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5 Jul 2013
NZ financial statements: key indicators better than forecast
FXstreet.com (Barcelona) - The Financial Statements of the Government of New Zealand ended 31 May 2013 were released just minuted ago, with overall key indicators better than forecast, the statement to the media reported.
Read the key points from the Financial Statements below
- The operating balance before gains and losses deficit was $3.3 billion, which was $763 million lower than expected largely owing to higher than forecast core Crown tax revenue.
- At $502 million above forecast, Core Crown tax revenue continued the trend from recent months, with large positive variances in corporate tax ($496 million) and tax from other persons ($164 million), partially offset by a negative variance in GST ($222 million). Higher-than-expected profitability, in part owing to strength in financial markets, contributed to the positive variances and we expect that the differences in core Crown tax revenue will persist to year-end.
- The higher than forecast core Crown tax revenue and gains were the key reason for the operating balance surplus being $2.7 billion higher than forecast, to be $6.5 billion at the end of May.
- As a result of the lower than expected residual cash deficit, net debt was $800 million lower than forecast at $55.7 billion, or 26.4% of GDP.
- Gross debt was close to forecast at $78.4 billion, or 37.0% of GDP.
Read the key points from the Financial Statements below
- The operating balance before gains and losses deficit was $3.3 billion, which was $763 million lower than expected largely owing to higher than forecast core Crown tax revenue.
- At $502 million above forecast, Core Crown tax revenue continued the trend from recent months, with large positive variances in corporate tax ($496 million) and tax from other persons ($164 million), partially offset by a negative variance in GST ($222 million). Higher-than-expected profitability, in part owing to strength in financial markets, contributed to the positive variances and we expect that the differences in core Crown tax revenue will persist to year-end.
- The higher than forecast core Crown tax revenue and gains were the key reason for the operating balance surplus being $2.7 billion higher than forecast, to be $6.5 billion at the end of May.
- As a result of the lower than expected residual cash deficit, net debt was $800 million lower than forecast at $55.7 billion, or 26.4% of GDP.
- Gross debt was close to forecast at $78.4 billion, or 37.0% of GDP.