Source: MIL-OSI Submissions
Government finance statistics (general government): Year ended June 2020
11 December 2020
Government finance statistics (general government) gives an economic representation of New Zealand’s central and local government financial activity.
Key facts
In the year ended June 2020:
- General government net operating balance dropped to a $12.9 billion deficit, as government operating expenses exceeded revenue for the first time since 2013.
- Total operating income decreased by 1.7 percent, mostly led by a decline in tax revenue.
- The fall in tax revenue was led by decreases to taxes payable by corporations (down 17.9 percent) and taxes on goods and services (down 0.6 percent).
- Total operating expenditure increased by 19.7 percent, following the government’s fiscal support measures in response to COVID-19.
- Operating expenditure growth was driven by a strong increase to subsidies (up $12.6 billion) – particularly, the COVID-19 wage support subsidy – and increased social benefits (up $4.1 billion).
- Net acquisition of non-financial assets fell by $2.1 billion to $4.9 billion as investment in non-financial assets decreased following a particularly high level of investment in 2019.
- Net borrowing was $17.8 billion.
- Net worth decreased by $19.9 billion to $327.1 billion, falling for the first time since 2012.
- Net debt was $52.4 billion, up $23.7 billion from last year, increasing for the first time since 2016.
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