For the year ended 30 June 2021
|
Actual 2020 ($000) |
Notes |
Actual 2021 ($000) |
Unaudited budget 2021 ($000) |
Unaudited forecast 2022 ($000) |
|
|---|---|---|---|---|---|
| Benefits and other unrequited expenses | |||||
| $184,059 | Best Start tax credit | $271,100 | $336,000 | $405,000 | |
| $558 | Child tax credit | – | $100 | – | |
| $2,188,954 | Family tax credit | $2,102,743 | $2,139,000 | $2,064,000 | |
| $620,964 | In-work tax credit | $571,734 | $631,000 | $620,000 | |
| $6,624 | KiwiSaver: Interest | $391 | $5,000 | $1,000 | |
| $859,123 | KiwiSaver: Tax credit | $915,571 | $930,000 | $973,000 | |
| $18,426 | Minimum family tax credit | $13,220 | $22,000 | $27,000 | |
| $422,146 | Paid parental leave payments | $503,310 | $455,000 | $540,000 | |
| $2,460 | Parental tax credit | – | – | – | |
| $6,761 | Payroll subsidy | – | – | – | |
| $4,310,075 | Total benefits and other unrequited expenses | $4,378,069 | $4,518,100 | $4,630,000 | |
| Borrowing expenses | |||||
| $ (15) | Adverse event interest | – | – | – | |
| $1,438 | Environmental restoration account interest | $1,418 | $1,500 | $1,400 | |
| $6,453 | Income equalisation interest | $6,476 | $10,000 | $10,000 | |
| $7,876 | Total borrowing expenses | $7,894 | $11,500 | $11,400 | |
| Other expenses | |||||
| – | COVID-19 Resurgence Support Payment | $199,983 | – | – | |
| $1,356,750 | Impairment of debt and debt write-offs | 2, 4 | $881,659 | $880,000 | $841,000 |
| $685,453 | Initial fair value write-down relating to Small Business Cashflow Scheme COVID-19 | 2, 6 | $142,920 | – | $84,000 |
| $506,118 | Initial fair value write-down student loans | 7 | $468,594 | $558,000 | $515,000 |
| – | Impairment of debt relating to child support | 5 | $(20,690) | – | – |
| – | KiwiSaver ex gratia payments | $7,235 | – | – | |
| $2,548,321 | Total other expenses | $1,679,701 | $1,438,000 | $1,440,000 | |
| $6,866,272 | Total expenditure excluding losses | $6,065,664 | $5,967,600 | $6,081,400 |
The accompanying accounting policies and notes form part of these financial schedules.
For a full understanding of the Crown’s financial position and the results of its operation and cash flows, refer to the consolidated ‘Financial Statements of the Government of New Zealand for the year ended 30 June 2021’.
Last updated:
03 Nov 2021