The Treasury

Global Navigation

Personal tools

NZDMO
Publication

New Zealand Economic and Financial Overview 2015

Current Fiscal Position and 2014/15 Budget

The following tables summarise 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 2014 Budget
Year ended 30 June
$ million
2010
Actual
2011
Actual
2012
Actual
2013
Actual
2014
Actual
2015
(Forecast)
Half-Year Update (1)

Statement of Financial Performance

Core Crown tax revenue 50,744 51,557 55,081 58,651 61,474 65,626
Core Crown other revenue 5,472 5,993 5,484 5,498 5,823 5,840
Core Crown revenue 56,216 57,550 60,565 64,149 67,297 71,466
Crown entities, SOE revenue and eliminations 18,509 24,013 22,918 22,506 22,099 22,834
Total Crown revenue 74,725 81,563 83,483 86,655 89,396 94,300
Social security and welfare 21,185 22,005 22,028 22,741 23,281 23,917
Health 13,128 13,753 14,160 14,498 14,898 15,110
Education 11,724 11,650 11,654 12,504 12,300 12,861
Core government services 2,974 5,563 5,428 4,294 4,502 4,839
Other core Crown expenses 15,002 17,479 15,806 16,269 16,486 16,291
Core Crown expenses 64,013 70,450 69,076 70,306 71,467 73,018
Crown entities, SOE expenses and eliminations 17,027 29,509 23,647 20,701 20,703 21,499
Total Crown expenses 81,040 99,959 92,723 91,007 92,170 94,517
Minority interests share of OBEGAL - - - (62) (159) (355)
OBEGAL (6,315) (18,396) (9,240) (4,414) (2,933) (572)
Gains/(losses) and other items 1,806 5,036 (5,657) 11,339 5,741 2,472
Operating balance (4,509) (13,360) (14,897) 6,925 2,808 1,900

Statement of Financial Position

Property, plant and equipment 113,330 114,854 108,584 109,833 116,306 120,046
Financial assets 95,971 115,362 116,178 118,779 123,177 123,373
Other assets 14,054 14,999 15,556 15,804 16,600 16,504
Total assets 223,355 245,215 240,318 244,416 256,083 259,923
Borrowings 69,733 90,245 100,534 100,087 103,419 104,442
Other liabilities 58,634 74,083 80,004 74,318 71,885 72,921
Total liabilities 128,367 164,328 180,538 174,405 175,304 177,363
Minority interests 402 308 432 1,940 5,211 5,184
Net worth attributable to the Crown 94,586 80,579 59,348 68,071 75,568 77,376

Debt Indicators

Net debt 26,738 40,128 50,671 55,835 59,931 63,494
Gross debt 53,591 72,420 79,635 77,984 81,956 80,289

(1) Half-Year Update announced 16 December 2014

Table 23 - Current Fiscal Position and 2014 Budget - continued
Year ended 30 June
as % of GDP
2010
Actual
2011
Actual
2012
Actual
2013
Actual
2014
Actual
2014
(Forecast)
Half-year Update (1)
GDP(2) 195,044 203,686 212,804 217,012 234,158 239,188

Statement of Financial Performance
as % of GDP

Core Crown tax revenue 26% 25.3% 25.9% 27% 26.3% 27.4%
Core Crown other revenue 2.8% 2.9% 2.6% 2.5% 2.5% 2.4%
Core Crown revenue 28.8% 28.3% 28.5% 29.6% 28.7% 29.9 %
Crown entities, SOE revenue and eliminations 9.5% 11.8% 10.8% 10.4% 9.4% 9.5%
Total Crown revenue 38.3% 40.0% 39.2% 39.9% 38.2% 39.4%
Social security and welfare 10.9% 10.8% 10.4% 10.5% 9.9% 10.0%
Health 6.7% 6.8% 6.7% 6.7% 6.4% 6.3%
Education 6% 5.7% 5.5% 5.8% 5.3% 5.4%
Core government services 1.5% 2.7% 2.6% 2.0% 1.9% 2.0%
Other core Crown expenses 7.7% 8.6% 7.4% 7.5% 7.0% 6.8%
Core Crown expenses 32.8% 34.6% 32.5% 32.4% 30.5% 30.5%
Crown entities, SOE expenses and eliminations 8.7% 14.5% 11.1% 9.5% 8.8% 9.0%
Total Crown expenses 41.5% 49.1% 43.6% 41.9% 39.4% 39.5%
Minority interests share of OBEGAL - - - - -0.1% -0.1%
OBEGAL -3.2% -9% -4.3% -2.0% -1.3% -0.2%
Gains/(losses) 0.9% 2.5% -2.7% 5.2% 2.5% 1.0%
Operating balance -2.3% -6.6% -7.0% 3.2% 1.2% 0.8%

Statement of Financial Position

Property, plant and equipment 58.1% 56.4% 51.0% 50.6% 49.7% 50.2%
Financial assets 49.2% 56.6% 54.6% 54.7% 52.6% 51.6%
Other assets 7.2% 7.4% 7.3% 7.3% 7.1% 6.9%
Total assets 114.5% 120.4% 112.9% 112.6% 109.4% 108.7%
Borrowings 35.8% 44.3% 47.2% 46.1% 44.2% 43.7%
Other liabilities 30.1% 36.4% 37.6% 34.2% 30.7% 30.5%
Total liabilities 65.8% 80.7% 84.8% 80.4% 74.9% 74.2%
Minority interests 0.2% 0.2% 0.2% 0.9% 2.2% 2.2%
Net worth attributable to the Crown 48.5% 39.6% 27.9% 31.4% 32.3% 32.3%

Debt Indicators

Net debt 13.7% 19.7% 23.8% 25.7% 25.6% 26.5%
Gross debt 27.5% 35.6% 37.4% 35.9% 35.0% 33.6%

(1) Half-Year Update announced 16 December 2014

Page top