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Fiscal Indicator Analysis − Core Crown Residual Cash
for the year ended 30 June 2014

Forecast Actual
Budget 2013
$m
Budget 2014
$m
30 June 2014
$m
30 June 2013
$m

Core Crown Cash Flows from Operations

 
62,056 61,892 Tax receipts 61,321 57,808
644 732 Other sovereign receipts 747 651
1,660 1,546 Interest, profits and dividends 1,627 1,553
2,641 2,917 Sale of goods & services and other receipts 2,397 2,385
(23,877) (23,800) Transfer payments and subsidies (23,447) (22,780)
(42,800) (42,417) Personnel and operating costs (41,989) (40,412)
(3,680) (3,664) Finance costs (3,642) (3,729)
(461) (77) Forecast for future new operating spending
600 660 Top-down expense adjustment
(3,217) (2,211) Net core Crown operating cash flows (2,986) (4,524)
(2,560) (2,370) Net purchase of physical assets (1,867) (1,231)
(990) (877) Net increase in advances (716) (342)
(1,166) (1,153) Net purchase of investments (865) (1,308)
1,500 2,315 Government share offer programme 2,325 1,663
(503) (13) Forecast for future new capital spending
50 395 Top-down capital adjustment
(3,669) (1,703) Net Core Crown capital cash flows (1,123) (1,218)
(6,886) (3,914) Residual cash deficit (4,109) (5,742)

The residual cash deficit is funded as follows:

 

Debt programme cash flows

 
Market:  
10,245 7,769      Issue of government bonds 7,716 15,458
(2,046)      Repayment of government bonds (2,196) (9,982)
90 (795)      Net issue/(repayment) of short-term borrowing[33] (935) (5,404)
10,335 4,928 Total market debt cash flows 4,585 72
Non market:  
     Issue of government bonds
(757)      Repayment of government bonds (499)
(219)      Net issue/(repayment) of short-term borrowing 100
(976) Total non-market debt cash flows (399)
9,359 4,928 Total debt programme cash flows 4,585 (327)

Other borrowing cash flows

 
724 (440) Net (repayment)/issue of other New Zealand dollar borrowing (674) 4,494
(512) (118) Net (repayment)/issue of foreign currency borrowing 1,083 (3,047)
212 (558) Total other borrowing cash flows 409 1,447

Investing cash flows

 
(2,826) (2,644) Other net sale/(purchase) of marketable securities and deposits (1,510) 5,699
141 382 Issues of circulating currency 274 234
1,806 Decrease/(increase) in cash 351 (1,311)
(2,685) (456) Total investing cash flows (885) 4,622
6,886 3,914 Residual cash deficit funding 4,109 5,742

Notes

  • [33]Short-term borrowing consists of Treasury Bills and may include Euro-Commercial Paper.
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