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

 


Government Financial Statements, 6 Months to 31/12/16

Financial Statements of the Government of New Zealand
For the Six Months Ended 31 December 2016


16 February 2017

MEDIA STATEMENT

Embargoed until 10.00am, Thursday 16 February 2017

Paul Helm, Chief Government Accountant

Financial Statements of the Government of New Zealand for the six months ended 31 December 2016

The Financial Statements of the Government of New Zealand for the six months ended 31 December 2016 were released by the Treasury today. The statements are compared against forecasts based on the 2016 Half Year Economic and Fiscal Update (HYEFU) published on 8 December 2016.

The operating balance before gains and losses (OBEGAL) was a surplus of $9 million, compared to a forecast deficit of $666 million. This favourable variance of $675 million was largely due to the higher than forecast core Crown tax revenue and lower than forecast core Crown expenses.

Core Crown tax revenue was $313 million (0.9%) higher than forecast. GST revenue was $173 million (1.9%) above forecast, consistent with the higher than forecast growth in domestic consumption through the September quarter.

Core Crown expenses at $38.1 billion were $303 million lower than forecast. The majority of this relates to forecast expected costs in relation to the Kaikōura earthquakes which have yet to be quantified with enough certainty to include in the actual results. Over time, as reasonable estimates are able to be made, these costs will be recognised in the actual results, reducing the variance.

Net gains at $5.9 billion, were $2.9 billion higher than forecast in the six months to 31 December. This primarily related to an actuarial gain of $3.1 billion ($2.8 billion higher than forecast) of the ACC liability.

Net gains combined with the OBEGAL surplus, resulted in an operating balance surplus of $6.1 billion ($3.6 billion higher than forecast). Net worth attributable to the Crown was $3.7 billion ahead of forecast largely because of the operating balance result.

The core Crown residual cash deficit was $517 million (15.3%) higher than forecast. While core Crown tax receipts were close to forecast at $32.7 billion, personnel and operating payments were higher than forecast by $385 million, partially as a result of bringing forward some payments prior to Christmas. This variance is therefore expected to reverse in January. Overall net capital spending was close to forecast.

Core Crown net debt at $65.3 billion (25.5% of GDP) was higher than forecast by $317 million (0.5%). This was largely due to the higher than forecast residual cash deficit, partially offset by the impact of higher than forecast circulating currency, due to increased demand for currency over the Christmas period (leading to an increase in financial assets). Gross debt, however, was $1,609 million lower than forecast largely as a result of increased repurchasing of government stock.

ENDS

Full accounts statement: mediafsgnz6mthsdec16.pdf


© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Earth Day: Global March To Defend Science In NZ Saturday

The March for Science movement emerged in the immediate wake of President Trump’s inauguration as he moved quickly to curtail the power of the Environmental Protection Agency and limit the ability of government agencies to communicate scientific evidence.

Since then it has broadened to “champion robustly funded and publicly communicated science as a pillar of human freedom and prosperity”. More>>

'Opening The Election' Video: Nicky Hager And Mike Joy On Science, Spin, And Society

In two videos relevant to the March for Science from Scoop's 'Opening The Election' forum, Massey University's Dr Mike Joy spoke about promoting science in the face of government spin and journalist Nicky Hager offered a checklist of issues to promote for an open civil society. More>>

 

Health Workers Respond: People's Mental Health Report Released

The People's Mental Health Review reinforces a recent YesWeCare.nz survey of 6,000 health workers, which found nine in 10 believe they don't have the staff or resources to deliver the care Kiwis need when they need it. More>>

ALSO:

More Mental Health:


Energy: Greens Launch Plan For Cheaper And Cleaner Electricity

$112 million for winter warm-up payments to help low-income households cover their power bills • setting a goal for 100 percent renewable electricity by 2030 (in average hydrological conditions) • an investigation into the electricity wholesale market. More>>

ALSO:

Gordon Campbell: On The Aged-Care Settlement

Until yesterday, a National government has always been the sworn enemy of women seeking justice in the workplace, in the face of gender-based pay discrimination. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Politics
Search Scoop  
 
 
Powered by Vodafone
NZ independent news