Net worth

The State/local general government sector has an estimated positive net worth of 56.7 per cent of GDP in 2003-04. State/local net worth has nominally increased each year but, since 1999-2000, net worth has not grown at the same pace as the economy and hence represents a decreasing proportion of GDP. The Commonwealth general government sector has historically recorded negative net worth. This difference primarily reflects the significant funding provided by the Commonwealth to the States for capital works, with the resultant assets recorded in the States' balance sheets.

Table 4: General government net worth by level of government (as at end of financial year)

(a) There is a break in the Commonwealth net worth series between 1998-99 and 1999-2000. Data up to 1998-99 are sourced from the Commonwealth's Consolidated Financial Statements based on Australian accounting standards. Data beginning in 1999-2000 are based on the GFS framework. For the general government sector, the major change across the break in the series is an improvement in net worth. This is primarily due to the move from valuing investments in public corporations at historic cost to current market value (which is calculated using the share price for listed corporations). This is partly offset by defence weapons platforms no longer being recorded as assets.

(e) Estimates.

(p) Projections.

na Data not available.

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