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Crown Accounts Analysis: Year ended 30 June 2005

Crown Accounts Analysis: Year ended 30 June 2005

— 16 November 2005 Significant Lift in Crown Accounts Surplus

The New Zealand Government recorded an annual surplus of $8,099 million in its current account for the year ended 30 June 2005, Statistics New Zealand said today. This is $2,419 million higher than the result for the June 2004 year, an increase of 42.6 percent. The higher surplus (or saving) was the result of a 10.1 percent rise in current income exceeding a 5.6 percent rise in current expenditure.

Total current income for the June 2005 year was $51,424 million, an increase of $4,728 million on the previous year. Taxation revenue made the most significant contribution to this increase, up $4,273 million.

This reflects growth in the economy over the year (gross domestic product in constant prices grew by 3.1 percent in the year to June 2005), and increased employment and wage growth. Revenue from income taxation was $32,067 million, up $3,549 million from $28,518 million in the June 2004 year. Company income taxes increased by $1,599 million (24.5 percent), and taxes on individual income increased by $1,476 million (7.4 percent).

Withholding tax increased by $474 million. Taxes on production and imports increased by $724 million (4.8 percent) in the June 2005 year to $15,688 million. This increase was largely the result of a $444 million rise in GST revenue.

Total current expenditure increased by 5.6 percent in the June 2005 year, taking the level from $41,016 million in the previous year to $43,325 million. Increases in current transfers to other government entities, such as health and educational institutions, contributed most to this increase in current expenditure. Current transfers to other government entities increased by $933 million (7.4 percent) to $13,533 million.

With revenue exceeding both current and capital expenditure, the Crown recorded a significant lift in net lending, which increased from $5,300 million in the June 2004 year to $7,721 million in the June 2005 year, an increase of $2,421 million.

Brian Pink

Government Statistician

ENDS

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