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New Zealand Economic and Financial Overview 2016

Current Fiscal Position and 2015 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 2015 Budget
Year ended 30 June
(dollar amounts in millions)
2011
Actual
2012
Actual
2013
Actual
2014
Actual
2015
Actual
2016
Forecast [1]

Statement of Financial Performance

           
Core Crown tax revenue 51,557 55,081 58,651 61,563 66,636 68,414
Core Crown other revenue 5,642 5,347 5,154 5,530 5,577 5,924

Core Crown revenue

57,199 60,428 63,805 67,093 72,213 74,338
Crown entities, SOE revenue and eliminations 24,013 22,918 22,506 22,106 22,800 22,467

Total Crown revenue

81,212 83,346 86,311 89,199 95,013 96,805
Social security and welfare 21,724 21,956 22,459 23,026 23,523 24,325
Health 13,753 14,160 14,498 14,898 15,058 15,601
Education 11,650 11,654 12,504 12,300 12,879 13,222
Core government services 5,563 5,428 4,294 4,502 4,134 4,976

Other core Crown expenses

17,409 15,741 16,207 16,448 16,769 16,787
Core Crown expenses 70,099 68,939 69,962 71,174 72,363 74,911
Crown entities, SOE expenses and eliminations 29,509 23,647 20,701 20,668 21,909 21,811

Total Crown expenses

99,608 92,586 90,663 91,842 94,272 96,722
Minority interests share of OBEGAL - - (62) (159) (327) (484)

OBEGAL

(18,396) (9,240) (4,414) (2,802) 414 (401)
Gains/(losses) 5,036 (5,657) 11,339 5,741 5,357 699
Operating balance (13,360) (14,897) 6,925 2,939 5,771 298

Statement of Financial Position

           
Property, plant and equipment 114,854 108,584 109,833 116,306 124,558 128,472
Financial assets 115,362 116,178 118,779 123,918 135,787 135,762
Other assets 14,999 15,556 15,804 16,600 18,358 18,497

Total assets

245,215 240,318 244,416 256,824 278,703 282,731
Borrowings 90,245 100,534 100,087 103,419 112,580 116,976
Other liabilities 74,083 80,004 74,318 72,708 73,887 73,017

Total liabilities

164,328 180,538 174,405 176,127 186,467 189,993
Minority interests 308 432 1,940 5,211 5,782 5,876

Net worth attributable to the Crown

80,579 59,348 68,071 75,486 86,454 86,862

Debt Indicators

           
Net debt 40,128 50,671 55,835 59,931 60,631 65,890
Gross debt 72,420 79,635 77,984 81,956 86,125 87,123

Source: The Treasury

  • [1]Half Year Update announced 15 December 2015.

Table 22 - Current Fiscal Position and 2015 Budget - continued
Year ended 30 June 2011
Actual
2012
Actual
2013
Actual
2014
Actual
2015
Actual
2016
Forecast[2]
GDP 203,757 212,326 216,602 233,964 240,591 244,923

Statement of Financial Performance

as % of GDP          
Core Crown tax revenue 25.3 25.9 27.1 26.3 27.7 27.9
Core Crown other revenue 2.8 2.5 2.4 2.4 2.3 2.4

Core Crown revenue

28.1 28.5 29.5 28.7 30.0 30.4
Crown entities, SOE revenue and eliminations 11.8 10.8 10.4 9.4 9.5 9.2

Total Crown revenue

39.9 39.3 39.8 38.1 39.5 39.5
Social security and welfare 10.7 10.3 10.4 9.8 9.8 9.9
Health 6.7 6.7 6.7 6.4 6.3 6.4
Education 5.7 5.5 5.8 5.3 5.4 5.4
Core government services 2.7 2.6 2.0 1.9 1.7 2.0
Other core Crown expenses 8.5 7.4 7.5 7.0 7.0 6.9
Core Crown expenses 34.4 32.5 32.3 30.4 30.1 30.6
Crown entities, SOE expenses and eliminations 14.5 11.1 9.6 8.8 9.1 8.9

Total Crown expenses

48.9 43.6 41.9 39.3 39.2 39.5
Minority interests share of OBEGAL 0.0 0.0 0.0 (0.1) (0.1) (0.2)

OBEGAL

(9.0) (4.4) (2.0) (1.2) 0.2 (0.2)
Gains/(losses) 2.5 (2.7) 5.2 2.5 2.2 0.3
Operating balance (6.6) (7.0) 3.2 1.3 2.4 0.1

Statement of Financial Position

           
Property, plant and equipment 56.4 51.1 50.7 49.7 51.8 52.5
Financial assets 56.6 54.7 54.8 53.0 56.4 55.4
Other assets 7.4 7.3 7.3 7.1 7.6 7.6

Total assets

120.3 113.2 112.8 109.8 115.8 115.4
Borrowings 44.3 47.3 46.2 44.2 46.8 47.8
Other liabilities 36.4 37.7 34.3 31.1 30.7 29.8

Total liabilities

80.6 85.0 80.5 75.3 77.5 77.6
Minority interests 0.2 0.2 0.9 2.2 2.4 2.4

Net worth attributable to the Crown

39.5 28.0 31.4 32.3 35.9 35.5

Debt Indicators

           
Net debt 19.7 23.9 25.8 25.6 25.2 26.9
Gross debt 35.5 37.5 36.0 35.0 35.8 35.6

Source: The Treasury

  • [1] Half Year Update announced 15 December 2015.
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