Source: MIL-OSI Submissions
Source New Zealand Treasury
The interim Financial Statements of the Government of New Zealand for the nine months ended 31 March 2021 (the financial statements) were released by the Treasury today.
The March 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, with an operating balance before gains and losses (OBEGAL) deficit of $4.3 billion and continued higher levels of net core Crown debt of $105.3 billion (33.3% of GDP).
| Year to date | Full Year | ||||
|---|---|---|---|---|---|
| March
2021 Actual1 |
March
2021 Forecast1 |
Variance2 HYEFU 2020 $m |
Variance HYEFU 2020 % | June
2021 Forecast3 |
|
| Core Crown | |||||
| Core Crown tax revenue | 69,906 | 65,926 | 3,980 | 6.0 | 88,346 |
| Core Crown revenue | 74,806 | 70,703 | 4,103 | 5.8 | 94,993 |
| Core Crown expenses | 79,087 | 79,350 | 263 | 0.3 | 114,232 |
| Core Crown residual cash | (17,393) | (23,571) | 6,178 | 26.2 | (40,177) |
| Net core Crown debt4 | 105,310 | 111,955 | 6,645 | 5.9 | 128,649 |
| as a percentage of GDP | 33.3% | 35.4% | 39.7% | ||
| Gross debt5 | 107,648 | 102,627 | (5,021) | (4.9) | 91,669 |
| as a percentage of GDP | 34.0% | 32.4% | 28.3% | ||
| Total Crown | |||||
| Operating balance before gains and losses | (4,272) | (9,435) | 5,163 | 54.7 | (21,576) |
| Operating balance (excluding minority interests) | 11,271 | (13,718) | 24,989 | 182.2 | (25,639) |
| Total borrowings | 163,995 | 169,411 | 5,416 | 3.2 | 186,622 |
| Net worth attributable to the Crown | 121,926 | 96,057 | 25,869 | 26.9 | 83,881 |
| as a percentage of GDP | 38.5% | 30.3% | 25.9% | ||
