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Media StatementFinancial Statements of the Government of New Zealand for the Ten Months Ended 30 April 2009

3 Jun 2009

Dr Peter Bushnell
Deputy Secretary to the Treasury

The Financial Statements of the Government of New Zealand for the Ten Months Ended 30 April 2009 were released by the Treasury today.

The monthly financial statements are compared against monthly forecast tracks based on the 2009 Budget Economic and Fiscal Update.

Results for the ten months ended 30 April 2009

  • The NZS Fund, ACC and EQC reported investment gains in April ($0.8 billion, $0.5 billion and $0.2 billion respectively).  This has contributed to the operating balance being $1.1 billion ahead of forecast.
  • Excluding the gains and losses as mentioned above, the operating balance before gains and losses (OBEGAL) was $1.8 billion in deficit, $0.1 billion lower than forecast.
  • Core Crown tax receipts were $0.4 billion higher than forecast, primarily as a result of month-end timing effects for GST receipts which are likely to reverse by year end.  Tax revenue was largely on target.
  • Net debt1 was largely on target as negative valuation movements in financial assets and financial liabilities held by the Reserve Bank and NZDMO were partially offset by a lower-than-expected residual cash deficit driven primarily by the higher-than-expected tax receipts.
1  Net core Crown debt excluding NZS Fund, student loans and other advances.
Year to date Full Year
$ million April
2009
Actual[2]
April 2009
BEFU
Forecast[2]
Variance
to BEFU
$m
Variance
to BEFU
%
June 2009
BEFU
Forecast[3]
Core Crown
Core Crown revenue (excl. NZS Fund)[1] 48,469 48,453 16 0.0 58,392
Core Crown expenses 50,255 50,535 280 0.6 62,363
NZS Fund operating balance (3,019) (3,417) 398 (11.6) (3,260)
Core Crown residual cash (9,762) (10,043) 281 2.8 (8,458)
Gross debt[4] 40,561 41,600 1,039 2.5 44,217
as a percentage of GDP 22.6% 23.2%     24.8%
Net debt[5] 17,742 17,535 (207) (1.2) 15,482
as a percentage of GDP 9.9% 9.8% 8.7%
Net debt (incl. NZS Fund)[5] 6,147 5,275 (872) 16.5 3,814
as a percentage of GDP 3.4 % 2.9 %     2.1 %
Total Crown
OBEGAL (1,824) (1,959) 135 (6.9) (2,916)
Net gains/(losses) and other items (5,866) (6,868) 1,002 (6,387)
Operating balance (7,690) (8,827) 1,137 (12.9) (9,303)
  1. For the purposes of this indicator, the NZS Fund is treated as a third party (i.e. its revenue is not included but the tax it pays is).
  2. Using GDP for the year ended 31 December 2008 of $180,444 million (Source: Statistics New Zealand).
  3. Using forecast GDP for the year ended 30 June 2009 of $184,390 million (Source: Treasury).
  4. Using forecast GDP for the year ended 30 June 2009 of $181,139 million (Source: Treasury).

ENDS

Officer for Enquiries

Kamlesh Patel | Macroeconomic Group
Tel: +64 4 917 6094
Fax: +64 4 471 5956
Email: kamlesh.patel@treasury.govt.nz
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