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Government Finance Statistics (Central Government): Year ended June 2014
Embargoed until 10:45am  –  01 May 2015
Revisions

The revisions to this release cover some treatment changes, data revisions and corrections and some affect the whole time series. See the revisions and eliminations tables for the operating statement and the balance sheet in the downloadable excel file.

Consolidation of transactions, assets, and liabilities

Consolidation is a method of presenting statistics for a set of units as if they constituted a single unit. It involves eliminating all transactions (and assets and liabilities) that occur among the units being consolidated. Conceptually, GFS presents data on a consolidated basis.

We have improved consolidation for the balance sheet (table 2) and for revenue and expense transactions in the operating statement (table 1). Transactions between entities that were eliminated consisted of current and capital transfers, sales and purchases of goods and services, interest on government bonds and tax paid on the Government Superannuation Fund. Elimination on  the balance sheet have been extended to assets and liabilities between entities. Government stock held by ACC and the Earthquake Commission was already included in the balance sheet elimination process.

Improvements in classification

While producing GFS we have improved the classification of units and transactions. Changes include capital and current transfers of the New Zealand Transport Agency to local government.

Withholding tax on superannuation payments is now included in employee expenses. Wages and salaries paid to employees, which were involved in own account capital formation, are no longer included in employee expenses. This treatment is different to the System of National Accounts, but consistent with the Government Finance Statistics Manual 2001.

Other revisions

The National Accounts (Income and Expenditure): Year ended March 2014 release included revisions to central government data, due to incorporating more up-to-date information. In particular, Massey University had previously been understated for 2013.

Other data revisions include understated superannuation payments being corrected and an improved GST calculation that affects' the operating statement (table 1). 

The balance sheet now includes the New Zealand Superannuation Fund and corrections to the previously overstated equity of state-owned enterprises. The two corrections were partly offsetting and apply to the entire time series.

 

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