Manager, Fiscal Reporting The Treasury

Financial Statements of the Government of New Zealand for the Five Months Ended 30 November 2012

The Financial Statements of the Government of New Zealand for the five months ended 30 November 2012 were released by the Treasury today.

These financial statements are compared against forecast tracks based on the 2012 Half Year Economic and Fiscal Update (HYEFU), released on 18 December 2012. Core Crown tax revenue at $22.5 billion was close to forecast, $127 million (0.6%) higher than expected, with all tax types broadly in line with forecast. Core Crown expenditure was close to forecast at $28.8 billion (0.1% above forecast) while, at $3.0 billion, the OBEGAL deficit was $203 million lower than expected. The operating balance was $706 million in surplus ($1.2 billion higher than the forecast deficit of $515 million) as net gains continued to be recorded in the NZ Superannuation Fund and ACC (around $0.2 billion and $0.9 billion above forecast, respectively).

The residual cash deficit was $0.2 billion below forecast at $6.0 billion, owing to higher than expected tax receipts ($210 million or 1.0% above forecast). GST contributed $187 million of the additional receipts but this is most likely due to timing of GST payments and the increase is expected to reverse in coming months. Net debt at $56.4 billion (27.1% of GDP) was $317 million below forecast, largely owing to the lower residual cash deficit, while gross debt was on forecast at $82.4 billion, or 39.6% of GDP.

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Full statement and tables: fsgnz5mthsnov12media.pdf

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