! ADDIT IONAL INFORMATION !
B.2 & B.3 | 1
The following information forms part of the Budget Economic and Fiscal Update 2007
(Budget Update), released by the Treasury on 17 May 2007. This information provides
users of the Budget Update with further detail and should be read in conjunction with the
published document. The information contains:
• Detailed economic forecast information these tables provide some more detailed
breakdowns of the economic forecasts
• Additional fiscal indicators estimates of the cyclically-adjusted balance and fiscal
• Core Crown reconciliations additional core Crown information including a
reconciliation of the operating balance to net core Crown debt and core Crown net
cash flows from operations to the operating balance
• Tax tables detailed tax revenue and receipts tables comparing Treasurys forecasts
with IRDs forecasts
• Contingent liabilities and contingent assets write-ups of the nature of each item in the
tables outlined in the Budget Update Specific Fiscal Risks chapter
• Crown accounting policies outline of the specific Crown accounting policies and
forecast assumptions. The published GAAP tables only provide a summary.
• Old GAAP tables 2006 actual, 2007 previous budget and 2007 estimated actual
financial statements in the Old GAAP format. The published GAAP tables in the
Budget Update are shown in a new format resulting from the transition to New Zealand
International Financial Reporting Standards (New GAAP).
2007 ! ECONOMIC AND FISCAL UPDATE !
2 | B.2 & B.3
Detailed Economic Forecast Information
The following tables provide additional detail on the economic forecasts presented in the