Financial Statements

Statement of Financial Performance

(for the year ended 30 June 2007)

Forecast				Actual
Original Budget[1]	Estimated Actual		Note	30 June 2007	30 June 2006
$m	$m			$m	$m
		Revenue
		Levied through the Crown’s Sovereign Power
51,408	52,278	Taxation revenue[2]	1	52,938	52,311
3,179	3,508	Levies, fees, fines and penalties	1	3,568	3,411
54,587	55,786	Total Revenue Levied through the Crown's Sovereign Power	1	56,506	55,722
		Earned through the Crown’s operations
12,715	13,111	Sales of goods and services	2	13,085	13,337
3,687	5,807	Investment income	3	5,819	5,828
2,361	2,238	Other revenue	4	2,156	2,032
18,763	21,156	Total Revenue Earned through the Crown’s Operations		21,060	21,197
73,350	76,942	Total Crown Revenue		77,566	76,919
		Expenses
		By Input Type
18,189	18,430	Subsidies and transfer payments	5	18,307	16,850
15,136	15,352	Personnel expenses	6	15,647	15,116
30,559	31,938	Operating expenses[2]	7	31,778	29,615
320	80	Forecast for future new spending		-	-
-	(500)	Top-down expense adjustment		-	-
2,854	3,023	Finance costs		3,069	2,652
-	38	Net foreign-exchange losses/(gains)		116	(411)
(17)	323	Movement in total GSF liability	16	(920)	279
674	1,742	Movement in total ACC liability	17	1,020	1,321
67,715	70,426	Total Crown Expenses		69,017	65,422
5,635	6,516	Revenue less Expenses		8,549	11,497
133	52	Net surplus of TEIs	13	120	54
5,768	6,568	Operating Balance (including minority interest)		8,669	11,551
-	-	Minority interest		(6)	(78)
5,768	6,568	Operating Balance		8,663	11,473

[1] The original Budget is the forecast for the 2007 financial year, as presented in the 2006 Budget on 18 May 2006.
[2] There has been a change in the disclosure of bad debt write-offs of tax receivables. Tax write-offs are now shown as an expense rather than netted off against revenue. To ensure consistency comparative figures have been adjusted to conform with this change in presentation.

The accompanying notes and accounting policies are an integral part of these statements.

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