final budget outcome
2011‑12
CIRCULATED BY
THE HONOURABLE WAYNE SWAN MP
DEPUTY PRIME MINISTER AND TREASURER
OF THE COMMONWEALTH OF AUSTRALIA
AND
SENATOR THE HONOURABLE PENNY WONG
MINISTER FOR FINANCE AND DEREGULATION
OF THE COMMONWEALTH OF AUSTRALIA
FOR THE INFORMATION OF HONOURABLE MEMBERS
© Commonwealth of Australia 2012
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Foreword
The Final Budget Outcome 2011‑12 has been prepared in a manner consistent with the Charter of Budget Honesty Act 1998 (the Charter). 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 Australian Government general government sector fiscal outcomes for the 2011‑12 financial year and is based on external reporting standards.
- Part 1 provides the general government sector budget aggregates for 2011‑12 together with an analysis of the 2011‑12 Final Budget Outcome. This includes summary analysis of cash flows, revenue, expenses, net capital investment and the balance sheet (net debt, net financial worth and net worth).
- Part 2 presents the Australian Government financial statements for 2011‑12 with the Australian Bureau of Statistics' (ABS) accrual Government Finance Statistics (GFS) as the basis for accounting policy, except for where the Government has decided to depart because Australian Accounting Standards provide a better conceptual treatment for presenting information of relevance to users of public sector financial reports. This data covers the general government sector as well as the Australian Government public corporations sectors.
- Part 3 provides details for 2011‑12 on Australia's Federal Relations, updated from that contained in the 2012‑13 Budget Paper No. 3, Australia's Federal Relations.
Appendix A contains expenses data on a functional and sub‑functional basis. Historical fiscal data are presented in Appendix B.
Notes
- The following definitions are used in this Budget Paper:
- 'real' means adjusted for the effect of inflation;
- real growth in expenses and payments is calculated using the Consumer Price Index (CPI) as the deflator; and
- one billion is equal to one thousand million.
- 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.
- For the budget balance, a negative sign indicates a deficit while no sign indicates a surplus.
- The following notations are used:
- -
- nil
- na
- not applicable (unless otherwise specified)
- $m
- million of dollars
- $b
- billion of dollars
- nfp
- not for publication
- (e)
- estimates (unless otherwise specified)
- (p)
- projections (unless otherwise specified)
- NEC/nec
- not elsewhere classified
- The Australian Capital Territory and the Northern Territory are referred to as 'the Territories'. References to the 'States' or 'each State' include the Territories. The following abbreviations are used for the names of the States, where appropriate:
- NSW
- New South Wales
- VIC
- Victoria
- QLD
- Queensland
- WA
- Western Australia
- SA
- South Australia
- TAS
- Tasmania
- ACT
- Australian Capital Territory
- NT
- Northern Territory
- In this paper the term Commonwealth refers to the Commonwealth of Australia. The term is used when referring to the legal entity of the Commonwealth of Australia.
The term Australian Government is used when referring to the Government and the decisions and activities made by the Government on behalf of the Commonwealth of Australia.
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