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Audited Financial Statements of the Government of New Zealand

Statement of Financial Performance
for the year ended 30 June 2017

2017 Forecast Note Actual
Budget
2016
$m
Budget
2017
$m
30 June
2017
$m
30 June
2016
$m
Revenue  
71,221 73,987 Taxation revenue 3 74,973 69,668
4,593 4,897 Other sovereign revenue 3 5,081 4,643
75,814 78,884 Total sovereign revenue 80,054 74,311
17,259 16,687 Sales of goods and services 4 16,871 16,364
3,431 2,797 Interest revenue 5 2,727 2,788
4,451 4,528 Other revenue 6 4,575 4,696
25,141 24,012 Total revenue earned through operations 24,173 23,848
100,955 102,896 Total revenue (excluding gains) 104,227 98,159
Expenses  
25,395 25,504 Transfer payments and subsidies 7 25,264 24,312
22,144 22,349 Personnel expenses 8 22,599 21,952
4,456 4,444 Depreciation 4,073 3,912
39,410 39,012 Other operating expenses 9 38,296 36,643
4,566 4,297 Interest expenses 5 4,162 4,336
4,239 5,458 Insurance expenses 11 5,418 4,725
534 230 Forecast new operating spending
(1,025) (450) Top-down expense adjustment
99,719 100,844 Total expenses (excluding losses) 99,812 95,880
517 431 Less minority interests share of operating balance before gains and losses 346 448
719 1,621 Operating balance before gains and losses (excluding minority interests) 4,069 1,831
2,111 4,850 Net gains/(losses) on financial instruments 5 6,330 1,117
(54) 2,694 Net gains/(losses) on non-financial instruments 10 1,321 (8,636)
2,057 7,544 Total gains/(losses) 7,651 (7,519)
4 24 Less minority interests share of total gains/(losses) (27) (12)
2,053 7,520 Gains/(losses) (excluding minority interests) 7,678 (7,507)
286 297 Net surplus from associates and joint ventures 570 307
3,058 9,438 Operating balance  (excluding minority interests) 12,317 (5,369)
Operating balance consists of:  
3,058 9,438 Operating balance (excluding minority interests) 12,317 (5,369)
521 455 Minority interests share of operating balance 22 319 436
3,579 9,893 Operating balance (including minority interests) 12,636 (4,933)

The accompanying notes (including accounting policies) are an integral part of these statements.

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