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


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.



© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines

Max Rashbrooke: On How To Make Government
More Open

It’s true that New Zealand scores well on many international rankings of openness... Those findings are all important, and welcome. But we cannot ignore the fact that there are still serious problems.

For a start, those international surveys, while often complimentary, have also pinpointed major weaknesses: political donations are badly regulated, for instance, and appointments to government boards frequently go to those with strong political connections. More>>


In Court: Hamilton Student's Lawsuit Over Climate Change Policy

A law student from Hamilton is preparing to challenge the Government in the High Court on Monday over what she says is a “failure” to properly address climate change. More>>


Gordon Campbell: On The Fallout From The Barclay Tape

This is hardly a case of cleaning out your desk and being turfed out onto the pavement. As others have pointed out, the disgraced Clutha-Southland MP will remain on the public payroll for three months until the election, and for three months afterwards. More>>


Visions: National Party Conference

National Party leader Bill English today outlined his vision to take New Zealand into the 2020s and his key priorities for the next Parliamentary term – including further raising incomes and reducing taxes. More>>


Ombudsman: Canterbury Schools Reorganisation Mishandled

An investigation into the Canterbury schools reorganisation after the February 2011 earthquakes has found significant gaps and flaws in the Ministry’s engagement and communications with schools and communities. More>>


Law Commission: Contempt Report "Protects Right To Fair Trial"

The proposed Act limits what news media representatives and bloggers can report on court proceedings, but it also makes clearer than the current law where the line is between contempt and freedom of expression. More>>





Featured InfoPages

Opening the Election
  • PublicAddress
  • Pundit
  • Kiwiblog