Document
Index
Budget Paper 1
Budget Statement 9
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Document
Index |
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Commonwealth Budget financial statements have been prepared on an accrual basis in
accordance with applicable Australian Accounting Standards.
Consistent with commercial practice, the Budget financial statements are unaudited.
However, the Government has released audited Consolidated Financial Statements on an
accruals basis for the years 1996-97 and 1997-98 and unaudited Financial Statements
for 1994-95 and 1995-96. Audited Financial Statements for 1998-99 will be released
later in the year.
The Commonwealth, States and Territories have an agreed framework -- the Uniform
Presentation Framework (UPF) -- for the consistent presentation of
government financial information on a GFS basis. The existing UPF presentation is on a
cash GFS accounting basis. However, the UPF will be reviewed this year as most
jurisdictions move to an accrual environment and to ensure consistency with the accrual
GFS framework being introduced by the ABS from mid 1999. The data provided in Part I
of this appendix are consistent with the new accrual GFS framework. A table of broad level
aggregate data on a cash GFS basis for the Commonwealth general government sector is also
included in Part II of this appendix.
The Charter of Budget Honesty Act 1998 requires that the budget be based on
external reporting standards and that departures from applicable external reporting
standards be identified.
The major external standards used in this budget are Australian Accounting Standards and
the new accrual GFS framework being introduced by the ABS this year to meet emerging new
domestic and international accounting standards for the public sector.
In addition, non-accounting standard classifications have been used in different sections
of the budget. 'Outcomes' is a Commonwealth classification framework that indicates the
results, impacts or consequences of agency's activities. Functional classifications used
in some tables are based on standards maintained by the ABS, but have been extended in
some cases to provide greater detail.
From 1999 onwards the ABS is changing its recording of government finance
statistics (GFS) from a cash accounting to an accrual accounting basis.
This new GFS framework reflects the principles contained in the international standards
set out in the United Nations' A System of National Accounts, 1993 (SNA93). The
first presentation by the ABS of public finance statistics on an accrual accounting basis
is expected to be in their issue of Government Finance Statistics, Australia (Cat.
No. 5512.0) for 1997-98, which is planned for release in July 1999.
Accrual recording of GFS will cover some financial items of significant size which are not
included in cash-based statistics because they do not have an associated cash flow. These
include increases in a government's unfunded superannuation liability and provisions for
the depreciation of its capital assets. The inclusion of these types of transactions will
enable a more complete analysis of a government's financial situation.
The accrual GFS will include tables on both a stock and flow basis. The operating
statement looks at flows of accrual revenue and expenses, and also looks at changes in
financial and non-financial assets. The cash flow statement considers a jurisdiction's
cash receipts and payments, as well as other cash flows from investments. The cash deficit
presented in this statement is the same as the cash underlying deficit generated under the
cash GFS. The balance sheet looks at stocks of financial and non-financial assets and
liabilities.
The accrual GFS will have a number of new summary measures: increase in net assets, the
net operating result, and fiscal balance (net lending).
Increase in net assets, or increase in net worth, is defined as the increase in a
jurisdiction's net assets position, including any change in non-financial assets. Increase
in net assets may either be read off the Operating Statement, as net increase in
non-financial assets plus net increase in financial assets and liabilities, or derived
from the Balance Sheet, as end-of-year net assets minus beginning-of-year net assets.
The net operating result is defined as the increase in net assets less revaluations of
financial assets and non-financial assets and liabilities. Conceptually, the net operating
result may also be viewed as the excess of revenue over expenses, measured on an accruals
basis.
The fiscal balance is defined as the net operating result less net capital formation plus
other movements in non-financial assets. The fiscal balance is effectively a measure of
government net lending, the gap between government savings and investment. It measures the
government's net call on other sectors in the economy, and so corresponds to the
government's direct contribution to the current account deficit.
There is a general consistency of treatment between GFS and accounting standards. GFS
and AAS31 definitions of the scope of the public sector agree in almost all cases. AAS31
also recommends that for presentational purposes, the public sector be segmented into the
subsectors required for GFS purposes on the basis of GFS standards.
Transactions are generally treated in a similar manner by GFS and accounting standards.
Some of the major differences in the way that GFS treat transactions are included
in Table D1.
Table D1: Differences between AAS31 and GFS Accrual Accounting Standards
| Issue | AAS31 Treatment | GFS Treatment |
| Provisions for bad and doubtful debts. | Treated as part of operating expenses. | Treated as internal `book keeping' entries and removed from operating expenses. |
| Profit/loss on sale of assets. | Treated as part of operating revenues/expenses, possibly as abnormal gains/losses. | Treated as revaluations and therefore removed from operating revenues/expenses. |
| Abnormal items | Most abnormal items will be recorded below the operating result, although some (eg changes to the outstanding superannuation liability due to revised assumptions) would be recorded above the line. | Abnormal items are considered on an
individual basis to ascertain whether it is an economic transaction and in which period
the transaction applies. If it is treated as an economic transaction, it impacts on GFS operating result. |
| Benefits to households in goods and services (social transfers in kind) component of personal benefits payments. | All personal benefits payments are treated as transfers in operating expenses. | This component of personal benefits payments is treated as part of other expenses in the operating statement. |
| Regulatory Fees | Included in taxation revenue as `Fines and regulatory fees'. | Treated as user charges and included in the `Sales of Goods and Services' component of non-taxation revenue. |
| Fines | Included in taxation revenue as `Fines and regulatory fees. | Treated as transfer income as part of non-taxation revenue. |
| Finance Leases | Treat finance leases as if an asset
were purchased from borrowings ie the lease payment is split into an interest component
(which is shown as an operating expense) and a principal component. The asset and the liability are recorded on the balance sheet. However, this convention does not apply to the cash flow statement, which does not record the acquisition of the asset or the liability. |
As per the accounting standard, except that the GFS cash flow statement includes the acquisition of the asset and the liability. |
Statement 1 provides a reconciliation between this year's Commonwealth general government GFS and AAS31 operating results.
In accordance with AAS31, Commonwealth budget and other financial documentation now classify agencies according to their institutional sector. Institutional sector is a concept used in GFS and national accounts statistics. The three sectors constituting the Commonwealth public sector are:
Agencies belonging to the Commonwealth general government sector fall within the scope
of the budget financial statements. Data is also produced in this Statement, for the
Commonwealth PTE and consolidated non-financial sectors, on a GFS consistent basis in this
appendix.
The primary function of the general government sector is to provide public services that
are mainly non-market in nature, are mainly for the collective consumption of the
community, involve the transfer or redistribution of income, and are financed mainly
through taxes and other compulsory levies. Examples of agencies that belong to the
Commonwealth general government sector are: Commonwealth departments, such as Department
of Finance and Administration, Department of Family and Community Services, and Department
of Veterans' Affairs; and authorities, such as the ABC and CSIRO.
PTEs are government controlled enterprises which have a primary function of providing
goods and services which are mainly market, non-regulatory and non-financial in nature,
financed mainly through sales to the consumers of these goods and services. Examples are
Telstra and Australia Post.
PFEs are enterprises which are government controlled and which perform central bank
functions, accept demand, time or savings deposits or have the authority to incur
liabilities and acquire financial assets in the market on their own account. Examples are
the Reserve Bank of Australia and Medibank Private Ltd.
Classification of agencies in budget documentation is consistent with ABS classification
of agencies. Where an agency's operations change materially (eg as a result of
corporatisation), its sector classification is reviewed in conjunction with the ABS. This
process has led to a small number of agencies being reclassified to a different sector in
budget documentation.
The term government business enterprise (GBE) is not a GFS concept but is used by the
Commonwealth to describe a group of companies and authorities, located mainly in the PTE
and PFE sectors, which trade goods and/or services in the market with a prime objective of
earning a commercial return. Government trading enterprises is a term used in the Council
of Australian Governments context and refers to the commercial activities of the
Commonwealth, States and Territories.
Transactions between Commonwealth general government sector agencies -- such as
payments of fringe benefits tax, customs duty and interdepartmental
charges -- are eliminated when preparing the Commonwealth's consolidated
financial statements. Only transactions into and out of the Commonwealth general
government impact on the consolidated financial statements.
This section presents Commonwealth financial data on an accrual GFS basis. Statistical
tables are presented below, showing an operating result, cash flow statement and balance
sheet for the Commonwealth general government, PTE and consolidated non-financial public
sectors. The tables were produced by the Department of Finance and Administration in
consultation with the ABS.
Consistent with ABS practice, transactions between the Commonwealth general government and
PTE sectors are included in the tables produced for these sectors, but are removed from
the consolidated non-financial sector tables as they are transactions internal to that
sector.
Transactions between the Commonwealth non-financial and PFE sectors are included in all
tables. These transactions include income transfers such as dividends paid to general
government, net advances paid by general government to PFEs and taxes paid by PFEs.
Table D2: General Government Operating Statement ($m)
| 1998-99 | 1999-00 | 2000-01 | 2001-02 | 2002-03 | |
| General Government | |||||
| Operating Result | |||||
| Revenue | |||||
| Taxation revenue | 139378 | 146248 | 137718 | 140941 | 149168 |
| Sales of goods and services | 3667 | 3701 | 3805 | 3812 | 3799 |
| Interest income | 2250 | 2779 | 2620 | 2849 | 4301 |
| Other | 7576 | 10001 | 6258 | 6064 | 5704 |
| Total revenue | 152871 | 162728 | 150401 | 153666 | 162972 |
| Expenses | |||||
| Gross operating expenses | |||||
| Depreciation | 2308 | 2477 | 2776 | 2956 | 3169 |
| Superannuation | 2788 | 2801 | 2821 | 2827 | 2823 |
| Other operating expenses | 38150 | 41678 | 40921 | 41867 | 42562 |
| Total gross operating expenses | 43246 | 46956 | 46518 | 47650 | 48554 |
| Superannuation interest expense | 2407 | 2428 | 2397 | 2326 | 2484 |
| Other interest expenses | 8935 | 8474 | 7319 | 6791 | 6478 |
| Current transfers | 0 | 0 | 0 | 0 | 0 |
| Grant expenses(a) | 43013 | 44602 | 26607 | 28724 | 27760 |
| Subsidy expenses | 3508 | 3824 | 4215 | 4540 | 4734 |
| Other current transfers | 46851 | 49098 | 54576 | 56820 | 60208 |
| Total current transfers | 93372 | 97524 | 85399 | 90084 | 92702 |
| Capital transfers | 363 | 365 | 367 | 218 | 221 |
| Total expenses | 148323 | 155748 | 142001 | 147069 | 150439 |
| Net operating result | 4548 | 6981 | 8401 | 6597 | 12533 |
Application of Net Operating Result |
|||||
| Increase in net non-financial assets | |||||
| Gross fixed capital formation | 3878 | 4179 | 4113 | 4356 | 4414 |
| less Depreciation | 2308 | 2477 | 2776 | 2956 | 3169 |
| plus Change in inventories | -250 | -156 | -107 | 7 | -62 |
| equals Total net capital formation | 1320 | 1546 | 1230 | 1407 | 1183 |
| plus Other movements in non-financial assets | 123 | 9 | -25 | 1 | -3 |
| plus Revaluations of non-financial assets | -855 | -186 | -305 | -536 | -176 |
| Total increase in net non-financial assets | 588 | 1368 | 900 | 873 | 1004 |
| Increase in net financial assets and liabilities | |||||
| Advances paid (net) | -5511 | -17828 | 923 | -17658 | -16698 |
| less Borrowing (net) | -6288 | -23330 | -1666 | -24174 | -29249 |
| less Advances received (net) | 0 | 0 | 0 | 0 | 0 |
| plus Other
movements in financial assets and liabilities |
2327 | -76 | 4606 | -1327 | -1198 |
| equals Net lending / fiscal balance | 3105 | 5426 | 7195 | 5189 | 11353 |
| plus Revaluations
of financial assets and liabilities |
-15701 | 9969 | -1350 | 12711 | 14437 |
| Total increase in net financial assets and liabilities | -12596 | 15396 | 5845 | 17899 | 25790 |
| Total increase in net assets (b) | -12007 | 16764 | 6745 | 18772 | 26794 |
| less Effect of revaluations | -16555 | 9783 | -1655 | 12175 | 14261 |
| Net operating result | 4548 | 6981 | 8401 | 6597 | 12533 |
Table D3: Public Trading Enterprises Operating Statement ($m)
| 1998-99 | 1999-00 | |
| Public Trading Enterprises | ||
| Operating Result | ||
| Revenue | ||
| Grants and subsidies | 176 | 169 |
| Sales of goods and services | 25326 | 24067 |
| Interest income | 113 | 129 |
| Other | 42 | 29 |
| Total revenue | 25657 | 24395 |
| Expenses | ||
| Gross operating expenses | ||
| Depreciation | 3092 | 3267 |
| Other operating expenses | 16016 | 15408 |
| Total gross operating expenses | 19108 | 18675 |
| Interest expenses | 897 | 819 |
| Other property expenses | 2047 | 2344 |
| Current transfers | ||
| Tax expenses | 1964 | 2145 |
| Other current transfers | 0 | 0 |
| Total current transfers | 1964 | 2145 |
| Capital transfers | 0 | 0 |
| Total expenses | 24015 | 23984 |
| Net operating result | 1642 | 411 |
| Application of Net Operating Result | ||
| Increase in net non-financial assets | ||
| Gross fixed capital formation | 4821 | 4545 |
| less Depreciation | 3092 | 3267 |
| plus Change in inventories | 114 | 6 |
| equals Total net capital formation | 1843 | 1284 |
| plus Other movements in non-financial assets | 0 | 0 |
| plus Revaluations of non-financial assets(a) | -419 | -3164 |
| Total increase in net non-financial assets | 1424 | -1880 |
| Increase in net financial assets and liabilities | ||
| Advances paid (net) | 0 | 0 |
| less Borrowing (net) | 17 | 354 |
| less Advances received (net) | 823 | 37 |
| plus Other movements in financial assets and liabilities | 639 | -482 |
| equals Total net lending /fiscal balance | -201 | -873 |
| plus Revaluations of financial assets and liabilities | 377 | 470 |
| Total increase in net financial assets and liabilities | 176 | -403 |
| Total increase in net assets(b) | 1600 | -2283 |
| less Effects of revaluations | -41 | -2694 |
| Net operating result | 1642 | 411 |
Table D4: Non-Financial Public Sector Operating Statement ($m)
| 1998-99 | 1999-00 | |
| Non-financial Public Sector | ||
| Operating Result | ||
| Revenue | ||
| Taxation revenue | 137414 | 144103 |
| Current grants and subsidies | 0 | 0 |
| Sales of goods and services | 28993 | 27768 |
| Interest income | 2267 | 2885 |
| Other | 6170 | 7269 |
| Total revenue | 174844 | 182025 |
| Expenses | ||
| Gross operating expenses | 62354 | 64331 |
| Superannuation interest expenses | 2407 | 2428 |
| Other interest expenses | 9736 | 9271 |
| Other property expenses | 599 | 883 |
| Current transfers | ||
| Grant expenses | 43013 | 44602 |
| Subsidy expenses | 3332 | 3655 |
| Other current transfers | 46851 | 49098 |
| Total current transfers | 93196 | 97355 |
| Capital transfers | 363 | 365 |
| Total expenses | 168655 | 174634 |
| Net operating result | 6190 | 7391 |
| Application of Net Operating Result | ||
| Increase in net non-financial assets | ||
| Gross fixed capital formation | 8699 | 8724 |
| less Depreciation | 5400 | 5744 |
| plus Change in inventories | -136 | -150 |
| equals Total net capital formation | 3163 | 2830 |
| plus Other movements in non-financial assets | 123 | 8 |
| plus Revaluations of non-financial assets | -1273 | -3351 |
| Total increase in net non-financial assets | 2013 | -512 |
| Increase in financial assets | ||
| Advances paid (net) | -4688 | -17791 |
| less Borrowing (net) | -6270 | -22976 |
| less Advances received (net) | 0 | 0 |
| plus Other movements in financial assets and liabilities | 1321 | -631 |
| equals Total net lending / fiscal balance | 2903 | 4553 |
| plus Revaluations of financial assets and liabilities | -15323 | 10757 |
| Total increase in net financial assets | -12420 | 15310 |
| Total increase in net assets(a) | -10407 | 14799 |
| less Effects of revaluations | -16597 | 7407 |
| Net operating result | 6190 | 7391 |
Table D5: General Government Cash Flow Statement ($m)(a)
| 1998-99 | 1999-00 | 2000-01 | 2001-02 | 2002-03 | |
General Government |
|||||
Cash Flow |
|||||
| Cash receipts from operating activities | |||||
| Taxes received | 137733 | 143880 | 132581 | 141370 | 149328 |
| Receipts from sales of goods and services | 4165 | 4016 | 3995 | 3859 | 4131 |
| Other receipts | 9766 | 12267 | 8916 | 8848 | 9432 |
| Total receipts | 151664 | 160163 | 145493 | 154078 | 162891 |
| Cash payments for operating activities | |||||
| Payment for goods and services | 23589 | 26538 | 26071 | 26732 | 27270 |
| Grants and subsidies paid | 45301 | 48453 | 30786 | 33171 | 32662 |
| Interest paid | 8936 | 8541 | 7424 | 6791 | 6725 |
| Other payments for operating activities | 67076 | 67244 | 73984 | 75818 | 79360 |
| Total payments | 144902 | 150776 | 138266 | 142512 | 146017 |
| Cash flows from operating activities | 6762 | 9387 | 7227 | 11566 | 16874 |
| Cash flows from investments in non-financial assets | |||||
| Sales of non-financial assets | 701 | 810 | 725 | 699 | 553 |
| less Purchases of non-financial assets | 4579 | 4989 | 4838 | 5055 | 4967 |
| Total | -3878 | -4179 | -4113 | -4356 | -4414 |
| Cash flows from investments in financial assets for policy purposes |
5511 | 17828 | -923 | 17658 | 16698 |
| Cash flows from investments in financial assets for liquidity purposes |
-613 | -245 | -163 | -372 | -458 |
| Total cash flows from financing activities | -6892 | -22659 | -2279 | -24669 | -28974 |
| Net increase/decrease in cash held | 890 | 131 | -251 | -174 | -274 |
| Surplus (Deficit) | |||||
| Net cash from operating activities and investments in non-financial assets |
2883 | 5208 | 3114 | 7210 | 12460 |
| plus Finance leases and similar arrangements | 0 | 0 | 0 | 0 | 0 |
| Equals surplus (b) | 2883 | 5208 | 3114 | 7210 | 12460 |
Table D6: Public Trading Enterprise Cash Flow Statement ($m)
| 1998-99 | 1999-00 | |
| Public Trading Enterprises | ||
| Cash Flow | ||
| Cash receipts from operating activities | ||
| Receipts from sales of goods and services | 23376 | 23477 |
| Grants and subsidies received | 179 | 170 |
| Other receipts | 173 | 161 |
| Total receipts | 23728 | 23807 |
| Cash payments for operating activities | ||
| Interest paid | 821 | 796 |
| Other payments for operating activities | 17854 | 19214 |
| Total payments | 18674 | 20011 |
| Cash flows from operating activities | 5054 | 3797 |
| Cash flows from investments in non-financial assets | ||
| Sales of non-financial assets | 343 | 141 |
| less purchases of non-financial assets | 5164 | 4686 |
| Total | -4821 | -4545 |
| Cash flows from investments in financial assets for policy purposes | 0 | 0 |
| Cash flows from investments in financial assets for liquidity purposes | 98 | -11 |
| Total cash flows from financing activities | -126 | 390 |
| Net increase/decrease in cash held | 205 | -370 |
| Surplus (Deficit) | ||
| Net cash from operating activities and investments in | ||
| non-financial assets | 233 | -748 |
| plus Finance leases and similar arrangements | 0 | 0 |
| Equals surplus (a) | 233 | -748 |
Table D7: Non-Financial Public Sector Cash Flow Statement ($m)
| 1998-99 | 1999-00 | |
| Non-financial Public Sector | ||
| Cash Flow | ||
| Cash receipts from operating activities | ||
| Taxes received | 135769 | 141735 |
| Receipts from sales of goods and services | 27541 | 27492 |
| Grants and subsidies received | 0 | 0 |
| Other receipts | 8395 | 9645 |
| Total receipts | 171706 | 178872 |
| Cash payments for operating activities | ||
| Payments for goods and services | 23589 | 26538 |
| Grants and subsidies paid | 45122 | 48283 |
| Interest paid | 9662 | 9314 |
| Other payments for operating activities | 81519 | 81552 |
| Total payments | 159892 | 165687 |
| Cash flows from operating activities | 11814 | 13185 |
| Cash flows from investments in non-financial assets | ||
| Sales of non-financial assets | 1044 | 951 |
| less purchases of non-financial assets | 9744 | 9675 |
| Total | -8699 | -8724 |
| Cash flows from investments in financial assets for policy purposes | 4688 | 17791 |
| Cash flows from investments in financial assets for liquidity purposes | -515 | -257 |
| Total cash flows from financing activities | -6193 | -22233 |
| Net increase/decrease in cash held | 1095 | -238 |
| Surplus (Deficit) | ||
| Net cash from operating activities and investments | ||
| in non-financial assets | 3116 | 4460 |
| plus Finance leases and similar arrangements | 0 | 0 |
| Equals surplus (a) | 3116 | 4460 |
Table D8: General Government Balance Sheet ($m)
| 1998-99 | 1999-00 | 2000-01 | 2001-02 | 2002-03 | |
| General Government | |||||
| Assets | |||||
| Financial assets | |||||
| Cash and deposits | 1875 | 2006 | 1755 | 1581 | 1307 |
| Advances paid | 16065 | 15303 | 15961 | 15037 | 15091 |
| Investments, loans and placements | 8178 | 8327 | 8457 | 8570 | 8767 |
| Other non-equity assets | 5696 | 6608 | 10584 | 9418 | 8417 |
| Equity | 21144 | 17003 | 17035 | 15574 | 13955 |
| Total financial assets | 52958 | 49247 | 53793 | 50179 | 47537 |
| Non-financial assets | |||||
| Land and fixed assets | 51905 | 53265 | 54190 | 55061 | 56068 |
| Other non-financial assets | 1615 | 1624 | 1599 | 1600 | 1597 |
| Total non-financial assets | 53520 | 54889 | 55789 | 56662 | 57666 |
| Total assets | 106478 | 104136 | 109582 | 106841 | 105203 |
| Liabilities | |||||
| Deposits held | 559 | 632 | 705 | 778 | 851 |
| Advances received | 0 | 0 | 0 | 0 | 0 |
| Borrowing | 96129 | 75019 | 73255 | 50625 | 21158 |
| Provisions (other than depreciation and bad debts) | 81026 | 81818 | 81974 | 82745 | 83610 |
| Other non-equity liabilities | 9315 | 10455 | 10690 | 10963 | 11060 |
| Total liabilities | 187030 | 167924 | 166624 | 145111 | 116679 |
| Net assets | -80551 | -63787 | -57041 | -38269 | -11476 |
Table D9: Public Trading Enterprise Balance Sheet ($m)
| 1998-99 | 1999-00 | |
| Public Trading Enterprises | ||
| Assets | ||
| Financial assets | ||
| Cash and deposits | 1674 | 1311 |
| Advances paid | 0 | 0 |
| Investments, loans and placements | 2010 | 765 |
| Other non-equity assets | 3823 | 2985 |
| Equity | 0 | 0 |
| Total financial assets | 7507 | 5060 |
| Non-financial assets | ||
| Land and fixed assets | 32313 | 30782 |
| Other non-financial assets | 2496 | 2147 |
| Total non-financial assets | 34809 | 32929 |
| Total assets | 42316 | 37989 |
| Liabilities | ||
| Deposits held | 0 | 0 |
| Advances received | 47 | 10 |
| Borrowing | 11675 | 10634 |
| Provisions (other than depreciation and bad debts) | 6207 | 6482 |
| Other non-equity liabilities | 5047 | 3805 |
| Total liabilities | 22976 | 20932 |
| Net assets | 19340 | 17057 |
Table D10: Non-Financial Public Sector Balance Sheet ($m)
The Uniform Presentation Framework (UPF) will be reviewed this year as most
jurisdictions move to an accrual environment and the ABS moves to its new accrual GFS
framework. Until it is reviewed the UPF remains on a cash GFS accounting basis.
This section includes broad aggregates on a cash GFS basis for the Commonwealth general
government, PTE and consolidated non-financial public sectors.
Conceptually, this data is consistent with cash GFS data released in previous budget
papers and mid-year reports. However, changes to data sources associated with the
Commonwealth's move to an accrual framework may limit direct comparisons with previously
published GFS data.
With the move to an accrual budget the Commonwealth has found itself unable to produce the
disaggregated data displayed in the cash GFS tables to a satisfactory degree of accuracy.
A full range of tables to meet existing UPF requirements on a cash GFS consistent basis
have thus not been produced. However, the Commonwealth has produced detailed accrual GFS
data (Tables D3 to D11, Part I). This approach is consistent with the Commonwealth's move
to a comprehensive accrual budgeting framework.
Table D11: Cash Government Finance Statistics ($m)(a)
| General Government | Public Trading Enterprises | Non-financial Public Sector | |||||||||
| Outlays | Revenue | Underlying Deficit |
Outlays | Revenue | Underlying Deficit |
Outlays | Revenue | Underlying Deficit |
|||
| 1998-99(e) | 143917 | 146800 | -2883 | 5985 | 6218 | -233 | 146216 | 149332 | -3116 | ||
| 1999-00(e) | 149963 | 155171 | -5208 | 5482 | 4734 | 748 | 150347 | 154807 | -4460 | ||
| 2000-01(p) | 139085 | 142199 | -3114 | na | na | na | na | na | na | ||
| 2001-02(p) | 143481 | 150691 | -7210 | na | na | na | na | na | na | ||
| 2002-03(p) | 145449 | 157909 | -12460 | na | na | na | na | na | na | ||
Historically, the budget and mid-year statements have mainly presented transactions
between the Commonwealth budget sector and other sectors of the economy, including
transactions with non-budget Commonwealth entities. The Commonwealth budget sector
consists of those departments and agencies whose day-to-day transactions are recorded in
the Official Commonwealth Public Account (CPA), whether via the Consolidated Revenue Fund,
Loan Fund, Commercial Activities Fund, or the Reserved Money Fund.
The difference between the general government and budget sectors lies with Commonwealth
general government authorities, such as CSIRO and the ABC, that operate outside the CPA
through their own bank accounts and are thus excluded from the budget sector.
However from 1999-2000, with the introduction of devolved banking, all general government
agencies will be able to operate outside the CPA through their own bank accounts.
Therefore, in future years no distinction will be made between the budget sector and the
general government sector.
Table D12: Summary of Commonwealth Budget Sector Aggregates
| 1998-99(a)(e) | 1999-00(e) | 2000-01(p) | 2001-02(p) | 2002-03(p) | |
| Revenue ($b) | 152.8 | 162.9 | 150.5 | 153.8 | 163.1 |
| Per cent of GDP | 25.8 | 26.3 | 22.9 | 22.1 | 22.1 |
| Expenses ($b) | 149.6 | 157.2 | 143.9 | 148.4 | 151.5 |
| Per cent of GDP | 25.3 | 25.4 | 21.9 | 21.3 | 20.5 |
| Operating Result ($b) | 3.2 | 5.7 | 6.7 | 5.3 | 11.6 |
| Per cent of GDP | 0.5 | 0.9 | 1.0 | 0.8 | 1.6 |
| Capital Adjustments ($b) | -1.8 | -1.7 | -1.0 | -1.3 | -1.1 |
| Revaluations adjustments ($b) | 1.4 | 1.3 | 1.7 | 1.2 | 0.9 |
| Fiscal Balance | 2.7 | 5.3 | 7.3 | 5.2 | 11.4 |
| Per cent of GDP | 0.5 | 0.9 | 1.1 | 0.8 | 1.5 |
