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Financial Statements of the Government of New Zealand for the Year Ended 30 June 2017

Fiscal Indicator Analysis - Core Crown Residual Cash
for the year ended 30 June 2017

2017 Forecast Actual
Budget
2016
$m
Budget
2017
$m
30 June
2017
$m
30 June
2016
$m

Core Crown Cash Flows from Operations

 
71,177 74,380 Tax receipts 74,729 69,750
846 889 Other sovereign receipts 955 835
2,030 1,840 Interest, profits and dividends 1,770 1,699
2,313 2,104 Sale of goods & services and other receipts 2,258 2,026
(25,384) (25,493) Transfer payments and subsidies (25,293) (24,338)
(45,728) (45,339) Personnel and operating costs (44,581) (43,103)
(3,819) (3,592) Finance costs (3,530) (3,604)
(534) (230) Forecast for future new operating spending
1,025 450 Top-down expense adjustment
1,926 5,009 Net core Crown operating cash flows 6,308 3,265
(3,430) (2,703) Net purchase of physical assets (2,153) (1,971)
(616) (84) Net repayment / (issue) of advances 111 (468)
(2,080) (2,106) Net purchase of investments (1,692) (2,148)
(587) (170) Forecast for future new capital spending
625 125 Top-down capital adjustment
(6,088) (4,938) Net Core Crown capital cash flows (3,734) (4,587)
(4,162) 71 Residual cash surplus / (deficit) 2,574 (1,322)

Residual cash is (invested) / funded as follows:

 

Debt programme cash flows

 
Market:  
7,893 8,014      Issue of government bonds 7,847 8,079
(5,055)      Repayment of government bonds (6,080) (1,779)
400 60      Net issue/(repayment) of short-term borrowing1 160 (3,513)
8,293 3,019 Total market debt cash flows 1,927 2,787
Non market:  
(665) (833)      Repayment of government bonds (830) (139)
     Net issue/(repayment) of short-term borrowing (100)
(665) (833) Total non-market debt cash flows (830) (239)
7,628 2,186 Total debt programme cash flows 1,097 2,548

Other borrowing cash flows

 
559 2,500 Net (repayment)/issue of other New Zealand dollar borrowing (2,352) (3,546)
(590) (1,870) Net (repayment)/issue of foreign currency borrowing 2,425 3,176
(31) 630 Total other borrowing cash flows 73 (370)

Investing cash flows

 
(3,603) 497 Other net sale/(purchase) of marketable securities and deposits (194) 685
175 46 Issues of circulating currency 265 378
(7) (3,430) Decrease/(increase) in cash (3,815) (1,919)
(3,435) (2,887) Total investing cash flows (3,744) (856)
4,162 (71) Residual cash (invested) / funded (2,574) 1,322
  1. Short-term borrowing consists of Treasury Bills and may include Euro-Commercial Paper
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