Financial Statements of the Government of New Zealand

Friday, 25 January 2013, 10:38 am
Press Release: The Treasury

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.

ends

Full statement and tables

About The Author

Sometimes when a business is growing, it needs a little help.

Right now Kaniva News provides a free, politically independent, bilingual news service for readers around the world that is absolutely unique. We are the largest New Zealand-based Tongan news service, and our stories reach TongansĀ  wherever they are round the world. But as we grow, there are increased demands on Kaniva News for translation into Tongan on our social media accounts and for the costs associated with expansion. We believe it is important for Tongans to have their own voice and for Tongans to preserve their language, customs and heritage. That is something to which we are strongly committed. Thatā€™s why we are asking you to consider sponsoring our work and helping to preserve a uniquely Tongan point of view for our readers and listeners.

spot_imgspot_imgspot_imgspot_img

Latest news

Related news