Revisions at the 2007‑08 Final Budget Outcome
The 2007‑08 FBO includes revisions to the historical series for the following:
- a change in accounting treatment for concessional loans following the review foreshadowed in the 2008-09 Budget (further details can be found in Part 2). This change affects net financial worth, net worth, net debt, revenue, expenses and fiscal balance2;
- a change in accounting treatment for the valuation of superannuation liability for outcomes. AASB 119 Employee Benefits requires the government bond rate at balance date to be referenced when valuing the superannuation liability, with a relevant bond yield to match the term of the liability. Previously for outcomes, consistent with budget estimates, the superannuation liability was discounted by 6 per cent (in accordance with the long term cost report). This change affects net financial worth, net worth, expenses and fiscal balance2; and
- adjustments to net financial worth, revenue, receipts, payments and fiscal balance to improve data comparability through time, increasing its relevance to users. This primarily relates to refinements for the inclusion of the goods and services tax as an Australian Government tax in the 2008-09 Budget.
Table B1: Australian Government general government sector receipts, payments
and underlying cash balance(a)
- Data has been revised. Refer to page 87 for further information.
- Receipts are equal to receipts from operating activities and sales of non‑financial assets.
- Payments are equal to payments for operating activities, purchases of non‑financial assets and net acquisition of assets under finance leases.
- Underlying cash balance is equal to receipts less payments less Future Fund earnings. For the purposes of consistent comparison with years prior to 2005‑06, Future Fund earnings should be added back to the underlying cash balance.
Table B2: Australian Government general government sector taxation receipts,
non‑taxation receipts and total receipts(a)
- Data has been revised. Refer to page 87 for further information.
- Receipts are equal to receipts from operating activities and sales of non‑financial assets.
Table B3: Australian Government general government sector net debt and
net interest payments(a)
- Data has been revised. Refer to page 87 for further information.
- Net debt is equal to the sum of deposits held, advances received, government securities, loans and other borrowing, minus the sum of cash and deposits, advances paid and investments, loans and placements.
- Net interest payments are equal to the difference between interest paid and interest receipts.
Table B4: Australian Government general government sector revenue, expenses, net capital investment and fiscal balance(a)
- Data has been revised. Refer to page 87 for further information.
- Fiscal balance is equal to revenue less expenses less net capital investment.
Table B5: Australian Government general government sector net worth and
net financial worth(a)
- Data has been revised. The net financial worth series has been revised to reflect for the refinements for the inclusion of the goods and services tax as an Australian Government tax, change in the accounting treatment for concessional loans and the valuation of the superannuation liability outcomes. Refer to page 87 for further information.
- Net worth is equal to assets less liabilities.
- Net financial worth is equal to financial assets less liabilities.
Table B6: Australian Government general government sector taxation revenue,
non‑taxation revenue and total revenue(a)
- Data has been revised. Refer to page 87 for further information.
Table B7: Australian Government cash receipts, payments and cash surplus by institutional sector(a)
- Data has been revised. Refer to page 87 for further information.
- Receipts are equal to receipts from operating activities and sales of non‑financial assets.
- Payments are equal to payments for operating activities, purchases of non‑financial assets and net acquisition of assets under finance leases.
- These items exclude Future Fund earnings from 2005‑06 onwards. Future Fund earnings are shown in Table B1.
na Data not available.
Table B8: Australian Government revenue, expenses and fiscal balance by institutional sector(a)
- Data has been revised. Refer to page 87 for further information.
- Fiscal balance is equal to revenue less expenses less net capital investment. Net capital investment is not shown in this table.
na Data not available.
2 These changes in accounting treatment have been back-cast to 2005-06 as these changes were related to the introduction of Australian Equivalent to International Reporting Standards in 2005-06.