Crown Accounts

The monthly crown accounts are out. Not pretty, but could be worse:

• OBEGAL (the important figure – the underlying surplus) is $600 million in the black
• But OBEGAL is $850 million less than PREFU forecast which suggest OBEGAL for the full year will be close to a $1b deficit
• Operating Deficit is $5.5b due to $6b of losses
• Cash deficit is $5.7b, which is $1b higher than PREFU
• Gross Debt is 25.3% of GDP alreadybut net debt is only 1.3% of GDP (excl NZSF assets)
• Tax revenue $574m less than PREFU but much in line with DEFU