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


Gov't of NZ Financial Statements: 9 months ended 31 March

10 May 2017


Embargoed until 10.00am, Wednesday 10 May 2017

Paul Helm, Chief Government Accountant

Financial Statements of the Government of New Zealand for the nine months ended 31 March 2017

The Financial Statements of the Government of New Zealand for the nine months ended 31 March 2017 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 $1.5 billion, compared to a forecast surplus of $147 million. This favourable variance of $1.3 billion was largely due to higher than forecast core Crown tax revenue and lower than forecast core Crown expenses.

Core Crown tax revenue was $527 million (1.0%) higher than forecast for the nine months ended 31 March 2017 and $3.7 billion (7.3%) higher compared to the same period last year. Corporate tax continues to be the largest driver the favourable result, with revenue being $673 million ahead of forecast. This increase was across both provisional and terminal tax indicating that profits in the 2016 tax year were higher than forecast and that this has continued into the 2017 tax year. Offsetting the strong corporate tax result, GST was $145 million below forecast primarily due to lower than expected residential investment.

Core Crown expenses at $56.6 billion were $722 million (1.3%) lower than forecast. The majority of this variance relates to forecast expected costs in relation to the Kaikōura earthquakes and lower than expected impairment of debt and bad debt write-offs for tax receivables.

Net gains at $9.3 billion were $5.7 billion higher than forecast. This primarily related to actuarial gains of $2.6 billion and $1.5 billion on the ACC and GSF liabilities ($2.3 billion and $1.5 billion higher than forecast respectively). Net gains combined with the OBEGAL surplus, resulted in an operating balance surplus of $10.9 billion ($7.0 billion higher than forecast).

Net worth attributable to the Crown was $7.1 billion ahead of forecast, largely owing to the operating balance result.

Core Crown residual cash surplus was $1.1 billion higher than forecast. While net core Crown operating cash flows were in line with forecast, net core Crown capital payments were $1.4 billion less than forecast. Reflecting the residual cash results, core Crown net debt at $62.0 billion (23.8% of GDP) was $1.6 billion lower than forecast.

Gross debt was $3.2 billion lower than forecast, largely as a result of increased repurchasing of government stock which does not impact on the net debt indicator.

Click for big version.

The full report is available here


© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines

Back Again: Government Approves TPP11 Mandate

The Government has approved a negotiating mandate for Trans-Pacific Partnership 11 (TPP11), which will ensure New Zealand businesses remain competitive in overseas markets.

Trade Minister Todd McClay says New Zealand will be pushing for the minimal number of changes possible to the original TPP agreement, something that the remaining TPP11 countries have agreed on. More>>




Gordon Campbell: On Why Labour Isn’t Responsible For Barnaby Joyce

As a desperate Turnbull government tries to treat the Barnaby Joyce affair as a Pauline Hanson fever dream – blame it on the foreigners! We’re the victims of the dastardly New Zealand Labour Party! – our own government has chosen to further that narrative, and make itself an accomplice. More>>


Rail: Greens Back Tauranga – Hamilton – Auckland Service

The Green Party today announced that it will trial a passenger rail service between Auckland, Hamilton and Tauranga starting in 2019, when it is in government. More>>


Housing: Voluntary Rental Warrant Of Fitness For Wellington

Wellington City Council is partnering with the University of Otago, Wellington, to launch a voluntary Rental Warrant of Fitness for minimum housing standards in Wellington, Mayor Justin Lester has announced. More>>


Treaty: Agreement In Principle Signed With Moriori

“The Crown acknowledges Moriori was left virtually landless from 1870, hindering its cultural, social and economic development. The Crown also acknowledges its contribution to the myths that the people of Moriori were racially inferior and became extinct." More>>


Susan Devoy: Call For Inquiry Into State Abuse Reaches UN

Race Relations Commissioner Dame Susan Devoy is in Geneva and has asked a United Nations committee to urge the New Zealand government to initiate an inquiry into the physical and sexual abuse of children and disabled people held in state institutions. More>>


(Not National): Cross-Party Agreement On Pike River Re-Entry

The commitment was signed this afternoon by the leaders of Labour, United Future, The Maori Party, and the Green Party and, together with the earlier commitment by New Zealand First, means that there is now a Parliamentary majority behind the families’ fight for truth and justice. More>>






Featured InfoPages

Opening the Election