Crown accounts to 31 March 2009

Treasury released yesterday the crown accounts for the first nine months of this financial year. Here’s the differences between what Labour projected in the PREFU and the reality six months later:

  • Tax revenue down $1.9 billion
  • OBEGAL down $2.1 billion from $1.9 surplus to $0.2 deficit
  • Investment losses total $5.7 billion
  • Acturial losses of $3.6 billion
  • $0.7 billion gain on Kyoto
  • Overall deficit is $7.7 billion – a blow out of $11.1 billion from the projected $3.4 billion surplus in PREFU
  • Gross debt now $45 billion or 25.1% of GDP (do you recall Labour saying 22% would be a disaster?)
  • Net debt (which I find more useful) is $5.1b or 2.9% of GDP – against forecast of 3.0%

The one off investment and acturial losses are not that major a concern for me, but the $2.1 billion change downwards in OBEGAL is a huge issue.

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