The Crown's balance sheet expanded to more than $250 billion in the year ended June and its net worth grew 11 per cent to $75.5 billion.
The assets side of the Government's books benefited from a $3.7 billion increase in the value of the New Zealand Superannuation Fund, which followed a $4.7 billion increase the previous year. This was largely driven by strong returns in equity markets, the Treasury said.
Finance Minister Bill English indicated the Government has no plans to resume contributions to the fund earlier than the 2020 financial year already signalled.
ACC's reserves added another $700 million of investment gains.
The value of the state housing stock was revised up by $2.1 billion to $18.7 billion with $1.8 billion of the increase relating to land, primarily in Auckland. English said the Government was the principal but reluctant beneficiary of planning restrictions which drove up the value of residential land.
In addition the book value of state highways increased by $1.6 billion, mainly thanks to upward revaluations of the corridor land highways are built on - mostly in Auckland again - and in properties bought in advance of future road building in Auckland and Wellington.
Government debt rose $3.3 billion to $103.4 billion, driven by a cash deficit of $4.1 billion, but other liabilities reduced by $2.4 billion to $71.9 billion. That reflected a $2.4 billion reduction in earthquake-related insurance liabilities, mainly relating to the Earthquake Commission, as claims were paid out.
The net present value of pension obligations to former public servants fell by $1 billion but half of that was offset by higher ACC liabilities.
Minority shareholders' interests in Mighty River Power, Meridian Energy, Genesis Energy and Air New Zealand subtracted $5.2 billion from the Crown's consolidated net worth of $80.8 billion, compared with $1.9 billion from $70 billion in the 2012/13 fiscal year. That reduced the improvement in the Crown's net worth in the latest year to $7.5 billion.
Net government debt increased from $55.8 billion to $59.9 billion.
English was non-committal yesterday on whether the Government would achieve its long-forecast return to an operating surplus excluding gains and losses (Obegal) in the current fiscal year, noting in particular the hit to national income from falling dairy prices.
The Obegal in the 2013/14 year came in at a deficit of $2.9 billion which was $300 million wider than forecast in August's pre-election economic and fiscal update.
But at 1.3 per cent of GDP it is the smallest since 2008/09.
Fattening the Crown's net worth
• $4.4 billion in investment gains by the Cullen Fund and ACC.
• $1.8 billion rise in the value of land under state houses.
• and another $1.6 billion in the land under state highways.
• $2.4 billion reduction in outstanding earthquake related-claims and $1 billion less in pension obligation to retired public servants.