Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Financial Statements Of The Government

12 December 2002


For immediate release

Iain Rennie

Deputy Secretary to the Treasury


The Financial Statements of the Government of New Zealand for the four months ended 31 October 2002 were released by the Treasury today. These financial statements have been prepared on the basis of fully consolidating all the revenues, expenses, assets and liabilities of all departments, SOEs and Crown entities. These financial statements are compared against forecasts based on the 2002 Preelection

Economic and Fiscal Update (PreEFU) (updated for the 30 June 2002 actual balance sheet). The key results were as follows:

Actual $million
Forecast $million
Annual Forecast $million

Operating balance (surplus) 909 (162) 2,204

OBERAC 1,193 (162) 2,204

Crown balance (net worth) 19,703 18,564 16,218

Gross sovereign-issued debt 37,691 37,363 35,421

Net (core) Crown debt 18,572 20,414 20,925

The operating balance for the four months ended 31 October was $1,071 million higher than forecast. This was due to:

• Taxation revenues being $764 million higher-than-forecast, largely reflecting greater corporate tax and GST;

• Total Crown expenses being $372 million lower-than-forecast, largely reflecting lower Health expenses (delays in contracting); and partly offset by

• Investment revenues being $146 million lower-than-forecast largely reflecting reductions in the value of financial investments.

The OBERAC for the four months ended 31 October was $1,355 million higher than forecast. The difference between OBERAC and the operating balance is the removal of the reductions in the value of financial investments and foreign exchange related movements ($284 million) from the OBERAC calculation.

The improvement in net worth against forecast of $1,139 million was due to the improved operating balance for 2002/03 and some revaluations of physical assets (which as a matter of policy are not forecast).

Net (core) Crown debt was $1,842 million lower than forecast. This was largely due to higher-than-forecast tax receipts of $1,113 million and lower-than-forecast purchase of physical assets of $144 million.

Net Crown debt was estimated to be 15.2% of GDP at 31 October, compared to a forecast of 16.7%.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Climate Summary: NZ’s Equal-2nd Warmest Year On Record

Annual temperatures were above average (+0.51°C to +1.20°C above the annual average) across the majority of New Zealand... 2018 was the equal 2nd-warmest year on record for New Zealand, based on NIWA’s seven-station series which began in 1909. More>>


GDP: Economic Growth Dampens In The September Quarter

Gross domestic product (GDP) rose 0.3 percent in the September 2018 quarter, down from 1.0 percent in the previous quarter, Stats NZ said today... GDP per capita was flat in the September 2018 quarter, following an increase of 0.5 percent in the June 2018 quarter. More>>


Up $1.20: $17.70 Minimum Wage For 2019

Coalition Government signals how it will move toward its goal of a $20 p/h minimum wage by 2021... “Today we are announcing that the minimum wage will increase to $17.70 an hour on 1 April 2019." More>>


Retail: IKEA To Open In New Zealand

Inter IKEA Systems B.V. is today announcing its intentions to grant the Ingka Group exclusive rights to explore expansion opportunities in New Zealand. More>>