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

 


Financial Statements of the Govt of NZ to Sept 2013

The Financial Statements of the Government of New Zealand for the three months ended 30 September 2013 were released by the Treasury today. These financial statements are compared against forecasts based on the Budget Economic and Fiscal Update (BEFU), released on 16 May 2013.


Read more at: http://www.treasury.govt.nz/government/financialstatements/monthend


--

Financial Statements of the Government of New Zealand for the Three Months Ended 30 September 2013

8 Nov 2013

The Financial Statements of the Government of New Zealand for the three months ended 30 September 2013 were released by the Treasury today. These financial statements are compared against forecasts based on the Budget Economic and Fiscal Update (BEFU), released on 16 May 2013.

Overall, key indicators were slightly stronger than forecast in Budget 2013.

Core Crown tax revenue of $14.4 billion was 1.1% higher than forecast, largely due to other individuals’ tax and GST ($143 million and $108 million respectively). While GST was relatively close to forecast, continued strength in gross other persons tax and lower than expected refunds have contributed to higher than forecast other individuals tax. This improved performance was partially offset by $113 million lower than expected corporate tax, due to lower than forecast provisional tax.

Core Crown expenses of $17.5 billion were 1.4% lower than forecast. Delays in earthquake expenses and treaty settlements ($88 million and $55 million respectively) led to lower than expected expenses. Other lower than forecast expenditure was spread across a number of activities.

The total Crown’s operating balance before gains and losses (OBEGAL) was a deficit of $1.3 billion which was $382 million lower than expected, largely owing to the stronger than forecast core Crown tax revenue and lower than expected core Crown expenses.

Gains on the Crown’s investment portfolios were $781 million higher than expected, particularly the New Zealand Superannuation Fund. In addition, actuarial gains on the ACC outstanding claims liability arising from discount rate changes, resulted in unforecast gains of $812 million. The better than expected core Crown revenue and expenses result, alongside these stronger than expected gains, were the key reason for the total Crown’s operating balance inclusive of gains and losses recording a $539 million surplus, compared with an expected $1.2 billion deficit.

At 30 September, total Crown assets were $242.2 billion and liabilities were $171.7 billion. The Crown’s net worth strengthened to $68.5 billion.

The core Crown operating cash deficit was $2.8 billion. After taking account of capital expenditure during the year, there was a residual cash deficit of $3.7 billion at 30 September ($400 million below forecast). The cash shortfall was funded through additional borrowing which pushed the net core Crown net debt to $60.0 billion, equivalent to 28.2% of GDP. Gross debt was also close to forecast at $80.1 billion, or 37.7% of GDP.

Year to dateFull Year
$ millionSeptember
2013
Actual[1]
September
2013
BEFU
Forecast[1]
Variance
to BEFU
$m
Variance
to BEFU
%
June
2014
BEFU
Forecast[2]
Core Crown
Core Crown tax revenue14,35714,2021551.162,383
Core Crown revenue16,03515,7183172.068,382
Core Crown expenses17,51717,7682511.472,367
Core Crown residual cash(3,706)(4,106)4009.8(6,886)
Gross debt380,11480,5364220.587,686
as a percentage of GDP37.7%37.9% 38.5%
Net debt460,01560,4494340.764,765
as a percentage of GDP28.2%28.4% 28.4%
Total Crown
Operating balance before gains and losses(1,285)(1,667)38222.9(2,033)
Operating balance539(1,157)1,696146.6358
Net worth attributable to the Crown68,498 66,9571,5412.361,997

1 Using GDP for the year ended 30 June 2013 of $212,701 million (Source: Statistics New Zealand)
2 Using forecast GDP for the year ended 30 June 2014 of $227,892 million (Source: Treasury)
3 Gross sovereign-issued debt excluding settlement cash and Reserve Bank bills
4 Net core Crown debt excluding student loans and other advances. Net debt may fluctuate during the year largely reflecting the timing of tax receipts

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Power Outages, Roads Close: Easter Storm Moving Down Country

The NZ Transport Agency says storm conditions at the start of the Easter break are making driving hazardous in Auckland and Northland and it advises people extreme care is needed on the regions’ state highways and roads... More>>

ALSO:

Houses (& Tobacco) Lead Inflation: CPI Up 0.3% In March Quarter

The consumers price index (CPI) rose 0.3 percent in the March 2014 quarter, Statistics New Zealand said today. Higher tobacco and housing prices were partly countered by seasonally cheaper international air fares, vegetables, and package holidays. More>>

ALSO:

Notoriously Reliable Predictions: Budget To Show Rise In Full-Time Income To 2018: English

This year’s Budget will forecast wage increases through to 2018 amounting to a $10,500 a year increase in average full time earnings over six years to $62,200 a year, says Finance Minister Bill English in a speech urging voters not to “put all of this at risk” by changing the government. More>>

ALSO:

Prices Up, Volume Down: March NZ House Sales Drop 10% As Loan Curbs Bite

New Zealand house sales dropped 10 percent in March from a year earlier as the Reserve Bank’s restrictions on low-equity mortgages continue to weigh on sales of cheaper property. More>>

ALSO:

Scoop Business: Chorus To Appeal Copper Pricing Judgment

Chorus will appeal a High Court ruling upholding the Commerce Commission’s determination setting the regulated prices on the telecommunications network operator’s copper lines. More>>

ALSO:

Earlier:

Cars: Precautionary Recalls Announced For Toyota Vehicles

Toyota advises that a number of its New Zealand vehicles are affected by a series of precautionary global recalls. Toyota New Zealand General Manager Customer Services Spencer Morris stressed that the recalls are precautionary. More>>

ALSO:

'Gardening Club': Air Freight Cartel Nets Almost $12 Million In Penalties

The High Court in Auckland has today ordered Swiss company Kuehne + Nagel International AG to pay a penalty of $3.1 million plus costs for breaches of the Commerce Act. Kuehne + Nagel’s penalty brings the total penalties ordered in this case to $11.95 million ... More>>

ALSO:

Crown Accounts: Revenue Below Projections

Core Crown tax revenue has increased by $1.9 billion (or 5.0%) compared to the same time last year. However this was $1.1 billion less than expected and is reflected across most tax types, continuing the pattern of recent months. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news