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

 

Cosmetics & Pollution: Proposal To Ban Microbeads

Cosmetic products containing microbeads will be banned under a proposal announced by the Minister for the Environment today. Marine scientists have been advocating for a ban on the microplastics, which have been found to quickly enter waterways and harm marine life. More>>

ALSO:

NIWA: 2016 New Zealand’s Warmest Year On Record

Annual temperatures were above average (0.51°C to 1.20°C above the annual average) throughout the country, with very few locations observing near average temperatures (within 0.5°C of the annual average) or lower. The year 2016 was the warmest on record for New Zealand, based on NIWA’s seven-station series which begins in 1909. More>>

ALSO:

Farewell 2016: NZ Economy Flies Through 2016's Political Curveballs

Dec. 23 (BusinessDesk) - New Zealand's economy batted away some curly political curveballs of 2016 to end the year on a high note, with its twin planks of a booming construction sector and rampant tourism soon to be joined by a resurgent dairy industry. More>>

ALSO:


NZ Economy: More Growth Than Expected In 3rd Qtr

Dec. 22 (BusinessDesk) - New Zealand's economy grew at a faster pace than expected in the September quarter as a booming construction sector continued to underpin activity, spilling over into related building services, and was bolstered by tourism and transport ... More>>

  • NZ Govt - Solid growth for NZ despite fragile world economy
  • NZ Council of Trade Unions - Government needs to ensure economy raises living standards
  • KiwiRail Goes Deisel: Cans electric trains on partially electrified North Island trunkline

    Dec. 21 (BusinessDesk) – KiwiRail, the state-owned rail and freight operator, said a small fleet of electric trains on New Zealand’s North Island would be phased out over the next two years and replaced with diesel locomotives. More>>

  • KiwiRail - KiwiRail announces fleet decision on North Island line
  • Greens - Ditching electric trains massive step backwards
  • Labour - Bill English turns ‘Think Big’ into ‘Think Backwards’
  • First Union - Train drivers condemn KiwiRail’s return to “dirty diesel”
  • NZ First - KiwiRail Going Backwards for Xmas
  • NIWA: The Year's Top Science Findings

    Since 1972 NIWA has operated a Clean Air Monitoring Station at Baring Head, near Wellington... In June, Baring Head’s carbon dioxide readings officially passed 400 parts per million (ppm), a level last reached more than three million years ago. More>>

    ALSO:

    Get More From Scoop

     
     
     
     
     
     
     
     
    Business
    Search Scoop  
     
     
    Powered by Vodafone
    NZ independent news