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


Financial Statements Of The Govt. 8 Months To Feb

11 April 2003
For immediate release
Andrew Crisp
Deputy Secretary to the Treasury


The Financial Statements of the Government of New Zealand for the eight months ended 28 February 2003 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 December Economic and Fiscal Update (2002 DEFU).

Actual $million Forecast $million Annual Forecast $million

Operating balance (surplus) 2,839 1,920 2,505

OBERAC 3,326 1,920 3,521

Crown balance (net worth) 21,642 20,665 21,231

Gross sovereign-issued debt 37,889 38,248 35,522

Net (core) Crown debt 18,058 18,966 18,582

The operating balance for the eight months ended 28 February was $919 million higher-than-forecast. This was due to:

1. Tax revenue being $619 million higher-than-forecast, reflecting higher-thanforecast source deductions ($267 million) and goods and services tax ($246 million).

2. Total Crown expenses being $526 million lower-than-forecast, including lowerthan- forecast core Crown expenses of $488 million. These factors were offset by

3. Investment revenues being $526 million lower-than-forecast largely, reflecting reductions in the value of financial investments.

The OBERAC for the eight months ended 28 February was $1,406 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 ($487 million) from the OBERAC calculation.

The improvement in net worth against forecast of $977 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).

Gross sovereign-issued debt was $359 million lower than forecast, primarily due to the impact of foreign exchange rate movements.

Net (core) Crown debt was $908 million lower-than-forecast. This was largely due to improved net cash flows from operations ($862 million), delays in purchases of physical assets ($179 million) and additional issue of circulating currency ($67 million). This was partly offset by the effect of the appreciation in the exchange rate and also higher than forecast diversification from government stock by the Government Superannuation Fund.

Net Crown debt was estimated to be 14.3% of GDP at 28 February, compared to a forecast of 15.0%.

These results will be reflected in the 2003 Budget Economic and Fiscal Update to be released on 15 May.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Onetai Station: Overseas Investment Office Puts Ceol & Muir On Notice

The Overseas Investment Office (OIO) has issued a formal warning to Ceol & Muir and its owners, Argentinian brothers Rafael and Federico Grozovsky, for failing to provide complete and accurate information when they applied to buy Onetai Station in 2013. More>>


Tomorrow, The UN: Feds President Takes Reins At World Farming Body

Federated Farmers president Dr William Rolleston has been appointed acting president of the World Farmers’ Organisation (WFO) at a meeting in Geneva overnight. More>>


I Sing The Highway Electric: Charge Net NZ To Connect New Zealand

BMW is turning Middle Earth electric after today announcing a substantial contribution to the charging network Charge Net NZ. This landmark partnership will enable Kiwis to drive their electric vehicles (EVs) right across New Zealand through the installation of a fast charging highway stretching from Kaitaia to Invercargill. More>>


Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>


Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>


Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news