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

 


Financial Statements of NZ Govt for 9 Months to 31/3/14

[Full release and Financial Statements: mediafsgnz9mthsmar14.pdf]

9 May 2014
MEDIA STATEMENT
Embargoed until 10.00am, Friday 9 May 2014
Fergus Welsh
Acting Chief Government Accountant
The Treasury

Financial Statements of the Government of New Zealand for the Nine Months Ended 31 March 2014

The Financial Statements of the Government of New Zealand for the nine months ended 31 March 2014 were released by the Treasury today. These statements are compared against forecasts based on the Half Year Economic and Fiscal Update (HYEFU), released on 17 December 2013.

Core Crown tax revenue was $44.5 billion in the latest nine month reporting period, up 6.3% compared with the same period a year earlier. Tax revenue, however, was 1.8% less than forecast (a narrowing from the 2.8% variance against forecast reported a month ago) reflected across most tax types and continuing the pattern of recent months.

Updated tax revenue forecasts will be released as part of the Budget Economic and Fiscal Update on 15 May. Tax revenue outturns in the current fiscal year are not expected to impact on the forecast return to OBEGAL surplus for 2014/15 as the variance-againstforecasts are offset by a stronger outlook for the economy than had been anticipated at HYEFU.

While core Crown revenue was $743 million lower than forecast, this was partly offset by core Crown expenses which were also lower than forecast by $423 million and reduced net insurance expenses of $151 million. Overall the operating balance before gains and losses (OBEGAL) was in deficit by $1.7 billion, which was $199 million more than expected.

Continued strength in equity markets saw gains recorded on financial instruments of $3.2 billion, which was $1.5 billion ahead of forecast. As a result, the operating balance surplus was $1.3 billion higher than forecasts at $3.3 billion.

Net debt was 0.5% higher than forecast at $61.2 billion, equivalent to 27.6% of GDP.

This variance was primarily due to a higher than forecast residual cash deficit. While operating cash flows were close to forecast, net capital payments were higher than expected.

At 31 March, total Crown assets were $246.5 billion and liabilities were $171.5 billion and the Crown’s share of net worth of $70.5 billion was 1.4% stronger than forecast.

[Full release and Financial Statements: mediafsgnz9mthsmar14.pdf]

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Science: Hookworm Discovery At Malaghan Institute

Professor Graham Le Gros has led a team which has stimulated both innate and memory responses to the parasite, discovering along the way the unexpected behaviour of one particular immune cell, in Hookworm, one of the world’s most devastating tropical ... More>>

Business: Provinces Urged To Make Full Use Of New Air Services

Provincial New Zealand has been urged to use new air services to Auckland or risk losing them either partially or completely. The stark warning was issued today by Far North mayor John Carter at a ceremony at Kaitaia airport to mark the final Air ... More>>

Mobile: 2degrees To Credit All Calls And SMS To Nepal

In the wake of the devastating earthquake in Nepal in the weekend, 2degrees will be crediting all calls and SMS messages made to mobiles and landlines in Nepal from Friday 24th April until midnight Wednesday 29th April. More>>

Scoop Business: Alex Swney Pleads Guilty To $2.5M Fraud Charge

Alex Swney, former chief executive of the Auckland city centre business association Heart of the City, has pleaded guilty to dishonestly using documents to obtain $2.5 million. More>>

ALSO:

Petrol Burns Prices: Second Consecutive Quarterly Fall For CPI

The consumers price index (CPI) fell 0.3 percent in the March 2015 quarter, following a 0.2 percent fall in the December 2014 quarter, Statistics New Zealand said today. The last time the CPI showed two consecutive quarterly falls was in the December 1998 and March 1999 quarters. More>>

ALSO:

Scoop Business: NZ Broadcasters Launch Battle Against Global Mode ISPs

New Zealand broadcasters have confirmed they’ve launched legal proceedings against internet service providers who give customers’ access to “global mode”, which allows customers access to offshore online content, claiming it breaches the local content providers’ copyright. More>>

ALSO:

Sanford: Closure Of Christchurch Mussel Processing Plant Confirmed

The decision comes after a period of consultation with the 232 staff employed at the Riccarton site, who were told on 9 April that Sanford was considering the future of mussel processing in Christchurch. Recent weather patterns had impacted on natural spat (offspring) supply... More>>

ALSO:

Price Of Cheese: Dairy Product Prices Fall To The Lowest This Year

Dairy product prices fell in the latest GlobalDairyTrade auction, hitting the lowest level in the 2015 auctions so far, as prices for milk powder and butter slid amid concern about the outlook for commodities. More>>

ALSO:

Houston, We Have An Air Route: Air New Zealand To Fly Direct To The Heart Of Texas

Air New Zealand will fly its completely refitted Boeing 777-200 aircraft between Auckland and Houston up to five times a week opening up the state of Texas as well as popular nearby tourist states such as Louisiana and Florida. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news