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Appendix B: Australian Government Financial Statements

Table B1: Australian Government general government sector operating statement

		Estimates			Projections
	Note	2012-13 $m	2013-14 $m		2014-15 $m	2015-16 $m
Revenue
Taxation revenue	3	352,092	382,023		400,753	424,408
Sales of goods and services	4	8,594	8,791		8,629	9,006
Interest income	5	4,465	4,628		4,608	4,864
Dividend income	5	2,479	1,950		2,108	2,244
Other	6	6,109	5,769		5,773	5,916
Total revenue		373,739	403,161		421,871	446,438
Expenses
Gross operating expenses
Wages and salaries(a)	7	19,205	19,127		19,356	20,179
Superannuation	7	6,175	4,063		4,124	4,177
Depreciation and amortisation	8	6,190	6,345		6,423	6,500
Supply of goods and services	9	72,068	74,050		77,838	83,205
Other operating expenses(a)	7	5,028	5,233		5,399	5,598
Total gross operating expenses		108,666	108,818		113,140	119,659
Superannuation interest expense	7	6,913	8,295		8,587	8,908
Interest expenses	10	12,878	12,822		12,452	12,105
Current transfers
Current grants	11	108,597	120,105		128,144	134,121
Subsidy expenses		13,316	15,222		15,333	16,154
Personal benefits	12	116,176	122,123		127,826	136,628
Total current transfers		238,089	257,450		271,302	286,903
Capital transfers	11
Mutually agreed write-downs		2,266	2,407		2,589	2,766
Other capital grants		6,237	8,062		5,634	5,469
Total capital transfers		8,503	10,469		8,223	8,235
Total expenses		375,049	397,854		413,704	435,811
Net operating balance		-1,310	5,307		8,167	10,627
Other economic flows
Gain/loss on equity and on sale of assets(b)		7,577	3,674		3,783	5,393
Net write-downs of assets (including bad and doubtful debts)		-6,658	-6,113		-6,389	-6,929
Assets recognised for the first time		531	555		579	604
Actuarial revaluations		1,061	0		0	0
Net foreign exchange gains		-17	11		67	58
Market valuation of debt		2,729	3,156		2,653	2,167
Other economic revaluations(c)		77	409		296	355
Total other economic flows		5,300	1,692		990	1,648
Comprehensive result - Total change in net worth	13	3,990	6,999		9,157	12,275

Table B1: Australian Government general government sector operating statement (continued)

		Estimates			Projections
	Note	2012-13 $m	2013-14 $m		2014-15 $m	2015-16 $m
Net operating balance		-1,310	5,307		8,167	10,627
Net acquisition of non-financial assets
Purchases of non-financial assets		8,258	7,159		7,264	9,402
less Sales of non-financial assets		4,872	459		244	1,588
less Depreciation		6,190	6,345		6,423	6,500
plus Change in inventories		377	302		268	351
plus Other movements in non-financial assets		-90	374		380	-800
Total net acquisition of non-financial assets		-2,517	1,032		1,244	865
Fiscal balance (Net lending/borrowing)(d)		1,207	4,275		6,923	9,762

(a) Consistent with ABS GFS classification, other employee related expenses are reported under other operating expenses. Total employee expenses equal wages and salaries plus other operating expenses.

(b) Reflects changes in the market valuation of investments and any revaluations at the point of disposal or sale.

(c) Largely reflects other revaluation of assets and liabilities.

(d) The term fiscal balance is not used by the ABS.

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