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Budget 2014 Home Page Budget Economic and Fiscal Update 2014

Forecast Financial Statements

Forecast Statement of Financial Performance for the years ending 30 June

Note 2013
Actual
$m
2014
Previous
Budget
$m
2014
Forecast
$m
2015
Forecast
$m
2016
Forecast
$m
2017
Forecast
$m
2018
Forecast
$m

Revenue

Taxation revenue 1 58,134 61,773 61,380 65,824 69,912 73,348 76,848
Other sovereign revenue 1 5,172 5,296 5,383 5,138 4,826 4,790 4,909
Total revenue levied through the Crown's sovereign power 63,306 67,069 66,763 70,962 74,738 78,138 81,757
Sales of goods and services 16,713 17,080 16,432 17,091 17,593 18,107 18,764
Interest revenue and dividends 2 2,939 3,588 3,160 3,672 3,982 4,636 5,132
Other revenue 3,697 3,867 3,622 3,842 4,055 4,110 4,085
Total revenue earned through the Crown's operations 23,349 24,535 23,214 24,605 25,630 26,853 27,981
Total revenue (excluding gains) 86,655 91,604 89,977 95,567 100,368 104,991 109,738

Expenses

Transfer payments and subsidies 3 22,708 23,485 23,394 23,876 24,479 25,334 26,326
Personnel expenses 4 19,935 20,172 20,488 20,881 21,227 21,424 21,705
Depreciation and amortisation 5 4,812 4,640 4,644 4,882 5,048 5,151 5,213
Other operating expenses 5 36,163 37,608 36,527 37,520 37,497 37,327 37,567
Interest expenses 6 4,358 4,516 4,461 4,763 5,054 5,543 5,708
Insurance expenses 7 3,031 3,215 3,283 3,517 4,048 4,418 4,723
Forecast new operating spending 8 461 77 291 1,864 3,375 4,921
Top-down expense adjustment 8 (600) (660) (875) (485) (360) (360)
Total expenses (excluding losses) 91,007 93,497 92,214 94,855 98,732 102,212 105,803
Minority interest share of operating balance before gains/losses1 (62) (140) (210) (340) (374) (410) (450)
Operating balance before gains/(losses) (4,414) (2,033) (2,447) 372 1,262 2,369 3,485
Net gains/(losses) on financial instruments 9 7,270 1,748 3,604 2,583 2,728 2,837 3,013
Net gains/(losses) on non-financial instruments 10 3,674 443 1,557 (107) (109) (73) (74)
Total gains/(losses) 10,944 2,191 5,161 2,476 2,619 2,764 2,939
Net surplus from associates and joint ventures 395 200 259 254 255 255 256
Operating balance 11 6,925 358 2,973 3,102 4,136 5,388 6,680
  1. Minority interests include those who recently purchased shares in the Government Share Offer Programme as well as the pre-existing minority interests in Air New Zealand Limited, and the minority interests held in the Crown Fibre Holdings Group and Solid Energy.

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

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