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Economic and fiscal update

Budget Economic and Fiscal Update 2020 - Chart Descriptions

The Treasury has prepared text descriptions highlighting selected data points for charts in its Budget Economic and Fiscal Update (BEFU) 2020.

This is to improve impaired users’ access to the information conveyed in the charts. At this stage we are not able to provide all the data points in an HTML table, but this chart data is available for download in the BEFU Charts and Data MS Excel provided at Budget Economic and Fiscal Update 2020.

Executive Summary

Text description for Figure 1 – OBEGAL and Cyclically Adjusted Balance

The Treasury lists here selected points describing chart Figure 1 – OBEGAL and Cyclically Adjusted Balance from its Budget Economic and Fiscal Update (BEFU) 2020:

  • Chart shows 5 series: the operating balance before gains and losses, the COVID-19 fiscal support measures, the automatic stabilisers, the cyclically adjusted balance and the cyclically adjusted balance excluding COVID-19 fiscal support measures. All by year, as a percentage of GDP.
  • The cyclically adjusted balance troughs at -6.5% in 2019/20, then in 2022/23 increases to -0.7% in 2023/24.
  • The cyclically adjusted balance excluding COVID-19 fiscal support measures decreases from 0.4% in 2019/20 to -1.1% in 2021/22, then increases to -0.4% in 2023/24.

Return to Figure 1 – OBEGAL and Cyclically Adjusted Balance in the BEFU 2020 HTML version.

Text description for Figure 2 – Fiscal Impulse

The Treasury lists here selected points describing chart Figure 2 – Fiscal Impulse from its Budget Economic and Fiscal Update (BEFU) 2020:

  • Chart shows 1 series: The fiscal impulse by year as a percentage of GDP.
  • The fiscal impulse peaks at 6.6% in 2019/20, then decreases to -3.2% in 2023/24.

Return to Figure 2 – Fiscal Impulse in the BEFU 2020 HTML version.

Chapter 1 - Economic Outlook

Text description for Figure 1.1 – Heavy traffic movements and border crossings

The Treasury lists here selected points describing chart Figure 1.1 – Heavy traffic movements and border crossings from its Budget Economic and Fiscal Update (BEFU) 2020:

  • Chart shows two series: the number of international arrivals and heavy traffic counts between 3 February and 17 April 2020.
  • Border crossings trend downwards gradually from 15,000 to around 10,000 before dropping sharply on 16 March to about 3,000 and then falling more gradually thereafter to almost 0.
  • Weekly heavy vehicle counts mostly fluctuate between 12,000 and 14,000 before dropping sharply on 26 March to around 4,000.

Return to Figure 1.1 – Heavy traffic movements and border crossings in the BEFU 2020 HTML version.

Text description for Figure 1.2 – Real GDP

The Treasury lists here selected points describing chart Figure 1.2 – Real GDP from its Budget Economic and Fiscal Update (BEFU) 2020:

  • Chart shows three series: quarterly real GDP in $billions for the 2020 Budget Update, the Budget update with full CRRF included and the Half Year Update, from June 2006 to June 2024.
  • Real GDP drops from $64 billion in the December 2019 quarter to around $49 billion in the June 2020 quarter in the main and full CRRF included forecasts.
  • Real GDP rises at a faster rate when the full CRRF is included, but both reach a similar level to the Half Year Update (about $71 billion) in the June 2024 quarter.

Return to Figure 1.2 – Real GDP in the BEFU 2020 HTML version.

Text description for Figure 1.3 – COVID-19 related fiscal support

The Treasury lists here selected points describing chart Figure 1.3 – COVID-19 related fiscal support from its Budget Economic and Fiscal Update (BEFU) 2020:

  • Chart shows two series: annual fiscal support for the main and full CRRF forecasts for years ending June, from 2020 to 2024.
  • Fiscal support drops from $21.3 billion in 2020 to $9.4 billion in 2021 and then more gradually to $0.2 billion in 2023.
  • In the full CRRF forecast, fiscal support drops more gradually from $21.3 billion in 2020 to $1 billion by 2024.

Return to Figure 1.3 – COVID-19 related fiscal support in the BEFU 2020 HTML version.

Text description for Figure 1.4 – Unemployment

The Treasury lists here selected points describing chart Figure 1.4 – Unemployment from its Budget Economic and Fiscal Update (BEFU) 2020:

  • Chart shows three series: the unemployment rate as a % of the labour force in our Half Year Update, our Budget Update and our Budget Update including the full CRRF from June 2006 to June 2024.
  • In the Budget Update and Budget Update including full CRRF forecasts the unemployment rate reaches almost 10% before dropping to 4.8% and 4.4% respectively.
  • The unemployment rate drops faster when the full CRRF is included.

Return to Figure 1.4 – Unemployment in the BEFU 2020 HTML version.

Text description for Figure 1.5 – Global growth

The Treasury lists here selected points describing chart Figure 1.5 – Global growth from its Budget Economic and Fiscal Update (BEFU) 2020:

  • Chart shows four series: annual average percentage change for trading partner growth, global growth and weaker trading partner and global growth scenarios from 2005 to 2023.
  • Annual average percentage change is lowest (almost -6%) in the year ending December 2020 before recovering to around -1.5% in 2021 in both weaker scenarios.
  • Annual average percentage change is -2.2% and -3% in 2020 for trading partner and global growth respectively before recovering to 7.1% and 5.8% in 2021.

Return to Figure 1.5 – Global growth in the BEFU 2020 HTML version.

Text description for Figure 1.6 – Terms of trade and TWI

The Treasury lists here selected points describing chart Figure 1.6 – Terms of trade and TWI from its Budget Economic and Fiscal Update (BEFU) 2020:

  • Chart shows two series: the goods terms of trade and the trade weighted index from June 2006 to June 2024.
  • The goods terms of trade has been trending upwards since 2006 but is expected to level out over the remainder of the forecast period.
  • The trade weighted index is expected to fall to around 64 in September 2021 before recovering and reaching around 70 at the end of the forecast period.

Return to Figure 1.6 – Terms of trade and TWI in the BEFU 2020 HTML version.

Text description for Figure 1.7 – CPI inflation

The Treasury lists here selected points describing chart Figure 1.7 – CPI inflation from its Budget Economic and Fiscal Update (BEFU) 2020:

  • Chart shows three series: annual percentage change for CPI in our Half Year Update, our Budget Update and our Budget Update including the full CRRF from June 2006 to June 2024.
  • In the Budget Update and Budget Update including full CRRF forecasts quarterly inflation falls to around 0.4% in the December 2020 quarter before rising to about 2% by June 2024.
  • The inflation rate rises faster when the full CRRF is included.

Return to Figure 1.7 – CPI inflation in the BEFU 2020 HTML version.

Text description for Figure 1.8 – Nominal GDP

The Treasury lists here selected points describing chart Figure 1.8 – Nominal GDP from its Budget Economic and Fiscal Update (BEFU) 2020:

  • Chart shows three series: annual nominal GDP in $billions for the 2020 Budget Update, the Budget update with full CRRF included and the Half Year Update, from June 2006 to June 2024.
  • Nominal GDP is forecast to drop from $314 billion in the March 2020 quarter to around $275 billion in the March 2021 quarter in the main and full CRRF included forecasts.
  • Nominal GDP rises at a faster rate when the full CRRF is included, but both reach a similar level (about $375 billion) in the June 2024 quarter.

Return to Figure 1.8 – Nominal GDP in the BEFU 2020 HTML version.

Text description for Figure 1.9 – Household assets

The Treasury lists here selected points describing chart Figure 1.9 – Household assets from its Budget Economic and Fiscal Update (BEFU) 2020:

  • Chart shows three series: Housing as a share of total assets, housing and land value as a share of disposable income, and financial assets as a share of disposable income.
  • Housing and land value as a share of disposable income increased from around 250% in 1999 to around 450% in 2019.
  • Financial assets as a share of disposable income has been relatively flat, increasing from just over 400% in 1999 to just over 500% in 2019.

Return to Figure 1.9 – Household assets in the BEFU 2020 HTML version.

Text description for Figure 1.10 – House prices and consumption

The Treasury lists here selected points describing chart Figure 1.10 – House prices and consumption from its Budget Economic and Fiscal Update (BEFU) 2020:

  • Chart shows two series: Annual average % change in QV house price index, and annual average % change in private consumption.
  • The two series move quite closely together from 1991 to 2019, with house prices on a separate axis because the movements are larger.
  • A forecast line at September 2019 indicates the latest available data. After this point, both series fall substantially.

Return to Figure 1.10 – House prices and consumption in the BEFU 2020 HTML version.

Text description for Figure 1.11 – Household debt and debt servicing

The Treasury lists here selected points describing chart Figure 1.11 – Household debt and debt servicing from its Budget Economic and Fiscal Update (BEFU) 2020:

  • Chart shows two series: Household financial liabilities as a % of disposable income, and total interest payments as a % of disposable income.
  • Between 1998 and 2019, household financial liabilities rose from 100% of disposable income to just over 160%.
  • Total interest payments rose between 1999 and and 2008, from 8% to 14% of disposable income, before falling to a low of just over 7% in 2019.

Return to Figure 1.11 – Household debt and debt servicing in the BEFU 2020 HTML version.

Text description for Figure 1.12 – Share of discretionary spending in private consumption

The Treasury lists here selected points describing chart Figure 1.12 – Share of discretionary spending in private consumption from its Budget Economic and Fiscal Update (BEFU) 2020:

  • Chart shows 13 series: A pie chart shows 13 components of household spending and their relative share of private consumption.
  • The chart is separated into two parts: non-discretionary spending, which includes five components, and discretionary spending, which includes eight.
  • The largest components of non-discretionary spending are housing/utilities and food/beverages; the largest components of discretionary spending are transport and recreation/culture.

Return to Figure 1.12 – Share of discretionary spending in private consumption in the BEFU 2020 HTML version.

Text description for Figure 1.13 – Household saving

The Treasury lists here selected points describing chart Figure 1.13 – Household saving from its Budget Economic and Fiscal Update (BEFU) 2020:

  • Chart shows one series: household saving as a % of disposable income.
  • The series increased between 2006 and 2008, from -6% to around 0%, fell to -2% in 2009, and then rose to 2.6% in 2012.
  • The series trended downward from 2012 to 2019, ending up just below 0%.

Return to Figure 1.13 – Household saving in the BEFU 2020 HTML version.

Text description for Figure 1.14 – Inflation

The Treasury lists here selected points describing chart Figure 1.14 – Inflation from its Budget Economic and Fiscal Update (BEFU) 2020:

  • Chart shows three series: annual percentage change for CPI in our Budget Update our Budget Update including the full CRRF and the slower recovery scenario from June 2006 to June 2024.
  • In the slower recovery scenario, CPI inflation reaches a trough of -0.1% in the year to March 2021.
  • CPI inflation is lower than forecast in the Budget Update and Budget Update including the full CRRF across all of the forecast period.

Return to Figure 1.14 – Inflation in the BEFU 2020 HTML version.

Text description for Figure 1.15 – Nominal GDP

The Treasury lists here selected points describing chart Figure 1.15 – Nominal GDP from its Budget Economic and Fiscal Update (BEFU) 2020:

  • Chart shows three series: annual nominal GDP in $billions for the 2020 Budget Update, the Budget Update with full CRRF included and the slower recovery scenario, from June 2006 to June 2024.
  • Nominal GDP in the slower recovery scenario reaches a trough of $266 billion in the March 2021 quarter, $8 billion less than the trough reached in the Budget Update forecast.
  • Nominal GDP reaches $346.6 billion at the end of the forecast period, around $30 billion lower than the levels reached in the Budget Update and Budget Update with full CRRF forecasts.

Return to Figure 1.15 – Nominal GDP in the BEFU 2020 HTML version.

Text description for Figure 1.16 – Unemployment rate

The Treasury lists here selected points describing chart Figure 1.16 – Unemployment rate from its Budget Economic and Fiscal Update (BEFU) 2020:

  • Chart shows three series: the unemployment rate as a % of the labour force in our Budget Update, our Budget Update with the full CRRF and the moderated impact scenario from June 2006 to June 2024.
  • Unemployment peaks at 9.7% in the September 2020 quarter in the moderated impact scenario, similar to the Budget Update and Budget Update with full CRRF forecasts.
  • The unemployment rate falls at a faster rate than the Budget Update forecast but similar to the Budget Update forecast with full CRRF, reaching 4.4% by June 2024.

Return to Figure 1.16 – Unemployment rate in the BEFU 2020 HTML version.

Text description for Figure 1.17 – Net core Crown debt to GDP

The Treasury lists here selected points describing chart Figure 1.17 – Net core Crown debt to GDP from its Budget Economic and Fiscal Update (BEFU) 2020:

  • Chart shows three series: net core Crown debt as a % of GDP in the Budget Update, the slower recovery scenario and the moderated impact scenario.
  • Net core Crown debt rises to over 50% of GDP in all the forecast scenarios presented, and stabilises at 53.6% of GDP by June 2024 in the Budget Update.
  • Net core Crown debt continues to rise over the forecast period in the slower recovery scenario, reaching 64.3% by June 2024.

Return to Figure 1.17 – Net core Crown debt to GDP in the BEFU 2020 HTML version.

Text description for Figure 1.18A – Real GDP

The Treasury lists here selected points describing chart Figure 1.18A – Real GDP from its Budget Economic and Fiscal Update (BEFU) 2020:

  • Chart shows one series and 2 confidence intervals: annual real GDP in $billions for the 2020 Budget Update and fan charts of the +/- 70 percent confidence interval and the +/- 90 percent confidence interval from June 2014 to June 2024.
  • Real GDP drops from $255 billion in the March 2020 quarter to around $225 billion in the March 2021 quarter and reaches $280 billion at the end of the forecast period.
  • Confidence intervals grow larger further out in the forecast period.

Return to Figure 1.18A – Real GDP in the BEFU 2020 HTML version.

Text description for Figure 1.18B – Unemployment rate

The Treasury lists here selected points describing chart Figure 1.18B – Unemployment rate from its Budget Economic and Fiscal Update (BEFU) 2020:

  • Chart shows one series and 2 confidence intervals: the unemployment rate as a % of the labour force for the 2020 Budget Update and fan charts of the +/- 70 percent confidence interval and the +/- 90 percent confidence interval from June 2014 to June 2024.
  • The unemployment rate rises to almost 10 percent in the September 2020 quarter and drops to 4.8 percent by the June 2024 quarter.
  • Confidence intervals grow larger further out in the forecast period.

Return to Figure 1.18B – Unemployment rate in the BEFU 2020 HTML version.

Text description for Figure 1.18C – CPI inflation

The Treasury lists here selected points describing chart Figure 1.18C – CPI inflation from its Budget Economic and Fiscal Update (BEFU) 2020:

  • Chart shows one series and 2 confidence intervals: annual % change in CPI inflation for the 2020 Budget Update and fan charts of the +/- 70 percent confidence interval and the +/- 90 percent confidence interval from June 2014 to June 2024.
  • The inflation rate drops from 2% in the March 2020 quarter to 0.4% in the December 2020 quarter before rising to 2% again by the June 2024 quarter.
  • Confidence intervals grow larger further out in the forecast period.

Return to Figure 1.18C – CPI inflation in the BEFU 2020 HTML version.

Text description for Figure 1.18D – Nominal GDP

The Treasury lists here selected points describing chart Figure 1.18D – Nominal GDP from its Budget Economic and Fiscal Update (BEFU) 2020:

  • Chart shows one series and 2 confidence intervals: annual nominal GDP for the 2020 Budget Update and fan charts of the +/- 70 percent confidence interval and the +/- 90 percent confidence interval from June 2014 to June 2024.
  • Nominal GDP drops from $318 billion in the March 2020 quarter to $278 billion in the March 2021 quarter before rising to $378 billion again by the June 2024 quarter.
  • Confidence intervals grow larger further out in the forecast period.

Return to Figure 1.18D – Nominal GDP in the BEFU 2020 HTML version.

Chapter 2 - Fiscal Outlook

Text description for Figure 2.1 – OBEGAL comparison

The Treasury lists here selected points describing chart Figure 2.1 – OBEGAL comparison from its Budget Economic and Fiscal Update (BEFU) 2020:

  • Chart shows two series: OBEGAL forecasts including and excluding the impact of the Government's response to COVID-19.
  • Over the forecast period, the COVID-19 response is expected to contribute $61.3 billion to the OBEGAL deficits.
  • COVID-19 is expected to have the biggest impact on OBEGAL deficits in the first three years of the forecast.

Return to Figure 2.1 – OBEGAL comparison in the BEFU 2020 HTML version.

Text description for Figure 2.2 – Core Crown tax revenue

The Treasury lists here selected points describing chart Figure 2.2 – Core Crown tax revenue from its Budget Economic and Fiscal Update (BEFU) 2020:

  • 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 2010 and forecast to 2024.
  • Core Crown tax revenue is forecast to decrease in 2020 and 2021, before recovering in 2022 to reach $102.1 billion in 2024.
  • As a percentage of GDP, core Crown tax revenue is around 27% since 2010 and during the forecast period.

Return to Figure 2.2 – Core Crown tax revenue in the BEFU 2020 HTML version.

Text description for Figure 2.3 – Core Crown tax revenue and nominal GDP growth

The Treasury lists here selected points describing chart Figure 2.3 – Core Crown tax revenue and nominal GDP growth from its Budget Economic and Fiscal Update (BEFU) 2020:

  • Chart shows two series: Annual core Crown tax revenue growth percentage and nominal GDP growth percentage (on a line chart). Both show actuals since 2010 and forecast to 2024.
  • Tax revenue growth is -4.8% in 2020 and -2.7% in 2021, and is then grows at an average of 8.5% from 2022 to 2024.
  • Tax revenue growth is lower than GDP growth in all years over the forecast period except 2023.

Return to Figure 2.3 – Core Crown tax revenue and nominal GDP growth in the BEFU 2020 HTML version.

Text description for Figure 2.4 – Core Crown expenses

The Treasury lists here selected points describing chart Figure 2.4 – Core Crown expenses from its Budget Economic and Fiscal Update (BEFU) 2020:

  • 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 2010 and forecast to 2024.
  • Core Crown expenses are forecast to increase by $27 billion in 2020, this is more than the total increase over the last 10 years.
  • Core Crown expenses as a percentage of GDP peak at 38.7% in 2020 before falling to 30.2% in 2024.

Return to Figure 2.4 – Core Crown expenses in the BEFU 2020 HTML version.

Text description for Figure 2.5 – Future Budget allowances available for new spending decisions

The Treasury lists here selected points describing chart Figure 2.5 – Future Budget allowances available for new spending decisions from its Budget Economic and Fiscal Update (BEFU) 2020:

  • Chart shows one series: Future Budget allowances available for new spending decisions (after pre-commitments) from 2022 to 2024 broken down by Budget.
  • New spending from future Budgets is forecast to increase expenses by $2.2 billion in 2022, reaching $7.2 billion in 2024.
  • The allowance for new operating spending is the largest in Budget 2023 at $2.6 billion per annum impacting 2024 onwards.

Return to Figure 2.5 – Future Budget allowances available for new spending decisions in the BEFU 2020 HTML version.

Text description for Figure 2.6 – Core Crown expenditure (excluding finance and welfare spending) and budget allowances

The Treasury lists here selected points describing chart Figure 2.6 – Core Crown expenditure (excluding finance and welfare spending) and budget allowances from its Budget Economic and Fiscal Update (BEFU) 2020:

  • Chart shows one series: Annual core Crown expenses in nominal terms broken down by the baseline and allowances (excluding pre-commitments), showing actuals since 2010 and forecast to 2024.
  • The expenditure baseline has increased gradually since 2015 and is forecast to grow by $7.9 billion over the forecast period.
  • Future Budget allowances (excluding amounts pre-committed) increase expenditure from 2022 onwards and total $7.4 billion by 2024.

Return to Figure 2.6 – Core Crown expenditure (excluding finance and welfare spending) and budget allowances in the BEFU 2020 HTML version.

Text description for Figure 2.7 – Social security welfare expense and recipient numbers of main benefits and NZS (New Zealand Superannuation)

The Treasury lists here selected points describing chart Figure 2.7 – Social security welfare expense and recipient numbers of main benefits and NZS (New Zealand Superannuation) from its Budget Economic and Fiscal Update (BEFU) 2020:

  • Chart shows two series: Social security welfare expense in nominal term (bar chart) and recipient numbers for main benefits and NZS (line chart). Both show actuals since 2010 and forecast to 2024.
  • Expenditure increases by $15 billion to reach $44 billion in 2020 before decreasing to $37 billion on average from 2021 to 2024.
  • Recipient numbers increase significantly in 2020 and 2021 to reach 1.7 million before falling to around 1.6 million in 2024.

Return to Figure 2.7 – Social security welfare expense and recipient numbers of main benefits and NZS (New Zealand Superannuation) in the BEFU 2020 HTML version.

Text description for Figure 2.8 – Components of OBEGAL by segment

The Treasury lists here selected points describing chart Figure 2.8 – Components of OBEGAL by segment from its Budget Economic and Fiscal Update (BEFU) 2020:

  • 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 2010 and forecast to 2024 in nominal terms.
  • Forecasts show an OBEGAL deficit in all years with a significant deficit averaging $28.4 billion between 2020 and 2022.
  • The core Crown segment is the biggest contributor to OBEGAL, followed by the Crown entities segment.

Return to Figure 2.8 – Components of OBEGAL by segment in the BEFU 2020 HTML version.

Text description for Figure 2.9 – Components of operating balance

The Treasury lists here selected points describing chart Figure 2.9 – Components of operating balance from its Budget Economic and Fiscal Update (BEFU) 2020:

  • Chart shows two series: Annual operating balance (on a line chart) and operating balance split between OBEGAL and net gains and losses (on a bar chart), for 2019 actuals and forecast to 2024 in nominal terms.
  • An operating balance deficit of $37.1 billion is forecast in 2020 before reducing to a deficit of $1.0 billion in 2024.
  • Net losses of $8.8 billion are forecast in 2020 while net gains are forecast from 2021 increasing to reach $3.9 billion in 2024.

Return to Figure 2.9 – Components of operating balance in the BEFU 2020 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) 2020:

  • Chart shows two series: Annual residual cash in nominal terms (on a line chart) and residual cash split by operating and capital cashflows (on a bar chart), for 2019 actuals and forecast to 2024.
  • Cash deficits are forecast in all years peaking at $43.3 billion deficit in 2021 and reducing to a $13.5 billion deficit by 2024.
  • Operating cash outflows contribute $93.2 billion to the forecast cash deficits while capital outflows contribute $57.8 billion.

Return to Figure 2.10 – Core Crown residual cash in the BEFU 2020 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) 2020:

  • Chart shows two series: Annual net core Crown debt in nominal terms (bar chart) and as percentage of GDP (line chart). Both show actuals since 2010 and forecast to 2024.
  • Net core Crown debt as percentage of GDP is forecast to increase from 19% in 2019 reaching a peak of 53.6% in 2023.
  • Net core Crown debt in nominal term is forecast to increase by $143.1, peaking at $200.8 billion in 2024.

Return to Figure 2.11 – Net core Crown debt in the BEFU 2020 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) 2020:

  • Chart shows two series: Annual gross debt in nominal terms (bar chart) and as percentage of GDP (line chart). Both show actuals since 2010 and forecast to 2024.
  • Gross debt as a percentage of GDP is forecast to rise rapidly and peak at 58.5% in 2024.
  • Gross debt in nominal terms is forecast to increase significantly over the forecast period, and peak at $218.8 billion in 2024.

Return to Figure 2.12 – Gross debt in the BEFU 2020 HTML version.

Text description for Figure 2.13 – Net worth

The Treasury lists here selected points describing chart Figure 2.13 – Net worth from its Budget Economic and Fiscal Update (BEFU) 2020:

  • Chart shows two series: Net worth in nominal terms (bar chart) and as percentage of GDP (line chart). Both show actuals since 2010 and forecast to 2024.
  • Net Worth as percentage of GDP is forecast to decrease across the forecast reducing from 47.2% in 2019 down to 10.3% in 2024.
  • Net Worth in nominal terms is forecast to decline over the forecast period from $143.1 billion to stand at $38.5 billion in 2024.

Return to Figure 2.13 – Net worth in the BEFU 2020 HTML version.

Text description for Figure 2.14 – Total Crown net worth

The Treasury lists here selected points describing chart Figure 2.14 – Total Crown net worth from its Budget Economic and Fiscal Update (BEFU) 2020:

  • Chart shows two series: Total asset and liabilities (on a stacked column chart), and Net Worth as percentage of GDP (on a line chart). Both show actuals since 2010 and forecast to 2024.
  • Liabilities are forecast to grow at a faster pace than assets in all years.
  • Net Worth in nominal terms is forecast to decline by over 70% over the forecast period to stand at $38.5 billion in 2024.

Return to Figure 2.14 – Total Crown net worth in the BEFU 2020 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) 2020:

  • Chart shows one series: Total Crown borrowings by segments (core Government, Crown entity and SOE) (stacked bar chart). It shows actuals since 2010 and forecast to 2024.
  • Total borrowings increased gradually between 2010 and 2019, but is expected to rise significantly across the forecast to 2024.
  • The core Government segment has the highest borrowings of the segments reaching $263.7 billion of a total $317.3 billion in 2024.

Return to Figure 2.15 – Borrowings by segments in the BEFU 2020 HTML version.

Text description for Figure 2.16 – Breakdown by functional classification of the balance sheet

The Treasury lists here selected points describing chart Figure 2.16 – Breakdown by functional classification of the balance sheet from its Budget Economic and Fiscal Update (BEFU) 2020:

  • Chart shows two series: Total assets and liabilities (on bar charts) and net worth (line graph) by functional classification (social, commercial and financial).
  • Financial net worth is negative in all years reaching negative $185 billion by 2024 as liabilities grow faster than assets.
  • Social and commercial net worth are positive with gradual increases in social net worth while commercial net worth remains static.

Return to Figure 2.16 – Breakdown by functional classification of the balance sheet in the BEFU 2020 HTML version.

Last updated: 
Monday, 25 May 2020