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Pre-election Economic and Fiscal Update 2014

Time Series of Fiscal and Economic Indicators

Fiscal Indicators

June Years 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
$ millions  Actual  Actual  Actual  Actual  Actual  Actual Actual Actual Actual Actual Actual Forecast Forecast Forecast Forecast Forecast

$ millions

   

Revenue and Expenses

   
Core Crown revenue 43,440 46,219 51,045 55,735 58,211 61,819 59,482 56,216 57,550 60,565 64,149 67,329 72,213 76,474 80,287 84,168
Core Crown expenses 39,897 41,882 44,895 49,320 54,003 56,997 64,002 64,013 70,450 69,076 70,306 71,291 72,826 75,914 78,583 81,452

Surpluses

   
Total Crown OBEGAL 4,366 5,573 7,075 7,091 5,860 5,637 (3,893) (6,315) (18,396) (9,240) (4,414) (2,595) 297 818 1,851 2,964
Total Crown operating balance 1,621 7,309 5,931 9,542 8,023 2,384 (10,505) (4,509) (13,360) (14,897) 6,925 2,826 2,983 3,638 4,793 6,060

Cash Position

   
Core Crown residual cash 1,217 520 3,104 2,985 2,877 2,057 (8,639) (9,000) (13,343) (10,644) (5,742) (4,191) (4,596) (2,856) (436) (322)

Debt

   
Gross debt1 36,617 36,017 35,478 33,903 30,647 31,390 43,356 53,591 72,420 79,635 77,984 82,820 81,002 85,703 92,626 88,251
Gross debt incl RB settlement cash and bank bills 36,617 36,017 35,478 35,867 36,805 37,745 50,973 58,891 77,290 84,168 84,286 88,465 86,647 91,348 98,271 93,896
Net core Crown debt (incl NZS Fund)2 22,647 19,902 13,324 6,302 1,620 (2,676) 5,633 12,549 23,969 33,475 34,428 33,954 36,572 37,764 36,063 34,071
Net core Crown debt2 24,531 23,858 19,879 16,163 13,380 10,258 17,119 26,738 40,128 50,671 55,835 59,941 64,275 67,041 67,535 67,865

Net Worth

   
Total Crown net worth 28,012 39,595 54,240 83,971 96,827 105,514 99,515 94,988 80,887 59,780 70,011 79,773 82,829 86,548 91,449 97,654
Total net worth attributable to the Crown 27,918 39,456 54,025 83,678 96,531 105,132 99,068 94,586 80,579 59,348 68,071 74,401 77,367 81,044 85,890 92,002
Nominal GDP 135,761 146,397 155,362 163,081 173,229 185,715 185,844 192,524 200,888 209,585 212,955 231,149 240,199 251,041 261,741 271,173

% GDP

         

Revenue and Expenses

   
Core Crown revenue 32.0 31.6 32.9 34.2 33.6 33.3 32.0 29.2 28.6 28.9 30.1 29.1 30.1 30.5 30.7 31.0
Core Crown expenses 29.4 28.6 28.9 30.2 31.2 30.7 34.4 33.2 35.1 33.0 33.0 30.8 30.3 30.2 30.0 30.0

Surpluses

   
Total Crown OBEGAL 3.2 3.8 4.6 4.3 3.4 3.0 (2.1) (3.3) (9.2) (4.4) (2.1) (1.1) 0.1 0.3 0.7 1.1
Total Crown operating balance 1.2 5.0 3.8 5.9 4.6 1.3 (5.7) (2.3) (6.7) (7.1) 3.3 1.2 1.2 1.4 1.8 2.2

Cash Position

   
Core Crown residual cash 0.9 0.4 2.0 1.8 1.7 1.1 (4.6) (4.7) (6.6) (5.1) (2.7) (1.8) (1.9) (1.1) (0.2) (0.1)

Debt

   
Gross debt1 27.0 24.6 22.8 20.8 17.7 16.9 23.3 27.8 36.0 38.0 36.6 35.8 33.7 34.1 35.4 32.5
Gross debt incl RB settlement cash and bank bills 27.0 24.6 22.8 22.0 21.2 20.3 27.4 30.6 38.5 40.2 39.6 38.3 36.1 36.4 37.5 34.6
Net core Crown debt (incl NZS Fund)2 16.7 13.6 8.6 3.9 0.9 (1.4) 3.0 6.5 11.9 16.0 16.2 14.7 15.2 15.0 13.8 12.6
Net core Crown debt2 18.1 16.3 12.8 9.9 7.7 5.5 9.2 13.9 20.0 24.2 26.2 25.9 26.8 26.7 25.8 25.0

Net Worth

   
Total Crown net worth 20.6 27.0 34.9 51.5 55.9 56.8 53.5 49.3 40.3 28.5 32.9 34.5 34.5 34.5 34.9 36.0
Total net worth attributable to the Crown 20.6 27.0 34.8 51.3 55.7 56.6 53.3 49.1 40.1 28.3 32.0 32.2 32.2 32.3 32.8 33.9
  1. Excludes Reserve Bank settlement cash and bank bills
  2. Excludes advances
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