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 for 8 Months to 28/2/14

[Full document: mediafsgnz8mthsfeb14.pdf]

8 April 2014
Embargoed until 10.00am, Tuesday 8 April 2014 Fergus Welsh Acting Chief Government Accountant The Treasury

Financial Statements of the Government of New Zealand for the Eight Months Ended 28 February 2014

The Financial Statements of the Government of New Zealand for the eight months ended 28 February 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 has increased by $1.9 billion (or 5.0%) compared to the same time last year. However this was $1.1 billion less than expected and is reflected across most tax types, continuing the pattern of recent months. While some weakness is expected to persist as a result of some assumptions made at HYEFU for GST, other individuals’ tax and customs and excise duties in the current year not eventuating, the lower than forecast tax relating to corporate tax ($372 million) and source deductions ($136 million) are thought to be mostly timing in nature.

Overall, it is expected that slightly over half of the $1.1 billion weaker year to date outturn will remain at year end once the elements that appear timing-related reverse. There are risks associated with this view and, owing to the timing of tax assessments, much of the expected narrowing may not be apparent until June data is received.

Updated tax revenue forecasts will be released as part of the Budget Economic and Fiscal Update in May. At this stage, it is anticipated that a stronger outlook for the economy will further boost tax revenues from their current position, largely offsetting the current weakness in revenue outturns, resulting in an outlook for tax revenue for 2014/15 that is broadly similar to that presented in the HYEFU. As a result tax revenue developments are not likely to impact on the forecast surplus for 2014/15.

The operating balance before gains and losses (OBEGAL) was in deficit by $1.4 billion, which was $884 million more than expected, mainly due to the lower core Crown tax revenue. This result was partially offset by higher returns from Crown Entities largely due to an updated EQC valuation.

Continued strength in equity markets saw gains recorded on financial instruments of $3.5 billion, which was $1.9 billion ahead of forecast. As a result, the operating balance surplus was $891 million higher than forecasts at $3.7 billion.

Net debt was $435 million higher than forecast at $60.0 billion or 27.1% of GDP. This variance 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.

At 28 February, total Crown assets were $246.8 billion and liabilities were $171.4 billion and the Crown’s share of net worth strengthened to $70.9 billion.

[Full document: mediafsgnz8mthsfeb14.pdf]

© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines



Labour: Parata Puts Brakes On Charter School Appraisal

“When the Ministry of Education recommended they compare the achievements of children at charter schools to those of their counterparts at state schools, the documents show Hekia Parata specifically prohibited them from doing so." More>>


Bad Day For Universities: Gun, Bomb Threats On Three Campuses

Dunedin Police are continuing their investigation into the threat made against the University of Otago. Staff are following a number of lines of inquiry, and police are working to verify the authenticity and source of the post. More>>


Gordon Campbell: On The TPP Deal Reached In Atlanta

Yes, the TPP has helped to knock a few points off the tariffs facing our exporters. Yet some of those alleged dollar gains may well have been made regardless over time – and without the negative baggage of the concessions in the non-trade areas (intellectual property, copyright extensions, investor-state dispute mechanisms etc) that the TPP deal also brings in its wake. More>> (Cartoon by Dave Wolland)

Public Summaries:


Wellington.Scoop: Serco – First The Prisons, And Now It Wants To Run The Trains

As the government continues its inquiry into Serco’s discredited administration of Mt Eden prison in Auckland, here in Wellington there’s further scrutiny of the British outsourcing company – because it’s competing to take over the running of our commuter trains. More>>


Pre-Signing: Gordon Campbell On The TPP Countdown

To date, the Key government has been unwilling to share any information about this TPP deal until it is too late for outraged public opinion to affect the outcome... the disclosure process is likely to consist of a similarly skewed and careful exercise in spin. More>>


Australia Deportations: English Relaxed On Immigration Centre Conditions

Labour's Annette King: “There have been numerous reports from inside these detention centres on just how bad conditions are... If they were being held in any other foreign jail, I imagine Mr English would be somewhat concerned. More>>


Schools: Achievement-Based Funding Would Be A Disaster

The Education Minister’s speech to the PPTA Conference raising the spectre of achievement data driving a new funding system would be disastrous, says NZEI Te Riu Roa. More>>

  • Video Out-Link - PPTA Annual Conference 2015 on Livestream (Q+A dicussion suggests funding would be directed to less successful schools.)

  • ALSO:

    ECE Report:

    Get More From Scoop



    Search Scoop  
    Powered by Vodafone
    NZ independent news