Financial Statements Of NZ Govt - Jul-Sept 2007
5 November 2007
MEDIA STATEMENT
10:00am, Monday 5
November 2007
Dr Peter Bushnell
Deputy Secretary to
the Treasury
FINANCIAL STATEMENTS OF THE GOVERNMENT
FOR THE THREE MONTHS ENDED 30 SEPTEMBER
2007
The Financial Statements of the
Government of New Zealand for the three months ended 30
September 2007 were released by the Treasury today.
The September results are the first set of interim financial statements published under the New Zealand equivalents to International Financial Reporting Standards (NZ IFRS). All forecasts and comparatives have been produced on this basis. The 30 September 2007 monthly financial statements are compared against monthly forecast tracks based on the 2007 Budget Economic and Fiscal Update.
September
highlights
• The operating balance
excluding gains and losses (OBEGAL) was $363 million ahead
of forecast for the period to 30 September 2007 at $1,522
million (compared to the forecast of $1,159 million). The
main driver was total Crown tax revenue which was $278
million (or 2.1%) higher than forecast. This variance is
considered to be timing in nature and is not indicative of
any structural change.
• The operating balance was $704 million ahead of forecast at $2,143 million (compared to forecast of $1,439 million). While OBEGAL contributed $363 million to this, the additional $341 million variance related to gains and losses in the main. This was due to higher investment returns from the Crown financial institutions and exchange rate movements.
• Core Crown residual cash was $98 million ahead of forecast with a deficit of $347 million (compared to a forecast deficit of $445 million).
• Gross sovereign-issued debt (GSID) was 23.0% of GDP compared to a forecast of 22.9%.
• The NZ Superannuation Fund (NZS Fund) after-tax return was $86 million compared to a forecast of $220 million. Total assets at 30 September 2007 were $14.0 billion compared to a forecast of $13.9 billion.
ENDS