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Half Year Economic & Fiscal Update 2009

Forecast Statement of Financial Performance

for the years ending 30 June

Forecast Statement of Financial Performance for the years ending 30 June
Note 2009
Actual
$m
2010
Previous
Budget
$m
2010
Forecast
$m
2011
Forecast
$m
2012
Forecast
$m
2013
Forecast
$m
2014
Forecast
$m

Revenue

Taxation revenue 1 54,145 51,052 50,843 53,897 56,653 59,822 63,111
Other sovereign revenue 1 4,118 4,860 4,634 5,847 6,047 6,422 6,804
Total revenue levied through the Crown's sovereign power 58,263 55,912 55,477 59,744 62,700 66,244 69,915
Sales of goods and services 15,356 16,049 14,005 15,135 16,122 16,861 17,309
Interest revenue and dividends 2 3,419 3,159 3,659 4,039 4,377 4,603 4,617
Other revenue 2,890 2,814 2,831 2,801 2,873 2,937 3,044
Total revenue earned through the Crown's operations 21,665 22,022 20,495 21,975 23,372 24,401 24,970
Total Revenue (excluding gains) 79,928 77,934 75,972 81,719 86,072 90,645 94,885

Expenses

Transfer payments and subsidies 3 19,962 21,175 21,533 22,456 23,230 24,061 24,773
Personnel expenses 4 18,064 18,324 18,201 18,545 18,925 19,070 19,162
Depreciation and amortisation 5 4,305 4,126 4,201 4,508 4,681 4,761 4,839
Other operating expenses 5 34,116 34,855 33,487 33,957 33,478 34,384 34,935
Interest expenses 6 3,492 3,349 3,906 4,626 5,366 6,011 6,344
Insurance expenses 7 3,882 3,890 3,246 3,483 4,265 4,898 5,358
Forecast new operating spending 8 254 13 1,028 2,177 3,285 4,391
Top-down expense adjustment 8 (300) (1,150) (200) (50) (50) (50)
Total Expenses (excluding losses) 83,821 85,673 83,437 88,403 92,072 96,420 99,752
Operating Balance before gains/(losses) (3,893) (7,739) (7,465) (6,684) (6,000) (5,775) (4,867)
Net gains/(losses) on financial instruments 9 (2,634) 1,416 2,685 1,157 1,436 1,637 1,782
Net gains/(losses) on non-financial instruments 10 (4,167) 205 (112) 226 235 238 240
Total gains/(losses) (6,801) 1,621 2,573 1,383 1,671 1,875 2,022
Net surplus from associates and joint ventures 212 390 99 174 177 173 173
Operating Balance from continuing activities (10,482) (5,728) (4,793) (5,127) (4,152) (3,727) (2,672)
Gain/(loss) from discontinued operations 2 (1) (1) (1) (1) (1) (1)
Operating Balance (including minority interest) (10,480) (5,729) (4,794) (5,128) (4,153) (3,728) (2,673)
Attributable to minority interest (25)
Operating balance 11 (10,505) (5,729) (4,794) (5,128) (4,153) (3,728) (2,673)

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

Forecast Statement of Financial Performance (continued) - Functional Expense Analysis for the years ending 30 June
2009
Actual
$m
2010
Previous
Budget
$m
2010
Forecast
$m
2011
Forecast
$m
2012
Forecast
$m
2013
Forecast
$m
2014
Forecast
$m

Total Crown Expenses

             

By functional classification

             
Social security and welfare 23,273 25,073 24,268 25,699 27,374 28,825 29,937
GSF pension expenses 655 370 368 408 537 599 588
Health 12,042 12,815 12,889 12,859 12,795 12,769 12,811
Education 12,465 12,147 12,358 12,471 12,596 12,622 12,685
Core government services 5,137 3,582 3,957 3,982 3,800 3,831 3,830
Law and order 3,250 3,515 3,473 3,526 3,527 3,548 3,557
Defence 1,712 1,761 1,796 1,807 1,769 1,768 1,767
Transport and communications 9,023 8,868 8,421 8,237 8,314 8,541 9,000
Economic and industrial services 7,695 8,246 7,690 7,777 8,184 8,300 8,451
Primary services 1,487 1,510 1,628 1,541 1,555 1,565 1,548
Heritage, culture and recreation 2,397 2,806 2,358 2,804 2,761 3,405 3,188
Housing and community development 1,075 1,115 1,031 1,098 1,171 1,155 1,133
Other 118 562 431 740 196 246 572
Finance costs 3,492 3,349 3,906 4,626 5,366 6,011 6,344
Forecast for future new spending 254 13 1,028 2,177 3,285 4,391
Top-down expense adjustment (300) (1,150) (200) (50) (50) (50)
Total Crown Expenses excluding losses 83,821 85,673 83,437 88,403 92,072 96,420 99,752

Below is an analysis of core Crown expenses by functional classification. Core Crown expenses include expenses incurred by the Crown, Departments, Reserve Bank and the NZS Fund, but not Crown entities and SOEs.

2009
Actual
$m
2010
Previous
Budget
$m
2010
Forecast
$m
2011
Forecast
$m
2012
Forecast
$m
2013
Forecast
$m
2014
Forecast
$m

Core Crown Expenses

By functional classification

           
Social security and welfare 19,382 21,139 21,155 22,243 23,055 23,876 24,591
GSF pension expenses 655 370 357 396 525 587 575
Health 12,368 13,397 13,434 13,452 13,415 13,387 13,407
Education 11,455 11,284 11,649 11,766 11,812 11,813 11,858
Core government services 5,293 3,620 4,071 4,034 3,856 3,891 3,888
Law and order 3,089 3,267 3,269 3,314 3,300 3,315 3,315
Defence 1,757 1,810 1,844 1,856 1,819 1,819 1,819
Transport and communications 2,663 2,253 2,807 2,217 2,051 2,042 2,051
Economic and industrial services 2,960 2,673 3,167 2,672 2,634 2,615 2,631
Primary services 534 611 589 524 532 539 519
Heritage, culture and recreation 1,002 1,507 1,142 1,470 1,355 1,962 1,708
Housing and community development 297 365 338 354 358 344 336
Other 118 562 431 740 196 246 572
Finance costs 2,429 2,470 2,404 3,080 3,686 4,303 4,617
Forecast for future new spending 254 13 1,028 2,177 3,285 4,391
Top-down expense adjustment (300) (1,150) (200) (50) (50) (50)
Total Core Crown Expenses excluding losses 64,002 65,282 65,520 68,946 70,721 73,974 76,228

The accompanying Notes and Accounting policies are an integral part of these Statements.

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