The Treasury

Global Navigation

Personal tools

You are here: Home > Publications > Media Statements, Speeches and Guest Lectures > Media Statements > Financial Statements of the Government of New Zealand for the Four Months Ended 31 October 2007 (5 Dec 2007)

 

Media StatementFinancial Statements of the Government of New Zealand for the Four Months Ended 31 October 2007

5 December 2007

Dr Peter Bushnell
Deputy Secretary to the Treasury

The Financial Statements of the Government of New Zealand for the four months ended 31 October 2007 were released by the Treasury today.

The 31 October 2007 monthly financial statements are compared against monthly forecast tracks based on the 2007 Budget Economic and Fiscal Update.

October highlights

  • The operating balance excluding gains and losses (OBEGAL) was $167 million lower than forecast for the period to 31 October 2007 at $1,723 million (compared to the forecast of $1,890 million).  The main driver was total Crown tax revenue which was $378 million (or 2.1%) lower than forecast.  This variance is considered to be due to timing.
  • The operating balance was $397 million higher than forecast at $2,690 million (compared to forecast of $2,293 million).  Although OBEGAL was lower than forecast, gains and losses were $531 million higher than forecast.  This was due to changes in exchange rates and higher than forecast investment returns.
  • Core Crown residual cash was $82 million higher than forecast at $67 million (compared to a forecast deficit of $15 million).
  • Gross sovereign-issued debt (GSID) was 22.9% of GDP compared to a forecast of 22.8%.  GSID excluding settlement cash was 19.5% of GDP compared to a forecast of 19.2%.
  • The NZ Superannuation Fund (NZS Fund) after-tax return was $326 million compared to a forecast of $294 million.  Total NZS Fund assets at 31 October 2007 were $14.2 billion compared to a forecast of $14.0 billion.

  Year to date Full Year
October
2007
Actual
October
2007
Forecast
Variance
$m
Variance
%
BEFU
June 2008
Forecast
$ million  
Core Crown  
Core Crown revenue (excl. NZS after tax revenue) 19,567 19,820 (253) (1.3) 59,304
Core Crown expenses 18,380 18,711 331 1.8 56,096
NZS Fund after-tax returns 326 294 32 10.9 855
Core Crown residual cash 67 (15) 82 (546.7) (976)
GSID 38,104 38,041 (63) (0.2) 40,400
GSID as a percentage of GDP 22.9% 22.8% 23.3%
GSID (excl. settlement cash) 32,553 32,008 (545) (1.7) 34,477
GSID (excl. settlement cash)as a percentage of GDP 19.5% 19.2% 19.9%
Net Core Crown debt 3,423 3,826 403 10.5 4,655
Net Core Crown debt (incl. NZS Fund) (8,942) (8,423) 519 (6.2) (10,784)
Total Crown          
OBEGAL 1,723 1,890 (167) (8.8) 4,958
Operating Balance 2,690 2,293 397 17.3 6,431

ENDS

Officer for Enquiries

Kamlesh Patel | Macroeconomic Group
Tel: +64 4 471 5094
Fax: +64 4 471 5956
Email: kamlesh.patel@treasury.govt.nz
Page top