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Govt Financial statements - six months to Dec 07

Please find attached the Government Financial statements for the six months ended 31 December 2007

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S U M M A R Y A N D H I G H L I G H T S

December highlights

• OBEGAL was $20 million (0.8%) lower than forecast at $2,529 million (compared to a forecast of $2,549 million), with both tax revenue and core Crown expenses broadly in line with what was expected.

• However, the operating balance was $1,696 million (67.5%) lower than forecast at $815 million (compared to a forecast of $2,511 million). This was primarily driven by: − investment losses recorded by Crown Financial Institutions (CFIs), and − an increase in the ACC unfunded liability.

• Core Crown residual cash was $356 million lower than forecast at -$812 million (compared to a forecast of -$456 million). This was mainly due to higher than expected operating payments ($235 million) and lower than expected tax receipts ($154 million).

• GSID (excluding settlement cash) was 18.8% of GDP compared to a forecast of 18.4% (based on September 2007 GDP), and

• Net core Crown debt was $202 million lower than forecast at $3,598 million (compared to a forecast of $3,800 million).

See... Government Financial statements for the six months ended 31 December 2007 (PDF)

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