare 22,028 23,239 22,893 23,595 24,110 24,534 25,246
GSF pension expenses 192 329 278 274 306 347 380
Health 14,160 14,745 14,526 14,950 14,880 14,910 14,888
Education 11,654 12,387 12,355 12,389 12,462 12,556 12,610
Core government services 5,428 6,537 5,572 4,637 4,277 4,278 4,203
Law and order 3,403 3,558 3,511 3,561 3,450 3,508 3,481
Defence 1,736 2,016 1,822 1,933 1,900 1,952 1,857
Transport and communications 2,232 2,174 2,352 2,162 2,219 2,147 2,218
Economic and industrial services 2,073 2,134 2,052 2,152 2,093 2,112 2,125
Primary services 648 832 684 818 725 698 669
Heritage, culture and recreation1 863 835 842 854 808 801 799
Housing and community development (46) 328 317 335 320 261 200
Environmental protection1 769 713 519 496 428 440 430
Other 425 491 657 728 477 704 704
Finance costs 3,511 3,766 3,557 3,622 3,928 3,883 4,273
Forecast new operating spending 348 42 461 1,324 2,347 3,408
Top-down expense adjustment (700) (330) (600) (250) (300) (300)
Total core Crown expenses excluding losses 69,076 73,732 71,649 72,367 73,457 75,178 77,191
  1. Previously environmental protection expenses were included within the heritage, culture and recreation classification. These expenses have been reclassified to the new environmental protection functional classification.

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

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