INDEPENDENT NEWS

Financial Statements of the Government of NZ to 30/4/18

Published: Tue 5 Jun 2018 11:05 AM
5 June 2018
MEDIA STATEMENT
Embargoed until 10.00am, Tuesday 5 June 2018
Paul Helm, Chief Government Accountant
Financial Statements of the Government of New Zealand for the ten months ended 30 April 2018
The Financial Statements of the Government of New Zealand for the ten months ended 30 April 2018 were released by the Treasury today. The statements are compared against forecasts based on the 2018 Budget Economic and Fiscal Update (BEFU 18) published on 17 May 2018.
Core Crown tax revenue was $65.3 billion for the ten months to 30 April 2018, close to forecast. Source deductions were $0.2 billion above forecast due to higher than expected seasonal upswing in April. Corporate tax was below forecast by $0.1 billion mainly owing to lower than expected provisional tax assessment filings in April. Both of these fluctuations are expected to reverse in May. Other tax types were broadly in line with forecast. It is expected that year end results will continue to be close to budget.
Core Crown expenses at $66.1 billion were $0.3 billion lower than forecast with variances from forecast spread across a number of departments.
The operating balance before gains and losses (OBEGAL) was a surplus of $3.4 billion. This was higher than forecast by $0.2 billion, with more favourable core Crown results being offset by higher than expected insurance claim costs.
When gains and losses are added to the OBEGAL result, the operating balance was a $6.5 billion surplus, in line with forecast. This result flows directly into net worth attributable to the Crown which was close to forecast at $117.2 billion.
Core Crown residual cash at a deficit of $3.7 billion, was close to forecast. Core Crown tax receipts were broadly in line with forecast with no significant variance between tax types.
Core Crown net debt was $62.5 billion as at 30 April 2018 and close to forecast. Gross debt at $87.5 billion was also close to forecast.
$ millionYear to dateFull YearApril 2018
Actual1April 2018
BEFU 18
Forecast1Variance2
to BEFU 18
$mVariance
to BEFU 18
%June 2018
BEFU 18
Forecast3Core CrownCore Crown tax revenue65,30365,29310-79,537Core Crown revenue70,77070,6321380.285,959Core Crown expenses66,11666,3752590.481,720Core Crown residual cash(3,737)(3,747)100.3(1,255)Gross debt487,47587,6491740.287,467as a percentage of GDP30.9%30.9%30.1%Net debt562,50862,7372290.460,409as a percentage of GDP22.1%22.1%20.8%Total CrownOperating balance before gains and losses3,4063,2471594.93,141Operating balance6,5426,53840.16,997Net worth attributable to the Crown117,174117,12747-117,649
1 Using the most recently published GDP (for the year ended 31 December 2017) of $283,465 million (Source: Statistics New Zealand).
2 Favourable variances against forecast have a positive sign and unfavourable variances against forcase have a negative sign.
3 Using BEFU 18 forecast GDP for the year ending 30 June 2018 of $291,020 million (Source: the Treasury).
4 Gross sovereign-issued debt excluding settlement cash and Reserve Bank bills.
5 Net core Crown debt excluding student loans and other advances. Net debt may fluctuate during the year largely reflecting the timing of tax receipts.
ENDS
Release and financial statements:
mediafsgnz10mthsapr18.pdf

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