Budget Economic and Fiscal Update 2019 - Chart Descriptions

Chapter 1 - Economic Outlook

Text description for Figure 1.1 – Real GDP growth

The Treasury lists here selected points describing chart Figure 1.1 – Real GDP growth from its Budget Economic and Fiscal Update (BEFU) 2019:

• Chart shows two series: quarterly percentage change in real GDP (right side) and annual average percentage changes, both actuals since June 2005 and forecast to June 2023.
• Annual average percent change was lowest (-1.8%) for year ended June 2009 and peaked at 4.0% in the year ended June 2015.
• Annual average percent change is forecast to rise to around 3.0% in the year ending December 2020 and decline thereafter to 2.4%.

The Treasury is not able to provide the chart data in HTML at this time, but data is available in the Charts and Data MS Excel file available for download at Budget Economic and Fiscal Update (BEFU) 2019.

Return to Figure 1.1 – Real GDP growth in the BEFU 2019 HTML version.

Text description for Figure 1.2 – Public consumption

The Treasury lists here selected points describing chart Figure 1.2 – Public consumption from its Budget Economic and Fiscal Update (BEFU) 2019:

• Chart shows two series: annual average percentage change in real public consumption and nominal public consumption as percent of nominal GDP (right side), both actuals since June 2005 and forecast to June 2023
• Annual real public consumption growth and nominal public consumption as a percentage of GDP have declined from peaks at 7.1% (December 2005) and 19.9% (September 2009) respectively, to 2.2% and 18.14% respectively (December 2018).
• Annual real public consumption growth and nominal public consumption as a percentage of GDP are forecast to rise to 4.2% (June 2020) and 18.5% (September 2020) respectively, before easing to 1% and 18.1% respectively by June 2023.

The Treasury is not able to provide the chart data in HTML at this time, but data is available in the Charts and Data MS Excel file available for download at Budget Economic and Fiscal Update (BEFU) 2019.

Return to Figure 1.2 – Public consumption in the BEFU 2019 HTML version.

Text description for Figure 1.3 – Annual estimated net migration

The Treasury lists here selected points describing chart Figure 1.3 – Annual estimated net migration from its Budget Economic and Fiscal Update (BEFU) 2019:

• Chart shows six series: Statistics NZ net migration estimates old intentions measure, January, February, March and April releases, and Treasury forecasts. All actuals since May 2013 and forecast to June 2023.
• Net migration peaked at 63,900 people in July 2016 (72,400 in July 2017 from old intentions measure) before declining.
• Annual net migration is forecast to gradually slow from 50,100 in July 2018 to 25,000 in June 2022 and is stable thereafter.

The Treasury is not able to provide the chart data in HTML at this time, but data is available in the Charts and Data MS Excel file available for download at Budget Economic and Fiscal Update (BEFU) 2019.

Return to Figure 1.3 – Annual estimated net migration in the BEFU 2019 HTML version.

Text description for Figure 1.4 – Unemployment and labour force participation rates

The Treasury lists here selected points describing chart Figure 1.4 – Unemployment and labour force participation rates from its Budget Economic and Fiscal Update (BEFU) 2019:

• Chart shows two series: unemployment rate as a percentage of labour force and labour force participation rate as a percentage of working age population (right side), both actuals since June 2005 and forecasts to June 2023.
• Unemployment rate increased to 6.7% in September 2012 and declined to 4.3% in December 2018. Labour force participation rate increased to 70.9% in December 2018.
• Unemployment rate is forecast to decline to 4.0% in March to September 2020 before increasing slightly to 4.3% by June 2023. The labour force participation rate gradually increases to 71.4%.

The Treasury is not able to provide the chart data in HTML at this time, but data is available in the Charts and Data MS Excel file available for download at Budget Economic and Fiscal Update (BEFU) 2019.

Return to Figure 1.4 – Unemployment and labour force participation rates in the BEFU 2019 HTML version.

Text description for Figure 1.5 – Labour income

The Treasury lists here selected points describing chart Figure 1.5 – Labour income from its Budget Economic and Fiscal Update (BEFU) 2019:

• Chart shows two series: annual average percent change in compensation of employees and ordinary time average hourly earnings (all sectors), both actuals since June 2005 and forecasts to June 2023.
• Annual average hourly earnings growth slows from a peak of 5.5% in March 2009 to 1.5% in June 2017. Earnings growth rises from 3.1% in December 2018 to 3.6% by June 2023.
• Annual average compensation of employees rises from a low of 0.8% in March 2010 to 5.8% in March 2018. Growth gradually slows from 5.4% in December 2018 to 4.8% in June 2023.

The Treasury is not able to provide the chart data in HTML at this time, but data is available in the Charts and Data MS Excel file available for download at Budget Economic and Fiscal Update (BEFU) 2019.

Return to Figure 1.5 – Labour income in the BEFU 2019 HTML version.

Text description for Figure 1.6 – Private consumption growth

The Treasury lists here selected points describing chart Figure 1.6 – Private consumption growth from its Budget Economic and Fiscal Update (BEFU) 2019:

• Chart shows two series: annual average percent changes in private total and per capita consumption growth, both actuals since June 2005 and forecasts to June 2023
• Total and per capita annual average percent changes in private consumption peaked (5.8% and 3.6% respectively) at March 2017.
• Annual average percent changes in total and per capita private consumption decline to 2.7% and 1.6% respectively by June 2023.

The Treasury is not able to provide the chart data in HTML at this time, but data is available in the Charts and Data MS Excel file available for download at Budget Economic and Fiscal Update (BEFU) 2019.

Return to Figure 1.6 – Private consumption growth in the BEFU 2019 HTML version.

Text description for Figure 1.7 – Household debt and savings

The Treasury lists here selected points describing chart Figure 1.7 – Household debt and savings from its Budget Economic and Fiscal Update (BEFU) 2019:

• Chart shows two series: household debt and household saving (right side) as percent of disposable income, both actuals since 2000 and forecasts to 2023
• Household debt increased to 130% of disposable income in 2018. Household savings were lowest in 2003 (-6.7%) and have trended upwards since to around zero.
• Household debt is forecast to fall slightly to 124.3% by 2023 and household savings are forecast to fluctuate between -0.3% and -0.9%.

The Treasury is not able to provide the chart data in HTML at this time, but data is available in the Charts and Data MS Excel file available for download at Budget Economic and Fiscal Update (BEFU) 2019.

Return to Figure 1.7 – Household debt and savings in the BEFU 2019 HTML version.

Text description for Figure 1.8 – House price inflation and non-financial wealth

The Treasury lists here selected points describing chart Figure 1.8 – House price inflation and non-financial wealth from its Budget Economic and Fiscal Update (BEFU) 2019:

• Chart shows two series: annual average percent change in house prices and household net wealth as percent of household disposable income (right side), both actuals since June 2005 and forecasts to June 2023.
• House price growth recently peaked at 14.1% in December 2016, easing to 3.2% in December 2018. Household net non-financial wealth rose from 373% in 2012 to 500% in 2018.
• House price growth is forecast to gradually rise to 4.6% by June 2023. Household net wealth is forecast to remain just below 500%.

The Treasury is not able to provide the chart data in HTML at this time, but data is available in the Charts and Data MS Excel file available for download at Budget Economic and Fiscal Update (BEFU) 2019.

Return to Figure 1.8 – House price inflation and non-financial wealth in the BEFU 2019 HTML version.

Text description for Figure 1.9 – Residential investment growth

The Treasury lists here selected points describing chart Figure 1.9 – Residential investment growth from its Budget Economic and Fiscal Update (BEFU) 2019:

• Chart shows one series: annual average percent change in residential investment, actuals since June 2005 and forecasts to June 2023.
• Annual average residential investment growth recently peaked at 10.8% in September 2016 and declined to 2.7% in December 2018.
• Residential investment is forecast to peak at 5.5% December 2020, easing to 2.0% by June 2023.

The Treasury is not able to provide the chart data in HTML at this time, but data is available in the Charts and Data MS Excel file available for download at Budget Economic and Fiscal Update (BEFU) 2019.

Return to Figure 1.9 – Residential investment growth in the BEFU 2019 HTML version.

Text description for Figure 1.10 – Business investment

The Treasury lists here selected points describing chart Figure 1.10 – Business investment from its Budget Economic and Fiscal Update (BEFU) 2019:

• Chart shows one series: annual average percent change in business investment, actuals since June 2005 and forecasts to June 2023.
• Annual average business investment growth has fluctuated around 5% over recent years.
• Business investment is forecast to peak at 4.1% in March 2021 and slow to 2.1% in June 2023.

The Treasury is not able to provide the chart data in HTML at this time, but data is available in the Charts and Data MS Excel file available for download at Budget Economic and Fiscal Update (BEFU) 2019.

Return to Figure 1.10 – Business investment in the BEFU 2019 HTML version.

Text description for Figure 1.11 – Monetary conditions

The Treasury lists here selected points describing chart Figure 1.11 – Monetary conditions from its Budget Economic and Fiscal Update (BEFU) 2019:

• Chart shows three series: HYEFU 2018 and BEFU 2019 actual/forecasts for the 90-day interest rate, and the trade-weighted index exchange rate (right side). All actuals since June 2005 and forecasts to June 2023.
• 90-day interest rate trended downwards to 1.9%-2.0% between March 2017 and March 2019. The trade-weighted index decreased from a peak of 81.5 in June 2014 to 74.0 in March 2019.
• Compared with HYEFU 2018, 90-day interest rate forecasts have been revised lower (0.6 percentage point difference by June 2023). The trade-weighted index is forecast to remain around 74.0.

The Treasury is not able to provide the chart data in HTML at this time, but data is available in the Charts and Data MS Excel file available for download at Budget Economic and Fiscal Update (BEFU) 2019.

Return to Figure 1.11 – Monetary conditions in the BEFU 2019 HTML version.

Text description for Figure 1.12 – World trade volume growth

The Treasury lists here selected points describing chart Figure 1.12 – World trade volume growth from its Budget Economic and Fiscal Update (BEFU) 2019:

• Chart shows two series: world trade volume monthly and annual average percent changes, both actuals from June 2013 to February 2019.
• Annual average world trade volume peaked at 5.1% in February 2018 and has eased to 2.4% in February 2019.

The Treasury is not able to provide the chart data in HTML at this time, but data is available in the Charts and Data MS Excel file available for download at Budget Economic and Fiscal Update (BEFU) 2019.

Return to Figure 1.12 – World trade volume growth in the BEFU 2019 HTML version.

Text description for Figure 1.13 – Trading partner growth

The Treasury lists here selected points describing chart Figure 1.13 – Trading partner growth from its Budget Economic and Fiscal Update (BEFU) 2019:

• Chart shows four series: Annual trading partner economic growth and contributions by Australia, China, Other Asia and Other Advanced Economies. All actuals from 2005 and forecasts to 2022.
• Trading partner growth was lowest (-0.2%) in 2009 and has fluctuated around 3.7% over 2011 and 2018.
• Trading partner growth is forecast to ease to 3.4% for the next four years.

The Treasury is not able to provide the chart data in HTML at this time, but data is available in the Charts and Data MS Excel file available for download at Budget Economic and Fiscal Update (BEFU) 2019.

Return to Figure 1.13 – Trading partner growth in the BEFU 2019 HTML version.

Text description for Figure 1.14 – Goods terms of trade

The Treasury lists here selected points describing chart Figure 1.14 – Goods terms of trade from its Budget Economic and Fiscal Update (BEFU) 2019:

• Chart shows three series: terms of trade index, export and import price indices. All actuals since June 2005 and forecasts to June 2003
• Terms of trade and export prices have trended upward since June 2005. Import prices trended lower from the December 2008 peak and increased after December 2016.
• Import prices are forecast to remain flat, while the terms of trade and export price indices are forecast to increase slightly.

The Treasury is not able to provide the chart data in HTML at this time, but data is available in the Charts and Data MS Excel file available for download at Budget Economic and Fiscal Update (BEFU) 2019.

Return to Figure 1.14 – Goods terms of trade in the BEFU 2019 HTML version.

Text description for Figure 1.15 – Trade volumes

The Treasury lists here selected points describing chart Figure 1.15 – Trade volumes from its Budget Economic and Fiscal Update (BEFU) 2019:

• Chart shows two series: annual average percent changes for export and import volumes of goods and services, both actuals since June 2005 and forecasts to June 2023
• Import volumes grew at a volatile but decreasing rate since June 2005. Export volume growth peaked at 8.2% in September 2015 and slowed to 3.0% in December 2018.
• Export and import trade volumes are forecast to grow respectively by 2.9% and 4.0% in March 2019, to 2.5% and 2.2% in June 2023.

The Treasury is not able to provide the chart data in HTML at this time, but data is available in the Charts and Data MS Excel file available for download at Budget Economic and Fiscal Update (BEFU) 2019.

Return to Figure 1.15 – Trade volumes in the BEFU 2019 HTML version.

Text description for Figure 1.16 – Current account balance

The Treasury lists here selected points describing chart Figure 1.16 – Current account balance from its Budget Economic and Fiscal Update (BEFU) 2019:

• Chart shows four series: goods, services, income and current account balances all as percent of GDP. All actuals since June 2005 and forecasts to June 2023.
• The current account balance fluctuated between -2% and -4% over 2010 to 2018.
• The current account balance is forecast to remain around -3.3% of GDP through to June 2023.

The Treasury is not able to provide the chart data in HTML at this time, but data is available in the Charts and Data MS Excel file available for download at Budget Economic and Fiscal Update (BEFU) 2019.

Return to Figure 1.16 – Current account balance in the BEFU 2019 HTML version.

Chapter 2 - Fiscal Outlook

Text description for Figure 2.1 – Core Crown tax revenue

The Treasury lists here selected points describing chart Figure 2.1 – Core Crown tax revenue from its Budget Economic and Fiscal Update (BEFU) 2019:

• Chart shows two series: Annual core Crown tax revenue in nominal terms (as a bar chart) and as percentage of GDP (as a line chart). Both show actuals since 2009 and forecast to 2023.
• Annual tax revenue declined in 2010 from 2009, then increased steadily and is forecast to increase to $106.5 billion in 2023.
• Annual tax revenue as percentage of GDP has increased steadily from 25.8% in 2010 and is forecast to increase to 28.8% in 2023.

The Treasury is not able to provide the chart data in HTML at this time, but data is available in the Charts and Data MS Excel file available for download at Budget Economic and Fiscal Update (BEFU) 2019.

Return to Figure 2.1 – Core Crown tax revenue in the BEFU 2019 HTML version.

Text description for Figure 2.2 – Core Crown tax revenue and nominal GDP growth

The Treasury lists here selected points describing chart Figure 2.2 – Core Crown tax revenue and nominal GDP growth from its Budget Economic and Fiscal Update (BEFU) 2019:

• Chart shows two series: Annual core Crown tax revenue growth percentage and Nominal GDP growth percentage (on a line chart). Both show actuals since 2009 and forecast to 2023.
• Nominal GDP annual growth fluctuates between 0.3% and 8.2% over the historical period. Average growth of 4.9% is forecast to 2023.
• Tax revenue growth was -7.2% in June 2010 and increased in line with nominal GDP growth. An average of 5.8% is forecast to 2023.

The Treasury is not able to provide the chart data in HTML at this time, but data is available in the Charts and Data MS Excel file available for download at Budget Economic and Fiscal Update (BEFU) 2019.

Return to Figure 2.2 – Core Crown tax revenue and nominal GDP growth in the BEFU 2019 HTML version.

Text description for Figure 2.3 – Core Crown expenses

The Treasury lists here selected points describing chart Figure 2.3 – Core Crown expenses from its Budget Economic and Fiscal Update (BEFU) 2019:

• Chart shows two series: Annual core Crown expenses in nominal terms (as a bar chart) and as percentage of GDP (as a line chart). Both show actuals since 2009 and forecast to 2023.
• Core Crown expenses increased gradually from $63.7 billion in 2009 and are forecast to increase to $105.7 billion by 2023.
• Core Crown expenses as a percentage of GDP decreased and are forecast to increase in 2019-2021 before falling to 28.8% in 2023.

The Treasury is not able to provide the chart data in HTML at this time, but data is available in the Charts and Data MS Excel file available for download at Budget Economic and Fiscal Update (BEFU) 2019.

Return to Figure 2.3 – Core Crown expenses in the BEFU 2019 HTML version.

Text description for Figure 2.4 – Core Crown expenses annual growth and the level of Budget allowances

The Treasury lists here selected points describing chart Figure 2.4 – Core Crown expenses annual growth and the level of Budget allowances from its Budget Economic and Fiscal Update (BEFU) 2019:

• Chart shows two series: operating allowances in nominal terms (on a bar chart) and core Crown expenses annual growth in percentage terms (on a line chart). Both show actuals since 2009 and forecast to 2023.
• It shows the level of allowances are a key driver to annual growth in core Crown expenses.
• Over the last 5 years core Crown expense growth has averaged 2.9% and allowances have averaged $1.4 billion.

The Treasury is not able to provide the chart data in HTML at this time, but data is available in the Charts and Data MS Excel file available for download at Budget Economic and Fiscal Update (BEFU) 2019.

Return to Figure 2.4 – Core Crown expenses annual growth and the level of Budget allowances in the BEFU 2019 HTML version.

Text description for Figure 2.5 – Core Crown expenses with allowance break-down

The Treasury lists here selected points describing chart Figure 2.5 – Core Crown expenses with allowance break-down from its Budget Economic and Fiscal Update (BEFU) 2019:

• Chart shows one series: forecast core Crown expense growth each year in nominal terms from 2019 to 2023 broken down by key driver of annual change.
• Core Crown expenses are forecast to increase each year from $6.7 billion in 2019 to $25.1 billion by 2022.
• Budget decisions made, allowances for future decisions and social assistance spending are the primary drivers of this increase.

The Treasury is not able to provide the chart data in HTML at this time, but data is available in the Charts and Data MS Excel file available for download at Budget Economic and Fiscal Update (BEFU) 2019.

Return to Figure 2.5 – Core Crown expenses with allowance break-down in the BEFU 2019 HTML version.

Text description for Figure 2.6 – Growth of New Zealand Superannuation recipients and expenses

The Treasury lists here selected points describing chart Figure 2.6 – Growth of New Zealand Superannuation recipients and expenses from its Budget Economic and Fiscal Update (BEFU) 2019:

• Chart shows two series: New Zealand Superannuation (NZS) recipients (bar chart) and expenses in nominal term (line chart). Both show actuals since 2009 and forecast to 2023.
• NZS recipients increase gradually from 522,000 people in 2009 and are forecast to reach 873,000 people in 2023.
• NZS expenses in nominal terms increase gradually from $7.7 billion in 2009 and are forecast to reach $18.5 billion in 2023.

The Treasury is not able to provide the chart data in HTML at this time, but data is available in the Charts and Data MS Excel file available for download at Budget Economic and Fiscal Update (BEFU) 2019.

Return to Figure 2.6 – Growth of New Zealand Superannuation recipients and expenses in the BEFU 2019 HTML version.

Text description for Figure 2.7 – Components of OBEGAL by segment

The Treasury lists here selected points describing chart Figure 2.7 – Components of OBEGAL by segment from its Budget Economic and Fiscal Update (BEFU) 2019:

• Chart shows two series: annual OBEGAL by segment (Core Crown, Crown entities and SOEs) (on a stacked bar chart) and annual crown OBEGAL after intersegment eliminations (on a line chart). Both show actuals since 2009 and forecast to 2023 in nominal terms.
• OBEGAL was a low of -$18.4 billion in 2011 and returned to surplus in 2015. Surpluses are forecast reaching $6.1 billion in 2023.
• The core Crown is the biggest contributor of all segments in OBEGAL and it was in deficit between 2009 and 2014.

The Treasury is not able to provide the chart data in HTML at this time, but data is available in the Charts and Data MS Excel file available for download at Budget Economic and Fiscal Update (BEFU) 2019.

Return to Figure 2.7 – Components of OBEGAL by segment in the BEFU 2019 HTML version.

Text description for Figure 2.8 – Components of operating balance

The Treasury lists here selected points describing chart Figure 2.8 – Components of operating balance from its Budget Economic and Fiscal Update (BEFU) 2019:

• Chart shows three series: annual OBEGAL and net gains and losses (on a bar chart), and operating balance (on a line chart) for 2018 actuals and forecast to 2023 in nominal terms.
• OBEGAL is forecast to decrease from $5.5 billion in 2018 to $1.3 billion in 2020 before reaching $6.1 billion in 2023.
• Operating balance is forecast to decrease to -$0.3 billion in 2019 then increase gradually to $10.9 billion in 2023.

The Treasury is not able to provide the chart data in HTML at this time, but data is available in the Charts and Data MS Excel file available for download at Budget Economic and Fiscal Update (BEFU) 2019.

Return to Figure 2.8 – Components of operating balance in the BEFU 2019 HTML version.

Text description for Figure 2.9 – Operating balance indicators and fiscal impulse

The Treasury lists here selected points describing chart Figure 2.9 – Operating balance indicators and fiscal impulse from its Budget Economic and Fiscal Update (BEFU) 2019:

• Chart shows three series: the fiscal impulse, operating balance before gains and losses (OBEGAL), and the cyclically-adjusted balance (CAB), both actuals from June 2009 and forecasts to June 2023, each expressed as percentage of GDP.
• The profile of OBEGAL and the CAB are broadly similar across the forecast period, with both forecast to be 1.7% of GDP in 2023.
• The fiscal impulse is forecast to be near zero in the year ending June 2020, and moderately negative thereafter.

The Treasury is not able to provide the chart data in HTML at this time, but data is available in the Charts and Data MS Excel file available for download at Budget Economic and Fiscal Update (BEFU) 2019.

Return to Figure 2.9 – Operating balance indicators and fiscal impulse in the BEFU 2019 HTML version.

Text description for Figure 2.10 – Core Crown residual cash

The Treasury lists here selected points describing chart Figure 2.10 – Core Crown residual cash from its Budget Economic and Fiscal Update (BEFU) 2019:

• Chart shows three series: annual operating cashflow, annual capital cashflow, and annual residual cash in nominal terms, all as actuals since 2018 and forecast to 2023.
• Residual cash deficit is forecast to be at the lowest (-$4.3 billion) in 2021 before returning to surplus at $1.2 billion in 2023.
• Capital cashflows exceed operating cashflows until 2023 when residual cash returns to surplus.

The Treasury is not able to provide the chart data in HTML at this time, but data is available in the Charts and Data MS Excel file available for download at Budget Economic and Fiscal Update (BEFU) 2019.

Return to Figure 2.10 – Core Crown residual cash in the BEFU 2019 HTML version.

Text description for Figure 2.11 – Net core Crown debt

The Treasury lists here selected points describing chart Figure 2.11 – Net core Crown debt from its Budget Economic and Fiscal Update (BEFU) 2019:

• Chart shows two series: annual core Crown net debt in nominal terms (bar chart) and as percentage of GDP (line chart). Both show actuals since 2009 and forecast to 2023.
• Net core Crown debt as percentage of GDP was at its highest (25.5%) in 2013 and is forecast to decrease to 18.7% by 2023.
• Net debt in nominal term is forecast to increase, peaking at $69.9 billion in 2022 and decreasing to $68.5 billion in 2023.

The Treasury is not able to provide the chart data in HTML at this time, but data is available in the Charts and Data MS Excel file available for download at Budget Economic and Fiscal Update (BEFU) 2019.

Return to Figure 2.11 – Net core Crown debt in the BEFU 2019 HTML version.

Text description for Figure 2.12 – Gross debt

The Treasury lists here selected points describing chart Figure 2.12 – Gross debt from its Budget Economic and Fiscal Update (BEFU) 2019:

• Chart shows two series: annual gross debt in nominal terms (bar chart) and as percentage of GDP (line chart). Both show actuals since 2009 and forecast to 2023.
• Gross debt as percentage of GDP peaked at 27% in 2012 and is forecast to decrease to 25.3% in 2023.
• Gross debt in nominal terms is forecast to increase over the forecast period, and peak at $96.8 billion in 2022 before decreasing.

The Treasury is not able to provide the chart data in HTML at this time, but data is available in the Charts and Data MS Excel file available for download at Budget Economic and Fiscal Update (BEFU) 2019.

Return to Figure 2.12 – Gross debt in the BEFU 2019 HTML version.

Text description for Figure 2.13 – Net worth attributable to the Crown

The Treasury lists here selected points describing chart Figure 2.13 – Net worth attributable to the Crown from its Budget Economic and Fiscal Update (BEFU) 2019:

• Chart shows two series: Net worth attributable to the Crown (NWAC) in nominal terms (bar chart) and as percentage of GDP (line chart). Both show actuals since 2009 and forecast to 2023.
• NWAC as percentage of GDP was at its lowest at 27.6% in 2012 and is forecast to increase to 43.9% by 2023.
• NWAC in nominal terms is forecast to increase over the forecast period to stand at $160.8 billion in 2023.

The Treasury is not able to provide the chart data in HTML at this time, but data is available in the Charts and Data MS Excel file available for download at Budget Economic and Fiscal Update (BEFU) 2019.

Return to Figure 2.13 – Net worth attributable to the Crown in the BEFU 2019 HTML version.

Text description for Figure 2.14 – Increase in PPE by asset class

The Treasury lists here selected points describing chart Figure 2.14 – Increase in PPE by asset class from its Budget Economic and Fiscal Update (BEFU) 2019:

• Chart shows one series: Total forecast changes in property, plant and equipment (PPE) by asset class across the forecast period (2019-2023).
• The Buildings asset class is forecast to have the biggest increase in PPE over the forecast period at a $6.2 billion increase.
• Electricity generation assets is forecast to decrease by $1.3 billion over the forecast period.

The Treasury is not able to provide the chart data in HTML at this time, but data is available in the Charts and Data MS Excel file available for download at Budget Economic and Fiscal Update (BEFU) 2019.

Return to Figure 2.14 – Increase in PPE by asset class in the BEFU 2019 HTML version.

Text description for Figure 2.15 – Borrowings by segments

The Treasury lists here selected points describing chart Figure 2.15 – Borrowings by segments from its Budget Economic and Fiscal Update (BEFU) 2019:

• Chart shows one series: total Crown borrowings by segments (core Government, Crown entity and SOE) (stacked bar chart). It shows actuals since 2009 and forecast to 2023.
• Total borrowings increased from $62 billion in 2009 to $115.7 billion in 2018 and is forecast to be $130.7 billion in 2023.
• Core Government has the highest borrowings across all segments actuals since June 2009 and forecast to June 2023.

The Treasury is not able to provide the chart data in HTML at this time, but data is available in the Charts and Data MS Excel file available for download at Budget Economic and Fiscal Update (BEFU) 2019.

Return to Figure 2.15 – Borrowings by segments in the BEFU 2019 HTML version.

Chapter 3 - Risks and Scenarios

Text description for Figure 3.1 – Lower consumption growth

The Treasury lists here selected points describing chart Figure 3.1 – Lower consumption growth from its Budget Economic and Fiscal Update (BEFU) 2019:

• Chart shows two series: annual average percentage changes in real private consumption: BEFU 2019 forecasts and Scenario One, both actuals since September 2011 and forecast to June 2023.
• The BEFU 2019 forecast for real private consumption growth is a slight acceleration from 3.3% in December 2018 to 3.6% in June 2019, followed by a gradual decline to 2.7% by June 2023.
• Under Scenario One, real private consumption growth is forecast to drop from 3.6% in June 2019 to 2.6% by December 2020, staying flat through to June 2023.

The Treasury is not able to provide the chart data in HTML at this time, but data is available in the Charts and Data MS Excel file available for download at Budget Economic and Fiscal Update (BEFU) 2019.

Return to Figure 3.1 – Lower consumption growth in the BEFU 2019 HTML version.

Text description for Figure 3.2 – Lower nominal GDP growth

The Treasury lists here selected points describing chart Figure 3.2 – Lower nominal GDP growth from its Budget Economic and Fiscal Update (BEFU) 2019:

• Chart shows two series: BEFU 2019 and Scenario One forecasts of annual average percentage changes in nominal GDP, both actuals since September 2011 and forecast to June 2023.
• The BEFU 2019 forecast for nominal GDP growth is a slight acceleration from 3.9% in December 2018 to 5.9% in September 2020, followed by a gradual decline to 4.7% by June 2023.
• Under Scenario One, nominal GDP growth is forecast to accelerate by less (from 3.9% in December 2018 to 5.1% in September 2021), before declining to 4.7% by June 2023.

The Treasury is not able to provide the chart data in HTML at this time, but data is available in the Charts and Data MS Excel file available for download at Budget Economic and Fiscal Update (BEFU) 2019.

Return to Figure 3.2 – Lower nominal GDP growth in the BEFU 2019 HTML version.

Text description for Figure 3.3 – Higher interest rates and TWI

The Treasury lists here selected points describing chart Figure 3.3 – Higher interest rates and TWI from its Budget Economic and Fiscal Update (BEFU) 2019:

• Chart shows four series: BEFU 2019 and Scenario Two forecasts (right side) of 90-day interest rates and the trade-weighted index. All actuals since September 2010 and forecast to June 2023.
• For BEFU 2019, the 90-day interest rate is forecast to increase to 2.6% by June 2023, while the TWI is forecast to stay flat at around 74 through to June 2023.
• Under Scenario Two, the 90-day interest rate is forecast to increase by more (to 3.2% by June 2023), while the TWI is forecast to increase to 78.6 by December 2021, staying roughly flat thereafter.

The Treasury is not able to provide the chart data in HTML at this time, but data is available in the Charts and Data MS Excel file available for download at Budget Economic and Fiscal Update (BEFU) 2019.

Return to Figure 3.3 – Higher interest rates and TWI in the BEFU 2019 HTML version.

Text description for Figure 3.4 – Net core Crown debt to GDP

The Treasury lists here selected points describing chart Figure 3.4 – Net core Crown debt to GDP from its Budget Economic and Fiscal Update (BEFU) 2019:

• Chart shows three series: BEFU 2019, Scenario One and Scenario Two forecasts of net core crown debt to GDP
• The BEFU 2019 forecast for net core crown debt to GDP shows an increase from 20.1% (2019) to 20.7% (2021), before declining to 18.7% (2023).
• Under Scenario One, net core crown debt to GDP increases to 21.4% (2021) and settles at 20.2% (2023). Under Scenario Two, net core crown debt stays broadly flat until 2021 before declining to 17.3% (2023).

The Treasury is not able to provide the chart data in HTML at this time, but data is available in the Charts and Data MS Excel file available for download at Budget Economic and Fiscal Update (BEFU) 2019.

Return to Figure 3.4 – Net core Crown debt to GDP in the BEFU 2019 HTML version.