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New Zealand Economic and Financial Overview 2014

Current Fiscal Position and 2013/14 Budget

Tables 22 and 23 summarises the Government's fiscal position according to GAAP in line with the provisions of the Public Finance Act 1989.

Table 22 - Current Fiscal Position and 2013 Budget
Year ended 30 June
(dollar amounts in millions)
2009
Actual
2010
Actual
2011
Actual
2012
Actual
2013
Actual
2014 (Forecast)
Half-Year Update1

Statement of Financial Performance

           
Core Crown tax revenue 54,681 50,744 51,557 55,081 58,651 62,491
Core Crown other revenue 4,801 5,472 5,993 5,484 5,498 6,002
Core Crown revenue 59,482 56,216 57,550 60,565 64,149 68,493
Crown entities, SOE revenue and eliminations 20,024 18,509 24,013 22,918 22,506 22,489
Total Crown revenue 79,506 74,725 81,563 83,483 86,655 90,982
Social security and welfare 19,382 21,185 22,005 22,028 22,741 23,246
Health 12,368 13,128 13,753 14,160 14,498 14,997
Education 11,455 11,724 11,650 11,654 12,504 12,558
Core government services 5,293 2,974 5,563 5,428 4,294 5,067
Other core Crown expenses 15,504 15,002 17,479 15,806 16,269 16,313
Core Crown expenses 64,002 64,013 70,450 69,076 70,306 72,181
Crown entities, SOE expenses and eliminations 19,397 17,027 29,509 23,647 20,701 21,121
Total Crown expenses 83,399 81,040 99,959 92,723 91,007 93,302
OBEGAL (3,893) (6,315) (18,396) (9,240) 4,414) (2,320)
Gains/(losses) (6,612) 1,806 5,036 (5,657) 11,339 3,959
Operating balance (10,505) (4,509) (13,360) (14,897) 6,925 1,639

Statement of Financial Position

           
Property, plant and equipment 110,135 113,330 114,854 108,584 109,833 113,277
Financial assets 93,359 95,971 115,362 116,178 118,779 119,359
Other assets 13,657 14,054 14,999 15,556 15,804 15,926
Total assets 217,151 223,355 245,215 240,318 244,416 248,562
Borrowings 61,953 69,733 90,245 100,534 100,087 104,354
Other liabilities 55,683 58,634 74,083 80,004 74,318 69,313
Total liabilities 117,636 128,367 164,328 180,538 174,405 173,667
Minority interests 447 402 308 432 1,940 5,730
Net worth attributable to the Crown 99,068 94,586 80,579 59,348 68,071 69,165

Debt Indicators

           
Net debt 17,119 26,738 40,128 50,671 55,835 59,983
Gross debt 43,356 53,591 72,420 79,635 77,984 81,628
  1. Half-Year Update announced 17 December 2013.

Source: The Treasury

Table 23 - Current Fiscal Position and 2013 Budget - continued

Year ended 30 June 2009
Actual
2010
Actual
2011
Actual
2012
Actual
2013
Actual
2014 (Forecast)
Half-year Update1
GDP 185,476 191,745 200,294 208,394 212,701 227,793

Statement of Financial Performance
as % of GDP

           
Core Crown tax revenue 29.5 26.5 25.7 26.4 27.6 27.4
Core Crown other revenue 2.6 2.9 3.0 2.6 2.6 2.6
Core Crown revenue 32.1 29.3 28.7 29.1 30.2 30.1
Crown entities, SOE revenue and eliminations 10.8 9.7 12.0 11.0 10.6 9.9
Total Crown revenue 42.9 39.0 40.7 40.1 40.7 39.9
Social security and welfare 10.4 11.0 11.0 10.6 10.7 10.2
Health 6.7 6.8 6.9 6.8 6.8 6.6
Education 6.2 6.1 5.8 5.6 5.9 5.5
Core government services 2.8 1.6 2.8 2.6 2.0 2.2
Other core Crown expenses 8.3 7.8 8.7 7.6 7.6 7.1
Core Crown expenses 34.4 33.5 35.1 33.2 33.1 31.7
Crown entities, SOE expenses and eliminations 10.4 8.9 14.7 11.4 9.7 9.3
Total Crown expenses 44.9 42.4 49.8 44.5 42.8 41.0
OBEGAL (2.1) (3.3) (9.2) (4.4) (2.1) (1.0)
Gains/(losses) (3.6) 0.9 2.5 (2.7) 5.3 1.7
Operating balance (5.7) (2.4) (6.7) (7.2) 3.3 0.7

Statement of Financial Position

           
Property, plant and equipment 59.3 59.2 57.2 52.1 51.6 49.7
Financial assets 50.2 50.2 57.5 55.8 55.8 52.4
Other assets 7.3 7.3 7.5 7.5 7.4 7.0
Total assets 116.8 116.7 122.2 115.4 114.9 109.1
Borrowings 33.3 36.4 45.0 48.3 47.1 45.8
Other liabilities 30.0 30.6 36.9 38.4 34.9 30.4
Total liabilities 63.3 67.1 81.9 86.7 82.0 76.2
Minority interests 0.2 0.2 0.2 0.2 0.9 2.5
Net worth attributable to the Crown 53.3 49.4 40.2 28.5 32.0 30.4

Debt Indicators

           
Net debt 9.2 14.0 20.0 24.3 26.3 26.3
Gross debt 23.3 28.0 36.1 38.2 36.7 35.8
  1. Half-Year Update announced 17 December 2013.

Source: The Treasury

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