2022/23 Financial summary

Summary of financial performance

Our full financial statements and accompanying notes are set out later in this report.

We made a $479,000 operating deficit, as summarised below. Please see Note 17 (page 59) for details.

	Actual 2023 $000	Budget 2023 $000	Actual 2022 $000
Financial performance
Revenue
Revenue from the Crown	5,930	5,930	5,930
All other revenue	55	2	57
Total revenue	5,985	5,932	5,987

Expenses
Personnel costs	4,528	4,255	3,399
All other expenses	1,936	1,677	1,625
Total expenses	6,464	5,932	5,024
Net surplus/(deficit)	(479)	0	963

Financial position
Assets
Total current assets	3,106	3,368	3,540
Total non-current assets	138	82	92
Total assets	3,244	3,450	3,632

Liabilities
Total current liabilities	606	562	505
Total non-current liabilities	88	75	98
Total liabilities	694	637	603
Total equity	2,550	2,813	3,029

Output funding and costs

The Commission’s summary of output funding and costs include the direct and indirect costs associated with delivering our core services: undertaking inquiries, conducting research, and promoting understanding. Dividing our funding in this way allows the Government to determine, at a high level, the mix of our work.

	Actual 2023 $000	Budget 2023 $000	Actual 2022 $000
Inquiries
Revenue from the Crown*	5,189	5,189	5,189
Other revenue	48	2	50
Total revenue	5,237	5,191	5,239
Expenses	(5,714)	(5,191)	(4,550)
Net surplus/(deficit)	(477)	-	689

Research and promoting understanding
Revenue from the Crown*	741	741	741
Other revenue	7	-	7
Total revenue	748	741	748
Expenses	(750)	(741)	(474)
Net surplus/(deficit)	(2)	-	274

Total outputs
Revenue from the Crown*	5,930	5,930	5,930
Other revenue	55	2	57
Total revenue	5,985	5,932	5,987
Expenses	(6,464)	(5,932)	(5,024)
Net surplus/(deficit)	(479)	-	963

^{* Revenue from the Crown represents the appropriation received by the Commission and equals the Government’s actual expenses incurred in relation to the appropriation, which is a required disclosure from the Public Finance Act.}

End of year reporting requirements as per the Estimates of Appropriations 2022/23 (Finance and Government Administration Sector)

The Commission receives funding from the appropriation “Inquiries and Research into Productivity-Related Matters” under Vote Finance. The Commission’s appropriation is limited to undertaking inquiries, conducting research, and promoting understanding of productivity-related matters by the New Zealand Productivity Commission in accordance with the New Zealand Productivity Commission Act 2010.

Assessment of performance	2022/23 Budget standard	2022/23 Actual and 2021/22 Actual
Inquiry participants’ feedback (via survey) on whether the inquiry helped set or lift the standard in New Zealand for high quality analysis and advice on the topic.	Maintained or improved	As reported in the Statement of Performance impact indicator: “Levels of engagement and response” (page 30)
Inquiry participants’ feedback (via survey) on whether the inquiry has increased their understanding of the topic.	Maintained or improved	As reported in the Statement of Performance impact indicator: “Policies and behaviours change as a result of the Commission’s work” (page 28)
Successful completion of an annual benchmarking exercise to track New Zealand’s productivity performance.	Achieved	Achieved – Productivity by the numbers published.
Successful completion of biennial evaluation of the quality of our research and analysis.	Maintained or improved	This was completed and reported on in the last Annual Reporting period. The next one is due in 2024.

2022/23 Financial summary

Table of contents

Summary of financial performance

Output funding and costs

End of year reporting requirements as per the Estimates of Appropriations 2022/23 (Finance and Government Administration Sector)