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The 2016 Snapshot [of the Financial Statements of the Government] (Part 2)

Cash deficit increased core Crown net debt

Analysis of cash deficit $b
Operating cash surplus 3.3
Core Crown capital spend (4.6)
Cash deficit (1.3)
Capital Spend (↑ $1.2b)

Core Crown net debt

Core Crown net debt.

$61.9 billion core Crown net debt

  • $1.2 billion increase from last year due to continuing cash deficits
  • Relatively flat as a percentage of GDP (0.5% decrease on last year)

Operating receipts → Operating spending → Capital spending → Cash deficit → Net debt

The Crown balance sheet

Assets $293b, Liabilities $197b.
  • The Crown balance sheet grew over the year with total assets reaching $293 billion
  • Liabilities stand at $197 billion
  • Financial assets and liabilities are particularly sensitive to changes in market rates such as share prices

Balance sheet sensitivities

Impact on operating balance of change in key market rates

Impact on operating balance of change in key market rates.

Balance sheet composition

Assets and Liabilites.
  • Social sector net worth $130.2 billion
    $149.4 billion of social sector assets (eg, schools, hospitals and social housing), an increase of
    $9.7 billion from last year.
    Social sector liabilities were $19.2 billion, a $1.6 billion increase driven mainly by an increase in the New Zealand ETS provision.
  • Financial sector net worth ($56.4 billion)
    Financial sector assets were fairly stable, with a $0.9 billion increase from last year to $87.9 billion.
    Financial sector liabilities grew $7.1 billion to $144.4 billion, mainly due to the ACC insurance liability increasing by $6.6 billion.
  • Commercial sector net worth $21.8 billion
    Commercial sector assets increased by $2.9 billion to $55.3 billion, while commercial sector liabilities ($33.6 billion) increased by $1.5 billion from last year.
    $1.1 billion of the growth in both assets and liabilities was as a result of Kiwibank loans and deposits increasing by similar amounts, while property, plant and equipment valuation uplifts and additions helped increase commercial sector assets.
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