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Half Year Economic and Fiscal Update 2010

Forecast Statement of Financial Performance for the years ending 30 June

Forecast Statement of Financial Performancefor the years ending 30 June
Note 2010
Actual
$m
2011
Previous
Budget
$m
2011
Forecast
$m
2012
Forecast
$m
2013
Forecast
$m
2014
Forecast
$m
2015
Forecast
$m

Revenue

Taxation revenue 1 50,347 53,457 52,072 56,685 60,349 64,211 67,807
Other sovereign revenue 1 4,682 5,759 5,700 6,012 6,444 6,925 7,627
Total revenue levied through the Crown's sovereign power 55,029 59,216 57,772 62,697 66,793 71,136 75,434
Sales of goods and services 14,331 15,399 15,591 16,148 17,198 17,872 18,396
Interest revenue and dividends 2 2,315 4,063 2,888 3,303 3,582 3,705 3,915
Other revenue 3,050 3,103 3,608 2,984 3,125 3,209 3,300
Total revenue earned through the Crown's operations 19,696 22,565 22,087 22,435 23,905 24,786 25,611
Total revenue (excluding gains) 74,725 81,781 79,859 85,132 90,698 95,922 101,045

Expenses

Transfer payments and subsidies 3 21,213 22,628 22,411 23,189 23,934 24,701 25,668
Personnel expenses 4 18,477 19,109 18,939 19,157 19,478 19,436 19,673
Depreciation and amortisation 5 4,229 4,428 4,344 4,605 4,757 4,838 4,942
Other operating expenses 5 31,338 35,927 37,133 34,772 35,497 35,283 35,575
Interest expenses 6 2,777 4,612 3,388 4,322 4,823 5,162 5,610
Insurance expenses 7 3,006 3,725 5,362 3,759 4,051 4,369 4,719
Forecast new operating spending 8 394 230 1,442 2,529 3,634 4,819
Top-down expense adjustment 8 (410) (850) (150)
Total expenses (excluding losses) 81,040 90,413 90,957 91,096 95,069 97,423 101,006
Operating balance before gains/(losses) (6,315) (8,632) (11,098) (5,964) (4,371) (1,501) 39
Net gains/(losses) on financial instruments 9 2,522 1,250 2,227 1,365 1,609 1,906 2,176
Net gains/(losses) on non-financial instruments 10 (960) 181 (557) 165 175 180 183
Total gains/(losses) 1,562 1,431 1,670 1,530 1,784 2,086 2,359
Net surplus from associates and joint ventures 227 134 312 314 328 322 320
Operating balance (including minority interest) (4,526) (7,067) (9,116) (4,120) (2,259) 907 2,718
Attributable to minority interest 17
Operating balance 11 (4,509) (7,067) (9,116) (4,120) (2,259) 907 2,718

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 Analysisfor the years ending 30 June
2001
Actual
$m
2011
Previous
Budget
$m
2011
Forecast
$m
2012
Forecast
$m
2013
Forecast
$m
2014
Forecast
$m
2015
Forecast
$m

Total Crown Expenses

             

By functional classification

             
Social security and welfare 24,206 26,127 25,708 26,840 28,004 29,274 30,570
GSF pension expenses 333 363 312 372 424 460 490
Health 12,673 13,379 13,308 13,186 13,151 13,127 13,115
Education 12,440 12,861 12,793 12,755 12,865 12,731 12,904
Core government services 2,830 3,922 3,919 3,954 3,929 3,974 4,007
Law and order 3,354 3,746 3,689 3,637 3,615 3,619 3,625
Defence 1,771 1,862 1,922 1,825 1,820 1,820 1,820
Transport and communications 7,991 8,184 8,464 8,374 8,609 8,870 9,105
Economic and industrial services 7,541 8,114 10,424 8,316 8,540 8,540 8,681
Primary services 1,373 1,742 1,690 1,682 1,674 1,661 1,668
Heritage, culture and recreation 2,584 3,344 3,525 2,827 3,435 2,881 2,891
Housing and community development 1,087 1,102 1,823 1,136 1,174 1,195 1,226
Other 80 1,071 612 578 477 475 475
Finance costs 2,777 4,612 3,388 4,322 4,823 5,162 5,610
Forecast new operating spending 394 230 1,442 2,529 3,634 4,819
Top-down expense adjustment (410) (850) (150)
Total Crown expenses excluding losses 81,040 90,413 90,957 91,096 95,069 97,423 101,006

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.

2010
Actual
$m
2011
Previous
Budget
$m
2011
Forecast
$m
2012
Forecast
$m
2013
Forecast
$m
2014
Forecast
$m
2015
Forecast
$m

Core Crown Expenses

By functional classification

Social security and welfare 21,185 22,120 22,052 22,792 23,659 24,780 25,739
GSF pension expenses 328 357 304 362 414 450 480
Health 13,128 14,043 13,956 13,971 13,966 13,780 13,755
Education 11,724 11,992 12,048 12,019 12,061 11,875 12,018
Core government services 2,974 3,979 4,069 4,043 4,019 4,061 4,094
Law and order 3,191 3,537 3,481 3,429 3,404 3,401 3,400
Defence 1,814 1,912 1,972 1,872 1,867 1,867 1,867
Transport and communications 2,345 2,417 2,563 2,134 2,064 2,081 2,081
Economic and industrial services 2,839 2,828 2,989 2,652 2,520 2,484 2,512
Primary services 507 757 792 759 740 718 716
Heritage, culture and recreation 1,281 2,037 2,187 1,453 1,961 1,380 1,357
Housing and community development 306 370 1,073 365 373 377 394
Other 80 1,088 612 578 477 475 475
Finance costs 2,311 3,230 3,082 3,683 4,179 4,542 4,919
Forecast new operating spending 394 230 1,442 2,529 3,634 4,819
Top-down expense adjustment (410) (850) (150)
Total core Crown expenses excluding losses 64,013 70,651 70,560 71,404 74,233 75,905 78,626

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

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