Ōtepoti -New Zealand’s total income in 2022 increased by $89.9 billion up 11.9 percent to $847.3 billion, according to Stats NZ’s latest annual enterprise survey.
Total expenditure increased by $80.2 million, or 12.2 percent, to $735 billion.
The annual is New Zealand’s most comprehensive source of financial statistics covering around 500,000 businesses. It provides annual information on the financial performance and financial position for industry groups operating in New Zealand.
Businesses earned $124.2 billion in surplus before income tax, up $21.4 billion or 20.8 percent.
The increase in surplus before income tax in 2022 was primarily driven by operating surplus before tax which excludes non-operating income and expenses.
Total assets increased by $235.7 billion or 9.4 percent to $2.8 trillion. Businesses made a five percent return on assets, up by 1 percentage point.
The covid pandemic caused large changes in both operating surplus and non-operating surplus. The large decrease in total surplus before income tax in 2020 and then the rebound in 2021 was primarily driven by changes in non-operating income and expenditure.
Whereas the growth in total surplus before income tax in 2022 was driven by an increase in operating surplus. This was primarily due to the increase in sales over operating expenditure.
The survey results cover enterprises with balance dates between October 1 2021 and September 30 2022 which included the impact of the most recent covid restrictions.
About $4.3 billion out of the total government funding, grants, and subsidies were from covid wage subsidies in the survey, compared with $9.5 billion in 2021.
Retail trade and accommodation ($1.2 billion) and construction ($696 million) received the highest amount in wage subsidies. Wage subsidies passed on to employees are captured under salaries and wages paid.
In 2022, operating surplus before tax in retail trade and accommodation industries increased by $657 million (10.9 percent), and non-operating surplus before tax increased by $474 million. Government funding, grants, and subsidies (including wage subsidies) dropped by $848 million, from $2.1 billion in 2021 to $1.2 billion in 2022.
In 2022, operating surplus before tax in construction industries increased by $840 million (13.1 percent), and non-operating surplus before tax increased $230 million. Government funding, grants, and subsidies (including wage subsidies) dropped by $1.0 billion, from $1.7 billion in 2021 to $692 million in 2022.
In 2022, two industries with the largest increase in surplus before tax compared with 2021 were:
- rental, hiring, and real estate services, up $4.5 billion
- manufacturing, up $3.6 billion
In 2022, operating surplus before tax in rental, hiring, and real estate services industries increased by $2.0 billion (20.1 percent), and non-operating surplus before tax increased by $2.5 billion (47.6 percent). Government funding, grants, and subsidies (including wage subsidies) dropped by $132 million, from $278 million in 2021 to $146 million in 2022.
In 2022, operating surplus before tax in agriculture, forestry, and fishing industries increased by $2.5 billion (39.9 percent), and non-operating surplus before tax increased by $1.2 billion (61.3 percent). Government funding, grants, and subsidies (including wage subsidies) dropped by $161 million, from $279 million in 2021 to $118 million in 2022.
