Statement 10: Historical Australian Government Data (Continued)
Revisions to previously published data
Under the accrual GFS framework and generally under AAS, flows are recorded in the period in which they occurred. As a result, prior period outcomes may be revised for classification changes relating to information that could reasonably have been expected to be known in the past, is material in at least one of the affected periods, and can be reliably assigned to the relevant period(s).
Deflating real spending growth by the consumer price index
The 2012‑13 Budget, including the historical series, calculates real spending growth using the Consumer Price Index (CPI) as the deflator. This is also the benchmark against which the Government's fiscal strategy is based. Prior to the 2008‑09 Budget the non‑farm GDP (NFGDP) deflator was used and has therefore been shown in this statement for comparative purposes.
The use of the CPI, rather than the non‑farm GDP deflator, provides a more accurate depiction of real government spending growth, especially in the current economic climate. The non‑farm GDP deflator incorporates fluctuations in global commodity prices which are not relevant for Government expenditures. Therefore, deflating government spending by the non‑farm GDP deflator distorts trends in real spending growth.
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