| Actual 2023 ($000) | Expenditure type | Notes | Actual 2024 ($000) | Unaudited budget 2024 ($000) | Unaudited forecast 2025 ($000) |
|---|---|---|---|---|---|
| Benefits and other unrequited expenses | |||||
| $321,341 | Best Start tax credit | n/a | $336,108 | $339,000 | $339,000 |
| - | Child tax credit | n/a | $(458) | - | - |
| - | FamilyBoost tax credit | n/a | - | - | $174,000 |
| $2,151,179 | Family tax credit | n/a | $2,296,578 | $2,284,000 | $2,316,000 |
| $464,036 | In-work tax credit | n/a | $436,964 | $477,000 | $582,000 |
| $932 | KiwiSaver: Interest | n/a | $2,841 | $1,000 | $2,500 |
| $995,699 | Kiwisaver: Tax credit | n/a | $1,011,371 | $1,093,000 | $1,101,000 |
| $12, 324 | Minimum family tax credit | n/a | $11,467 | $12,000 | $12,000 |
| $607,952 | Paid parental leave payments | n/a | $647,296 | $677,000 | $685,000 |
| - | Parental tax credit | n/a | $(241) | - | - |
| $4,553,463 | Total benefits and other unrequited expenses | n/a | $4,741,926 | $4,883,000 | $5,211,500 |
| Borrowing expenses | |||||
| $1,912 | Environmental restoration account interest | n/a | $4,185 | $2,100 | $4,300 |
| $8,403 | Income equalisation interest | n/a | $8,602 | $9,000 | $7,000 |
| $10,315 | Total borrowing expenses | n/a | $12,787 | $11,100 | $11,300 |
| Other expenses | |||||
| $599,986 | Cost of Living Payment | n/a | $(23,587) | - | - |
| - | COVID-19 Resurgence Support Payment | n/a | $(7,118) | - | - |
| $(23,349) | COVID-19 Support Payment | n/a | $(4,804) | - | - |
| $1,467,609 | Impairment of debt and debt write-offs | 3 | $2,375,843 | $931,000 | $1,676,000 |
| $53,926 | Initial fair value write-down relating to the Small Business Cashflow Scheme COVID-19 | 5 | $(25) | $28,000 | - |
| $550,743 | Initial fair value write-down relating to student loans | 6 | $544,076 | $640,000 | $633,000 |
| $6,476 | Impairment of debt relating to child support | 4 | $(5,908) | - | - |
| $2,655,391 | Total other expenses | n/a | $2,878,477 | $1,599,000 | $2,309,000 |
| $7,219,169 | Total expenditure excluding losses | n/a | $7,633,190 | $6,493,100 | $7,531,800 |
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 2024.
Last updated:
06 Dec 2024