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Half Year Economic and Fiscal Update 2014

Time Series of Fiscal and Economic Indicators

Fiscal Indicators

June years 2004
 Actual
2005
 Actual
2006
 Actual
2007
 Actual
2008
 Actual
2009
Actual
2010
Actual
2011
Actual
2012
Actual
2013
Actual
2014
Actual
2015
Forecast
2016
Forecast
2017
Forecast
2018
Forecast
2019
Forecast

$millions

   

Revenue and expenses

   
Core Crown tax revenue 43,358 47,468 50,973 53,477 56,747 54,681 50,744 51,557 55,081 58,651 61,474 65,626 69,178 73,072 76,825 79,981
Core Crown revenue 46,219 51,045 55,735 58,211 61,819 59,482 56,216 57,550 60,565 64,149 67,297 71,466 75,332 79,420 83,509 86,999
Core Crown expenses 41,882 44,895 49,320 54,003 56,997 64,002 64,013 70,450 69,076 70,306 71,467 73,018 75,056 76,881 80,663 83,153

Surpluses

   
Total Crown OBEGAL 5,573 7,075 7,091 5,860 5,637 (3,893) (6,315) (18,396) (9,240) (4,414) (2,933) (572) 565 2,602 3,074 4,101
Total Crown operating balance 7,309 5,931 9,542 8,023 2,384 (10,505) (4,509) (13,360) (14,897) 6,925 2,808 1,900 3,475 5,618 6,221 7,420

Cash position

   
Core Crown residual cash 520 3,104 2,985 2,877 2,057 (8,639) (9,000) (13,343) (10,644) (5,742) (4,109) (4,009) (3,528) (125) 552 1,841

Debt

   
Gross debt1 36,017 35,478 33,903 30,647 31,390 43,356 53,591 72,420 79,635 77,984 81,956 80,289 84,471 91,406 87,105 82,580
Gross debt incl RB settlement cash and bank bills 36,017 35,478 35,867 36,805 37,745 50,973 58,891 77,290 84,168 84,286 88,468 86,757 90,880 97,740 93,439 88,914
Net core Crown debt (incl NZS Fund)2 19,902 13,324 6,302 1,620 (2,676) 5,633 12,549 23,969 33,475 34,428 34,174 35,413 37,255 35,120 32,136 27,670
Net core Crown debt2 23,858 19,879 16,163 13,380 10,258 17,119 26,738 40,128 50,671 55,835 59,931 63,494 66,960 67,040 66,422 64,520

Net worth

   
Total Crown net worth 39,595 54,240 83,971 96,827 105,514 99,515 94,988 80,887 59,780 70,011 80,779 82,560 86,086 91,768 98,073 105,557
Total net worth attributable to the Crown 39,456 54,025 83,678 96,531 105,132 99,068 94,586 80,579 59,348 68,071 75,568 77,376 80,876 86,511 92,748 100,175
Nominal GDP 147,937 157,017 164,950 175,270 187,879 188,097 195,044 203,686 212,804 217,012 234,158 239,188 253,108 266,238 276,967 286,573

% GDP

         

Revenue and expenses

   
Core Crown tax revenue 29.3 30.2 30.9 30.5 30.2 29.1 26.0 25.3 25.9 27.0 26.3 27.4 27.3 27.4 27.7 27.9
Core Crown revenue 31.2 32.5 33.8 33.2 32.9 31.6 28.8 28.3 28.5 29.6 28.7 29.9 29.8 29.8 30.2 30.4
Core Crown expenses 28.3 28.6 29.9 30.8 30.3 34.0 32.8 34.6 32.5 32.4 30.5 30.5 29.7 28.9 29.1 29.0

Surpluses

   
Total Crown OBEGAL 3.8 4.5 4.3 3.3 3.0 (2.1) (3.2) (9.0) (4.3) (2.0) (1.3) (0.2) 0.2 1.0 1.1 1.4
Total Crown operating balance 4.9 3.8 5.8 4.6 1.3 (5.6) (2.3) (6.6) (7.0) 3.2 1.2 0.8 1.4 2.1 2.2 2.6

Cash position

   
Core Crown residual cash 0.4 2.0 1.8 1.6 1.1 (4.6) (4.6) (6.6) (5.0) (2.6) (1.8) (1.7) (1.4) (0.0) 0.2 0.6

Debt

   
Gross debt1 24.3 22.6 20.6 17.5 16.7 23.0 27.5 35.6 37.4 35.9 35.0 33.6 33.4 34.3 31.4 28.8
Gross debt incl RB settlement cash and bank bills 24.3 22.6 21.7 21.0 20.1 27.1 30.2 37.9 39.6 38.8 37.8 36.3 35.9 36.7 33.7 31.0
Net core Crown debt (incl NZS Fund)2 13.5 8.5 3.8 0.9 (1.4) 3.0 6.4 11.8 15.7 15.9 14.6 14.8 14.7 13.2 11.6 9.7
Net core Crown debt2 16.1 12.7 9.8 7.6 5.5 9.1 13.7 19.7 23.8 25.7 25.6 26.5 26.5 25.2 24.0 22.5

Net worth

   
Total Crown net worth 26.8 34.5 50.9 55.2 56.2 52.9 48.7 39.7 28.1 32.3 34.5 34.5 34.0 34.5 35.4 36.8
Total net worth attributable to the Crown 26.7 34.4 50.7 55.1 56.0 52.7 48.5 39.6 27.9 31.4 32.3 32.3 32.0 32.5 33.5 35.0
  1. Excludes Reserve Bank settlement cash and bank bills
  2. Excludes advances
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