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At a Glance

Table 1 - Financial results
Year ended 30 June
$ million
Actual 2010 Actual 2011 Actual 2012 Actual 2013 Actual 2014 Forecast
30 June 2014
Budget 13 Budget 14
Core Crown tax revenue 50,744 51,557 55,081 58,651 61,474 62,393 61,896
Core Crown expenses 64,013 70,450 69,076 70,306 71,467 72,367 71,616
OBEGAL (excluding minority interests) (6,315) (18,396) (9,240) (4,414) (2,933) (2,033) (2,447)
Operating balance (excluding minority interests) (4,509) (13,360) (14,897) 6,925 2,808 358 2,973
Residual cash (9,000) (13,343) (10,644) (5,742) (4,109) (6,886) (3,914)
Gross debt 53,591 72,420 79,635 77,984 81,956 87,686 82,157
   as a percentage of GDP 27.8% 36.0% 38.1% 36.7% 35.8% 38.5% 35.6%
Net debt 26,738 40,128 50,671 55,835 59,931 64,765 59,421
   as a percentage of GDP 13.9% 20.0% 24.2% 26.3% 26.2% 28.4% 25.8%
Net worth attributable to the Crown 94,586 80,579 59,348 68,071 75,568 61,997 70,032

Headlines:

  • Tax revenue up $2.8 billion from a year earlier, although lower than forecast (page 10).
  • Core Crown expenses were $1.2 billion higher than the year before, also lower than forecast (page 12).
  • OBEGAL deficit significantly reduced from 2013 to just over $2.9 billion (page 14).
  • The Government share offer programme raised proceeds of $2.3 billion in the fiscal year (page 20).
  • Core Crown net debt increased by $4.1 billion (to 26.2% of GDP) to fund residual cash deficits (page 16).
  • Crown assets increased by $11.7 billion to reach $256.1 billion (page 19).
  • Net worth attributable to the Crown continued to strengthen (page 18).
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