The Treasury

Global Navigation

Personal tools

Fiscal Indicator Analysis - Debt as at 30 June 2012

Fiscal Indicator Analysis - Debt as at 30 June 2012
Forecast
30 June 2012 		Actual
Budget 11
$m 		Budget 12
$m 		30 June
2012
$m 		30 June
2011
$m

Gross and net debt analysis:

 
101,383 101,466 Total borrowings 100,534 90,245

Net debt:

 
83,195 85,759 Core Crown borrowings1 84,680 76,885
(231) (873) Add back NZS Fund holdings of sovereign-issued debt and NZS Fund borrowings (512) 405
82,964 84,886 Gross sovereign-issued debt2 84,168 77,290
59,728 63,624 Less core Crown financial assets3 64,017 65,400
23,236 21,262 Net core Crown debt (including NZS Fund)4 20,151 11,890
19,068 17,512 Add back NZS Fund holdings of core Crown financial assets and NZS Fund financial assets5 17,196 16,159
42,304 38,774 Net core Crown debt (excluding NZS Fund)4 37,347 28,049
12,568 13,147 Advances 13,324 12,079
54,872 51,921 Net core Crown debt (excluding NZS Fund and advances)6 50,671 40,128
26.2% 25.0% As a percentage of GDP 24.8% 20.3%

Gross debt:

 
82,964 84,886 Gross sovereign-issued debt2 84,168 77,290
(6,800) (6,344) Less Reserve Bank settlement cash and bank bills (6,133) (6,470)
1,600 1,600 Add back changes to DMO borrowing due to settlement cash7 1,600 1,600
77,764 80,142 Gross sovereign-issued debt excluding settlement cash and bank bills 79,635 72,420
37.2% 38.5% As a percentage of GDP 38.9% 36.6%
  1. Core Crown borrowings in this instance includes unsettled purchases of securities (classified as accounts payable in the statement of financial position).
  2. Gross Sovereign-Issued Debt (GSID) represents debt issued by the sovereign (the core Crown) and includes Government stock held by the New Zealand Superannuation Fund (NZS Fund), ACC and EQC.
  3. Core Crown financial assets exclude receivables.
  4. Net core Crown Debt represents GSID less financial assets. This can provide information about the sustainability of the Government's accounts, and is used by some international agencies when determining the creditworthiness of a country.
  5. Adding back the NZS Fund assets provides the financial liabilities less financial assets of the core Crown, excluding those assets set aside to meet part of the future cost of New Zealand superannuation.
  6. Net core Crown Debt (excluding NZS Fund and advances) excludes financial assets which are held for public policy rather than treasury management purposes.
  7. The Reserve Bank has used $1.6 billion of settlement cash to purchase reserves that were to have been funded by the NZ Debt Management Office borrowing. Therefore, the impact of settlement cash on GSID is adjusted by this amount.
Page top