Economic and fiscal update

Half Year Economic and Fiscal Update 2020 - Chart Descriptions

The Treasury has prepared text descriptions highlighting selected data points for charts in its Half Year Economic and Fiscal Update (HYEFU) 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 HYEFU Charts and Data MS Excel provided at Half Year Economic and Fiscal Update 2020.

Executive Summary#

Text description for Figure 1 – OBEGAL, cyclically-adjusted balance (CAB) and structural balance#

The Treasury lists here selected points describing chart Figure 1 – OBEGAL, cyclically-adjusted balance (CAB) and structural balance from its Half Year Economic and Fiscal Update (HYEFU) 2020:

  • Chart shows 5 series: one-off expenses, automatic stabilisers, OBEGAL, CAB and structural balance, all expressed as a percentage of GDP with actuals since June 2005 and forecasts to June 2025.
  • The structural balance trends down from 2005 to 2011, then trends up until 2019 where it is around +2%. The structural balance then trends down, reaching around -1% in 2025.
  • OBEGAL trends down from 2005 to 2011, reaching -9%, then trends up until 2019 where it is around +2%. OBEGAL then falls sharply reaching -7% in 2020, then rises to around -1% in 2025.

Return to Figure 1 – OBEGAL, cyclically-adjusted balance (CAB) and structural balance in the HYEFU 2020 HTML version.

Text description for Figure 2 – Fiscal impulse and cyclically-adjusted primary balance#

The Treasury lists here selected points describing chart Figure 2 – Fiscal impulse and cyclically-adjusted primary balance from its Half Year Economic and Fiscal Update (HYEFU) 2020:

  • Chart shows 2 series: fiscal impulse and cyclically-adjusted primary balance, expressed as a percentage of GDP with actuals since June 2005 and forecasts to June 2025.
  • The fiscal impulse is above +3% in 2009, then trends down to around -2% in 2013. In 2020, the fiscal impulse is close to +5%. It trends down to around -3% in 2022, and is slightly negative in 2025.
  • The cyclically-adjusted primary balance trends down from around +4% to -2% between 2005 and 2011, rises to +2% in 2017, then falls to -6% in 2021. It then trends up towards -2% by 2025.

Return to Figure 2 – Fiscal impulse and cyclically-adjusted primary balance in the HYEFU 2020 HTML version.

Economic Outlook#

Text description for Figure 1.1 – Real production GDP#

The Treasury lists here selected points describing chart Figure 1.1 – Real production GDP from its Half Year Economic and Fiscal Update (HYEFU) 2020:

  • Chart shows two series: real GDP forecast in the Pre-election Update 2020 and in the Half Year Update 2020. Actuals from June 2007 quarter and forecasts to the June 2025 quarter are shown.
  • Actual GDP shows no growth from 2007 to 2010, then trends up until 2019. Both series show a sharp contraction in 2020, though the HYEFU forecast shows a smaller fall.
  • Both series show a sharp rise following the fall, with the HYEFU forecast rising higher. Both series then grow steadily to 2025, with HYEFU above PREFU, though both remain below the pre-2020 trend.

Return to Figure 1.1 – Real production GDP in the HYEFU 2020 HTML version.

Text description for Figure 1.2 – Real retail sales and consumption#

The Treasury lists here selected points describing chart Figure 1.2 – Real retail sales and consumption from its Half Year Economic and Fiscal Update (HYEFU) 2020:

  • Chart shows two series: actual annual percentage changes in retail sales from the June 2006 quarter to the September 2020 quarter, and actual annual percentage changes in private consumption from June 2006 to June 2020.
  • The two series follow each other closely. Both fall sharply from 2007 to 2009, reaching nearly -5%. The series then recover and average around +4% until 2020.
  • Both series fall to around -10% to -15% in the June 2020 quarter. Retail sales then rise sharply to around +7% in September 2020.

Return to Figure 1.2 – Real retail sales and consumption in the HYEFU 2020 HTML version.

Text description for Figure 1.3 – Consumers Price Index#

The Treasury lists here selected points describing chart Figure 1.3 – Consumers Price Index from its Half Year Economic and Fiscal Update (HYEFU) 2020:

  • Chart shows two series: CPI annual percentage change forecast in the Pre-election Update 2020 and in the Half Year Update 2020. Actuals from the June 2007 quarter and forecasts to the June 2025 quarter.
  • CPI inflation fluctuates between 2% and 5% from 2007 to 2012, then falls below 0.5% in 2015-16. CPI then averages around 1.5% from 2017 to 2020.
  • Both series drop below 1% in 2021, with a smaller drop in HYEFU. Both series rebound to above 1%, HYEFU rising slightly higher. Both series then approach 2%. HYEFU is above 2% in 2025.

Return to Figure 1.3 – Consumers Price Index in the HYEFU 2020 HTML version.

Text description for Figure 1.4 – Unemployment rate#

The Treasury lists here selected points describing chart Figure 1.4 – Unemployment rate from its Half Year Economic and Fiscal Update (HYEFU) 2020:

  • Chart shows two series: Unemployment rate as a percentage of the labour force forecast in the Pre-election Update 2020 and in the Half Year Update 2020. Actuals from the June 2007 quarter and forecasts to the June 2025 quarter.
  • Unemployment trends up from 2007, reaching close to 7% in 2009 and remaining flat until 2012. Unemployment then trends down, reaching 4% in 2020.
  • Both series rise sharply from 2020, with PREFU rising higher. Both series peak in 2022, PREFU at 7.8% and HYEFU at 6.9%. Both series then trend down, HYEFU reaching 4% in 2025.

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

Text description for Figure 1.5 – Labour force participation rate#

The Treasury lists here selected points describing chart Figure 1.5 – Labour force participation rate from its Half Year Economic and Fiscal Update (HYEFU) 2020:

  • Chart shows two series: Labour force participation rate as a percentage of the working-age population in the Pre-election Update 2020 and the Half Year Update 2020. Actuals from the June 2007 quarter and forecasts to the June 2025 quarter.
  • Participation trends up from the March 2013 quarter, reaches a peak in the September 2017 quarter then falls, reaching a low in 2020 and trending back up in the forecast period.
  • The HYEFU forecast has a higher starting point and has a less steep upward trend in the forecast period compared to PREFU, but reaches a higher peak of 71.2% by the June 2025 quarter.

Return to Figure 1.5 – Labour force participation rate in the HYEFU 2020 HTML version.

Text description for Figure 1.6 – Jobseeker Support recipients#

The Treasury lists here selected points describing chart Figure 1.6 – Jobseeker Support recipients from its Half Year Economic and Fiscal Update (HYEFU) 2020:

  • Chart shows two series: Jobseeker support as a percentage of the working-age population for Māori, NZ European, Pacific peoples and all other ethnicities for October 2019 and October 2020.
  • Jobseeker support is higher for all groups in October 2020 compared to October 2019.
  • Jobseeker support is highest for Māori in both years, followed by Pacific peoples.

Return to Figure 1.6 – Jobseeker Support recipients in the HYEFU 2020 HTML version.

Text description for Figure 1.7 – Components of underutilisation by sex#

The Treasury lists here selected points describing chart Figure 1.7 – Components of underutilisation by sex from its Half Year Economic and Fiscal Update (HYEFU) 2020:

  • Chart shows four series: Underutilisation rate, underemployed, official unemployed and potential labour force for males and females for the March 2020 and September 2020 quarters.
  • Underemployment is the main driver of the higher underutilisation rate in September 2020 compared to March 2020 for both males and females.
  • Underutilisation is highest for females in the September 2020 quarter at 16.2%, with underemployment reaching 6.3% and unemployment reaching 5.6%.

Return to Figure 1.7 – Components of underutilisation by sex in the HYEFU 2020 HTML version.

Text description for Figure 1.8 – Change in unemployment rate since September 2019#

The Treasury lists here selected points describing chart Figure 1.8 – Change in unemployment rate since September 2019 from its Half Year Economic and Fiscal Update (HYEFU) 2020:

  • Chart shows one series: The change in the unemployment rate since September 2019 by age group for 6 age groups.
  • The unemployment rate for all groups is higher.
  • The change in the unemployment rate is highest for 15-24 year olds, at 2.7%, followed by 55-64 year olds at 1.2% and lowest for 65+ at 0.2%.

Return to Figure 1.8 – Change in unemployment rate since September 2019 in the HYEFU 2020 HTML version.

Text description for Figure 1.9 – Change in labour force status since September 2019#

The Treasury lists here selected points describing chart Figure 1.9 – Change in labour force status since September 2019 from its Half Year Economic and Fiscal Update (HYEFU) 2020:

  • Chart shows four series: European, Māori, Pacific peoples and Asian change in labour force status since September 2019.
  • The change in the employment rate is most negative for Māori (-1.8%), followed by European (-1.5%) and only positive for Pacific Peoples (0.4%).
  • Not in the labour force is highest for Māori (1.4%), followed by European (0.7%) and lowest for Pacific Peoples (-0.9%).

Return to Figure 1.9 – Change in labour force status since September 2019 in the HYEFU 2020 HTML version.

Text description for Figure 1.10 – Real private consumption#

The Treasury lists here selected points describing chart Figure 1.10 – Real private consumption from its Half Year Economic and Fiscal Update (HYEFU) 2020:

  • Chart shows two series: Annual average growth in real private consumption for the Pre-election Update and the Half Year Update between the June 2006 and June 2025 quarters.
  • Both series reach a trough in the March 2021 quarter, then bounce back sharply, reaching a peak in the March 2022 quarter, before trending back to around 3%.
  • The PREFU series reaches a trough of -6.4% while the HYEFU series reaches a trough of -4.6%. The PREFU series reaches a peak of 7.0% while the HYEFU series reaches a peak of 5.6%.

Return to Figure 1.10 – Real private consumption in the HYEFU 2020 HTML version.

Text description for Figure 1.11 – House prices#

The Treasury lists here selected points describing chart Figure 1.11 – House prices from its Half Year Economic and Fiscal Update (HYEFU) 2020:

  • Chart shows two series: CoreLogic House Price Index forecasts in the Half Year Update and the Pre-election Update.
  • House prices are forecast to continue rising over the forecast period in the Half Year Update.
  • House prices were forecast to fall in the December 2020 quarter through to the June 2021 quarter in the Pre-election Update before growing over the rest of the forecast period.

Return to Figure 1.11 – House prices in the HYEFU 2020 HTML version.

Text description for Figure 1.12 – Dwelling and population growth#

The Treasury lists here selected points describing chart Figure 1.12 – Dwelling and population growth from its Half Year Economic and Fiscal Update (HYEFU) 2020:

  • Chart shows two series: annual percent change in the resident population and total dwellings.
  • Growth in total dwellings was able to broadly match or exceed population growth between June 1992 and June 2013.
  • High population growth since 2013 has outpaced the rate of dwelling growth, contributing to higher house prices in the past past decade.

Return to Figure 1.12 – Dwelling and population growth in the HYEFU 2020 HTML version.

Text description for Figure 1.13 – Household debt and debt servicing#

The Treasury lists here selected points describing chart Figure 1.13 – Household debt and debt servicing from its Half Year Economic and Fiscal Update (HYEFU) 2020:

  • Chart shows three series: Debt servicing as a percentage of disposable income, the effective interest rate and household debt as a percentage of disposbale income.
  • Household debt has exceeded 100% of disposable income since the December 1998 quarter and reached 162.7% of disposable income by the September 2020 quarter.
  • Falling interest rates since the Global Financial Crisis mean that the effective interest rate and debt servicing as a percentage of disposable income reached record lows in 2020.

Return to Figure 1.13 – Household debt and debt servicing in the HYEFU 2020 HTML version.

Text description for Figure 1.14 – Real investment#

The Treasury lists here selected points describing chart Figure 1.14 – Real investment from its Half Year Economic and Fiscal Update (HYEFU) 2020:

  • Chart shows two series: Real business and residential investment in billion of dollars, using 2009/10 prices.
  • Real residential investment is forecast to bounce back strongly in the September 2020 quarter, but is expected to remain below pre-pandemic levels until late 2022.
  • Real business investment is forecast to remain subdued for much of the forecast period, requiring until the first half of 2023 to return to pre-pandemic levels.

Return to Figure 1.14 – Real investment in the HYEFU 2020 HTML version.

Text description for Figure 1.15 – Real private consumption#

The Treasury lists here selected points describing chart Figure 1.15 – Real private consumption from its Half Year Economic and Fiscal Update (HYEFU) 2020:

  • Chart shows three series: The level of real private consumption in the main forecast compared with the two scenarios, expressed in billions of dollars at 2009/10 prices.
  • Real private consumption is higher across the forecast period in the upside scenario, ending up $0.2 billion higher in the June 2025 quarter compared to the main forecast.
  • Real private consumption is lower in the near term of the downside scenario, but then recovers to be broadly in line with the main forecast from the March 2022 quarter.

Return to Figure 1.15 – Real private consumption in the HYEFU 2020 HTML version.

Text description for Figure 1.16 – Real production GDP#

The Treasury lists here selected points describing chart Figure 1.16 – Real production GDP from its Half Year Economic and Fiscal Update (HYEFU) 2020:

  • Chart shows three series: Real production GDP in billions of dollars expressed in 2009/10 prices for the main forecast and the two scenarios.
  • Real production GDP is higher across the forecast period in the upside scenario, ending around $0.2 billion higher in the June 2025 quarter compared to the main forecast.
  • Real production GDP falls to $61.6 billion in the June 2021 quarter in the downside scenario before rising over the remainder of the forecast period, but remains below the level in the main forecast.

Return to Figure 1.16 – Real production GDP in the HYEFU 2020 HTML version.

Text description for Figure 1.17 – Unemployment rate#

The Treasury lists here selected points describing chart Figure 1.17 – Unemployment rate from its Half Year Economic and Fiscal Update (HYEFU) 2020:

  • Chart shows three series: The unemployment rate as a percentage of the labour force for the main forecast and the two scenarios.
  • The unemployment rate peaks at 8.5% in the downside scenario, compared to 6.9% in the main forecast.
  • In the upside scenario, the unemployment rate peaks at a lower rate of 6.2% and ends the forecast period at a lower rate than in the main forecast.

Return to Figure 1.17 – Unemployment rate in the HYEFU 2020 HTML version.

Text description for Figure 1.18 – Net core Crown debt to GDP ratio#

The Treasury lists here selected points describing chart Figure 1.18 – Net core Crown debt to GDP ratio from its Half Year Economic and Fiscal Update (HYEFU) 2020:

  • Chart shows three series: the net core Crown debt ratio to GDP for the main forecast and the two scenarios for the 12 months ending June from 2019 to 2025.
  • In the main forecast, net core Crown debt increases to 52.6% of GDP by 2023, before falling to 46.9% of GDP by the end of the forecast period.
  • Net core Crown debt reaches 49.4% of GDP by the end of the forecast period in the downside scenario and 44.3% of GDP in the upside.

Return to Figure 1.18 – Net core Crown debt to GDP ratio in the HYEFU 2020 HTML version.

Text description for Figure 1.19 – Goods terms of trade and TWI#

The Treasury lists here selected points describing chart Figure 1.19 – Goods terms of trade and TWI from its Half Year Economic and Fiscal Update (HYEFU) 2020:

  • Chart shows two series: the goods terms of trade index and the trade-weighted exchange rate index.
  • The goods terms of trade has increased to record-high levels, but are expected to weaken in the short term owing to global demand weakness.
  • The trade-weighted index (TWI) has been stronger than expected as a result of improved global risk appetite, and is assumed to remain relatively stable over the forecast period.

Return to Figure 1.19 – Goods terms of trade and TWI in the HYEFU 2020 HTML version.

Text description for Figure 1.20 – Goods exports and imports#

The Treasury lists here selected points describing chart Figure 1.20 – Goods exports and imports from its Half Year Economic and Fiscal Update (HYEFU) 2020:

  • Chart shows two series: goods imports and goods exports in nominal terms.
  • Goods imports declined by much more than goods exports in the June 2020 quarter, which resulted in a record trade surplus.
  • Both goods exports and imports are expected to recover over the forecast period, but with imports recovering at a quicker pace.

Return to Figure 1.20 – Goods exports and imports in the HYEFU 2020 HTML version.

Text description for Figure 1.21 – Current account balance and its components#

The Treasury lists here selected points describing chart Figure 1.21 – Current account balance and its components from its Half Year Economic and Fiscal Update (HYEFU) 2020:

  • Chart shows five series: the current account balance, the goods balance, the services balance, the primary income balance and the secondary income balance, all as percentages of GDP.
  • The trade balance is forecast to move back into deficit in early 2021, with imports of goods recovering at a quicker pace than exports of goods.
  • The services balance is forecast to deteriorate further due to the lack of international visitor arrivals.

Return to Figure 1.21 – Current account balance and its components in the HYEFU 2020 HTML version.

Text description for Figure 1.22 – Real GDP in selected countries#

The Treasury lists here selected points describing chart Figure 1.22 – Real GDP in selected countries from its Half Year Economic and Fiscal Update (HYEFU) 2020:

  • Chart shows six series: the real GDP levels in Australia, China, the euro area, Japan, the United Kingdom and the United States, all indexed to the December quarter of 2019.
  • China's recovery is more advanced than most other major economies, and its real GDP level was already back to pre-pandemic levels by the June 2020 quarter.
  • In Europe and the United States, September quarter GDP rebounded strongly from the earlier large falls, but remained substantially below pre-pandemic levels.

Return to Figure 1.22 – Real GDP in selected countries in the HYEFU 2020 HTML version.

Text description for Figure 1.23 – Real GDP growth forecasts for key trading partners#

The Treasury lists here selected points describing chart Figure 1.23 – Real GDP growth forecasts for key trading partners from its Half Year Economic and Fiscal Update (HYEFU) 2020:

  • Chart shows three series: real GDP growth forecasts for China, Australia, and the United States for 2020 to 2025, as well as the actual growth rate in 2019.
  • China's economy is forecast to expand by 1.8% in 2020, while in the United States and Australia, contractions of 3.6% and 4.0% are forecast.
  • All three economies are forecast to recover strongly in 2021, with China growing 7.8%, Australia 3.2% and the United States 3.8%.

Return to Figure 1.23 – Real GDP growth forecasts for key trading partners in the HYEFU 2020 HTML version.

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 Half Year Economic and Fiscal Update (HYEFU) 2020:

  • Chart shows two series: Annual core Crown tax revenue in nominal terms (as a bar chart) and as a percentage of GDP (as a line chart). Both show actuals since 2011 and forecasts from 2021 to 2025.
  • Core Crown tax revenue is forecast to increase by $20.5 billion across the forecast period, reaching $108.8 billion in 2025.
  • As a percentage of GDP, core Crown tax revenue remains relatively stable, declining by 0.4% across the forecast period and reaching 26.9% in 2025.

Return to Figure 2.1 – Core Crown tax revenue in the HYEFU 2020 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 Half Year Economic and Fiscal Update (HYEFU) 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 2011 and forecasts from 2021 to 2025.
  • Tax revenue is higher than GDP growth in both 2021 and 2023 but lower in 2022.
  • In 2024 and 2025, core Crown tax revenue is forecast to grow in line with nominal GDP growth.

Return to Figure 2.2 – Core Crown tax revenue and nominal GDP growth in the HYEFU 2020 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 Half Year Economic and Fiscal Update (HYEFU) 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 2011 and forecasts from 2021 to 2025.
  • Core Crown expenses intially peak at $114.2 billion in 2021 before steadily growing from $109.1 billion in 2022 to reach $118.7 billion in 2025.
  • Core Crown expenses as a percentage of GDP are forecast to peak in 2021 at 35.3%, before reducing across the remainder of the forecast period.

Return to Figure 2.3 – Core Crown expenses in the HYEFU 2020 HTML version.

Text description for Figure 2.4 – Components of OBEGAL by segment#

The Treasury lists here selected points describing chart Figure 2.4 – Components of OBEGAL by segment from its Half Year Economic and Fiscal Update (HYEFU) 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 2011 and forecasts from 2021 to 2025 (in nominal terms).
  • Forecasts show an OBEGAL deficit in all years with a deficit of $21.6 billion forecast for 2021 reducing to a deficit of $4.2 billion by 2025.
  • The core Crown segment is the biggest contributor to the OBEGAL deficit, followed by the Crown entities segment.

Return to Figure 2.4 – Components of OBEGAL by segment in the HYEFU 2020 HTML version.

Text description for Figure 2.5 – Core Crown residual cash#

The Treasury lists here selected points describing chart Figure 2.5 – Core Crown residual cash from its Half Year Economic and Fiscal Update (HYEFU) 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 2020 actuals and forecast to 2025.
  • Reducing cash deficits are forecast in the first four years, with a small cash surplus in the final year of the forecast.
  • Funding for lending programme has a significant impact on residual cash, initially adverse reflecting cash advances made by the Government.

Return to Figure 2.5 – Core Crown residual cash in the HYEFU 2020 HTML version.

Text description for Figure 2.6 – Net core Crown debt#

The Treasury lists here selected points describing chart Figure 2.6 – Net core Crown debt from its Half Year Economic and Fiscal Update (HYEFU) 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 2011 and forecasts from 2021 to 2025.
  • Net core Crown debt as percentage of GDP increased from 26.4% in 2020 to 52.6% in 2022/23, before gradually lowering and reaching 46.9% in 2025.
  • Net core Crown debt in nominal terms is forecast to increase by $106.6 billion from 2020, reaching $190.0 billion in 2025.

Return to Figure 2.6 – Net core Crown debt in the HYEFU 2020 HTML version.

Text description for Figure 2.7 – Core Crown finance costs compared to the Half Year Update 2019#

The Treasury lists here selected points describing chart Figure 2.7 – Core Crown finance costs compared to the Half Year Update 2019 from its Half Year Economic and Fiscal Update (HYEFU) 2020:

  • Chart shows one series: Core Crown finance costs for actuals from 2015 and forecasts to 2025 for the Half Year Update for 2020 compared to the Half Year Update for 2019.
  • The graph illustrates finance costs have reduced compared to the Half Year Update 2019, primarily owing to a lower cost of borrowings for the Government.
  • Core Crown finance costs decrease from $3.2 billion in 2020 to $1.0 billion by 2023 before reaching $1.8 billion in 2025, for the Half Year Update 2020.

Return to Figure 2.7 – Core Crown finance costs compared to the Half Year Update 2019 in the HYEFU 2020 HTML version.

Text description for Figure 2.8 – Composition of net core Crown debt#

The Treasury lists here selected points describing chart Figure 2.8 – Composition of net core Crown debt from its Half Year Economic and Fiscal Update (HYEFU) 2020:

  • Chart shows two series: Annual net core Crown debt as percentage of GDP by composition split by the impact of fiscal policy and recent monetary policy tools (e.g. LSAP impact, FLP impact) (on a stacked bar chart and line chart). Both show actuals since 2019 and forecasts from 2021 to 2025.
  • Net core Crown debt peaks in 2023 at 52.6% of GDP, but when you remove monetary policy impacts, core Crown net debt peaks in 2024 at 45.6% of GDP.
  • There is an initial difference in the two series of net core Crown debt, with and without the impact of monetary policy decisions however they converge by 2025.

Return to Figure 2.8 – Composition of net core Crown debt in the HYEFU 2020 HTML version.

Text description for Figure 2.9 – Core Crown expenses compared to the Pre-election Update#

The Treasury lists here selected points describing chart Figure 2.9 – Core Crown expenses compared to the Pre-election Update from its Half Year Economic and Fiscal Update (HYEFU) 2020:

  • Chart shows one series: Core Crown expenses for 2020 and forecasts to 2024 for the Half Year Update compared to the Pre-election Update forecast.
  • Core Crown expenses in 2021 were $5.3 billion lower than the Pre-election Update and are expected to be $6.6 billion lower across the forecast period.
  • Core Crown expenses are lower in 2021, 2022 and 2024, while 2023 is $0.3 billion higher than the Pre-election Update.

Return to Figure 2.9 – Core Crown expenses compared to the Pre-election Update in the HYEFU 2020 HTML version.

Text description for Figure 2.10 – Core Crown residual cash compared to the Pre-election Update#

The Treasury lists here selected points describing chart Figure 2.10 – Core Crown residual cash compared to the Pre-election Update from its Half Year Economic and Fiscal Update (HYEFU) 2020:

  • Chart shows one series: Core Crown residual cash for 2020 and forecast to 2024 for the Half Year Update compared to the Pre-election Update forecast.
  • Residual cash is in deficit position until 2024, but is better when compare to the Pre-election Update forecast by $5.1 billion.
  • Residual cash deficits are higher in 2022 and 2023 reflecting the impact of the FLP, before repayments are forecast from 2024.

Return to Figure 2.10 – Core Crown residual cash compared to the Pre-election Update in the HYEFU 2020 HTML version.