Statement 9:  Government Finance Statistics Statements
Contents
Government Finance Statistics Statements	9-3

Statement 9:  Government Finance Statistics Statements
The financial tables presented in this Statement are prepared in accordance with the Australian Bureau of Statistics (ABS) accrual Government Finance Statistics (GFS) framework.
Under the Uniform Presentation Framework (UPF) — an agreement between the Commonwealth, States and Territories — all jurisdictions are required to publish a common core of GFS consistent financial information in their budget papers. This Statement presents Commonwealth data on a GFS basis, as required by the UPF. 
The statistical tables that are presented below include an operating statement, balance sheet and cash flow statement for the Commonwealth general government, public non‑financial sector corporations (PNFC) and total non‑financial public sectors.
The clear policy intent of the Intergovernmental Agreement on Commonwealth‑State Financial Arrangements is that GST is collected by the Commonwealth, as an agent for the States and Territories, and appropriated to the States. As such, it is not shown as Commonwealth revenue elsewhere throughout this Budget paper. However, the tables in this Statement are presented consistent with ABS standards, on an accrual UPF reporting basis, and show GST as revenue in and expenses out.
Consistent with ABS practice, transactions between the Commonwealth general government and PNFC sectors are included in the tables produced for these sectors, but are removed from the total non‑financial sector tables as they are transactions internal to that sector.
Transactions between the Commonwealth public financial corporations (PFC) sector and the general government and PNFC sectors are included in the relevant tables. These transactions include income transfers such as dividends paid to general government, net advances paid by general government to PFCs and taxes paid by PFCs.
Statement 11 provides reconciliations between key GFS aggregates and their Australian Accounting Standard No. 31 (AAS31) counterparts.

Government Finance Statistics Statements
Table 1:  General government sector operating statement

(a)	Grants that are ultimately used for capital projects. This is the first Budget where all such grants have been identified and separated from current grants.
(b)	GFS net lending also equals net transactions in financial assets less net transactions in liabilities. The term ‘fiscal balance’ is not used by the ABS.

Table 2:  General government sector balance sheet

(a)	Net worth is calculated as assets less liabilities.
(b)	Net financial worth equals total financial assets less total liabilities.
(c)	Net debt equals the sum of deposits held, advances received and borrowing, less the sum of cash and deposits, advances paid, and investments, loans and placements.

Table 3:  General government sector cash flow statement(a)

(a)	A positive number denotes a cash inflow, a negative sign denotes a cash outflow.
(b)	Finance leases are deducted in compiling the surplus/deficit.

Table 4:  Public non‑financial corporations sector operating statement(a)

(a)	For a list of major PNFCs, see Statement 11.
(b)	GFS net lending also equals net transactions in financial assets less net transaction in liabilities. The term ‘fiscal balance’ is not used by the ABS.

Table 5:  Public non‑financial corporations sector balance sheet

(a)	Net worth is calculated as assets less liabilities less shares and other contributed capital. The negative net worth recorded for this sector reflects a higher valuation of listed Commonwealth corporations by the sharemarket than the value of net assets recorded by these corporations.
(b)	Net financial worth equals total financial assets less total liabilities less shares and other contributed capital.
(c)	Net debt equals the sum of deposits held, advances received and borrowing, less the sum of cash and deposits, advances paid, and investments, loans and placements.

Table 6:  Public non‑financial corporations sector cash flow statement(a)

(a)	A positive number denotes a cash inflow, a negative sign denotes a cash outflow.
(b)	‘Other payments for operating activities’ includes the cash flow to the general government sector from PNFC distributions paid.
(c)	‘Distributions paid’ comprise PNFC dividends to external shareholders.
(d)	Finance leases are deducted in compiling the surplus/deficit.

Table 7:  Total non‑financial public sector operating statement

(a)	GFS net lending also equals net transactions in financial assets less net transaction in liabilities. The term ‘fiscal balance’ is not used by the ABS.

Table 8:  Total non‑financial public sector balance sheet

(a)	Net worth is calculated as assets less liabilities less shares and other contributed capital.
(b)	Net financial worth equals total financial assets less total liabilities less shares and other contributed capital.
(c)	Net debt equals the sum of deposits held, advances received and borrowing, less the sum of cash and deposits, advances paid, and investments, loans and placements.

Table 9:  Total non‑financial public sector cash flow statement(a)

(a)	A positive number denotes a cash inflow, a negative sign denotes a cash outflow.
(b)	‘Distributions paid’ comprise PNFC dividends to external shareholders.
(c)	Finance leases are deducted in compiling the surplus/deficit.

Table 10:  General government sector taxation revenue by source

The UPF also requires the publication of data on general government sector expenses by function. The data are not shown in this Statement, as they have been published earlier, in Statement 6. However, the data in Statement 6 treat the GST as a State tax, and hence exclude GST payments to the States.