Current Fiscal Position and 2009 Budget
The following table summarises the government's fiscal position according to GAAP in line with the provisions of Part 2 of the Public Finance Act 1989.
| (dollar amounts in millions) Year ended 30 June |
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|---|---|---|---|---|---|---|
|
2005 Actual |
2006 Actual |
2007 Actual |
2008 Actual |
2009 Actual |
2010 Half Year Update(1) |
|
Statement of Financial Performance |
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| Core Crown tax revenue | 47,468 | 50,973 | 53,477 | 56,747 | 54,681 | 51,248 |
| Core Crown other revenue | 3,577 | 4,762 | 4,734 | 5,072 | 4,801 | 5,503 |
| Core Crown revenue | 51,045 | 55,735 | 58,211 | 61,819 | 59,482 | 56,751 |
| Crown entities, SOE revenue and eliminations | 14,322 | 15,690 | 16,378 | 19,660 | 20,446 | 19,221 |
| TOTAL CROWN REVENUE | 65,367 | 71,425 | 74,589 | 81,479 | 79,928 | 75,972 |
| Social security and welfare | 14,682 | 15,598 | 16,768 | 17,877 | 19,382 | 21,155 |
| Health | 8,813 | 9,547 | 10,355 | 11,297 | 12,368 | 13,434 |
| Education | 7,930 | 9,914 | 9,269 | 9,551 | 11,455 | 11,649 |
| Core government services | 2,567 | 2,507 | 4,817 | 3,371 | 5,293 | 4,071 |
| Other core Crown expenses | 10,903 | 11,754 | 12,795 | 14,901 | 15,504 | 15,211 |
| CORE CROWN EXPENSES | 44,895 | 49,320 | 54,004 | 56,997 | 64,002 | 65,520 |
| Crown entities, SOE expenses and eliminations | 13,397 | 15,015 | 14,725 | 18,845 | 19,819 | 17,917 |
| TOTAL CROWN EXPENSES | 58,292 | 64,334 | 68,729 | 75,842 | 83,821 | 83,437 |
| OBEGAL | 7,075 | 7,091 | 5,860 | 5,637 | (3,893) | (7,465) |
| Gains/(losses) | (1,144) | 2,451 | 2,162 | (3,253) | (6,612) | 2,671 |
| Operating balance | 5,931 | 9,542 | 8,022 | 2,384 | (10,505) | (4,794) |
Statement of Financial Position |
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| Property, plant and equipment | 67,494 | 89,141 | 95,598 | 103,329 | 110,135 | 114,221 |
| Financial assets | 42,005 | 66,396 | 73,718 | 85,063 | 93,359 | 97,497 |
| Other assets | 19,714 | 9,503 | 11,031 | 12,443 | 13,657 | 13,399 |
| TOTAL ASSETS | 129,212 | 165,040 | 180,347 | 200,835 | 217,151 | 225,117 |
| Borrowings | 37,728 | 40,027 | 41,898 | 46,110 | 61,953 | 73,389 |
| Other liabilities | 37,243 | 41,042 | 41,622 | 49,211 | 55,683 | 56,919 |
| TOTAL LIABILITIES | 74,972 | 81,069 | 83,520 | 95,321 | 117,636 | 130,308 |
| NET WORTH | 54,240 | 83,971 | 96,827 | 105,514 | 99,515 | 94,809 |
Fiscal Indicators |
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| Core Crown tax revenue | 47,468 | 50,973 | 53,477 | 56,747 | 54,681 | 51,248 |
| Core Crown expenses | 44,895 | 49,320 | 54,004 | 56,997 | 64,002 | 65,520 |
| OBEGAL | 7,075 | 7,091 | 5,860 | 5,637 | (3,893) | (7,465) |
| Operating balance | 5,931 | 9,542 | 8,022 | 2,384 | (10,505) | (4,794) |
| Net debt | 19,879 | 16,163 | 13,380 | 10,258 | 17,119 | 27,371 |
| Gross debt | 35,478 | 33,903 | 30,647 | 31,390 | 43,356 | 53,651 |
| Net worth | 54,240 | 83,971 | 96,827 | 105,514 | 99,515 | 94,809 |
(1) Budget Update announced 15 December 2009.
| (as % of GDP) Year ended 30 June |
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|---|---|---|---|---|---|---|
|
2005 Actual |
2006 Actual |
2007 Actual |
2008 Actual |
2009 Actual |
2010 Half Year Update(1) |
|
GDP |
152,014 | 158,629 | 169,135 | 179,227 | 180,210 | 184,466 |
Statement of Financial Performance |
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| Core Crown tax revenue | 31.2% | 32.1% | 31.6% | 31.7% | 30.3% | 27.8% |
| Core Crown other revenue | 2.4% | 3.0% | 2.8% | 2.8% | 2.7% | 3.0% |
| Core Crown revenue | 33.6% | 35.1% | 34.4% | 34.5% | 33.0% | 30.8% |
| Crown entities, SOE and elimination revenue | 9.4% | 9.9% | 9.7% | 11.0% | 11.3% | 10.4% |
| TOTAL CROWN REVENUE | 43.0% | 45.0% | 44.1% | 45.5% | 44.4% | 41.2% |
| Social security and welfare | 9.7% | 9.8% | 9.9% | 10.0% | 10.8% | 11.5% |
| Health | 5.8% | 6.0% | 6.1% | 6.3% | 6.9% | 7.3% |
| Education | 5.2% | 6.2% | 5.5% | 5.3% | 6.4% | 6.3% |
| Core government services | 1.7% | 1.6% | 2.8% | 1.9% | 2.9% | 2.2% |
| Other core Crown expenses | 7.2% | 7.4% | 7.6% | 8.3% | 8.6% | 8.2% |
| CORE CROWN EXPENSES | 29.5% | 31.1% | 31.9% | 31.8% | 35.5% | 35.5% |
| Crown entities, SOE and elimination expenses | 8.8% | 9.5% | 8.7% | 10.5% | 11.0% | 9.7% |
| TOTAL CROWN EXPENSES | 38.3% | 40.6% | 40.6% | 42.3% | 46.5% | 45.2% |
| OBEGAL | 4.7% | 4.5% | 3.5% | 3.1% | (2.2%) | (4.0%) |
| Gains/(losses) | (0.8%) | 1.5% | 1.3% | (1.8%) | (3.7%) | 1.4% |
| Operating balance | 3.9% | 6.0% | 4.7% | 1.3% | (5.8%) | (2.6%) |
Statement of Financial Position |
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| Property, plant and equipment | 44.4% | 56.2% | 56.5% | 57.7% | 61.1% | 61.9% |
| Financial assets | 27.6% | 41.9% | 43.6% | 47.5% | 51.8% | 52.9% |
| Other assets | 13.0% | 6.0% | 6.5% | 6.9% | 7.6% | 7.3% |
| TOTAL ASSETS | 85.0% | 104.0% | 106.6% | 112.1% | 120.5% | 122.0% |
| Borrowings | 24.8% | 25.2% | 24.8% | 25.7% | 34.4% | 39.8% |
| Other liabilities | 24.5% | 25.9% | 24.6% | 27.5% | 30.9% | 30.9% |
| TOTAL LIABILITIES | 49.3% | 51.1% | 49.4% | 53.2% | 65.3% | 70.6% |
| NET WORTH | 27.8% | 36.0% | 53.5% | 57.6% | 58.6% | 58.4% |
Fiscal Indicators |
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| Core Crown tax revenue | 31.2% | 32.1% | 31.6% | 31.7% | 30.3% | 27.8% |
| Core Crown expenses | 29.5% | 31.1% | 31.9% | 31.8% | 35.5% | 35.5% |
| OBEGAL | 4.7% | 4.5% | 3.5% | 3.1% | (2.2%) | (4.0%) |
| Operating balance | 3.9% | 6.0% | 4.7% | 1.3% | (5.8%) | (2.6%) |
| Net debt | 13.1% | 10.2% | 7.9% | 5.7% | 9.5% | 14.8% |
| Gross debt | 23.3% | 21.4% | 18.1% | 17.5% | 24.1% | 29.1% |
| Net worth | 35.7% | 52.9% | 57.2% | 58.9% | 55.2% | 51.4% |
(1) Budget Update announced 15 December 2009.
