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Chapter 3: The Crown Balance Sheet

  • Introduction
  • The Crown's balance sheet position
  • Evolution of the Crown balance sheet


The Crown's balance sheet is split into assets (the things the Crown owns or has a right to) and liabilities (things the Crown owes, is obligated to pay for or has agreed to assume). The difference between the two represents the Crown's equity.[10]

At 30 June 2013 the value of the Crown's assets totalled $244.4 billion, of which the main asset types were:

  • property, plant and equipment (PP&E), such as land and buildings ($109.8 billion)
  • marketable securities and share investments ($61.4 billion), and
  • tax receivables and student loans ($16.5 billion).

Meanwhile, the value of the Crown's $174.4 billion of liabilities primarily consisted of:

  • borrowings ($100.1 billion)
  • insurance liabilities ($37.7 billion), and
  • retirement liabilities ($11.9 billion).

Table 3.1 sets out the Crown's balance sheet as at 30 June 2013, the forecast movement in the balance sheet through to June 2018, based on 2013 HYEFU assumptions, and the balance sheet as at 2003 and 2008 to provide historical comparisons.

What this shows is that over the past ten years the value of the Crown's assets rose by $144.6 billion, or 145%, while its liabilities increased by $98.3 billion, or 129%. Over the forecast period this growth is expected to plateau and remain at a more constant level.


  • [10]“Net worth” and “equity” may be viewed as the same concept.
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