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Historical Information

2006 $m 2005 $m 2004 $m 2003 $m 2002 $m 2001 $m 2000 $m 1999 $m 1998 $m 1997 $m
2006 $m 2005 $m 2004 $m 2003 $m 2002 $m 2001 $m 2000 $m 1999 $m 1998 $m 1997 $m
Statement of Financial Performance
Tax revenue 51,973 46,624 42,532 39,785 36,215 34,744 32,000 30,227 31,161 30,160
% of GDP 33.1% 31.0% 30.0% 30.1% 28.8% 29.3% 28.8% 28.9% 30.7% 30.5%
Other revenue 24,608 20,441 17,855 17,242 13,764 10,762 9,557 11,758 9,931 9,643
Total Revenue 76,581 67,065 60,387 57,027 49,979 45,506 41,557 41,985 41,092 39,803
% of GDP 48.8% 44.5% 42.6% 43.1% 39.7% 38.4% 37.4% 40.1% 40.5% 40.2%
Total Expenses 65,084 60,910 53,057 55,224 47,653 44,213 40,128 40,280 39,044 37,940
% of GDP 41.5% 40.4% 37.4% 41.8% 37.9% 37.3% 36.1% 38.5% 38.5% 38.3%
Net surplus of TEIs 54 133 139 151 78 65 74 58 79 45
Minority interest (78) (41) (45) 12 (13) - - - - -
Operating Balance 11,473 6,247 7,424 1,966 2,391 1,358 1,503 1,763 2,127 1,908
% of GDP 7.3% 4.1% 5.2% 1.5% 1.9% 1.1% 1.4% 1.7% 2.1% 1.9%
OBERAC 8,648 8,873 6,629 5,580 2,751 2,115 884 246 2,191 1,904
% of GDP 5.5% 5.9% 4.7% 4.2% 2.2% 1.8% 0.8% 0.2% 2.2% 1.9%
Core Crown Revenue 59,170 52,065 46,932 43,624 39,907 38,005 34,891 34,899 34,222 33,533
Core Crown Expenses
Social security and welfare 15,598 14,682 14,252 13,907 13,485 13,207 12,883 12,889 12,497 11,865
GSF pension expenses 1,671 2,442 660 2,625 1,409 1,112 736 1,372 735 994
Health 9,547 8,813 8,111 7,501 7,032 6,660 6,146 5,875 5,361 5,029
Education 9,914 7,930 7,585 7,016 6,473 6,136 5,712 5,337 5,162 4,817
Core government services 2,169 2,217 1,741 1,780 1,540 1,798 1,642 1,634 1,508 1,606
Other 8,940 7,911 7,000 6,442 5,838 5,529 5,274 4,940 4,903 4,440
Finance costs 2,356 2,274 2,252 2,360 2,118 2,304 2,205 2,367 2,673 2,945
Net foreign exchange losses/ (gains) (295) (35) 7 118 75 (47) (62) (47) 13 12
Total Core Crown Expenses 49,900 46,234 41,608 41,749 37,970 36,699 34,536 34,367 32,852 31,708
Core Crown Cash Flows
Net cash flow from core operating and investing activity 2,985 3,104 520 1,217 (111) (652) 1,597 864 (554) 5,151
Statement of Financial Position
Property, plant and equipment 79,441 67,494 57,940 52,667 50,536 45,954 43,609 42,102 40,877 40,841
Financial assets 56,446 45,308 35,531 30,338 24,408 21,848 19,921 19,659 17,547 14,101
Other assets 22,384 18,029 17,201 16,846 13,116 9,878 9,731 9,588 10,961 10,730
Total Assets 158,271 130,831 110,672 99,851 88,060 77,680 73,261 71,349 69,385 65,672
Total debt 39,427 36,864 36,825 38,285 36,564 34,760 34,759 35,833 38,125 36,999
% of GDP 25.1% 24.5% 26.0% 29.0% 29.1% 29.4% 31.3% 34.2% 37.6% 37.4%
Other liabilities 47,441 43,984 38,384 37,785 32,676 31,457 29,919 29,494 21,339 21,203
Total Liabilities 86,868 80,848 75,209 76,070 69,240 66,217 64,678 65,327 59,464 58,202
Net Worth 71,403 49,983 35,463 23,781 18,820 11,463 8,583 6,022 9,921 7,470
% of GDP 45.5% 33.2% 25.0% 18.0% 15.0% 9.7% 7.7% 5.8% 9.8% 7.5%
Net Core Crown Debt 7,745 10,771 15,204 17,577 19,250 19,971 21,396 21,701 24,069 25,324
% of GDP 4.9% 7.2% 10.7% 13.3% 15.3% 16.9% 19.3% 20.7% 23.7% 25.6%
Gross Sovereign-Issued Debt 35,461 35,045 35,527 36,086 36,202 36,761 36,041 36,712 37,892 35,972
% of GDP 22.6% 23.3% 25.0% 27.3% 28.8% 31.0% 32.4% 35.1% 37.3% 36.3%
GDP [1] 156,933 150,629 141,889 132,227 125,758 118,407 111,079 104,730 101,524 99,034
  • [1]GDP for 2005/06 is actual data to 30 June 2006. Previous years’ GDP figures have been restated where appropriate with updated data.

Transition to New Zealand Equivalents to International Financial Reporting Standards

This note outlines the process for adopting New Zealand equivalents to International Financial Reporting Standards (NZ IFRS) for the Government reporting entity.

The Accounting Standards Review Board announced in December 2002 that reporting entities must adopt NZ IFRS for periods beginning after 1 January 2007, with earlier adoption optional. The Minister of Finance announced in 2003 that the Crown will first adopt NZ IFRS for its financial year beginning 1 July 2007.

Treasury is managing the adoption of NZ IFRS for the consolidated financial statements of the Government reporting entity. Individual entities included within the consolidated financial statements of the Government reporting entity are responsible for ensuring their own NZ IFRS preparedness. Treasury provides guidance to these entities and facilitates implementation on common issues.

The NZ IFRS adoption timetable requires collecting comparative NZ IFRS financial information throughout 2006/07. Forecasts in the 2007 Budget for 2007/08 and beyond will be prepared on an NZ IFRS basis as will interim financial statements prepared in the 2007/08 financial year. The first set of audited financial statements prepared under NZ IFRS will be for the year ending 30 June 2008.

Entities will start providing NZ IFRS information to Treasury from October 2006 onwards. The initial streams of information will relate to the opening balance sheet only, subsequent information will capture monthly flows and, leading up to the 2007 Budget, forecast information on an NZ IFRS basis.

At this time, it is expected that impacts on reported results will arise from applying the insurance standard (NZ IFRS 4) to the ACC claims liability and recognition and measurement changes arising from the new financial instrument standards. These latter changes include recognising all financial derivatives in the financial statements and greater use of fair values.

Presentation changes are likely to include presenting the GSF liability net of related assets, as is required under NZ IAS 19. The components of financial income and financial expense will also be affected by NZ IFRS requirements, notably reporting of movements in derivatives and differing rules for disclosing foreign exchange gains/losses.

Draft NZ IFRS accounting policies for the Government reporting entity are available at www.treasury.govt.nz/nzifrs/. Noticeable changes to existing policies include those for financial instruments, with all financial instruments being reported initially at fair value, and impairment for goodwill.

The potential areas of impact from adoption of NZ IFRS may change materially as implementation unfolds.

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