2 Fiscal Outlook (continued)
Debt
Gross Sovereign Issued Debt (GSID) (Excluding Settlement Cash)
(GSID) (Excluding Settlement Cash) is forecast to climb ...
- Figure 2.9 - GSID (excluding Settlement Cash)
- Source: The Treasury
The increase in GSID (excluding Settlement Cash) is primarily due to the need to raise finances to meet the residual cash deficits over the forecast period.
GSID (excluding Settlement Cash) is forecast to increase in both nominal terms (by around $22.3 billion) and as a percentage of GDP (by around 6.9%) over the forecast period. By the end of the forecast period in 2012/13 GSID (excluding Settlement Cash) is expected to be $53.7 billion or 24.3% of GDP.
The issuance of domestic bonds (market) for 2008/09 has been set at $4 billion and rises to $9.2 billion in 2012/13. After meeting debt maturities, the accumulated net bond issuance over the forecast period is $23 billion and this will translate into an increase in GSID (excluding Settlement Cash).
|
Year ended 30 June $million |
2009 Forecast |
2010 Forecast |
2011 Forecast |
2012 Forecast |
2013 Forecast |
Total |
|---|---|---|---|---|---|---|
| Issue of domestic bonds (market) | 4,048 | 6,070 | 9,114 | 9,189 | 9,216 | 37,637 |
| Repayment of domestic bonds (market) | (2,900) | (4,097) | - | (4,483) | (4,518) | (15,998) |
| Net increase in domestic bonds (market) | 1,148 | 1,973 | 9,114 | 4,706 | 4,698 | 21,639 |
| Issue of domestic bonds (non-market) | 738 | 843 | 258 | 826 | 832 | 3,497 |
| Repayment of domestic bonds (non-market) | (451) | (599) | - | (585) | (533) | (2,168) |
| Net increase in domestic bonds (non-market)[4] | 287 | 244 | 258 | 241 | 299 | 1,329 |
| Net bond issuance | 1,435 | 2,217 | 9,372 | 4,947 | 4,997 | 22,968 |
Source: The Treasury
Notes
- [4]Non-market domestic bonds are bonds held by EQC.
