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Publication

Half Year Economic and Fiscal Update 2015

Time Series of Fiscal and Economic Indicators

Fiscal Indicators
June years 2006
Actual
2007
Actual
2008
Actual
2009
Actual
2010
Actual
2011
Actual
2012
Actual
2013
Actual
2014
Actual
2015
Actual
2016
Forecast
2017
Forecast
2018
Forecast
2019
Forecast
2020
Forecast

$millions

   

Revenue and expenses

   
Core Crown tax revenue 50,973 53,477 56,747 54,681 50,744 51,557 55,081 58,651 61,563 66,636 68,414 71,005 75,128 79,930 84,021
Core Crown revenue 55,499 57,971 61,575 59,191 55,757 57,199 60,428 63,805 67,093 72,213 74,338 77,010 81,392 86,510 90,818
Core Crown expenses 49,084 53,764 56,753 63,711 63,554 70,099 68,939 69,962 71,174 72,363 74,911 76,828 80,657 83,285 86,160

Surpluses

   
Total Crown OBEGAL 7,091 5,860 5,637 (3,893) (6,315) (18,396) (9,240) (4,414) (2,802) 414 (401) 356 957 3,485 4,945
Total Crown operating balance 9,542 8,023 2,384 (10,505) (4,509) (13,360) (14,897) 6,925 2,939 5,771 298 2,725 3,403 6,178 7,792

Cash position

   
Core Crown residual cash 2,985 2,793 2,057 (8,639) (9,000) (13,343) (10,644) (5,742) (4,109) (1,827) (5,398) (4,662) (2,779) 523 1,930

Debt

   
Gross debt1 33,903 30,647 31,390 43,356 53,591 72,420 79,635 77,984 81,956 86,125 87,123 95,676 92,926 89,907 91,346
Gross debt incl RB settlement cash and bank bills 35,867 36,805 37,745 50,973 58,891 77,290 84,168 84,286 88,468 93,156 94,913 103,466 100,716 97,697 99,136
Net core Crown debt (incl NZS Fund)2 6,302 1,620 (2,676) 5,633 12,549 23,969 33,475 34,428 34,174 30,862 34,313 37,618 38,278 35,465 31,375
Net core Crown debt2 16,163 13,380 10,258 17,119 26,738 40,128 50,671 55,835 59,931 60,631 65,890 70,690 73,421 72,825 71,110

Net worth

   
Total Crown net worth 83,971 96,827 105,514 99,515 94,988 80,887 59,780 70,011 80,697 92,236 92,738 95,565 99,089 105,402 113,288
Total net worth attributable to the Crown 83,678 96,531 105,132 99,068 94,586 80,579 59,348 68,071 75,486 86,454 86,862 89,634 93,089 99,325 107,173
Nominal GDP (revised actuals) 164,969 174,967 188,108 187,493 195,401 203,757 212,326 216,602 233,964 240,591 244,923 254,972 271,233 284,874 296,300

% GDP

         

Revenue and expenses

   
Core Crown tax revenue 30.9 30.6 30.2 29.2 26.0 25.3 25.9 27.1 26.3 27.7 27.9 27.8 27.7 28.1 28.4
Core Crown revenue 33.6 33.1 32.7 31.6 28.5 28.1 28.5 29.5 28.7 30.0 30.4 30.2 30.0 30.4 30.7
Core Crown expenses 29.8 30.7 30.2 34.0 32.5 34.4 32.5 32.3 30.4 30.1 30.6 30.1 29.7 29.2 29.1

Surpluses

   
Total Crown OBEGAL 4.3 3.3 3.0 (2.1) (3.2) (9.0) (4.4) (2.0) (1.2) 0.2 (0.2) 0.1 0.4 1.2 1.7
Total Crown operating balance 5.8 4.6 1.3 (5.6) (2.3) (6.6) (7.0) 3.2 1.3 2.4 0.1 1.1 1.3 2.2 2.6

Cash position

   
Core Crown residual cash 1.8 1.6 1.1 (4.6) (4.6) (6.5) (5.0) (2.7) (1.8) (0.8) (2.2) (1.8) (1.0) 0.2 0.7

Debt

   
Gross debt1 20.6 17.5 16.7 23.1 27.4 35.5 37.5 36.0 35.0 35.8 35.6 37.5 34.3 31.6 30.8
Gross debt incl RB settlement cash and bank bills 21.7 21.0 20.1 27.2 30.1 37.9 39.6 38.9 37.8 38.7 38.8 40.6 37.1 34.3 33.5
Net core Crown debt (incl NZS Fund)2 3.8 0.9 (1.4) 3.0 6.4 11.8 15.8 15.9 14.6 12.8 14.0 14.8 14.1 12.4 10.6
Net core Crown debt2 9.8 7.6 5.5 9.1 13.7 19.7 23.9 25.8 25.6 25.2 26.9 27.7 27.1 25.6 24.0

Net worth

   
Total Crown net worth 50.9 55.3 56.1 53.1 48.6 39.7 28.2 32.3 34.5 38.3 37.9 37.5 36.5 37.0 38.2
Total net worth attributable to the Crown 50.7 55.2 55.9 52.8 48.4 39.5 28.0 31.4 32.3 35.9 35.5 35.2 34.3 34.9 36.2
  1. Excludes Reserve Bank settlement cash and bank bills.
  2. Excludes advances.
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