The risks discussed above may affect commodity prices in either direction. A Projected Unit Credit method was used to calculate the liability as at 31 January 2019, based on membership data as at 30 June 2018 with adjustments for cash flows to 31 January 2019. Non-tradable output includes the construction industry, rental, hiring and real estate services, public administration and safety, and health care and social assistance. This scenario explores the impacts of weaker-than-forecast trading partner growth on the domestic economy. The Liberals haven't tabled a full budget since March 2019. The Hon Josh Frydenberg MP Details on individual initiatives can be found in the Summary of Initiatives in The Wellbeing Budget document. Generally, a Vote groups similar or related appropriations together (eg, Vote Health includes all health- related appropriations administered by the Ministry of Health). At this point, the overall impact of these new requirements is uncertain. These pressures are risks to the fiscal forecasts to the extent they cannot be managed through reprioritisation or new spending set aside in the forecasts. Since then, there have been a number of changes that have impacted the fiscal outlook. Overall the fiscal outlook has weakened since the. This is owing to a number of reasons, such as expenditure being delayed or programmes not being implemented. Figure 2.14 – Increase in PPE by asset class. Over the two years to June 2021, the domestic demand growth outlook is projected to be slightly stronger than the global growth outlook, relative to their respective trend rates. This is discussed in more detail in the balance sheet section of this chapter. Funding has been set aside in Budget 2019 for the ongoing redevelopment of Dunedin Hospital. The Ministry of Justice is responsible for administering the Criminal Proceeds (Recovery) Act 2009. Residual cash is equal to net core Crown cash flow from operations excluding NZS Fund activity less core Crown capital payments (eg, purchase of assets, loans to others). The Government sets the overall budget for the New Zealand Aid Programme on a triennial basis. Wage growth averages 3.4% across the forecast period. Weaker-than-forecast house prices would lower consumption and residential investment, ultimately slowing growth. There are no material quantifiable or unquantifiable contingent assets at 31 March 2019. This Economic and Fiscal Update details the impact of the COVID‑19 pandemic on Australia’s economy and fiscal position as well as the support that has been provided to support the health system and cushion the blow for millions of households and businesses. The surpluses then increase over the rest of the forecast period to reach $6.1 billion (1.7% of GDP) in 2022/23 as revenue starts to grow at a faster pace than expenditure. This differs from the GAAP framework that is used for reporting by the Government in New Zealand. Pre-election Economic and Fiscal Update Summary of Initiatives in the COVID-19 Response and Recovery Fund (CRRF) Foundational Package The CRRF Foundational Package Summary of Initiatives provides greater detail on initiatives that were announced on Budget Day. Crown entities are collectively forecasting OBEGAL deficits that increase from a $0.6 billion deficit in the current year to $1.8 billion in 2022/23. The programme includes rapid transit, public transport, walking and cycling improvements to reduce congestion in the Wellington City area, and is expected to cost $6.4 billion over 20 years, split between local government and the National Land Transport Fund (NLTF) (at a cost of $3.8 billion to the NLTF). The adjustment in the New Zealand dollar will also play a significant role in determining the profitability of New Zealand export industries. Temporary factors include a wind down in Kaikōura earthquake-related infrastructure repairs. Capacity pressures are expected to underpin an increase in Consumers Price Index (CPI) inflation to the middle of the Reserve Bank of New Zealand's (RBNZ) target range (2.0%) by 2019/20. Forecasts have been prepared for the consolidated Financial Statements of the Government reporting entity, which includes all entities controlled by the Government (as defined by applicable financial reporting standards). $144 million at 31 March 2019 ($146 million at 30 June 2018). However, there could potentially be associated impacts on the Government's operating balance should the current legal framework change as an outcome of the referendum. The cost of conducting the referendum has been provided in the forecasts. Under the Treaty of Waitangi Act 1975, any Māori may lodge certain claims relating to land or actions counter to the principles of the Treaty with the Waitangi Tribunal. Southern Response defends all such claims. These forecasts are sensitive to a number of judgements and assumptions and should be read in conjunction with the Risk and Scenarios and Specific Fiscal Risks chapters. The annual growth in core Crown expenses in the current year is expected to be 8.3% and then 6.8% in 2019/20.
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