Untitled

Press, 28 July 1989, Page 5

TABLE No. 2: Financing of Net Government Expenditure

($ millions)

Years Ended

(!) Excludes major project and producer board financing. (II) Includes major project and producer board financing. ’ Refer to Table 1 for details. 2 This amount represents unexpended appropriations in 1988/89 that are carried forward to 1989/90. They are deducted from total net government expenditure on the assumption that, in aggregate, a comparable amount will be unexpended in 1989/90 ana earned forward to the following year. 3 $1,057.6 million was spent of which $370.7 million was in Fuel and Power, $lO.O million in Transport and $676:9 million from the Trust Account. In 1988-89, $1,719.9 million was spent of which $316.9 million was from Fuel and Power and the balance from the Trust Account. In 1989-90, it is estimated that $1,413.0 million will be spent of which $83.0 million will be from Fuel and Power and the balance from Vote: Treasury. * Not available

31 March 1988 31 March 1989 30 June 1990 (Estimated) Expenditure:’ Administration 2,223.5 2,505.6 2,769.0 Foreign relations 1,513.6 1,610.9 <733.7 Development of industry 1,349.6 1,227.5 <231.3 Education 3,118.2 3,569.2 3,912.5 Social services 7,791.9 9,123.3 Health 3,387.5 3,639.3 3,791.1 Transport 654.8 672.0 711.6 Debt services 4,970.9 4,492.5 4,720.0 Misc. investment transactions (1,241.2) (2,282.8) (3,762.9) Misc. financing transactions (652.3) (816.8) (382.0) Subtotal 23,116.6 23,740.8 25,016.3 Allowances: Supplementary Estimates — — 200.0 Carryforwards 2 — — (81.5) Total Expenditure (1) 23,116.6 23,740.8 25,134.8 Expenditure on major projects and producer boards refinancing 3 1,057.6 1,719.9 1,413.0 Total Expenditure (II) 24,174.2 25,460.8 26,547.8 Financed from: Direct taxation: Income tax: Individuals 11,608.9 12,862.9 13,985.0 Companies 2,026.4 1,903.2 2,205.0 Other 164.6 211.8 755.0 Other direct taxation 120.6 217.6 360.0 Indirect taxation: Goods and services tax 3,818.5 4,338.8 5,500.0 Excise duties 1,924.8 1,869.3 <665.0 Other indirect taxation 1,354.7 899.0 790.0 Highways taxation 509.6 561.3 675.0 Total Taxation 21,528.1 22,863.9 25,935.0 Interest, profits and miscellaneous receipts 2,055.6 2,609.4 2,298.7 total Revenue 23,583.8 25,473.3 28,233.7 Deficit/(Surplus) Before Borrowing (1) (467.3) (1,732.5) (3,098.8) DeficiV(Surplus) Before Borrowing (II) 590.4 (12.6) (1,685.9) Borrowing in New Zealand 4,475.3 6,054.7 Less repayments in New Zealand 3,601.3 5,307.3 874.0 747.4 Plus sales {less purchase) of investments 480.6 (99.7) Net borrowingZ(repayment) in New Zealand 1,354.6 647.7 * Internal surplusZ(deficit) 764.2 660.2 Borrowing overseas 7,771.7 7,127.5 Less repayments overseas 10,506.2 8,439.5 (2,734.5) (1,312.0) Plus sales {less purchase) of overseas investments 1,967.5 655.8 Net borrowingZ(repayment) overseas (767.0) (656.2) * Cash surplusZ(deficit) (2.8) 4.1