The interim Financial Statements of the Government of New Zealand for the three months ended 30 September 2023 were released by the Treasury today. interim Financial Statements of the Government of New Zealand for the 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
