Gordon Campbell | Parliament TV | Parliament Today | News Video | Crime | Employers | Housing | Immigration | Legal | Local Govt. | Maori | Welfare | Unions | Youth | Search

 


Financial Statements of NZ Govt - 5 Months ended 30 Nov 2013

24 January 2014

MEDIA STATEMENT

Embargoed until 10.00am, Friday 24 January 2014
Fergus Welsh Chief Financial Officer The Treasury

Financial Statements of the Government of New Zealand for the Five Months Ended 30 November 2013

The Financial Statements of the Government of New Zealand for the five months ended 30 November 2013 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.

The operating balance before gains and losses (OBEGAL) was in deficit by $2.3 billion, which was around $400 million more than expected, mainly due to lower core Crown tax revenue. At this stage, our assessment is that the majority of this variance is timing in nature and will reverse out in coming months.

Following on the trend in recent months, continued strength in equity markets saw gains recorded on financial instruments of $2.8 billion, which was $2.0 billion ahead of forecast.

As a result, the operating balance surplus was $1.6 billion higher than forecasts at $2.3 billion.

Both residual cash and net debt were close to forecast.

The November financial statements include the partial share sale of Air New Zealand.

The sale raised $365 million in gross proceeds for the Crown and resulted in a gain on disposal on its investment of approximately $52 million. When ACC and NZS Fund’s investments are removed, the estimated gain on disposal reduces to $46 million.


Click for big version.

1 Using GDP for the year ended 30 September 2013 of $216,134 million (Source: Statistics New Zealand).
2 Using forecast GDP for the year ended 30 June 2014 of $227,793 million (Source: Treasury).
3 Gross sovereignissued debt excluding settlement cash and Reserve Bank bills.
4 Net core Crown debt excluding student loans and other advances.

Full Financial Statement below

mediafsgnz5mthsnov13.pdf

ENDS

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell:
On The Kim Regime

During the Cuban Missile Crisis, the US had a very clear objective and eventually offered a quid pro quo of the removal of some of its own missiles from Turkey. This time, there’s no clarity about what the US is seeking, or offering.

It hasn’t helped that the US and the global media consistently agree on calling North Korea and its leadership “crazy” and “irrational” and urging it to “come to its senses”. When you treat your opponent as being beyond reason, it gets hard to comprehend what their strategy is, let alone work out the terms of a viable compromise. More>>

 

Recovery: Economic Impact Of Kaikōura Quake Revealed

The report details the impact on small businesses and tourism caused by disruptions to transport infrastructure and the economic impacts... The impact on New Zealand’s Gross Domestic Product (GDP) over the first 18 months following the earthquake has been estimated at $450-$500 million. More>>

ALSO:

Human Rights Commission: Urgent Need For Action On Seclusion And Restraint

Chief Human Rights Commissioner David Rutherford says that while the report makes for sobering reading, the focus should now be on how the recommendations can be used to reduce the occurrence of seclusion and restraint in New Zealand and, in circumstances where it is necessary, to improve practices. More>>

ALSO:

CORRECTIONS (March 2017):

SCHOOL SECLUSION ROOMS (2016):

$11bn Capital Spend, New Debt Target: Steven Joyce On Budget Priorities

First, delivering better public services for a growing country – providing all New Zealanders with the opportunity to lead successful independent lives... And finally, we remain committed to reducing the tax burden and in particular the impact of marginal tax rates on lower and middle income earners, when we have the room to do so. More>>

ALSO:

JustSpeak Report: Bail Changes To Blame For New Billion Dollar Prison

In 2013 criminal justice spending was falling and the Government was mulling over what to spend the money on. 3 years later there are 10,000 people in prison and a new billion dollar prison is announced. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Politics
Search Scoop  
 
 
Powered by Vodafone
NZ independent news