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 Five Months Ended 30 November 2006 (31 Jan 2007)

 

Media StatementFinancial Statements of the Government of New Zealand for the Five Months Ended 30 November 2006

31 January 2007

Dr Peter Bushnell
Deputy Secretary to the Treasury

The Financial Statements of the Government of New Zealand for the five months ended 30 November 2006 were released by the Treasury today.

The 30 November 2006 monthly financial statements are compared against updated monthly forecast tracks based on the 2006 Half Year Economic and Fiscal Update.

$ millionNovember
2006
Actual
YTD
November
2006
Forecast
YTD
Variance
$m
HYEFU June
2007
Forecast
June
2006
Actual
Residual cash725735(10)1072,985
Operating balance3,4802,8556256,26011,473
OBERAC3,0972,8552426,6568,648
Gross sovereign-issued debt37,61436,95865637,86735,461
% of GDP23.823.40.423.322.6
Net core Crown debt6,7576,891(134)6,3827,745
% of GDP4.34.4(0.1)3.94.9
Net core Crown debt with NZS Fund assets(4,393)(4,095)(298)(6,271)(2,116)
% of GDP(2.8)(2.6)(0.2)(3.9)(1.3)
Net worth74,92974,31361677,71871,403

The residual cash of $0.7 billion was in line with forecast.

The operating balance of $3.5 billion was higher than forecast by $0.6 billion. The primary driver was investment income (from NZSF, ACC and EQC), which is retained by the entities. Tax revenue and core Crown expenses were both broadly in line with forecast.

Gross sovereign-issued debt (GSID) of $37.6 billion (23.8% of GDP) was higher than forecast by $0.7 billion. This difference was largely due to a technical timing difference (relating to the difference between the forecast settlement date and the actual trade date of financial instruments for foreign exchange trades, commercial papers and reverse repositions).

Net core Crown debt of $6.8 billion was $0.1 billion lower than forecast, largely as a result of higher than expected net cash flows from operations and issues of circulating currency, offset by slightly higher than forecast net purchases of physical assets.

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