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Financial Statements of the Government of New Zealand for the Five Months Ended 30 November 2012

25 Jan 2013

The Financial Statements of the Government of New Zealand for the five months ended 30 November 2012 were released by the Treasury today. 

These financial statements are compared against forecast tracks based on the 2012 Half Year Economic and Fiscal Update (HYEFU), releasedon 18 December 2012.

Core Crown tax revenue at $22.5 billion was close to forecast, $127 million (0.6%) higher than expected, with all tax types broadly in line with forecast. 

Core Crown expenditure was close to forecast at $28.8 billion (0.1% above forecast) while, at $3.0 billion, the OBEGAL deficit was $203 million lower than expected. 

The operating balance was $706 million in surplus ($1.2 billion higher than the forecast deficit of $515 million) as net gains continued to be recorded in the NZ Superannuation Fund and ACC (around $0.2 billion and $0.9 billion above forecast, respectively). 

The residual cash deficit was $0.2 billion below forecast at $6.0 billion, owing to higher than expected tax receipts ($210 million or 1.0% above forecast).  GST contributed $187 million of the additional receipts but this is most likely due to timing of GST payments and the increase is expected to reverse in coming months.

Net debt at $56.4 billion (27.1% of GDP) was $317 million below forecast, largely owing to the lower residual cash deficit, while gross debt was on forecast at $82.4 billion, or 39.6% of GDP.



Year to date Full Year
$ million November
2012
Actual1
November
2012
BEFU
Forecast1
Variance
to BEFU
$m
Variance
to BEFU
%
June
2013
BEFU
Forecast2
Core Crown




Core Crown tax revenue 22,545 22,418 127 0.6 57,376
Core Crown revenue
24,773 24,651 122 0.5 62,939
Core Crown expenses 28,792 28,765 (27) (0.1) 71,998
Core Crown residual cash (5,983) (6,223) 240 3.9 (9,782)
Gross debt3 82,398 82,442 44 0.1 80,176
as a percentage of GDP 39.6% 39.6%     37.1%
Net debt4 56,386 56,703 317 0.6 59,998
as a percentage of GDP 27.1% 27.2%     27.8%
Total Crown          
Operating balance before gains and losses (3,025) (3,228) 203 6.3 (7,340)
Operating balance 706 (515) 1,221 237.1 (3,275)
Net worth 60,054 58,824 1,230 2.1 56,285

1    Using GDP for the year ended 30 September 2012 of $208,326 million (Source: Statistics New Zealand)
2    Using forecast GDP for the year ended 30 June 2013 of $216,048 million (Source:  Treasury)
3    Gross sovereign-issued debt excluding settlement cash and Reserve Bank bills
4    Net core Crown debt excluding student loans and other advances

ENDS

Officer for Enquiries

Kamlesh Patel | Office of the Chief Financial Officer and Chief Accountant Portfolio
Tel: +64 4 917 6094
Email: kamlesh.patel@treasury.govt.nz
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