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Comparison with Estimated Actual

This section compares the actual 2005/06 financial results with the 2006 estimated actual forecast released in the 2006 Budget Update.

The following table provides an outline on the composition of the key fiscal indicators.

Table 2 – Reconciliation to residual core Crown cash
$million 30 June 2006 Actual 30 June 2006 Estimated Actual Variance 30 June 2005 Actual
$million 30 June 2006 Actual 30 June 2006 Estimated Actual Variance 30 June 2005 Actual
Core Crown revenue 59,170 56,652 2,518 52,065
Less Core Cown expenses 49,900 50,445 545 46,234
Plus Net surpluses/(deficits) of SOEs and Crown entities 2,203 2,279 (76) 416
Equals Operating balance 11,473 8,486 2,987 6,247
Less OBERAC adjustments
Revaluation changes 1,471 1,964 (493) (2,626)
Accounting changes 1,354 (455) 1,809 -
Equals OBERAC 8,648 6,977 1,671 8,873
Less Net return on the NZS Fund (excluding revaluation changes) 580 580 - 331
Equals OBERAC less NZS Fund retained earnings 8,068 6,397 (1,671) 8,542
Less Net retained surpluses of SOEs and Crown entities 1,179 1,105 (74) 1,833
Non-cash items and working capital movements (1,970) (2,777) (807) (1,851)
Contribution to NZS Fund 2,337 2,337 - 2,107
Purchase of physical assets 1,826 1,988 (162) 1,372
Advances and Capital injections 1,711 1,989 (278) 1,977
Equals Residual Cash 2,985 1,755 1,230 3,104
Indicators for fiscal objectives (% of GDP)
Core Crown revenue 37.7 36.3 1.4 34.6
Core Cown expenses 31.8 32.3 0.5 30.7
OBERAC 5.5 4.5 1.0 5.9
Gross sovereign-issued debt 22.6 23.0 0.4 23.3
Net core Crown debt 4.9 5.8 0.8 7.2
Net core Crown debt with NZS Fund assets (1.3) (0.6) 0.7 2.8
Net worth 45.5 37.4 8.1 33.2
New Zealand Superannuation Fund
Fund asset returns (pre-tax) 1,434 1,529 (95) 726
Fund assets 9,861 10,015 (154) 6,555
% of GDP 6.3 6.4 (0.1) 4.4
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