Reference: 20230065
03 March 2022
Adam Irish
[FYI request #21810 email]
Dear Adam
Thank you for your Of icial Information Act request, received on 12 February 2023. You
requested:
I request under the Official Information Act what modelling has occurred to show
the impact on Crown finances of the increase in the cost of borrowing due to
higher interest rates. What is the new forecast for interest expenditure each year
in terms of total interest cost of government borrowing (both core crown
borrowing and wider government) for the next four years. What is the percentage
increase of the new forecasts over the last published forecasts. What does this
interest expenditure now represent, each year, in terms of a percentage of total
crown expenditure for the next 4 years.
Information publicly available
The following information is also covered by your request and is publicly available on
the Treasury website:
Item Date
Document Description
Website Address
1. 14 December 2022
Total finance costs: Current Half-
https:/ www.treasury.govt.
Year Economic Fiscal Update
nz/system/files/2022-
(HYEFU):
12/hyefu22.pdf#page=121
2. 19 May 2022
Total finance costs: Previous
https:/ www.treasury.govt.
Budget Economic Fiscal Update
nz/sites/default/files/2022-
(BEFU):
05/befu22.pdf#page=119
3. 14 December 2022
Total Crown expenses: Current
https:/ www.treasury.govt.
Half-Year Economic Fiscal Update
nz/system/files/2022-
(HYEFU):
12/hyefu22.pdf#page=163
4. 19 May 2022
Total Crown expenses: Previous
https:/ www.treasury.govt.
Budget Economic Fiscal Update
nz/sites/default/files/2022-
(BEFU):
05/befu22.pdf#page=144
1 The Terrace
PO Box 3724
Wellington 6140
New Zealand
tel. +64-4-472-2733
https://treasury.govt.nz
Accordingly, I have refused your request for the documents listed in the above table
under section 18(d) of the Official Information Act:
•
the information requested is or wil soon be publicly available.
Please note that this letter (with your personal details removed) and enclosed documents
may be published on the Treasury website.
This reply addresses the information you requested. You have the right to ask the
Ombudsman to investigate and review my decision.
Yours sincerely
Kamlesh Patel
Deputy Chief Government Accountant
2
Document Outline
