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At a Glance

Table 1 - Financial results
Year ended 30 June Forecast
30 June 2017
$ millionActual
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Budget
2016
Budget
2017
Core Crown tax revenue 58,651 61,563 66,636 70,445 75,644 71,971 74,598
Core Crown expenses 69,962 71,174 72,363 73,929 76,339 77,388 77,464
OBEGAL (excluding minority interests) (4,414) (2,802) 414 1,831 4,069 719 1,621
Operating balance (excluding minority interests) 6,925 2,939 5,771 (5,369) 12,317 3,058 9,438
Residual cash (5,742) (4,109) (1,827) (1,322) 2,574 (4,162) 71
Gross debt1 77,984 81,956 86,125 86,928 87,141 93,880 88,645
      as a percentage of GDP 35.7% 34.7% 35.4% 34.3% 32.5% 36.2% 33.0%
Net debt2 55,835 59,931 60,631 61,880 59,480 66,334 62,277
      as a percentage of GDP 25.5% 25.4% 24.9% 24.4% 22.2% 25.6% 23.2%
Total assets 244,416 256,824 279,214 292,679 313,609 291,588 301,282
Total liabilities (174,405) (176,127) (186,978) (197,158) (197,137) (199,163) (195,359)
Net worth attributable to the Crown 68,071 75,486 86,454 89,366 110,532 86,641 100,044
      as a percentage of GDP 31.1% 32.0% 35.6% 35.3% 41.2% 33.4% 37.2%
  1. Gross sovereign-issued debt excluding Reserve Bank settlement cash and Reserve Bank bills.
  2. Net core Crown debt excluding the New Zealand Superannuation Fund (NZS Fund) and advances.

A comparison of the year end results to Budget 2017 is included on page 23.

These financial statements[1]contain the audited results for the financial year ended 30 June 2017. The results are compared against previous years and against two sets of forecasts[2] for the 2016/17 year:

  • Budget 2016 refers to the 2016 Budget Economic and Fiscal Update, and
  • Budget 2017 refers to the 2017 Budget Economic and Fiscal Update.

This commentary should be read in conjunction with the financial statements on pages 27 to 116.

Notes

  • [1] The financial statements of the Government of New Zealand refer to both core Crown and total Crown results. Core Crown is comprised of Ministers of the Crown, Departments, Offices of Parliament, the NZS Fund and the Reserve Bank. Total Crown is comprised of the core Crown, State-owned Enterprises (including mixed ownership model companies) and Crown entities.
  • [2] Comparisons against the Pre-election Economic and Fiscal Update (Pre-election Update) are available on page 9.
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