FINAL BUDGET OUTCOME
2000-01

CIRCULATED BY
THE HONOURABLE PETER COSTELLO, M.P.
TREASURER OF THE COMMONWEALTH OF AUSTRALIA, AND
THE HONOURABLE JOHN FAHEY, M.P.
MINISTER FOR FINANCE AND ADMINISTRATION
FOR THE INFORMATION OF HONOURABLE MEMBERS

SEPTEMBER 2001

  Commonwealth of Australia 2001
ISBN 0642 74077 1
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Foreword
The Final Budget Outcome 2000-01 has been prepared in a manner consistent with the Charter of Budget Honesty Act 1998. The Charter requires that, inter alia, the Government provide a final budget outcome report no later than three months after the end of the financial year. Consistent with these requirements, this report encompasses Commonwealth general government fiscal outcomes for the 2000-01 financial year; and is based on external reporting standards.
•	Part I provides the general government sector budget aggregates for 2000-01 together with an analysis of the 2000-01 final budget outcome. This includes summary analysis of revenue, expenses, net capital investment, the balance sheet (net debt and net worth) and cash flows.
•	Part II presents the Commonwealth financial statements for 2000-01 in accordance with the Australian Bureau of Statistics (ABS) Government Finance Statistics (GFS) framework. This data covers the general government sector as well as the Commonwealth public corporations sector. 
•	Part III presents the 2000-01 Commonwealth general government sector primary financial statements in accordance with AAS31 Financial Reporting by Governments.
•	Part IV provides details for 2000-01 on Federal Financial Relations, updated from that contained in the 2001-02 Budget Paper No. 3.
•	Appendix A contains details of budget concepts. Appendix B contains expenses data on a functional and sub-functional basis. Historical budget and net debt data are presented in Appendix C.

  Contents
Foreword	iii
Part I:  Commonwealth Budget Outcome	1
Overview	1
Revenue	2
Expenses	4
Net capital investment	5
Net debt and net worth	6
Cash flows	7
Attachment A:  Accounting for GST and budget assistance to States	10
Attachment B:  External reporting standards	13
Part II:  Government Finance Statistics Statements	15
Loan Council Allocation	30
Part III:  AAS31 Financial Reporting by Governments Primary Financial Statements	31
Statistics, concepts and notes to the financial statements	35
Part IV:  Federal Financial Relations	45
GST revenue provision	45
General revenue assistance	48
Revenue replacement payments	50
Local government general purpose assistance	52
Specific purpose payments	54
Appendix A:  External Reporting Standards and Budget Concepts	67
Appendix B:  Expenses by Function and Sub‑function	77
Appendix C:  Historical Fiscal Data	81
Acronyms	91

List of tables
Part I:  Commonwealth Budget Outcome
Table 1:	General government sector budget aggregates	1
Table 2:	Commonwealth general government revenue: accrual basis	3
Table 3:	Commonwealth general government expenses by function	5
Table 4:	Estimates of Commonwealth net capital investment by function	6
Table 5:	Commonwealth general government sector net worth, net debt and net interest outlays	7
Table 6:	Summary of Commonwealth general government sector cash flows	8
Part II:  Government Finance Statistics Statements
Table 7:	General government sector operating statement	16
Table 8:	General government sector balance sheet	17
Table 9:	General government sector cash flow statement	18
Table 10:	Supplementary table — Commonwealth general government revenue	19
Table 11:	Supplementary table — Commonwealth general government indirect tax (accrual)	20
Table 12:	Public non‑financial corporations sector operating statement	21
Table 13:	Public non‑financial corporations sector balance sheet	22
Table 14:	Public non‑financial corporations sector cash flow statement	23
Table 15:	Total non‑financial public sector operating statement	24
Table 16:	Total non‑financial public sector balance sheet	25
Table 17:	Total non‑financial public sector cash flow statement	26
Table 18:	Public financial corporations sector operating statement	27
Table 19:	Public financial corporations sector balance sheet	28
Table 20:	Public financial corporations sector cash flow statement	29
Table 21:	Commonwealth Loan Council Allocation	30
Part III:  AAS31 Financial Reporting by Governments Primary Financial Statements
Table 22:	Statement of revenues and expenses for the Commonwealth  general government sector — AAS31	32
Table 23:	Balance sheet for the Commonwealth general  government sector — AAS31	33
Table 24:	Statement of cash flows for the Commonwealth general government
sector — AAS31	34
Note 1:	External reporting standards	35
Note 2:	Reconciliation of cash	37
Note 3:	Income tax — accrual AAS31	38
Note 4:	Indirect tax — accrual AAS31	39
Note 5:	Interest and dividends	40
Note 6:	Other sources of non‑taxation revenue	40
Note 7:	Employee expenses	41
Note 8:	Suppliers expenses	41
Note 9:	Depreciation and amortisation	41
Note 10:	Grants	42
Note 11:	Total non‑financial assets	42
Note 12:	Employee liabilities	43
Note 13:	Grants payable	43
Note 14:	Net asset movements	43
Note 15:	Taxes — cash AAS31	44
Part IV:  Federal Financial Relations
Table 25:	GST revenue provision to the States and Territories	47
Table 26:	Guaranteed Minimum Amount components, GST revenue provision and Budget Balancing Assistance to the States and Territories	49
Table 27:	National Competition Policy Payments	50
Table 28:	Revenue replacement payments to the States and Territories	51
Table 29:	General purpose assistance to local government	53
Table 30:	Specific Purpose Payments to the States, repayments of advances, advances and interest payments	55
Table 31:	Specific Purpose Payments direct to Local Government Authorities	65
Appendix A:  External Reporting Standards and Budget Concepts
Table A1:	Selected differences between AAS31 and GFS reporting standards	74
Table A2:	Reconciliation of GFS and AAS31 revenue and expenses	75
Table A3:	Reconciliation of AAS31 net operating result and fiscal balance	76

Appendix B:  Expenses by Function and Sub‑function
Table B1:	Commonwealth general government expenses by function and sub‑function	78
Appendix C:  Historical Fiscal Data
Table C1:	Commonwealth general government sector cash revenue, outlays and surplus	82
Table C2:	Commonwealth general government sector cash taxation revenue, non‑taxation revenue and total revenue	83
Table C3:	Commonwealth revenue (cash basis)	84
Table C4:	Commonwealth general government sector net debt and net interest outlays	85
Table C5:	Commonwealth general government sector accrual revenue, expenses, net capital investment and fiscal balance	86
Table C6:	Commonwealth general government sector accrual taxation revenue, non‑taxation revenue and total revenue	86
Table C7:	Commonwealth revenue (accrual basis)	87
Table C8:	Commonwealth cash revenue, outlays and cash surplus by institutional sector	88
Table C9:	Commonwealth accrual revenue, expenses and fiscal balance by institutional sector	89
Table C10:	Commonwealth net worth by institutional sector	90

Notes
(a)	The following definitions are used in this paper:
•	‘real’ means adjusted for the effect of inflation;
•	real growth in expenses is measured by the non‑farm Gross Domestic Product deflator; and
•	one billion is equal to one thousand million.
(b)	Figures in tables and generally in the text have been rounded. Discrepancies in tables between totals and sums of components are due to rounding:
•	estimates under $100,000 are rounded to the nearest thousand;
•	estimates $100,000 and over are generally rounded to the nearest tenth of a million;
•	estimates midway between rounding points are rounded up; and
•	the percentage changes in statistical tables are calculated using unrounded data.
(c)	For the budget balance, a negative sign indicates a deficit while no sign indicates a surplus. 
(d)	The following notations are used:
	NEC/nec	not elsewhere classified
	AEST	Australian Eastern Standard Time
	‑	nil
	..	not zero, but rounded to zero
	na	not applicable (unless otherwise specified)
	nfp	not for publication
	$m	$ million
	$b	$ billion

(e)	References to the ‘States’ or ‘each State’ include the Territories. The Australian Capital Territory and the Northern Territory are referred to as ‘the Territories’. The following abbreviations are used for the names of the States, where appropriate:
NSW	New South Wales
VIC/Vic	Victoria
QLD/Qld	Queensland
WA	Western Australia
SA	South Australia
TAS/Tas	Tasmania
ACT	Australian Capital Territory
NT	Northern Territory