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Source: MIL-OSI Submissions
Source: New Zealand Treasury

The interim Financial Statements of the Government of New Zealand for the seven months ended 31 January 2021 (the financial statements) were released by the Treasury today.

The January 2021 Interim Financial Statements of the Government show that the position and performance of the Crown continue to be stronger than forecast in the Half Year Economic and Fiscal Update (HYEFU).

The results show the impacts of the COVID-19 pandemic are still visible however, with an operating balance before gains and losses (OBEGAL) deficit of $4.4 billion and continued higher levels of net core Crown debt of $100.4 billion (31.3% of GDP).

  Year to date Full Year
January

2021

Actual1
$m

January

2021
HYEFU 2020

Forecast1
$m

Variance2
HYEFU 2020 $m
Variance HYEFU 2020 % June

2021
HYEFU 2020

Forecast3
$m

Core Crown          
Core Crown tax revenue 53,585 51,815 1,770 3.4 88,346
Core Crown revenue 57,331 55,558 1,773 3.2 94,993
Core Crown expenses 60,879 61,381 502 0.8 114,232
Core Crown residual cash (12,796) (16,059) 3,263 20.3 (40,177)
Net core Crown debt4 100,364 103,460 3,096 3.0 128,649
as a percentage of GDP 31.3% 32.3%     39.7%
Gross debt5 105,464 100,976 (4,488) (4.4) 91,669
as a percentage of GDP 32.9% 31.5%     28.3%
Total Crown          
Operating balance before gains and losses (4,447) (7,315) 2,868 39.2 (21,576)
Operating balance (excluding minority interests) 3,262 (11,117) 14,379 129.3 (25,639)
Total borrowings 160,500 161,272 772 0.5 186,622
Net worth attributable to the Crown 112,525 98,605 13,920 14.1 83,881
as a percentage of GDP 35.1% 30.7%     25.9%