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2014 Investment Statement

Chapter 1: Introduction

The Public Finance Act 1989 (PFA) sets out the requirements of this fiscal accountability document. These are to describe and value the Crown's assets and liabilities and to outline how they have changed, and will change, over time.[1]

This Statement goes beyond the minimum statutory requirements and also discusses:

  • the performance of the Crown’s major assets and liabilities
  • how effective ownership and stewardship of assets can complement governments’ public policy objectives
  • Crown risk management issues, and
  • the importance of fiscal sustainability.

The Statement is divided into three parts. Part One outlines the purpose of the Statementand provides strategic context. Part Two describes the current size and composition of Crown assets and liabilities and examines a range of non-financial indicators of performance. Part Three examines many of the principles of efficient and effective balance sheet management and assesses the performance of the public sector management system against those principles.

Improving transparency in the public sector

New Zealand is a leader in public sector transparency. This Statement is one of a number of publications that the Treasury produces to provide transparency around the Crown's finances. Other reports include the Financial Statements of the Government of New Zealand (FSGNZ), the Economic and Fiscal Updates (EFU) and the Statement on the Long-term Fiscal Position (LTFS).

Sources of information

Information contained in this Statement is based on a variety of sources.[2]

Historical financial data are based on the FSGNZ for the year ended 30 June 2013, with some additional supporting information collected by the Treasury. Forecasts and projections on the size and composition of the balance sheet are based on the 2013Half Year Economic and Fiscal Update (HYEFU) and 2013 LTFS respectively.

The detailed non-financial performance analysis cited in Chapter Four is based on management information that was provided to the Treasury by various Crown agencies. While some of this information may have been previously disclosed publicly, some of it was provided, or created specifically, for this Statement.

Notes

  • [1]See section 26NA of the PFA.
  • [2]Unless otherwise stated, all information is based on June financial years.
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