The Treasury

Global Navigation

Personal tools

At a Glance

Table 1 - Financial results
Year ended 30 June
$million
Actual
2012
Actual
2013
Actual
2014
Actual
2015
Actual
2016
Forecast
30 June 2016
Budget
2015
Budget
2016
Core Crown tax revenue 55,081 58,651 61,563 66,636 70,445 68,868 69,682
Core Crown expenses 68,939 69,962 71,174 72,363 73,929 74,531 74,382
OBEGAL (excluding minority interests) (9,240) (4,414) (2,802) 414 1,831 176 668
Operating balance (excluding minority interests) (14,897) 6,925 2,939 5,771 (5,369) 2,990 (2,565)
Residual cash (10,644) (5,742) (4,109) (1,827) (1,322) (4,166) (2,115)
Gross debt1 79,635 77,984 81,956 86,125 86,928 87,162 86,783
   as a percentage of GDP 37.0% 35.6% 34.9% 35.6% 34.5% 34.9% 34.7%
Net debt2 50,671 55,835 59,931 60,631 61,880 65,597 62,272
   as a percentage of GDP 23.5% 25.5% 25.5% 25.1% 24.6% 26.3% 24.9%
Net worth attributable to the Crown 59,348 68,071 75,486 86,454 89,366 77,812 83,547
   as a percentage of GDP 27.6% 31.1% 32.1% 35.8% 35.5% 31.1% 33.4%
  1. Gross sovereign-issued debt excluding Reserve Bank settlement cash and Reserve Bank bills.
  2. Net core Crown debt excluding the NZS Fund and advances.

Headlines:

  • Tax revenue up $3.8 billion from a year earlier and higher than forecast (page 9).
  • Core Crown expenses were $1.6 billion higher than the year before, but less than expected (page 11).
  • The OBEGAL surplus of $1.8 billion continued its upwards trend, with an improvement of $1.4 billion from last year (page 13).
  • However, revaluations of the Crown's liabilities led to actuarial losses (caused by a reduction in the discount rate) and losses on the revaluation of Emission Trading Scheme units (caused by an increase in the carbon price) resulted in an operating balance deficit for the year of $5.4 billion (page 13).
  • While operating cash flows were positive, capital payments of $4.6 billion resulted in a residual cash deficit of $1.3 billion (page 15).
  • To fund the residual cash deficit, core Crown net debt increased in nominal terms by $1.2 billion, although it fell as a percentage of GDP (to 24.6%) (page 15).
  • Offsetting the operating balance deficit, revaluation uplifts on the Crown's property plant and equipment resulted in an increase in net worth attributable to the Crown of $2.9 billion (page 17).

A comparison of the year end results to Budget 2016 is included on page 20.

Page top