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New Zealand Economic and Financial Overview 2010

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
  2005
Actual
2006
Actual
2007
Actual
2008
Actual
2009
Actual
2010
Half Year Update(1)

Statement of Financial Performance

           
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

           
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

           
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.

Current Fiscal Position and 2009 Budget
  (as % of GDP)
Year ended 30 June
  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

           
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

           
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

           
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.

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