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Half Year Economic and Fiscal Update 2013

Statement of Specific Fiscal Risks

Summary Table

The matters listed below are disclosed as specific fiscal risks because they meet the rules for disclosure outlined after this Statement. Full descriptions of the risks listed below are set out in the next section. Where quantification is possible, this is included in the description of the risk.

Specific fiscal risks as at 3 December 2013 Status[10]

Potential policy decisions affecting revenue

ACC - Levies Unchanged
ACC - Funding Policy Review Unchanged
Revenue - Income-sharing Tax Credits Unchanged
Services Funded by Third Parties Unchanged

Potential policy decisions affecting expenses (expected to be funded from reprioritisation or Budget allowances)

ACC - Work-related Gradual Process Disease and Infection Unchanged
Budget Operating Initiatives New
Canterbury Earthquake Recovery - Christchurch City Council/Crown Cost Sharing Changed
Canterbury Earthquake Recovery - Christchurch Central Recovery Plan Changed
Canterbury Earthquake Recovery - Residential Red Zone Changed
Communications - Ultra-Fast Broadband Initiative New
Defence Force - Mid-point Rebalancing Review Changed
Environment - Post-2012 International Climate Change Obligations Changed
Government Response to Wai 262 Unchanged
Housing - Reform of Social Housing Unchanged
Revenue - KiwiSaver Auto-enrolment Unchanged
Revenue - Transformation and Technology Renewal Changed
Social Development - Vulnerable Children White Paper Unchanged
Social Development - Welfare Reform Costs Unchanged
Social Development - Welfare Reform Forecast Benefit Savings Unchanged
State Sector Employment Agreements Unchanged

Potential capital decisions (expected to be funded from the existing Crown balance sheet, including the Future Investment Fund)

Departmental Capital Intentions Unchanged
Earthquake Strengthening for Crown-owned Buildings Unchanged
Finance - Crown Overseas Properties Changed
Justice - Christchurch Justice and Emergency Services Precinct Changed
Primary Industries - Investment in Water Infrastructure Unchanged
Transport - Auckland Transport Projects New
Transport - Support for KiwiRail Changed

Matters dependent on external factors

ACC - Non-earners' Account Unchanged
Canterbury Earthquake Recovery - Residential Red Zone Changed
Communications - Potential Impairment in Value of Broadband Investment Unchanged
Defence Force - Potential Rationalisation, Revaluation and Disposal of NZDF Assets Unchanged
Energy - Crown Revenue from Petroleum Royalties Unchanged
Environment - Post 2012 International Climate Change Negotiations Changed
Finance - EQC Changed
Finance - Goodwill on Acquisition Unchanged
Finance - Government Commitments to International Financial Institutions Unchanged
Finance - Sale of Part of the Crown's Shareholding in Certain Companies Changed
Finance - Southern Response Earthquake Services Support Unchanged
Health - Litigation in the Disability Support and Aged Care Areas Changed
Housing - Divestment of Housing Unchanged
Revenue - Cash Held in Tax Pools Unchanged
Treaty Negotiations - Treaty Settlement Forecasts Unchanged
Treaty Negotiations - Relativity Clause Unchanged


  • [10]Unchanged - risks that have not materially changed since the previous Economic and Fiscal Update. Changed - risks that have changed substantively from the previous Economic and Fiscal Update. New - risks that have not been disclosed in the previous Economic and Fiscal Update.
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