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Appendix B: Australian Government Financial Statements (Continued)

Notes to the general government sector financial statements

Note 1: External reporting standards and accounting policies

The Charter of Budget Honesty Act 1998 (the Charter) requires that the Mid‑Year Economic and Fiscal Outlook (MYEFO) be based on external reporting standards and that departures from applicable external reporting standards be identified.

The major external standards used for MYEFO reporting purposes are:

• the Australian Bureau of Statistics' (ABS) accrual Government Finance Statistics (GFS) publication, Australian System of Government Finance Statistics: Concepts, Sources and Methods (cat. no. 5514.0), which in turn is based on the International Monetary Fund (IMF) accrual GFS framework; and
• Australian Accounting Standards (AAS), being AASB 1049 Whole of Government and General Government Sector Financial Reporting (AASB 1049) and other applicable Australian Equivalents to International Financial Reporting Standards (AEIFRS).

As required by the Charter, the financial statements have been prepared on an accrual basis that complies with both ABS GFS and AAS, except for departures disclosed at Note 2.

A more detailed description of the AAS and ABS GFS frameworks, in addition to definitions of key terms used in these frameworks, can be found in Attachment A. Table B11 in Attachment A explains the key differences between the two frameworks. Detailed accounting policies, as required by AAS, are disclosed in the annual consolidated financial statements.

Budget reporting focuses on the general government sector (GGS). The GGS provides public services that are mainly non‑market in nature and for the collective consumption of the community, or involve the transfer or redistribution of income. These services are largely financed through taxes and other compulsory levies, user charging and external funding. This sector comprises all government departments, offices and some other bodies. In preparing financial statements for the GGS, all material transactions and balances between entities within the GGS have been eliminated. A list of entities within the GGS, as well as entities within and a description of the public non‑financial corporations (PNFC) sector and public financial corporations (PFC) sector, are disclosed in Table B10 in Attachment A.

The Government's key fiscal aggregates are based on ABS GFS concepts and definitions, including the ABS GFS cash surplus/deficit and the derivation of the underlying cash balance and net financial worth. AASB 1049 requires the disclosure of other ABS GFS fiscal aggregates, including net operating balance, net lending/borrowing (fiscal balance) and net worth. In addition to these ABS GFS aggregates, the Accrual Uniform Presentation Framework (UPF) requires disclosure of net debt, net financial worth and net financial liabilities.

Explanations of variations in fiscal balance, revenue, expenses, net capital investment, cash flows, net debt, net financial worth and net worth since the 2012‑13 Budget are disclosed in Part 3.

Updates to fiscal risks and contingent liabilities since the 2012‑13 Budget are disclosed in Appendix C.

Comprehensive guidance has not been issued under either the AAS or ABS GFS frameworks for the measurement of accrual revenue and expenses under the carbon price. Current estimates measure revenue and expenses at the expected market price for carbon in the year that emissions occur. The Department of Finance and Deregulation and the Department of the Treasury will continue to review this treatment in consultation with the ABS and the Australian National Audit Office (ANAO).

Note 2: Departures from external reporting standards

The Charter requires that departures from applicable external reporting standards be identified. The MYEFO financial statements depart from the external reporting standards as follows.

General government sector

Departures from ABS GFS

ABS GFS requires that provisions for bad and doubtful debts be excluded from the balance sheet. This treatment has not been adopted in the financial statements or in any reconciliation notes because excluding such provisions would overstate the value of Australian Government assets in the balance sheet. The financial statements currently adopt AAS treatment for provisions for bad and doubtful debts.

ABS GFS treats coins on issue as a liability and no revenue is recognised. The ABS GFS treatment of circulating coins as a liability has not been adopted in the financial statements or in any reconciliation notes. Instead, the financial statements adopt AAS treatment for circulating coins (seigniorage). Under this treatment, seigniorage revenue is recognised upon the issue of coins and no liability is recorded.

Under ABS GFS, prepayments are classified as financial assets. In accordance with AAS, prepayments have been classified as non‑financial assets in the financial statements. This is a classification difference that impacts on net financial worth.

ABS GFS records defence weapons platforms (DWP) as a non‑financial asset on a market value basis (fair value), rather than expensing at time of acquisition. The value used by the ABS is consistent with the National Accounts statistical methodology, and represents an early adoption of changes to the System of National Accounts 2008. ABS GFS treatment of DWP is consistent with AAS, as non‑financial assets can be valued at fair value as long as they can be reliably measured, otherwise cost is permissible. DWP will be valued at cost in the budget financial statements, as they have in previous budgets, while the Australian Government ascertains if a relevant and reliable fair value can be sourced.

Under ABS GFS, concessional loans are recognised at their nominal value, that is, they are not discounted to fair (market) value as there is not considered to be a secondary market. This treatment has not been adopted for the financial statements. Consistent with AAS, loans issued at below market interest rates or with long repayment periods are recorded at fair value (by discounting them by market interest rates). The difference between the nominal value and the fair value of the loan is recorded as an expense which is written back over the life of the loan.

ABS GFS requires investments in unlisted public sector entities to be valued based on their net assets. Under AAS, investments in public sector entities can be valued at fair value as long as a fair value can be reliably measured, otherwise net assets is permissible. The AAS treatment has been adopted in the financial statements.

Movements in the provision for restoration, decommissioning and make‑good of assets have been included in the calculation of the fiscal balance capital adjustment because in many cases they involve legal obligations to expend resources. ABS GFS does not recognise adjustments for such provisions because they are considered a constructive obligation that may not materialise for many years.

Departures from AAS (including AASB 1049)

AAS requires the advances paid to the International Development Association and Asian Development Fund to be recognised at fair value. Under ABS GFS these advances are recorded at nominal value. The ABS GFS treatment is adopted in the financial statements.

AASB 1049 requires the disclosure of the operating result and its derivation on the face of the operating statement. However, as this aggregate is not used by the Australian Government (and is not required by the UPF), it has been disclosed in Note 13 rather than on the face of the operating statement.

AASB 1049 requires disaggregated information, by ABS GFS function, for expenses and total assets to be disclosed where they are reliably attributable. ABS GFS does not require total assets attributed to functions. In accordance with ABS GFS, disaggregated information for expenses is disclosed in Attachment C of Part 3.

AASB 1049 requires AAS measurement of items to be disclosed on the face of the financial statements with reconciliation to ABS GFS measurement of items, where different, in notes to the financial statements. Reconciliation notes have not been included as they would effectively create two measures of the same aggregate.

AASB 1049 requires major variances between original budget estimates and outcomes to be explained in the financial statements. Explanations of variances for the 2012‑13 year from the 2012‑13 Budget are disclosed in Part 3. All policy decisions taken between the 2012‑13 Budget and the 2012‑13 MYEFO are disclosed in Appendix A.

In addition to the above adjustments, there are specific adjustments made to the corporations sectors as outlined below.

Public non‑financial corporations (PNFC) sector and total non‑financial public sector (NFPS)

Departures from ABS GFS

AASB 1049 defines net worth for the PNFC sector and NFPS as total assets less total liabilities; however ABS GFS defines net worth as total assets less total liabilities less shares and contributed capital (which is equal to zero for the PNFC sector). Similarly, AASB 1049 defines net financial worth for these sectors as financial assets less total liabilities, whereas under ABS GFS it is equal to financial assets less total liabilities less shares and contributed capital. The AASB 1049 treatment has been adopted in the PNFC sector and NFPS financial statements.

Departures from AAS (including AASB 1049)

The financial statements for the PNFC sector and NFPS comply with the UPF but do not include all the line item disclosures required by AASB 1049. Disaggregated outcome notes for the PNFC sector will be disclosed in the consolidated financial statements.

AAS requires dividends paid to be classified as a distribution of equity. Under ABS GFS, dividends paid are classified as an expense. The ABS GFS treatment has been adopted for use in the financial statements.

Australian Government public corporations use commercial tax effect accounting to determine their net tax liability, while the ATO determines their tax liability on a due and payable basis. To ensure symmetry in treatment between Australian Government sectors, the ABS removes tax effect adjustments. The ABS GFS treatment has been adopted in the financial statements.

Note 3: Taxation revenue by type

	Estimates			Projections
	2012-13 $m	2013-14 $m		2014-15 $m	2015-16 $m
Income taxation
Individuals' and other withholding taxes
Gross income tax withholding	152,590	165,250		176,240	187,140
Gross other individuals	37,840	40,080		43,930	47,860
less Refunds	26,500	26,700		28,800	30,700
Total individuals' and other withholding taxation	163,930	178,630		191,370	204,300
Fringe benefits tax	4,040	4,530		5,010	5,220
Company tax	72,982	80,459		80,320	83,426
Superannuation funds	8,250	9,290		11,310	13,310
Resource rent taxes(a)	5,580	6,560		5,650	6,660
Total income taxation revenue	254,782	279,469		293,660	312,916
Indirect taxation
Sales taxes
Goods and services tax	50,790	53,730		56,590	59,430
Wine equalisation tax	720	730		770	820
Luxury car tax	450	460		480	520
Total sales taxes	51,960	54,920		57,840	60,770
Excise duty
Petrol	6,000	5,840		5,870	5,970
Diesel	8,700	9,120		9,330	9,530
Beer	2,070	2,140		2,270	2,400
Tobacco	5,200	4,710		4,770	4,890
Other excisable products	4,520	4,640		5,020	5,260
Of which: Other excisable beverages(b)	930	990		1,000	1,060
Total excise duty revenue	26,490	26,450		27,260	28,050
Customs duty
Textiles, clothing and footwear	700	720		580	620
Passenger motor vehicles	920	960		1,010	1,070
Excise-like goods	4,850	5,850		5,970	6,180
Other imports	1,540	1,680		1,780	1,910
less Refunds and drawbacks	180	180		180	180
Total customs duty revenue	7,830	9,030		9,160	9,600
Carbon pricing mechanism(c)	7,690	8,685		9,275	9,400
Other indirect taxation
Agricultural levies	440	436		443	449
Other taxes	2,900	3,033		3,114	3,223
Total other indirect taxation revenue	3,339	3,470		3,558	3,672
Mirror taxes	487	516		546	581
less Transfers to States in relation to mirror tax revenue	487	516		546	581
Mirror tax revenue	0	0		0	0
Total indirect taxation revenue	97,309	102,555		107,093	111,492
Total taxation revenue	352,092	382,023		400,753	424,408
Memorandum:
Capital gains tax	8,400	11,000		13,800	16,100
Medicare levy revenue	9,700	10,390		11,010	11,580

(a) Resource rent taxes include PRRT and gross revenue from the MRRT. Net revenue from the MRRT is expected to be $2.0 billion in 2012‑13, $2.4 billion in 2013‑14, $2.1 billion in 2014‑15 and $2.6 billion in 2015‑16, which represent the net impact on revenue across several different heads of revenue. These include the offsetting reductions in company tax (through deductibility) and interactions with other taxes.

(b) Other excisable beverages are those not exceeding 10 per cent by volume of alcohol (excluding beer, brandy and wine).

(c)Tax revenue includes carbon accrual revenue measured at market price, with details of the accounting treatment of carbon revenue set out in Note 1 to the General Government Sector Financial Statements.

Note 3(a): Taxation revenue by source

	Estimates			Projections
	2012-13 $m	2013-14 $m		2014-15 $m	2015-16 $m
Taxes on income, profits and capital gains
Income and capital gains levied on individuals	168,000	183,370		196,830	210,080
Income and capital gains levied on enterprises	86,782	96,099		96,830	102,836
Total taxes on income, profits and capital gains	254,782	279,469		293,660	312,916
Taxes on employers' payroll and labour force	485	540		561	581
Taxes on the provision of goods and services
Sales/goods and services tax	51,960	54,920		57,840	60,770
Excises and levies	26,930	26,886		27,703	28,499
Taxes on international trade	7,830	9,030		9,160	9,600
Total taxes on the provision of goods and services	86,720	90,836		94,703	98,869
Other sale of goods and services	10,105	11,179		11,829	12,042
Total taxation revenue	352,092	382,023		400,753	424,408
Memorandum:
Medicare levy revenue	9,700	10,390		11,010	11,580

Note 4: Sales of goods and services revenue

	Estimates			Projections
	2012-13 $m	2013-14 $m		2014-15 $m	2015-16 $m
Sales of goods	1,525	1,663		1,710	1,729
Rendering of services	3,927	3,796		3,483	3,469
Operating lease rental	45	45		45	44
Fees from regulatory services	3,096	3,286		3,391	3,763
Total sales of goods and services revenue	8,594	8,791		8,629	9,006

Note 5: Interest and dividend revenue

	Estimates			Projections
	2012-13 $m	2013-14 $m		2014-15 $m	2015-16 $m
Interest from other governments
State and Territory debt	12	17		19	17
Housing agreements	160	155		150	144
Total interest from other governments	173	173		168	162
Interest from other sources
Advances	43	47		51	57
Deposits	96	99		101	103
Bank deposits	206	197		198	205
Indexation of HELP receivable and other student loans	505	572		657	749
Other	3,441	3,541		3,433	3,588
Total interest from other sources	4,292	4,456		4,440	4,702
Total interest	4,465	4,628		4,608	4,864
Dividends
Dividends from other public sector entities	1,008	432		449	465
Other dividends	1,472	1,518		1,659	1,779
Total dividends	2,479	1,950		2,108	2,244
Total interest and dividend revenue	6,944	6,578		6,717	7,109

Note 6: Other sources of non-taxation revenue

	Estimates			Projections
	2012-13 $m	2013-14 $m		2014-15 $m	2015-16 $m
Industry contributions	41	40		40	40
Royalties	1,799	1,696		1,667	1,673
Seigniorage	136	134		138	137
Other	4,133	3,898		3,929	4,066
Total other sources of non-taxation revenue	6,109	5,769		5,773	5,916

Note 7: Employee and superannuation expense

	Estimates			Projections
	2012-13 $m	2013-14 $m		2014-15 $m	2015-16 $m
Wages and salaries expenses	19,205	19,127		19,356	20,179
Other operating expenses
Leave and other entitlements	2,246	2,285		2,311	2,343
Separations and redundancies	37	38		41	39
Workers compensation premiums and claims	814	803		855	912
Other	1,930	2,107		2,193	2,303
Total other operating expenses	5,028	5,233		5,399	5,598
Superannuation expenses
Superannuation	6,175	4,063		4,124	4,177
Superannuation interest cost	6,913	8,295		8,587	8,908
Total superannuation expenses	13,088	12,358		12,711	13,085
Total employee and superannuation expense	37,321	36,719		37,466	38,862

Note 8: Depreciation and amortisation expense

	Estimates			Projections
	2012-13 $m	2013-14 $m		2014-15 $m	2015-16 $m
Depreciation
Specialist military equipment	2,762	2,806		2,811	2,829
Buildings	1,273	1,333		1,388	1,433
Other infrastructure, plant and equipment	1,306	1,356		1,371	1,389
Heritage and cultural assets	39	39		39	39
Total depreciation	5,380	5,534		5,609	5,690
Total amortisation	810	810		814	810
Total depreciation and amortisation expense	6,190	6,345		6,423	6,500

Note 9: Supply of goods and services expense

	Estimates			Projections
	2012-13 $m	2013-14 $m		2014-15 $m	2015-16 $m
Supply of goods and services	22,998	22,617		22,709	22,895
Operating lease rental expenses	2,534	2,579		2,601	2,655
Personal benefits - indirect	39,591	41,769		45,112	49,691
Health care payments	5,446	5,522		5,639	5,792
Other	1,498	1,562		1,776	2,172
Total supply of goods and services	72,068	74,050		77,838	83,205

Note 10: Interest expense

	Estimates			Projections
	2012-13 $m	2013-14 $m		2014-15 $m	2015-16 $m
Interest on debt
Government securities(a)	12,017	11,700		11,258	10,889
Loans	10	10		10	8
Other	52	29		27	26
Total interest on debt	12,079	11,739		11,295	10,923
Other financing costs	799	1,083		1,157	1,182
Total interest expense	12,878	12,822		12,452	12,105

(a) Public debt interest estimates are calculated using the contract interest rates incurred on existing Commonwealth Government Securities (CGS) when issued and technical assumptions, based on prevailing market interest rates across the yield curve, for yields on future CGS issuance.

Note 11: Current and capital grants expense

	Estimates			Projections
	2012-13 $m	2013-14 $m		2014-15 $m	2015-16 $m
Current grants expense
State and Territory governments	83,922	88,881		93,483	99,445
Local governments	39	28		8	3
Private sector	2,060	2,511		2,966	2,887
Overseas	4,093	5,144		5,791	6,303
Non-profit organisations	1,789	1,849		1,871	2,090
Multi-jurisdictional sector	9,453	9,714		10,107	10,655
Other	7,242	11,978		13,917	12,737
Total current grants expense	108,597	120,105		128,144	134,121
Capital grants expense
Mutually agreed write-downs	2,266	2,407		2,589	2,766
Other capital grants
State and Territory governments	5,265	6,880		4,492	4,410
Local governments	429	449		342	349
Private sector	149	138		122	75
Multi-jurisdictional sector	95	98		102	108
Other	299	496		577	528
Total capital grants expense	8,503	10,469		8,223	8,235
Total grants expense	117,100	130,574		136,367	142,356

Note 12: Personal benefits expense

	Estimates			Projections
	2012-13 $m	2013-14 $m		2014-15 $m	2015-16 $m
Social welfare - assistance to the aged	37,366	39,713		42,399	45,514
Assistance to veterans and dependants	6,177	6,159		6,068	5,986
Assistance to people with disabilities	21,241	22,524		24,102	25,729
Assistance to families with children	31,573	32,231		33,016	33,867
Assistance to the unemployed	8,794	9,828		9,045	9,567
Student assistance	3,614	3,790		3,815	3,719
Other welfare programmes	1,342	1,439		1,423	1,448
Financial and fiscal affairs	353	350		363	377
Vocational and industry training	274	276		271	267
Other	5,444	5,814		7,323	10,154
Total personal benefits expense	116,176	122,123		127,826	136,628

Note 13: Operating result and comprehensive result (total change in net worth)

	Estimates			Projections
	2012-13 $m	2013-14 $m		2014-15 $m	2015-16 $m
Opening net worth	-247,208	-145,305		-138,306	-129,149
Opening net worth adjustments(a)	97,912	0		0	0
Adjusted opening net worth	-149,296	-145,305		-138,306	-129,149
Net operating balance	-1,310	5,307		8,167	10,627
Other economic flows – Included in operating result
Foreign exchange gains	1	11		67	58
Gains from sale of assets	4,762	282		149	1,492
Other gains	7,711	7,057		6,929	6,719
Net write-down and impairment of assets and fair value losses	-6,658	-6,113		-6,389	-6,929
Foreign exchange losses	-17	0		0	0
Losses from sale of assets	8	14		5	5
Total other economic flows	5,806	1,251		762	1,344
Operating result(b)	4,496	6,558		8,929	11,971
Other economic flows – other movements in equity(c)	-506	441		228	303
Comprehensive result	3,990	6,999		9,157	12,275

(a) Reflects a decrease in the superannuation liability mainly due to a difference in the estimated and actual discount rate. Refer to Note 18 for further details.

(b) Operating result under AEIFRS accounting standards.

(c) Other economic flows not included in the AEIFRS accounting standards operating result.

Note 14: Advances paid and other receivables

	Estimates			Projections
	2012-13 $m	2013-14 $m		2014-15 $m	2015-16 $m
Advances paid
Loans to State and Territory governments	2,948	2,917		2,835	2,724
Higher Education Loan Program	22,301	25,734		29,498	33,440
Student Financial Supplement Scheme	595	530		461	389
Other	9,803	11,685		12,843	13,896
less Provision for doubtful debts	26	26		26	26
Total advances paid	35,622	40,840		45,612	50,423
Other receivables
Goods and services receivable	1,020	988		978	976
Recoveries of benefit payments	3,059	3,042		3,076	3,162
Taxes receivable	22,752	25,628		28,360	29,091
Other	17,469	17,109		17,671	18,338
less Provision for doubtful debts	3,389	3,495		3,602	3,708
Total other receivables	40,910	43,273		46,484	47,859

Note 15: Investments, loans and placements

	Estimates			Projections
	2012-13 $m	2013-14 $m		2014-15 $m	2015-16 $m
Investments - deposits	33,599	32,325		28,327	24,088
IMF quota	9,569	9,569		9,655	9,742
Other	68,967	70,284		73,650	77,020
Total investments, loans and placements	112,135	112,178		111,633	110,850

Note 16: Total non-financial assets

	Estimates			Projections
	2012-13 $m	2013-14 $m		2014-15 $m	2015-16 $m
Land and buildings
Land	8,596	8,533		8,562	8,555
Buildings	24,115	24,169		24,049	24,669
Total land and buildings	32,712	32,702		32,611	33,224
Plant, equipment and infrastructure
Specialist military equipment	40,240	40,230		40,961	43,241
Other	13,240	13,538		13,236	12,810
Total plant, equipment and infrastructure	53,480	53,767		54,197	56,051
Inventories
Inventories held for sale	1,129	1,107		1,050	1,048
Inventories not held for sale	6,229	6,176		6,108	6,008
Total inventories	7,357	7,283		7,157	7,056
Intangibles
Computer software	3,466	3,325		3,138	2,891
Other	2,223	2,328		2,537	2,784
Total intangibles	5,689	5,652		5,675	5,675
Total investment properties	181	181		181	181
Total biological assets	37	37		37	37
Total heritage and cultural assets	10,447	10,459		10,471	10,483
Total assets held for sale	90	90		90	90
Other non-financial assets
Prepayments	2,484	2,524		2,573	2,660
Other	140	514		893	93
Total other non-financial assets	2,624	3,038		3,466	2,753
Total non-financial assets	112,616	113,208		113,884	115,549

Note 17: Loans

	Estimates			Projections
	2012-13 $m	2013-14 $m		2014-15 $m	2015-16 $m
Promissory notes	6,512	6,052		6,076	6,048
Special drawing rights	4,468	4,468		4,509	4,549
Other	800	728		672	483
Total loans	11,780	11,248		11,257	11,080

Note 18: Employee and superannuation liabilities

	Estimates			Projections
	2012-13 $m	2013-14 $m		2014-15 $m	2015-16 $m
Total superannuation liability(a)	142,723	147,978		153,330	158,752
Other employee liabilities
Leave and other entitlements	7,389	7,514		7,661	7,805
Accrued salaries and wages	624	644		668	515
Workers compensation claims	2,636	2,730		2,820	2,829
Separations and redundancies	90	90		89	89
Other	4,033	4,163		4,173	4,177
Total other employee liabilities	14,773	15,141		15,412	15,415
Total employee and
superannuation liabilities	157,495	163,119		168,743	174,167

(a) For budget reporting purposes, a discount rate applied by actuaries in preparing Long‑Term Cost Reports is used to value the superannuation liability. This reduces the volatility in reported liabilities that would occur from year to year if the long‑term government bond rate were used. Consistent with AAS, the long‑term government bond rate as at 30 June is used to calculate the superannuation liability for the purpose of actuals reporting.

Note 19: Provisions and payables

	Estimates			Projections
	2012-13 $m	2013-14 $m		2014-15 $m	2015-16 $m
Suppliers payable
Trade creditors	4,390	4,477		4,522	4,550
Operating lease rental payable	203	203		205	204
Other creditors	213	211		213	212
Total suppliers payable	4,807	4,892		4,940	4,966
Total personal benefits provisions and payable	14,587	14,785		15,292	15,894
Total subsidies provisions and payable	3,363	3,569		3,662	3,329
Grants provisions and payable
State and Territory governments	164	160		160	160
Non-profit organisations	243	243		243	243
Private sector	500	497		490	489
Overseas	1,502	2,123		1,842	1,399
Local governments	7	7		7	7
Other	12,282	10,755		8,906	9,074
Total grants provisions and payable	14,699	13,786		11,648	11,372
Other provisions and payables
Provisions for tax refunds	3,385	3,446		3,445	3,445
Other	10,947	11,169		11,946	12,095
Total other provisions and payables	14,332	14,616		15,391	15,540

Note 20: Reconciliation of cash

		Estimates			Projections
		2012-13 $m	2013-14 $m		2014-15 $m	2015-16 $m
Net operating balance (revenues less expenses)		-1,310	5,307		8,167	10,627
less	Revenues not providing cash
	Other	764	940		1,096	1,260
	Total revenues not providing cash	764	940		1,096	1,260
plus	Expenses not requiring cash
	Increase/(decrease) in employee entitlements	6,582	5,693		5,731	5,573
	Depreciation/amortisation expense	6,190	6,345		6,423	6,500
	Mutually agreed write-downs	2,266	2,407		2,589	2,766
	Other	1	179		761	792
	Total expenses not requiring cash	15,039	14,624		15,504	15,631
plus	Cash provided / (used) by working capital items
	Decrease/(increase) in inventories	-260	-181		-143	-221
	Decrease/(increase) in receivables	-8,786	-7,825		-8,341	-6,775
	Decrease/(increase) in other financial assets	893	1,901		1,426	1,369
	Decrease/(increase) in other non-financial assets	46	14		8	-12
	Increase/(decrease) in benefits, subsidies and grants payable	2,479	-340		-1,269	285
	Increase/(decrease) in suppliers' liabilities	-63	136		54	-18
	Increase/(decrease) in other provisions and payables	-221	-808		-762	-3,174
	Net cash provided / (used) by working capital	-5,914	-7,103		-9,028	-8,547
equals	(Net cash from/(to) operating activities)	7,051	11,887		13,547	16,452
plus	(Net cash from/(to) investing activities)	-19,970	-19,910		-19,416	-17,181
Net cash from operating activities and investment		-12,920	-8,023		-5,869	-729
plus	(Net cash from/(to) financing activities)	13,035	8,264		5,846	812
equals	Net increase/(decrease) in cash held	115	241		-23	83
Cash at the beginning of the year		2,523	2,638		2,880	2,857
Net increase/(decrease) in cash		115	241		-23	83
Cash at the end of the year		2,638	2,880		2,857	2,940

Note 20(a): Consolidated Revenue Fund

	Estimates			Projections
	2012-13 $m	2013-14 $m		2014-15 $m	2015-16 $m
Total general government sector cash	2,638	2,880		2,857	2,940
less CAC Agency cash balances	1,968	2,075		2,183	2,298
plus Special public monies	318	318		318	318
Balance of Consolidated Revenue Fund at 30 June	988	1,123		992	960

The estimated and projected cash balances reflected in the balance sheet for the Australian Government GGS (Table B2) include the reported cash balances controlled and administered by Australian Government agencies subject to the Financial Management and Accountability Act 1997, and the reported cash balances controlled and administered by entities subject to the Commonwealth Authorities and Companies Act 1997 (CAC Act), that implement public policy through the provision of primarily non‑market services.

Revenues or monies raised by the Executive Government automatically form part of the Consolidated Revenue Fund by force of section 81 of the Australian Constitution. For practical purposes, total Australian Government GGS cash, less cash controlled and administered by CAC Act entities, plus special public monies, represents the Consolidated Revenue Fund referred to in section 81 of the Australian Constitution. On this basis, the balance of the Consolidated Revenue Fund is shown above.

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