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

[Full release and Financial Statements: mediafsgnz9mthsmar14.pdf]

9 May 2014
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]

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