Chart pack - Fiscal Institutions in New Zealand and the Question of a

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Chart pack - Fiscal Institutions in New Zealand and the Question of a Powered By Docstoc
					The data and charts in this workbook are from Treasury working paper 10/07 "Fiscal
Institutions in New Zealand and the Question of a Spending Cap" by Tracy Mears,
Gary Blick, Tim Hampton, and John Janssen (November 2010)
% GDP                                                             % GDP
4

3
                                                      Forecast
2

1

0

-1

-2

-3
     1998   2000   2002   2004   2006   2008   2010      2012    2014
        Output Gap
        outgap
?QuickData
  Jan98 -1.72472
  Apr98    -1.4886
   Jul98 -2.22752
  Oct98 -2.11128
  Jan99    -1.6707
  Apr99 -1.34443
   Jul99 0.640935
  Oct99 1.195691
  Jan00 1.835361
  Apr00 0.548211
   Jul00 0.408018
  Oct00 -0.25338
  Jan01 -0.58804
  Apr01 -0.07205
   Jul01 -0.34981
  Oct01 0.465772
  Jan02 0.29206
  Apr02 0.688081
   Jul02 0.930001
  Oct02 1.577741
  Jan03 0.952268
  Apr03 0.407517
   Jul03 1.251966
  Oct03 1.702668
  Jan04 2.371695
  Apr04 2.225612
   Jul04 1.789145
  Oct04 1.278027
  Jan05 1.705911
  Apr05 2.782839
   Jul05 2.701351
  Oct05 1.960214
  Jan06 1.839457
  Apr06     1.4273
   Jul06 1.108727
  Oct06 1.010121
  Jan07 2.034481
  Apr07 2.502624
   Jul07 2.921238
  Oct07 3.526922
  Jan08 2.880109
  Apr08 1.910965
   Jul08 0.912846
  Oct08 -0.48462
  Jan09 -1.64313
Apr09    -1.87814
 Jul09   -2.00391
Oct09    -1.61353
Jan10    -1.20118
Apr10    -0.99318
 Jul10   -0.12193
Oct10     -0.6589
Jan11    -0.69466
Apr11    -0.76627
 Jul11   -0.66353
Oct11    -0.50249
Jan12    -0.64892
Apr12    -0.74621
 Jul12   -0.84071
Oct12    -0.89402
Jan13    -0.90177
Apr13    -0.77347
 Jul13    -0.6502
Oct13    -0.51071
Jan14    -0.35608
Apr14    -0.21669
 Jul14    #N/A
% of GDP
5

4

3

2

1

0
     1995*   1997   1999   2001   2003   2005   2007   2009
-1

-2

-3

-4
Surplus/Deficit, Revenue
From long-term fiscal data series from Treasury's website - downloaded on 19 July 2010.
$ millions                                 Surplus/Deficit Measures
                               Adjusted      Total Crown
                               Financial      Operating    Total Crown Core Crown
                               Balance        Balance       OBEGAL Residual Cash
                       1994*                   755           -517        679
   GAAP
    old-




                       1995*                   2695         2738         396
                       1996*                   3314         2928        4932
                       1997                    1863         1801        3913
                       1998                    2048         2345         484
                       1999                    1705          128        2048
                       2000                    1405          594         -386
    IFRS, June Years




                       2001                    1208         1422         349
                       2002                    2286         2471         216
                       2003                    1621         4366        1217
                       2004                    7309         5573         520
                       2005                    5931         7075        3104
                       2006                    9542         7091        2985
                       2007                    8023         5860        2877
                       2008                    2384         5637        2057
                       2009                   -10505        -3893       -8639
                       2010                    -4509        -6315       -9000

            1995*
IFRS, June Years                                   2.99         3.04        0.44
            1996*                                  3.46         3.05        5.15
                 1997                              1.86         1.80        3.90
                 1998                              1.99         2.28        0.47
                 1999                              1.61         0.12        1.93
                 2000                              1.25         0.53       -0.34
                 2001                              1.01         1.19        0.29
                 2002                              1.80         1.94        0.17
                 2003                              1.21         3.25        0.91
                 2004                              5.04         3.85        0.36
                 2005                              3.85         4.59        2.01
                 2006                              5.90         4.39        1.85
                 2007                              4.67         3.41        1.68
                 2008                              1.31         3.09        1.13
                 2009                             -5.69        -2.11       -4.68
                 2010                             -2.38        -3.34       -4.75
$ billion                                                                               $ billion
75                                                                                              75


70                                                                                             70


65                                                                                             65


60                                                                                             60


55                                                                                             55


50                                                                                             50


45                                                                                            45
  2004      2005      2006       2007    2008    2009   2010     2011   2012   2013       2014

                   Budget 2005          Budget 2006     Budget 2007       Budget 2008
                   Budget 2009          Budget 2010     Actual
                 B          B          B          B          B          A
       Budget 2005 udget 2006 udget 2007 udget 2008 udget 2009 udget 2010 ctual
2004                                                                         46219
2005      51145                                                              51045
2006      53297      56652                                                   55735
2007      55008      56190      57000                                        58211
2008      57056      57781      59400      61936                             61819   2536
2009      60792      59728      61200      61891      58874                  59482
2010                 64157      63800      63664      56771      56406       56406
2011                            67000      66416      57518      60260
2012                                       69159      60538      64469
2013                                                  65046      68530
2014                                                             72856
 % of GDP
50

45

40

35

30

25

20

15

10

 5

 0
  1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
                     Net ex Settlement GDP
          Core CrownGSID Debt NominalCash               Net ex Settlement Cash
                                             Core Crown GSIDDebt
?QuickDatafandIFRS fagd        njunegdp      %GDP       %GDP
1995          38681     44530      90139           42.9      49.4
1996          33835     41901      95851           35.3      43.7
1997          30317     36236     100259           30.2      36.1
1998          30472     38475     102806           29.6      37.4
1999          25923     37307     105918           24.5      35.2
2000          25895     36580     112321           23.1      32.6
2001          24908     37194     119643           20.8      31.1
2002          25388     36650     127085           20.0      28.8
2003          24531     36617     134318           18.3      27.3
2004          23858     36017     144902           16.5      24.9
2005          19879     35478     154069           12.9      23.0
2006          16163     33903     161591           10.0      21.0
2007          13196     30647     171650            7.7      17.9
2008          10258     31390     182478            5.6      17.2
2009          17119     43356     184546            9.3      23.5
2010          26738     53591 189295               14.1      28.3
$ million
4,000

3,500

3,000

2,500

2,000

1,500

1,000

  500

    0
            2003       2004            2005   2006       2007        2008        2009        2010

        BPS Operating allowance (less revenue reduction contingency and precommitment in 2008)
        Budget Operating Initiatives
NOTE: Data from Alex Harrington Spreadsheet 1131011; does not include revenue initiatives
                                                                                              $ millions (GST exclusive)
          Budget         Budget       Budget       Budget       Budget       Budget       Budget      Budget
          1997           1998         1999         2000         2001         2002         2003        2004
          (1999/00)      (2000/01)    (2001/02)    (2003/04)    (2004/05)    (2005/06)    (2006/07) (2007/08)
Nominal           843          153          304         1,138         532         1,037        1,359      3,458


As % of GDP       0.8%         0.1%         0.2%         0.8%         0.4%         0.7%         0.8%       1.9%




NOTE: Data from Dasha Leonova spreadsheet 975664; includes all revenue and expenditure initiatives
Out-year Impact                             1999        2000          2001        2002         2003        2004
BPS                                                            600     1,775    1,100      3,300
Budget                                              1,106      511     1,847    1,519      3,821
Percentage overspent                                          -15%        4%     38%         16%
Differences                                                     -89       72      419        521
NOTE that the 2 source spreadsheets differ for 2000 and 2002 therefore recommend not including these years
Compliation of the 2 so that ainlcude all revenue initiatives

BPS (exrevenue reduction contingency)                                  600        1,775        1,100      3,300
                      1997/98     1998/99     1999/00     2000/01     2001/02     2002/03     2003/04
NOMINAL
Core Crown expenses          33          34          35          37          38          40          42
"base"                       32          33          33          34          35          36          36
Budgets 1997-2008             1           1           2           2           3           4           6
Budgets 2009-11               -           -           -           -           -           -           -

CPI-ADJUSTED
Core Crown expenses          43          43          44          45          45          47          48
"base"                       41          42          42          42          42          42          42
Budgets 1997-2008             1           2           2           3           3           5           7
Budgets 2009-11          -           -           -           -           -           -           -
ons (GST exclusive)
            Budget       Budget       Budget       Budget
            2005         2006         2007         2008         Budget
            (2008/09)    (2009/10)    (2010/11)    (2011/12)    2009        Budget 2010
                 2,073        2,709        3,297        2,358       1450          1,100


                  1.1%         1.4%         1.6%         1.1%




re initiatives
                  2005        2006          2007         2008       2009           2010
                 2,400        2,400        1900         4800        1,750         1,100
                 2,691        2,476        3,141        6,972       1,450         1,100
                  12%            3%         65%          45%        -17%             0%
                   291           76        1,241        2,172        -300             0
ncluding these years


                 2,400        2,400        1,900        2,170       1750           1100

                                                         188
2004/05     2005/06     2006/07     2007/08     2008/09   2009/10   2010/11   2011/12


       45          49          54          57      62        64        67        70
       37          39          41          42      43        44        45        46
        8          10          13          16      18        18        19        19
        -           -           -           -       0         2         3         5



       51          54          57          59      62        62        63        64
       42          43          44          43      43        43        42        42
        9          11          13          16      18        18        18        17
   -           -           -           -            0         2         4         7
$ million                                                                                                                          $ million
3500                                                                                                                                     3500


3000                                                                                                                                     3000
                                                                                                                      Indicative
2500                                                                                                                                     2500


2000                                                                                                                                     2000


1500                                                                                                                                     1500


1000                                                                                                                                     1000


 500                                                                                                                                     500


   0                                                                                                                                     0
       Budget Budget Budget Budget Budget Budget Budget Budget Budget Budget Budget Budget Budget Budget Budget Budget
        1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
       (99/00) (00/01) (01/02) (03/04) (04/05) (05/06) (06/07) (07/08) (08/09) (09/10) (10/11) (11/12) (12/13) (13/14) (14/15) (15/16)
                      Nominal
Budget 1997 (99/00)         843
Budget 1998 (00/01)         153
Budget 1999 (01/02)         304
Budget 2000 (03/04)    1137.778
Budget 2001 (04/05)    531.7222
Budget 2002 (05/06)    1037.333
Budget 2003 (06/07)    1359.111
Budget 2004 (07/08)    3458.133
Budget 2005 (08/09)     2072.92
Budget 2006 (09/10)    2709.378
Budget 2007 (10/11)      3296.7
Budget 2008 (11/12)    2358.194
Budget 2009 (12/13)        1450
Budget 2010 (13/14)        1100
Budget 2011 (14/15)        1120
Budget 2012 (15/16)        1140
% of GDP                                                                 % of GDP
35                                                                             35


34                                                                             34


33                                                                             33


32                                                                             32


31                                                                             31


30                                                                             30


29                                                                             29


28                                                                             28
 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
                     expenses Core
          Core crownNominal GDP Crown Expenses
?QuickDatafaet       njunegdp %GDP
1995           29214     90139     32.4
1996           30483     95851     31.8
1997           31368    100259     31.3
1998           32982    102806     32.1
1999           33939    105918     32.0
2000           34829    112321     31.0
2001           36559    119643     30.6
2002           37513    127085     29.5
2003           39897    134318     29.7
2004           41882    144902     28.9
2005           44895    154069     29.1
2006           49320    161591     30.5
2007           54003    171650     31.5
2008           56997    182478     31.2
2009           64002    184546     34.7
2010           64013 189295        33.8
$NZD
35,000
                                                                  Forecast

34,000

33,000

32,000

31,000

30,000

29,000

28,000

27,000

26,000

25,000
         1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

                          Budget Update May 2008   Budget Update May 2009
          BEFU2009 BEFU2010 BEFU2009     BEFU 2010             Befu2008 Real Production GDP/C
                    befu2010:ngdppcp_z
          befu2009:ngdppcp_z                         ?QuickDatabefu2008:ngdppcp_z
1/04/98    6443.669 6515.787                         1998Q2     6439.473
1/07/98    6427.187 6498.952                         1998Q3     6424.306
1/10/98     6463.36 6535.515                         1998Q4     6458.132
1/01/99    6524.497    6596.8 25858.71    26147.05   1999Q1     6519.015
1/04/99    6585.118 6657.103 26000.16     26288.37   1999Q2     6582.249
1/07/99    6757.686 6830.12 26330.66      26619.54   1999Q3     6753.778
1/10/99    6828.216 6900.757 26695.52     26984.78   1999Q4     6822.236
1/01/00    6906.708 6980.148 27077.73     27368.13   2000Q1     6906.449
1/04/00    6862.166 6936.061 27354.78     27647.09   2000Q2     6861.128
1/07/00    6895.864 6970.191 27492.95     27787.16   2000Q3     6894.569
1/10/00    6890.331 6964.512 27555.07     27850.91   2000Q4     6891.106
1/01/01    6913.332 6985.319 27561.69     27856.08   2001Q1     6915.912
1/04/01    7006.213 7075.824 27705.74     27995.85   2001Q2     7009.823
1/07/01    7034.132 7102.035 27844.01     28127.69   2001Q3     7041.076
1/10/01    7125.045 7193.149 28078.72     28356.33   2001Q4     7138.102
1/01/02    7143.585 7211.85 28308.97      28582.86   2002Q1     7160.142
1/04/02    7213.922 7280.637 28516.68     28787.67   2002Q2      7235.23
1/07/02    7274.128 7340.323 28756.68     29025.96   2002Q3     7298.636
1/10/02    7351.832 7421.706 28983.47     29254.52   2002Q4     7374.956
1/01/03    7333.933 7405.908 29173.82     29448.57   2003Q1     7346.179
1/04/03    7333.035 7402.184 29292.93     29570.12   2003Q2     7338.507
1/07/03    7437.251 7505.885 29456.05     29735.68   2003Q3     7421.641
1/10/03    7504.626 7575.93 29608.84      29889.91   2003Q4     7479.954
1/01/04    7591.027 7660.312 29865.94     30144.31   2004Q1     7571.864
1/04/04     7634.64 7688.766 30167.54     30430.89   2004Q2     7615.782
1/07/04    7644.171 7695.464 30374.46     30620.47   2004Q3     7630.737
1/10/04    7620.937 7688.375 30490.78     30732.92   2004Q4     7613.634
1/01/05    7669.943 7749.788 30569.69     30822.39   2005Q1     7656.838
1/04/05      7774.2 7863.542 30709.25     30997.17   2005Q2     7757.251
1/07/05    7796.082 7884.732 30861.16     31186.44   2005Q3     7765.647
1/10/05    7749.609 7843.505 30989.83     31341.57   2005Q4     7712.772
1/01/06    7801.847 7843.349 31121.74     31435.13   2006Q1     7752.189
1/04/06    7781.365 7821.065 31128.9      31392.65   2006Q2     7725.642
1/07/06    7800.315 7809.86 31133.14      31317.78   2006Q3     7741.612
1/10/06    7830.162 7805.423 31213.69      31279.7   2006Q4     7768.316
1/01/07    7898.556 7886.462 31310.4      31322.81   2007Q1     7839.511
1/04/07    7951.248 7931.842 31480.28     31433.59   2007Q2     7892.557
1/07/07    7983.515 7972.178 31663.48     31595.91   2007Q3     7915.348
1/10/07    8033.536 8020.348 31866.85     31810.83   2007Q4     7973.808
1/01/08    7985.956 7973.04 31954.26      31897.41   2008Q1     7949.844
1/04/08    7953.448 7908.678 31956.45     31874.24   2008Q2     7961.415
1/07/08    7902.396 7842.738 31875.34      31744.8   2008Q3     7971.599
1/10/08    7808.953 7741.092 31650.75     31465.55   2008Q4     7988.003
1/01/09    7703.288 7656.214 31368.08     31148.72   2009Q1     8006.082
1/04/09    7654.826 7645.913 31069.46     30885.96   2009Q2     8031.994
1/07/09   7623.955   7644.555   30791.02   30687.77   2009Q3    8067.86
1/10/09    7618.03   7680.341    30600.1   30627.02   2009Q4   8108.176
1/01/10   7632.748   7716.377   30529.56   30687.19   2010Q1   8155.937
1/04/10   7654.999   7754.606   30529.73   30795.88   2010Q2   8205.195
1/07/10   7675.392   7854.994   30581.17   31006.32   2010Q3    8252.32
1/10/10   7703.803   7828.051   30666.94   31154.03   2010Q4   8293.701
1/01/11   7728.875   7870.942   30763.07   31308.59   2011Q1   8338.218
1/04/11   7756.575   7911.864   30864.64   31465.85   2011Q2   8381.924
1/07/11   7809.467   7966.758   30998.72   31577.61   2011Q3   8418.142
1/10/11   7873.506   8025.415   31168.42   31774.98   2011Q4   8455.834
1/01/12   7916.529   8057.137   31356.08   31961.17   2012Q1   8494.363
1/04/12    7985.85   8094.464   31585.35   32143.77   2012Q2   8532.775
1/07/12   8052.353   8130.543   31828.24   32307.56   2012Q3    #N/A
1/10/12   8113.232   8168.387   32067.96   32450.53   2012Q4    #N/A
1/01/13   8164.035   8205.227   32315.47   32598.62   2013Q1    #N/A
1/04/13    8207.72   8251.801   32537.34   32755.96   2013Q2    #N/A
1/07/13    #N/A      8297.783    #N/A       32923.2   2013Q3    #N/A
1/10/13    #N/A      8345.058    #N/A      33099.87   2013Q4    #N/A
1/01/14    #N/A      8393.544    #N/A      33288.19   2014Q1    #N/A
1/04/14    #N/A      8440.702    #N/A      33477.09   2014Q2    #N/A
                      BEFU 2008 HYEFU
HYEFU2009 Real Production GDP/Capita 2009             Year
Hyefu2009:ngdppcp_z
 6443.669 3/31/1998
 6427.187 6/30/1998
  6463.36 9/30/1998
 6524.497 12/31/1998 25840.93 25858.71      1/01/99          1999
 6585.118 3/31/1999 25983.7 26000.16        1/04/99          1999
 6757.686 6/30/1999 26313.17 26330.66       1/07/99          1999
 6828.216 9/30/1999 26677.28 26695.52       1/10/99          1999
 6906.708 12/31/1999 27064.71 27077.73      1/01/00          2000
 6861.906 3/31/2000 27343.59 27354.52       1/04/00          2000
 6895.605 6/30/2000 27484.38 27492.44       1/07/00          2000
 6890.589 9/30/2000 27553.25 27554.81       1/10/00          2000
 6913.332 12/31/2000 27562.72 27561.43      1/01/01          2001
 7006.213 3/31/2001 27711.41 27705.74       1/04/01          2001
 7034.132 6/30/2001 27857.92 27844.27       1/07/01          2001
 7125.045 9/30/2001 28104.91 28078.72       1/10/01          2001
 7143.585 12/31/2001 28349.14 28308.97      1/01/02          2002
 7214.429 3/31/2002 28574.55 28517.19       1/04/02          2002
 7274.128 6/30/2002 28832.11 28757.19       1/07/02          2002
  7351.33 9/30/2002 29068.96 28983.47       1/10/02          2002
 7333.933 12/31/2002      29255 29173.82    1/01/03          2003
 7332.786 3/31/2003 29358.28 29292.18       1/04/03          2003
 7437.251 6/30/2003 29481.28 29455.3        1/07/03          2003
 7504.133 9/30/2003 29586.28 29608.1        1/10/03          2003
 7591.765 12/31/2003 29811.97 29865.93      1/01/04          2004
  7634.64 3/31/2004 30089.24 30167.79       1/04/04          2004
 7644.171 6/30/2004 30298.34 30374.71       1/07/04          2004
 7619.963 9/30/2004 30432.02 30490.54       1/10/04          2004
 7670.671 12/31/2004 30516.99 30569.45      1/01/05          2005
   7774.2 3/31/2005 30658.46 30709.01       1/04/05          2005
 7795.599 6/30/2005 30793.37 30860.43       1/07/05          2005
 7748.646 9/30/2005 30892.51 30989.12       1/10/05          2005
 7804.246 12/31/2005 30987.86 31122.69      1/01/06          2006
 7781.365 3/31/2006 30956.25 31129.86       1/04/06          2006
 7800.076 6/30/2006 30932.22 31134.33       1/07/06          2006
 7824.691 9/30/2006 30987.76 31210.38       1/10/06          2006
 7901.639 12/31/2006 31075.08 31307.77      1/01/07          2007
 7952.905 3/31/2007       31242 31479.31    1/04/07          2007
 7988.002 6/30/2007 31415.73 31667.24       1/07/07          2007
 8031.181 9/30/2007 31621.22 31873.73       1/10/07          2007
 7985.956 12/31/2007 31731.56 31958.04      1/01/08          2008
 7936.337 3/31/2008 31800.41 31941.48       1/04/08          2008
 7883.212 6/30/2008 31856.67 31836.69       1/07/08          2008
 7786.126 9/30/2008 31870.86 31591.63       1/10/08          2008
 7703.904 12/31/2008 31927.1 31309.58       1/01/09          2009
 7688.453 3/31/2009 31997.68 31061.69       1/04/09          2009
7697.508    6/30/2009   32093.94   30875.99   1/07/09   2009
7718.292    9/30/2009   32214.11   30808.16   1/10/09   2009
7731.228   12/31/2009   32363.97   30835.48   1/01/10   2010
7749.505    3/31/2010   32537.17   30896.53   1/04/10   2010
7772.113    6/30/2010   32721.63   30971.14   1/07/10   2010
7806.724    9/30/2010   32907.15   31059.57   1/10/10   2010
7846.538   12/31/2010   33089.43   31174.88   1/01/11   2011
7884.605    3/31/2011   33266.16   31309.98   1/04/11   2011
7936.887    6/30/2011   33431.98   31474.75   1/07/11   2011
7998.215    9/30/2011   33594.12   31666.25   1/10/11   2011
8027.908   12/31/2011   33750.26   31847.61   1/01/12   2012
8066.412    3/31/2012   33901.11   32029.42   1/04/12   2012
8107.925    6/30/2012    #N/A      32200.46   1/07/12   2012
8149.068    9/30/2012    #N/A      32351.31   1/10/12   2012
8188.495   12/31/2012    #N/A       32511.9   1/01/13   2013
8226.779    3/31/2013    #N/A      32672.27   1/04/13   2013
8263.943    6/30/2013    #N/A      32828.29   1/07/13   2013
8300.697    9/30/2013    #N/A      32979.91   1/10/13   2013
8336.249   12/31/2013    #N/A      33127.67   1/01/14   2014
8369.991    3/31/2014    #N/A      33270.88   1/04/14   2014
% of GDP                                                                   % of GDP
70                                                                                70


60                                                                                60


50                                                                                50


40                                                                                40


30                                                                                30


20                                                                                20


10                                                                                10


 0                                                                                0
     2007   2009   2011       2013           2015   2017     2019   2021   2023

                   Without policy response           Budget 2009
                 W          Core Crown Net
       Budget 2009 ithout policy response Debt %GDP
1995                               42.9
1996                               35.3
1997                               30.2
1998                               29.6
1999                               24.5
2000                               23.1
2001                               20.8
2002                               20.0
2003                               18.3
2004                               16.5
2005                               12.9
2006                               10.0
2007    7.802052 7.802052            7.7
2008    5.723468 5.724026            5.6
2009    8.672252 10.47271            9.3
2010     15.6063 17.11898
2011     21.7599 24.16904
2012    27.10306 31.24035
2013    30.92664 36.90955
2014    33.54742 41.24949
2015    35.00116 44.79696
2016    35.62987 47.58402
2017    35.87999 50.41725
2018    35.72452 53.05165
2019    35.13158 55.45094
2020    34.09092     57.547
2021    33.44262 59.25247
2022    32.27601 60.61085
2023    30.58548 61.62166
$ billion, June years                              2011     2012     2013     2014
Core Crown expenses (year ended 30 June 2010)    64.791   64.791   64.791   64.791
   Impact of Budget 2010 decisions                1.212    1.124    1.101    1.100
   Forecast new spending for Budget 2011              -    1.122    1.122    1.122
   Forecast new spending for Budget 2012              -        -    1.146    1.146
   Forecast new spending for Budget 2013              -        -        -    1.167
   Contingency for weathertight homes                 -    0.060    0.195    0.395
   Impact of tax package on expenses              0.179    0.104    0.080    0.096
   New Zealand Superannuation payments1           0.493    1.053    1.455    1.897
   Other benefit payments1                        0.506    0.592    0.902    1.087
  Emissions Trading Scheme                        0.907    0.275    0.581    0.727
  Finance costs                                   0.866    1.469    1.959    2.181
  Other changes                                   1.697    0.874    0.892    1.340
  Total changes                                   5.860    6.673    9.433   12.258
Core Crown expenses                              70.651   71.464   74.224   77.049
  1
      Excludes the impact from the tax package

				
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