Introduction
These financial statements[1] contain the audited results for the year ended 30 June 2010. In addition to previous years, the audited results are compared to two sets of forecasts:
- the Original Budget for the year as published in the 2009 Budget Economic and Fiscal Update, and
- the Estimated Actuals forecast as published in the 2010 Budget Economic and Fiscal Update (the "forecast").
This commentary should be read in conjunction with the financial statements on pages 28 to 164.
At a Glance
| Year ended 30 June $million |
Actual 2005 |
Actual 2006 |
Actual 2007 |
Actual 2008 |
Actual 2009 |
Actual 2010 |
Forecast Original Budget |
Forecast Estimated Actuals |
|---|---|---|---|---|---|---|---|---|
| Core Crown tax revenue | 47,468 | 50,973 | 53,477 | 56,747 | 54,681 | 50,744 | 51,580 | 50,652 |
| Core Crown expenses | 44,895 | 49,320 | 54,004 | 56,997 | 64,002 | 64,013 | 65,282 | 64,791 |
| Operating balance before gains and losses | 7,075 | 7,091 | 5,860 | 5,637 | (3,893) | (6,315) | (7,739) | (6,927) |
| Operating balance | 5,931 | 9,542 | 8,022 | 2,384 | (10,505) | (4,509) | (5,729) | (3,179) |
| Gross debt | 35,478 | 33,903 | 30,647 | 31,390 | 43,356 | 53,591 | 50,973 | 53,810 |
| Net debt | 19,879 | 16,163 | 13,380 | 10,258 | 17,119 | 26,738 | 27,319 | 26,642 |
| Total Crown net worth | 54,240 | 83,971 | 96,827 | 105,514 | 99,515 | 94,988 | 89,949 | 96,479 |
These financial results do not include the fiscal impact of the Canterbury earthquake which occurred on 4 September 2010, after the end of the financial year. Please refer to the subsequent events note on page 153 for further discussion of this event.
Notes
- [1]The financial statements of the Government of New Zealand refer to both core Crown and total Crown results. Core Crown includes Ministers, Departments, Offices of Parliament, the NZS Fund and the Reserve Bank of New Zealand. Total Crown includes the core Crown, State-owned Enterprises and Crown Entities.
