2 Fiscal Outlook (continued)
Short-Term Outlook
|
Year ended 30 June $million |
2008 Actual |
2009 Forecast |
2010 Forecast |
2011 Forecast |
2012 Forecast |
2013 Forecast |
|---|---|---|---|---|---|---|
Revenue and expenses |
|
|
|
|
|
|
| Core Crown revenue (excl NZS Fund) | 61,671 | 61,102 | 62,820 | 65,354 | 68,340 | 72,091 |
| Core Crown expenses | 56,997 | 62,359 | 65,849 | 68,891 | 72,252 | 76,157 |
Operating results |
|
|
|
|
|
|
| Total Crown OBEGAL | 5,637 | (64) | (1,746) | (2,481) | (3,092) | (3,374) |
| Total Crown OBEGAL (excl NZS Fund retained revenue) | 5,586 | (31) | (1,665) | (2,376) | (2,962) | (3,224) |
| Total Crown operating balance | 2,385 | 1,909 | 374 | (71) | (396) | (382) |
Cash position |
|
|
|
|
|
|
| Core Crown residual cash | 2,057 | (5,909) | (5,300) | (6,603) | (6,815) | (7,307) |
Debt |
|
|
|
|
|
|
| GSID (excl Settlement Cash) | 31,390 | 32,087 | 34,400 | 43,821 | 48,626 | 53,666 |
| Net core Crown debt (incl NZS Fund financial assets) | (12,953) | (10,430) | (8,502) | (5,799) | (3,146) | (380) |
| Net core Crown debt | (19) | 5,207 | 10,091 | 16,071 | 22,352 | 29,042 |
NZS Fund |
|
|
|
|
|
|
| NZS Fund net worth | 14,212 | 17,440 | 20,638 | 24,175 | 28,024 | 32,158 |
Nominal GDP |
180,077 | 184,390 | 190,713 | 199,881 | 210,205 | 220,574 |
% of GDP |
||||||
Revenue and expenses |
||||||
| Core Crown revenue (excl NZS Fund) | 34.2 | 33.1 | 32.9 | 32.7 | 32.5 | 32.7 |
| Core Crown expenses | 31.7 | 33.8 | 34.5 | 34.5 | 34.4 | 34.5 |
Operating results |
||||||
| Total Crown OBEGAL | 3.1 | (0.0) | (0.9) | (1.2) | (1.5) | (1.5) |
| Total Crown OBEGAL (excl NZS Fund retained revenue) | 3.1 | (0.0) | (0.9) | (1.2) | (1.4) | (1.5) |
| Total Crown operating balance | 1.3 | 1.0 | 0.2 | (0.0) | (0.2) | (0.2) |
Cash position |
||||||
| Core Crown residual cash | 1.1 | (3.2) | (2.8) | (3.3) | (3.2) | (3.3) |
Debt |
||||||
| GSID (excl Settlement Cash) | 17.4 | 17.4 | 18.0 | 21.9 | 23.1 | 24.3 |
| Net core Crown debt (incl NZS Fund financial assets) | (7.2) | (5.7) | (4.5) | (2.9) | (1.5) | (0.2) |
| Net core Crown debt | (0.0) | 2.8 | 5.3 | 8.0 | 10.6 | 13.2 |
NZS Fund |
||||||
| NZS Fund net worth | 7.9 | 9.5 | 10.8 | 12.1 | 13.3 | 14.6 |
Source: The Treasury
Core Crown vs Total Crown
The Fiscal Outlook chapter refers to both core Crown and total Crown results.
Core Crown includes Ministries, Departments, Offices of Parliament, the NZS Fund and the Reserve Bank of New Zealand.
Total Crown includes the core Crown, State-Owned Enterprises (SOEs) and Crown Entities (CEs).
Notes
- [2]An historical trend series of the above indicators is available on page 122. The glossary on pages 118 to 121 includes a definition of these indicators.
