Auditing the Government’s financial statements

Central government: Results of the 2019/20 audits.

Snapshot of the Government's financial statements

Table describing the image above

1 July 2019 30 June 2020
Assets $364.6 billion $393.5 billion
Assets increased by
$28.9 billion during the year.
Liabilities $221.3 billion $277.6 billion
After borrowing
liabilities increased
by $56.3 billion.
Net worth $143.3 billion $115.9 billion
By the end of the year,
there was $27.4 billion
less in net worth.

Net worth

If we look at it for each person...

People in a groupThe drop in total net worth (or “equity”) is significant. The Government has borrowed more, largely to cover the many costs of the response to Covid-19.

Based on a population of 5 million, each of us started the year with a “share” of the Government’s net worth of about $28,600 – and it has dropped by about $5,400 to $23,200.

Covid-19 has affected the Government’s finances more than the Canterbury earthquakes and more than the global financial crisis. See page 10

Challenges in valuing Government assets

Liabilities increased, many in response to Covid-19