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 to Jan 2014

[Full release with chart and Financial Statements: mediareleasefsgnz7mthsjan14.pdf]

11 March 2014
MEDIA STATEMENT
Embargoed until 10.00am, Tuesday 11 March 2014

Fergus Welsh
Acting Chief Government Accountant
The Treasury

Financial Statements of the Government of New Zealand for the Seven Months Ended 31 January 2014

The Financial Statements of the Government of New Zealand for the seven months ended 31 January 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.

The operating balance before gains and losses (OBEGAL) was in deficit by $1.1 billion, which was $637 million more than expected, mainly due to lower core Crown tax revenue across most tax types. This result was partially offset by lower core Crown expenses and higher returns from Crown Entities.

At this stage, it is difficult to determine how much of the lower than forecast tax is temporary versus permanent but we expect this to become clearer over the next few months. Timing issues are likely to see some of the current variance narrow by year end.

Factors contributing to these timing issues include mismatching in the timing of GST refunds and receipts relating to both export products and the Canterbury rebuild, as well as tax revenue from some large corporate taxpayers not yet being visible to the IRD owing to their use of tax pooling schemes.

Following on the trend in recent months, continued strength in equity markets saw gains recorded on financial instruments of $2.8 billion, which was $1.3 billion ahead of forecast.

As a result, the operating balance surplus was $629 million higher than forecasts at $3.4 billion.

Net debt was $631 million higher than forecast at $59.9 billion or 27.7% of GDP. This was primarily due to a higher than forecast residual cash deficit driven by lower than expected core Crown tax receipts and higher than expected operating payments. Delays in insurance proceeds being returned to the core Crown also contributed to the higher than forecast residual cash deficit.

At 31 January, total Crown assets were $246.9 billion and liabilities were $171.8 billion and the Crown’s share of net worth strengthened to $70.6 billion.

[Full release with chart and Financial Statements: mediareleasefsgnz7mthsjan14.pdf]

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

 

Land Swap: Setback For Ruataniwha Scheme As Forest & Bird Wins Appeal

The Royal Forest & Bird Protection Society has won an appeal against a proposed land swap by the Department of Conservation which would have allowed 22 hectares of Ruahine Forest Park be flooded as part of the Ruataniwha Water Storage Scheme that will provide irrigation for farmers. More>>

ALSO:

Gordon Campbell: On The Judith Collins Charm Offensive

Suddenly, Judith Collins is everyone’s new best friend. It isn’t an election year, but the Corrections/Police Minister is treating 2016 as an opportunity for a political makeover… Feel that the Police don’t attend burglaries often enough, or assiduously enough? She’s the peoples’ champ on that one. More>>

PM's Press Conference: Crime And Diplomacy

The Prime Minister's press conference today was dominated by foreign affairs and an open letter from the PM to the Chinese community on crime. More>>

ACC: Govt Caught In Unethical Cluster Bomb Investments

The ACC Fund admitted that it had $1.4 million invested in cluster munitions and nuclear weapons manufacturer Lockheed Martin. Before responding to the Green Party’s request for information,however, ACC sold its Lockheed investment and updated its ethical investment policy. More>>

ALSO:

Local Governments To Decide: Easter Trading Bill Passes

The union representing working people in the retail industry is condemning the Government for whipping its MPs to pass the controversial Shop Trading Hours Amendment Bill. More>>c

ALSO:

Departure Speech: Governor-General’s State Farewell Luncheon

"...Unfortunately I was unable to get to the Antarctic, the Chatham Islands and the Kermadecs. A dicky heart thwarted our travel to the Antarctic; and even though I volunteered to parachute into the Kermadecs to join the Young Blake expedition, time, commitments and officials frustrated my plans to visit the Kermadecs and Chathams." More>>

ALSO:

New Research: Most Homeless People Working Or Studying

“The cost of housing has been rising without corresponding increases in income, whilst the number of state houses per capita has been in decline. Many low-income people are missing out on housing, whether we recognise them as ‘homeless’ or not. More>>

ALSO:

Post-Traynor: New Offender Info Sharing Plan

“This Bill delivers on that step-change by moving away from name-based records held by individual agencies to a shared, anchor identity based on unalterable information, such as fingerprints and facial recognition. It also gives agencies access to the drivers’ licence photo database and birth, death and marriages information." More>>

  • NZ Law Foundation - New $2M fund for research on information challenges
  • Littoral: New Ship To Deliver Enhanced Naval Capability

    Defence Minister Gerry Brownlee says the Government has approved a Ministry of Defence and New Zealand Defence Force recommendation to request tenders for a new naval ship to support littoral operations. More>>

    July:

    Get More From Scoop

     

    LATEST HEADLINES

     
     
     
     
     
     
     
     
     
    Politics
    Search Scoop  
     
     
    Powered by Vodafone
    NZ independent news