Schedule of Non-Departmental Expenditure (2023)

Non-departmental expenditure for the year ended 30 June 2023.

Actual 2022 $000

Expenditure type

Notes

Actual 2023 ($000)

Unaudited budget 2023 ($000)

Unaudited forecast 2024 ($000)

Benefits and other unrequited expenses

$307,555

Best Start tax credit

n/a

$321,341

$375,000

$339,000

$2,016,589

Family tax credit

n/a

$2,151,179

$2,375,000

$2,284,000

$506,230

In-work tax credit

n/a

$464,036

$545,000

$477,000

$158

KiwiSaver: Interest

n/a

$932

$2,000

$1,000

$963,856

KiwiSaver: Tax credit

n/a

$995,699

$1,028,000

$1,093,000

$13,130

Minimum family tax credit

n/a

$12,324

$17,000

$12,000

$602,634

Paid parental leave payments

n/a

$607,952

$645,000

$677,000

(2,000)

Payroll subsidy

n/a

-

$4,408,152

Total benefits and other unrequited expenses

n/a

$4,553,463

$4,987,000

$4,883,000

Borrowing expenses

$1,510

Environmental restoration account interest

n/a

$1,912

$1,400

$2,100

$8,444

Income equalisation interest

n/a

$8,403

$7,000

$9,000

$9,954

Total borrowing expenses

n/a

$10,315

$8,400

$11,100

Other expenses

-

Cost of Living Payment

n/a

$599,986

$800,000

-

$2,712,507

COVID-19 Resurgence Support Payment

n/a

-

$1,306,810

COVID-19 Support Payment

n/a

$(23,349)

-

$662,497

Impairment of debt and debt write-offs

3

$1,467,609

$841,000

$931,000

$230,069

Initial fair value write-down relating to the Small Business Cashflow Scheme

5

$53,926

$279,000

$28,000

$489,063

Initial fair value write-down relating to student loans

6

$550,743

$662,000

$640,000

$(41,920)

Impairment of debt relating to child support

4

$6,476

-

$(20)

KiwiSaver ex gratia payments

n/a

-

$5,359,006

Total other expenses

n/a

$2,655,391

$2,582,000

$1,599,000

$9,777,112

Total expenditure excluding losses

n/a

$7,219,169

$7,577,400

$6,493,100

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 operations for the year, refer to the consolidated Financial Statements of the Government of New Zealand for the Year Ended 30 June 2023.