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


Govt Financial Statements 9 months ending 31 March 2018

Financial Statements of the Government of New Zealand for the 9 months ending 31 March 2018

The Financial Statements of the Government of New Zealand for the nine months ended 31 March 2018 were released by the Treasury today. The statements are compared against forecasts based on the 2017 Half Year Economic and Fiscal Update (HYEFU 17) published on 14 December 2017.

Core Crown tax revenue was $57.5 billion for the nine months to 31 March 2018, higher than forecast by $1.1 billion. Corporate tax was above forecast by $0.3 billion mainly owing to provisional tax assessments being stronger than expected. GST and source deductions were both above forecast by $0.2 billion and $0.1 billion, primarily as the levels of employment and residential investment were above forecast. Customs and excise duties were also above forecast by $0.2 billion. Much of this variance can be expected to remain until year end.

Core Crown expenses of $59.1 billion were $0.1 billion lower than forecast.

The operating balance before gains and losses (OBEGAL) was a surplus of $3.3 billion. This was higher than forecast by $0.9 billion, largely driven by the core Crown results.

Total gains and losses were a gain of $2.1 billion, $0.8 billion lower than forecast. Of this variance, net investments gains were $0.6 billion higher than forecast primarily due to forecast long-term benchmark returns being lower than the actual returns received in large Government investment portfolios. While net losses on non-financial instruments were $1.4 billion higher than the losses forecast primarily due to changes to discount rates.

When gains and losses are added to the OBEGAL result, the operating balance was a $5.5 billion surplus, $0.1 billion larger than forecast. This result flows directly into net worth attributable to the Crown which was close to forecast at $116.0 billion.

Core Crown residual cash was a deficit of $1.6 billion, $1.4 billion lower than the forecast deficit of $3.0 billion. This was largely driven by core Crown tax receipts as corporate tax and GST receipts were $0.6 billion and $0.5 billion higher than forecast respectively.

Net debt was $60.8 billion at 31 March 2018, $2.2 billion lower than forecast. On top of the residual cash result, circulating currency was higher than forecast.

Gross debt, however, was $2.4 billion higher than forecast primarily due to higher than forecast Government bonds of $1.7 billion.

© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On Another Reason To Loathe HR Departments (And On The Teachers Strike)

This morning’s news item about Police emergency call centre staff turning up for work while they’re sick – because they’re afraid their sick leave statistics will be used against them, and their jobs put in jeopardy – is not an isolated case...

Obviously, sick people shouldn’t be being treated by doctors and nurses who are themselves sick and potentially infectious. Similarly, Police emergency calls also need to be fielded by people who’re feeling alert, and on top of their game. More>>


MPs' Computers To Be Searched: Inquiry Into Leak On Simon Bridges' Expenses

An inquiry has been launched to find out who leaked the National Party's expenses to the media... Parliament's speaker, Trevor Mallard, said a Queen's Counsel would lead the inquiry with the help of an employment lawyer and also someone with forensic IT skills. More>>


Teachers Strike: Nationwide Rallies And Marches

Teachers and principals voted for a full day strike to be held on 15 August to send a strong message to the Government that the current collective agreement offers from the Ministry of Education would not fix the crisis in teaching. More>>


Wellington.Scoop: City Council Ends Its Support For Jackson’s Movie Museum

The Wellington City Council and the Movie Museum Limited have today announced a mutually-agreed parting of the ways for a joint project between the Council’s Convention Centre and TMML’s Movie Museum... Both parties remain optimistic for the future of their respective projects. More>>

Pay Equity: Historic Settlement For Education Support Workers

The New Zealand Educational Institute (NZEI) and the Ministry of Education today signed Terms of Settlement to address a pay equity claim for 329 support workers who work with very young children in early childhood and primary schools. More>>


Gordon Campbell: On The Stereotypes About Jacinda Ardern

Routinely, female politicians get depicted as either show ponies or battle axes, with little room for anything else in between. .. More>>

Weekend Interviews: "Discriminatory And Racist" Aussie Deportations

The former president of Australia’s Human Rights Commission Gillian Triggs says deportations have risen dramatically in Australia since 2014 when ministers and ministerial delegates were given the power to cancel visas - and half of those being deported are New Zealanders. "These are massive numbers, actually escalating dramatically."... More>>


Legal Challenge: Prisoner Has 9 Boxes Of Documents Seized

Human rights organisation People Against Prisons Aotearoa says a prisoner they advocate for has had 9 boxes of legal documents seized from him just days before his case against the Department of Corrections was to be heard. More>>

Single-Use Plastic Bags: Govt To Phase Them Out

Single-use plastic shopping bags will be phased out over the next year, Prime Minister Jacinda Ardern and Associate Environment Minister Eugenie Sage announced today. More>>





Featured InfoPages