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The New Zealand Model
Ian BallChairman, CIPFA InternationalChairman, Audit Committee, NZ FSG
Lisbon, June 2017
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The NZ Economy: pre-Reform
• Two decades of deficits• Highly regulated economy• Slow growth• Increasing unemployment
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And the FM System - 1989
• Cash-based budgeting and accounting• Centralized, Treasury-run accounting
system• Program budgeting• Fund accounting• Input focus – with detailed rules • Little managerial discretion
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The overall reform objective was better performance from all parts of the economy, including the public sector.
Accrual information was a consequenceof the way performance was defined.
Reform Objective
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So How Is It Going Then?
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So How Is It Going Then?
GlobalFinancialCrisis
CanterburyEarthquakes
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And comparatively?
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Change in Net Worth – NZ and UK over 4 Years
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cipfa.org
The New Zealand Model
Ian BallChairman, CIPFA InternationalChairman, Audit Committee, NZ FSG
Lisbon, June 2017
