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

 

Government Financial Statements, 10 Months to 30/04/17

6 June 2017

MEDIA STATEMENT

Embargoed until 10.00am, Tuesday 6 June 2017

Paul Helm, Chief Government Accountant

Financial Statements of the Government of New Zealand for the ten months ended 30 April 2017

The Financial Statements of the Government of New Zealand for the ten months ended 30 April 2017 were released by the Treasury today. The statements are compared against forecasts based on the 2017 Budget Economic and Fiscal Update (BEFU) published on 25 May 2017.

Core Crown tax revenue was $1.2 billion (2.0%) higher than forecast for the ten months ended 30 April 2017 and $5.0 billion (8.8%) higher compared to the same period last year. Corporate tax was the largest driver of increased tax revenue against forecast, being $1.1 billion above forecast. The corporate tax forecast was based on an assumption that the annual peak in provisional tax assessments and estimates processing would occur in May. However this year, the peak occurred in April. Therefore, most of this variance is short term and expected to reverse in May.

Core Crown expenses at $62.7 billion were $391 million (0.6%) lower than forecast, with impairment of tax receivables less than forecast, and lower than forecast year to date payments to Crown Entities.

The OBEGAL was a surplus of $2.5 billion for the ten months to 30 April 2017, compared to a forecast surplus of $1.0 billion. This favourable variance of $1.5 billion was largely due to the higher than forecast core Crown tax revenue and lower than forecast core Crown expenses discussed above.

Net gains at $9.1 billion, were $599 million higher than forecast. This result primarily related to higher than forecast investment returns on the Crown’s investment portfolios, partially off-set by lower than expected actuarial gains (mostly reflecting a lower discount rate used to convert future cash into present day dollars). Net gains, combined with the OBEGAL surplus, resulted in an operating balance surplus of $11.9 billion ($2.1 billion higher than forecast).

Net worth attributable to the Crown was $102.6 billion, $2.2 billion ahead of forecast for the ten months ended 30 April 2017. This is primarily attributable to the operating balance result.

Core Crown residual cash was $670 million higher than forecast with core Crown tax receipts ahead of forecast and timing of capital spending.

Directly impacted by the residual cash results, and an increase in circulated currency issued, core Crown net debt at $62.8 billion (24.0% of GDP) was $1.2 billion lower than forecast.

Gross debt was $1.2 billion higher than forecast, largely as a result of unsettled trades at month end and an increase in the value of derivative liabilities. The unsettled trades were settled in early May and it is expected that the gross debt variance will largely reverse in the coming month.

ENDS

mediafsgnz10mthsapr17.pdf

© 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>>

ALSO:

.

 
 

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>>

ALSO:

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>>

ALSO:

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>>

ALSO:

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>>

ALSO:

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>>

ALSO:

(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>>

ALSO:

Earlier:

 
 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

Featured InfoPages

Opening the Election
 
 
 
  • PublicAddress
  • Pundit
  • Kiwiblog