At a Glance

At a Glance
Year ended 30 June	Actual 2008	Actual 2009	Actual 2010	Actual 2011	Actual 2012	Forecast 30 June 2012
$million	Actual 2008	Actual 2009	Actual 2010	Actual 2011	Actual 2012	Budget 11	Budget 12
Core Crown tax revenue	56,747	54,681	50,744	51,557	55,081	55,222	54,741
Core Crown expenses	56,997	64,002	64,013	70,450	69,076	73,027	69,633
Operating balance before gains and losses (OBEGAL)	5,637	(3,893)	(6,315)	(18,396)	(9,240)	(9,741)	(8,441)
Operating balance	2,384	(10,505)	(4,509)	(13,360)	(14,897)	(7,293)	(10,642)
Residual cash	2,057	(8,639)	(9,000)	(13,343)	(10,644)	(13,482)	(12,119)
Gross debt	31,390	43,356	53,591	72,420	79,635	77,764	80,142
Net debt	10,258	17,119	26,738	40,128	50,671	54,872	51,921
Net worth attributable to the Crown	105,132	99,068	94,586	80,579	59,348	77,870	69,995

Headlines:

Tax revenue was $3.5 billion higher than last year as the economy grew by 3.5% from 2011 (page 11).
Core Crown expenses were $1.4 billion lower than last year and $0.6 billion under forecast (page 15).
The OBEGAL deficit halved from last year's $18.4 billion deficit to $9.2 billion (page 18).
KiwiRail announced a restructure of its business, resulting in a reduction in its rail-related asset values (page 9).
Long-term liabilities for ACC and GSF increased $7.1 billion primarily due to the impact of reductions in interest rates on the discount rate (page 26).
Strong investment returns from last year were not repeated as global equity markets were more subdued (page 19).
Borrowings increased as expected. The total debt programme was $8.6 billion this year (page 20).
Total net worth attributable to the Crown fell $21.2 billion to $59.3 billion (page 23).

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