Commentary
Introduction
These financial statements[1] contain the audited results for the financial year ended 30 June 2011. The results are compared against previous years, and against two sets of forecasts:
- the Budget 2010 forecast as published in the 2010 Budget Economic and Fiscal Update, and
- the Budget 2011 forecast as published in the 2011 Budget Economic and Fiscal Update (the “forecast”).
This commentary should be read in conjunction with the financial statements on pages 30 to 180.
At a Glance
| Year ended 30 June | Forecast 30 June 2011 |
|||||||
|---|---|---|---|---|---|---|---|---|
| $million | Actual 2006 |
Actual 2007 |
Actual 2008 |
Actual 2009 |
Actual 2010 |
Actual 2011 |
Budget 10 | Budget 11 |
| Core Crown tax revenue | 50,973 | 53,477 | 56,747 | 54,681 | 50,744 | 51,557 | 53,912 | 51,189 |
| Core Crown expenses | 49,320 | 54,004 | 56,997 | 64,002 | 64,013 | 70,450 | 70,651 | 72,794 |
| Operating balance before gains and losses | 7,091 | 5,860 | 5,637 | (3,893) | (6,315) | (18,396) | (8,632) | (16,728) |
| Operating balance | 9,542 | 8,022 | 2,384 | (10,505) | (4,509) | (13,360) | (7,067) | (9,437) |
| Gross debt | 33,903 | 30,647 | 31,390 | 43,356 | 53,591 | 72,420 | 66,969 | 71,578 |
| Net debt | 16,163 | 13,380 | 10,258 | 17,119 | 26,738 | 40,128 | 39,965 | 41,502 |
| Total Crown net worth | 83,971 | 96,827 | 105,514 | 99,515 | 94,988 | 80,887 | 89,416 | 85,519 |
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.
