Paul Helm, Chief Government Accountant
The Financial Statements of the Government of New Zealand for the five months ended 30 November 2015 were released by the Treasury today. The statements are compared against forecasts based on the 2015 Half Year Economic and Fiscal Update (HYEFU) published in December.
Overall the November results were largely in line with HYEFU expectations.
The operating balance before gains and losses (OBEGAL) was a deficit of $1,624 million for the five months to 30 November, which was $383 million higher than forecast in HYEFU. This result was primarily due to core Crown tax revenue being $212 million lower than forecast and core Crown interest revenue being $180 million lower than forecast. Core Crown expenses, at $30.5 billion, were in line with forecast.
The operating balance deficit (excluding minority interests) for the five months ended 30 November was $497 million, $1,433 million lower than forecast.
The core Crown residual cash position, at a deficit of $3.1 billion, was close to forecast. This result meant net debt was also close to forecast at $63.5 billion (26.0% of GDP).
At 30 November 2015, total Crown assets were valued at $276.1 billion and liabilities were $184.6 billion while the Crown’s share of net worth stood at $85.9 billion.
The fiscal results were similar to the same time last year. The OBEGAL deficit was $1.6 billion compared to a deficit of $1.5 billion at the same time last year, with net debt increasing by 1.4%. Core Crown tax revenue has increased by 3.4%, while core Crown expenses have grown by 2.5% over that time.
|Year to date||Full Year|
|Core Crown tax revenue||26,366||26,578||(212)||(0.8)||68,414|
|Core Crown revenue||28,656||29,040||(384)||(1.3)||74,338|
|Core Crown expenses||30,530||30,530||-||-||74,911|
|Core Crown residual cash||(3,074)||(3,082)||8||0.3||(5,398)|
|as a percentage of GDP||35.5%||35.3%||35.6%|
|as a percentage of GDP||26.0%||26.0%||26.9%|
|Operating balance before gains and losses||(1,624)||(1,241)||(383)||(30.9)||(401)|
|Net worth attributable to the Crown||85,861||84,523||1,338||1.6||86,862|
- Using GDP for the year ended 30 September 2015 of $243,803 million (Source: Statistics New Zealand).
- Using forecast GDP for the year ended 30 June 2016 of $244,923 million (Source: Treasury).
- Gross sovereign-issued debt excluding settlement cash and Reserve Bank bills.
- Net core Crown debt excluding student loans and other advances. Net debt may fluctuate during the year largely reflecting the timing of tax receipts.
Officer for EnquiriesNicky Haslam | Office of the Government Accountant
Tel: +64 4 917 6943