Source: The Treasury
The interim Financial Statements of the Government of New Zealand for the ten months ended 30 April 2024 were released by the Treasury today.
The April results are reported against forecasts based on the Budget Economic and Fiscal Update 2024 (BEFU 2024), published on 30 May 2024, and the results for the same period for the previous year.
| Year to date | Full Year | ||||
|---|---|---|---|---|---|
| 2024 Actual1 $m |
2024 BEFU 2024 Forecast1 $m |
Variance2 BEFU 2024 $m |
Variance BEFU 2024 % |
June 2024 BEFU 2024 Forecast3 $m |
|
| Core Crown tax revenue | 100,320 | 98,667 | 1,653 | 1.7 | 118,995 |
| Core Crown revenue | 110,958 | 109,537 | 1,421 | 1.3 | 132,375 |
| Core Crown expenses | 112,880 | 113,387 | 507 | 0.4 | 138,325 |
| Core Crown residual cash | (19,082) | (20,483) | 1,401 | 6.8 | (21,864) |
| Net core Crown debt4 | 174,990 | 176,963 | 1,973 | 1.1 | 178,094 |
| as a percentage of GDP | 43.2% | 43.7% | 43.1% | ||
| Gross debt | 174,739 | 174,370 | (369) | (0.2) | 174,583 |
| as a percentage of GDP | 43.1% | 43.0% | 42.3% | ||
| Operating balance before gains and losses | (6,509) | (8,220) | 1,711 | 20.8 | (11,074) |
| Operating balance (excluding minority interests) | 660 | (1,232) | 1,892 | 153.6 | (2,988) |
| Net worth attributable to the Crown | 184,505 | 182,697 | 1,808 | 1.0 | 180,862 |
| as a percentage of GDP | 45.5% | 45.1% | 43.8% | ||
- Using the most recently published GDP (for the year ended 31 Dec 2023) of $405,145 million (Source: Stats NZ).
- Favourable variances against forecast have a positive sign and unfavourable variances against forecast have a negative sign.
- Using BEFU 2024 forecast GDP for the year ending 30 June 2024 of $413,062 million (Source: The Treasury).
- Net core Crown debt excludes the NZS Fund and core Crown advances. Net core Crown debt may fluctuate during the year largely reflecting the timing of tax receipts.
Core Crown tax revenue, at $100.3 billion, was $1.7 billion (1.7%) above forecast. This largely reflects higher-than-expected tax revenue from Portfolio Investment Entities (PIE) on the back of strong investment performance and RWT on divid
