Economy News – Interim Financial Statements of the Government of New Zealand for the three months ended 30 September 2023 – New Zealand Treasury

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Source: The Treasury

The interim Financial Statements of the Government of New Zealand for the three months ended 30 September 2023 were released by the Treasury today. https://www.treasury.govt.nz/publications/month-end/interim-financial-statements-government-new-zealand-three-months-ended-30-september-2023

The September results are reported against forecasts based on the Pre-election Economic and Fiscal Update 2023 (PREFU 2023), published on 12 September 2023 and the results for the same period for the previous year. The Half Year Economic and Fiscal Update 2023 (HYEFU 2023) will be released before Christmas 2023.

  Year to date Full Year
September
2023
Actual1
$m		 September
2023
PREFU 2023
Forecast1
$m		 Variance2
PREFU 2023
$m		 Variance
PREFU 2023
%		 June
2024
PREFU 2023
Forecast3
$m
Core Crown tax revenue 28,508  28,199 309  1.1  121,602
Core Crown revenue 31,994  31,304 690  2.2  133,948
Core Crown expenses 33,364  33,471 107  0.3  139,438
Core Crown residual cash (7,922) (6,688) (1,234) (18.5) (25,442)
Net debt 81,382 75,736 (5,646) (7.5) 92,925
          as a percentage of GDP 20.6% 19.1%     22.3%
Gross debt 149,745  147,332 (2,413) (1.6) 165,770
          as a percentage of GDP 37.8% 37.2%     39.8%
Operating balance before gains and losses (2,502) (2,725) 223  8.2  (11,380)
Operating balance (excluding minority interests) (3,918) (3,492) (426) (12.2) (7,625)
Net worth attributable to the Crown 179,499  179,990 (491) (0.3) 175,709
          as a percentage of GDP 45.3% 45.5%     42.2%

Using the most recently published GDP (for the year ended 30 June 2023) of $395,896 million (Source: Stats NZ).

Favourable variances against forecast have a positive sign and unfavourable variances against forecast have a negative sign.

Using PREFU 2023 forecast GDP for the year ending 30 June 2024 of $416,553 million (Source: The Treasury).

Core Crown tax revenue at $28.5 billion was $0.3 billion (1.1%) above forecast. This was largely due corporate tax revenue and resident withholding tax being higher than forecast by $0.3 billion and $0.2 billion, respectively.

Core Crown revenue at $32.0 billion was $0.7 billion (2.4%) above forecast mainly due to higher tax and interest revenue.

Core Crown expenses at $33.4 billion were close to forecast. While there are a number of under and oversp

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