MIL-OSI New Zealand: New Zealand Economy – Interim Financial Statements of the Government of New Zealand for the ten months ended 30 April 2024 – Treasury

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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%
  1. Using the most recently published GDP (for the year ended 31 Dec 2023) of $405,145 million (Source: Stats NZ).
  2. Favourable variances against forecast have a positive sign and unfavourable variances against forecast have a negative sign.
  3. Using BEFU 2024 forecast GDP for the year ending 30 June 2024 of $413,062 million (Source: The Treasury).
  4. 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

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