The so-called Crown Financial Institutions (CFIs) have generally been a boon to government books over the last few years, adding cream to the asset mix.
Strong returns across the board coupled with some inflows, mainly to the ACC fund, have helped build total CFI financial assets to about $70 billion - mostly via the NZ Super Fund (NZS) and the ACC fund, which both currently manage around $30 billion each (with the ACC the largest by a couple of billion).
The balance of about $6 billion is supplied by the Government Superannuation Fund (approximately $4 billion) and the National Provident Fund - two largely-forgotten entities whose management is outsourced to Annuitas (For the time-being, the Earthquake Commission (EQC) fund, now almost cleaned out of its once $6 billion holdings, can be discounted).
Read more from David Chaplin:
• Inside Money: Cheap and lazy - Treasury reveals best-laid plans for auto-enrolment
• Inside Money: Summit to set the tone for advisory industry unity on reforms
• Inside Money: Terminator or teller - the future of financial services
But while the $70 billion or so CFI assets lie sexily in the government accounts (a figure which doesn't include roughly $600 million in annual tax tipped in by the country's single biggest taxpayer - NZ Super), they also pose some risks.