Home > Budget Paper No. 1 > Statement 10 > Deflating real spending growth by the consumer price index

Statement 10: Historical Australian Government Data (Continued)

Deflating real spending growth by the consumer price index

The 2013‑14 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.

Table 1: Australian Government general government sector receipts, payments, net Future Fund earnings and underlying cash balance^(a)
	Receipts(b)		Payments(c)				Net Future Fund earnings	Underlying cash balance(d)
	$m	Per cent of GDP	$m	Per cent real growth (CPI)	Per cent real growth (NFGDP deflator)(f)	Per cent of GDP	$m	$m	Per cent of GDP
1970-71	8,290	20.6	7,389	na	na	18.3	-	901	2.2
1971-72	9,135	20.5	8,249	4.1	4.7	18.6	-	886	2.0
1972-73	9,735	19.6	9,388	7.7	7.8	18.9	-	348	0.7
1973-74	12,228	20.3	11,078	4.2	3.6	18.4	-	1,150	1.9
1974-75	15,643	22.0	15,463	19.9	14.5	21.7	-	181	0.3
1975-76	18,727	22.5	20,225	15.7	13.5	24.3	-	-1,499	-1.8
1976-77	21,890	22.8	23,157	0.6	1.9	24.1	-	-1,266	-1.3
1977-78	24,019	22.9	26,057	2.7	3.3	24.8	-	-2,037	-1.9
1978-79	26,129	22.0	28,272	0.3	2.8	23.8	-	-2,142	-1.8
1979-80	30,321	22.5	31,642	1.5	2.1	23.5	-	-1,322	-1.0
1980-81	35,993	23.6	36,176	4.6	3.6	23.7	-	-184	-0.1
1981-82	41,499	23.6	41,151	2.9	0.5	23.4	-	348	0.2
1982-83	45,463	24.0	48,810	6.3	6.2	25.8	-	-3,348	-1.8
1983-84	49,981	23.4	56,990	9.4	9.7	26.7	-	-7,008	-3.3
1984-85	58,817	25.0	64,853	9.1	8.4	27.5	-	-6,037	-2.6
1985-86	66,206	25.4	71,328	1.5	3.4	27.4	-	-5,122	-2.0
1986-87	74,724	26.2	77,158	-1.1	0.8	27.0	-	-2,434	-0.9
1987-88	83,491	25.7	82,039	-0.9	-0.3	25.3	-	1,452	0.4
1988-89	90,748	24.7	85,326	-3.1	-4.3	23.2	-	5,421	1.5
1989-90	98,625	24.4	92,684	0.6	1.7	22.9	-	5,942	1.5
1990‑91	100,227	24.1	100,665	3.1	3.8	24.2	-	-438	-0.1
1991‑92	95,840	22.6	108,472	5.7	6.0	25.6	-	-12,631	-3.0
1992‑93	97,633	22.0	115,751	5.6	5.9	26.0	-	-18,118	-4.1
1993‑94	103,824	22.2	122,009	3.5	4.3	26.1	-	-18,185	-3.9
1994‑95	113,458	22.9	127,619	1.4	2.6	25.7	-	-14,160	-2.9
1995‑96	124,429	23.5	135,538	1.9	3.3	25.6	-	-11,109	-2.1
1996‑97	133,592	24.0	139,689	1.7	1.5	25.1	-	-6,099	-1.1
1997‑98	140,736	23.9	140,587	0.6	-0.6	23.9	-	149	0.0
1998‑99	152,063	24.5	148,175	4.1	4.7	23.8	-	3,889	0.6
1999‑00	166,199	25.1	153,192	1.0	0.8	23.1	-	13,007	2.0
2000‑01	182,996	25.9	177,123	9.1	10.7	25.1	-	5,872	0.8
2001‑02	187,588	24.8	188,655	3.5	4.2	25.0	-	-1,067	-0.1
2002‑03	204,613	25.5	197,243	1.4	1.6	24.6	-	7,370	0.9
2003‑04	217,775	25.3	209,785	3.9	2.9	24.4	-	7,990	0.9
2004‑05	235,984	25.6	222,407	3.5	1.9	24.1	-	13,577	1.5
2005‑06	255,943	25.7	240,136	4.6	2.8	24.1	51	15,757	1.6
2006‑07	272,637	25.2	253,321	2.5	0.6	23.4	2,127	17,190	1.6
2007‑08	294,917	25.1	271,843	3.8	2.7	23.1	3,319	19,754	1.7
2008‑09	292,600	23.3	316,046	12.7	10.3	25.2	3,566	-27,013	-2.2
2009‑10	284,662	22.0	336,900	4.2	5.6	26.1	2,256	-54,494	-4.2
2010‑11	302,024	21.5	346,102	-0.4	-3.1	24.7	3,385	-47,463	-3.4
2011‑12	329,874	22.4	371,032	4.8	5.4	25.2	2,203	-43,360	-2.9
2012‑13(e)	350,410	23.0	367,286	-3.2	-1.1	24.2	2,501	-19,377	-1.3
2013‑14(e)	375,993	23.5	391,198	4.3	4.3	24.5	2,838	-18,043	-1.1
2014‑15(e)	401,171	23.9	409,149	2.2	2.7	24.4	2,910	-10,888	-0.6
2015‑16(p)	428,931	24.3	424,969	1.4	1.5	24.0	3,112	849	0.0
2016‑17(p)	453,642	24.4	443,748	1.9	2.1	23.8	3,304	6,591	0.4

(a) Data have been revised in the 2013‑14 Budget to improve accuracy and comparability through time.

(b) Receipts are equal to receipts from operating activities and sales of non‑financial assets.

(c) Payments are equal to payments for operating activities, purchases of non‑financial assets and net acquisition of assets under finance leases.

(d) Underlying cash balance is equal to receipts less payments, less net Future Fund earnings. For the purposes of consistent comparison with years prior to 2005‑06, net Future Fund earnings should be added back to the underlying cash balance.

(e) Estimates.

(f) Real spending growth using the non‑farm GDP deflator has not been used as the relevant measure of real spending growth since 2007‑08, and is included for comparative purposes only.

(p) Projections.

Table 2: Australian Government general government sector taxation receipts, non‑taxation receipts and total receipts^(a)
	Taxation receipts		Non-taxation receipts		Total receipts(b)
	$m	Per cent of GDP	$m	Per cent of GDP	$m	Per cent of GDP
1970-71	7,193	17.8	1,097	2.7	8,290	20.6
1971-72	7,895	17.8	1,240	2.8	9,135	20.5
1972-73	8,411	16.9	1,324	2.7	9,735	19.6
1973-74	10,832	18.0	1,396	2.3	12,228	20.3
1974-75	14,141	19.9	1,502	2.1	15,643	22.0
1975-76	16,920	20.3	1,807	2.2	18,727	22.5
1976-77	19,714	20.5	2,176	2.3	21,890	22.8
1977-78	21,428	20.4	2,591	2.5	24,019	22.9
1978-79	23,409	19.7	2,720	2.3	26,129	22.0
1979-80	27,473	20.4	2,848	2.1	30,321	22.5
1980-81	32,641	21.4	3,352	2.2	35,993	23.6
1981-82	37,880	21.6	3,619	2.1	41,499	23.6
1982-83	41,025	21.7	4,438	2.3	45,463	24.0
1983-84	44,849	21.0	5,132	2.4	49,981	23.4
1984-85	52,970	22.5	5,847	2.5	58,817	25.0
1985-86	58,841	22.6	7,365	2.8	66,206	25.4
1986-87	66,467	23.3	8,257	2.9	74,724	26.2
1987-88	75,076	23.1	8,415	2.6	83,491	25.7
1988-89	83,452	22.7	7,296	2.0	90,748	24.7
1989-90	90,773	22.4	7,852	1.9	98,625	24.4
1990‑91	92,739	22.3	7,488	1.8	100,227	24.1
1991‑92	87,364	20.6	8,476	2.0	95,840	22.6
1992‑93	88,760	20.0	8,873	2.0	97,633	22.0
1993‑94	93,362	20.0	10,462	2.2	103,824	22.2
1994‑95	104,921	21.1	8,537	1.7	113,458	22.9
1995‑96	115,700	21.8	8,729	1.6	124,429	23.5
1996‑97	124,559	22.4	9,033	1.6	133,592	24.0
1997‑98	130,984	22.2	9,752	1.7	140,736	23.9
1998‑99	138,420	22.3	13,643	2.2	152,063	24.5
1999‑00	151,313	22.9	14,887	2.2	166,199	25.1
2000‑01	170,354	24.1	12,641	1.8	182,996	25.9
2001‑02	175,108	23.2	12,481	1.7	187,588	24.8
2002‑03	192,131	24.0	12,482	1.6	204,613	25.5
2003‑04	206,091	24.0	11,683	1.4	217,775	25.3
2004‑05	223,314	24.2	12,669	1.4	235,984	25.6
2005‑06	241,215	24.2	14,728	1.5	255,943	25.7
2006‑07	257,392	23.8	15,245	1.4	272,637	25.2
2007‑08	278,376	23.7	16,540	1.4	294,917	25.1
2008‑09	272,627	21.7	19,973	1.6	292,600	23.3
2009‑10	260,973	20.2	23,689	1.8	284,662	22.0
2010‑11	280,839	20.0	21,185	1.5	302,024	21.5
2011‑12	309,943	21.0	19,931	1.4	329,874	22.4
2012‑13(e)	326,297	21.5	24,113	1.6	350,410	23.0
2013‑14(e)	354,854	22.2	21,140	1.3	375,993	23.5
2014‑15(e)	377,751	22.5	23,419	1.4	401,171	23.9
2015‑16(p)	405,809	23.0	23,121	1.3	428,931	24.3
2016‑17(p)	431,494	23.2	22,149	1.2	453,642	24.4

(a) Data have been revised in the 2013‑14 Budget to improve accuracy and comparability through time.

(b) Receipts are equal to receipts from operating activities and sales of non‑financial assets.

(e) Estimates.

(p) Projections.

Table 3: Australian Government general government sector net debt and net interest payments^(a)
	Net debt(b)		Net interest payments(c)
	$m	Per cent of GDP	$m	Per cent of GDP
1970-71	344	0.9	-189	-0.5
1971-72	-496	-1.1	-245	-0.6
1972-73	-790	-1.6	-252	-0.5
1973-74	-1,851	-3.1	-286	-0.5
1974-75	-1,901	-2.7	-242	-0.3
1975-76	-341	-0.4	-330	-0.4
1976-77	898	0.9	-62	-0.1
1977-78	2,896	2.8	4	0.0
1978-79	4,983	4.2	254	0.2
1979-80	6,244	4.6	440	0.3
1980-81	6,356	4.2	620	0.4
1981-82	5,919	3.4	680	0.4
1982-83	9,151	4.8	896	0.5
1983-84	16,015	7.5	1,621	0.8
1984-85	21,896	9.3	2,813	1.2
1985-86	26,889	10.3	3,952	1.5
1986-87	29,136	10.2	4,762	1.7
1987-88	27,344	8.4	4,503	1.4
1988-89	21,981	6.0	4,475	1.2
1989-90	16,123	4.0	4,549	1.1
1990‑91	16,915	4.1	3,636	0.9
1991‑92	31,041	7.3	3,810	0.9
1992‑93	55,218	12.4	3,986	0.9
1993‑94	70,223	15.0	5,628	1.2
1994‑95	83,492	16.8	7,292	1.5
1995‑96	95,831	18.1	8,861	1.7
1996‑97	96,281	17.3	9,489	1.7
1997‑98	82,935	14.1	8,279	1.4
1998‑99	72,065	11.6	8,649	1.4
1999‑00	53,869	8.1	7,514	1.1
2000‑01	42,719	6.0	6,195	0.9
2001‑02	38,180	5.1	5,352	0.7
2002‑03	29,047	3.6	3,758	0.5
2003‑04	22,639	2.6	3,040	0.4
2004‑05	10,741	1.2	2,502	0.3
2005‑06	-4,531	-0.5	2,303	0.2
2006‑07	-29,150	-2.7	228	0.0
2007‑08	-44,820	-3.8	-1,015	-0.1
2008‑09	-16,148	-1.3	-1,196	-0.1
2009‑10	42,283	3.3	2,386	0.2
2010‑11	84,551	6.0	4,608	0.3
2011‑12	147,334	10.0	6,609	0.4
2012‑13(e)	161,603	10.6	8,238	0.5
2013‑14(e)	178,104	11.1	7,835	0.5
2014‑15(e)	191,552	11.4	8,405	0.5
2015‑16(p)	191,172	10.8	9,752	0.6
2016‑17(p)	185,662	10.0	7,726	0.4

(a) Data have been revised in the 2013‑14 Budget to improve accuracy and comparability through time.

(b) Net debt is equal to the sum of deposits held, government securities, loans and other borrowing, minus the sum of cash and deposits, advances paid and investments, loans and placements.

(e) Estimates.

(p) Projections

Table 4: Australian Government general government sector revenue, expenses, net capital investment and fiscal balance^(a)
	Revenue		Expenses		Net capital investment		Fiscal balance(b)
	$m	Per cent of GDP	$m	Per cent of GDP	$m	Per cent of GDP	$m	Per cent of GDP
1996‑97	141,688	25.4	145,821	26.2	90	0.0	-4,223	-0.8
1997‑98	146,820	24.9	148,652	25.2	147	0.0	-1,979	-0.3
1998‑99	152,106	24.5	146,772	23.6	1,433	0.2	3,901	0.6
1999‑00	167,304	25.3	155,558	23.5	-69	0.0	11,815	1.8
2000‑01	186,110	26.3	180,094	25.5	8	0.0	6,007	0.8
2001‑02	190,488	25.2	193,041	25.6	382	0.1	-2,935	-0.4
2002‑03	206,923	25.8	201,259	25.1	287	0.0	5,377	0.7
2003‑04	222,168	25.8	215,361	25.1	660	0.1	6,148	0.7
2004‑05	242,507	26.3	229,245	24.9	1,034	0.1	12,228	1.3
2005‑06	261,238	26.3	242,334	24.4	2,498	0.3	16,406	1.6
2006‑07	278,411	25.7	259,276	23.9	2,333	0.2	16,801	1.6
2007‑08	303,729	25.8	280,188	23.8	2,593	0.2	20,948	1.8
2008‑09	298,933	23.8	324,612	25.9	4,064	0.3	-29,743	-2.4
2009‑10	292,767	22.7	340,208	26.3	6,433	0.5	-53,875	-4.2
2010‑11	309,890	22.1	356,353	25.4	5,297	0.4	-51,760	-3.7
2011‑12	338,109	22.9	378,005	25.6	4,850	0.3	-44,746	-3.0
2012‑13(e)	359,961	23.7	381,439	25.1	-1,212	-0.1	-20,266	-1.3
2013‑14(e)	387,749	24.3	398,301	24.9	2,945	0.2	-13,497	-0.8
2014‑15(e)	411,612	24.5	415,663	24.8	2,204	0.1	-6,255	-0.4
2015‑16(p)	438,097	24.8	431,015	24.4	1,126	0.1	5,955	0.3
2016‑17(p)	468,569	25.2	454,747	24.4	3,003	0.2	10,819	0.6

(a) Data have been revised in the 2013‑14 Budget to improve accuracy and comparability through time.

(b) Fiscal balance is equal to revenue less expenses less net capital investment.

(e) Estimates.

(p) Projections.

Table 5: Australian Government general government sector net worth and net financial worth^(a)
	Net worth(b)		Net financial worth(c)
	$m	Per cent of GDP	$m	Per cent of GDP
1999‑00	-7,046	-1.1	-67,036	-10.1
2000‑01	-6,618	-0.9	-71,876	-10.2
2001‑02	-11,655	-1.5	-78,032	-10.3
2002‑03	-15,330	-1.9	-82,931	-10.4
2003‑04	-1,152	-0.1	-72,389	-8.4
2004‑05	14,556	1.6	-58,882	-6.4
2005‑06	17,971	1.8	-59,763	-6.0
2006‑07	46,351	4.3	-35,696	-3.3
2007‑08	70,859	6.0	-14,690	-1.2
2008‑09	19,427	1.5	-71,490	-5.7
2009‑10	-45,938	-3.6	-144,485	-11.2
2010‑11	-95,386	-6.8	-198,787	-14.2
2011‑12	-247,208	-16.8	-355,834	-24.1
2012‑13(e)	-161,112	-10.6	-271,396	-17.8
2013‑14(e)	-173,458	-10.9	-286,077	-17.9
2014‑15(e)	-175,860	-10.5	-290,933	-17.3
2015‑16(p)	-168,182	-9.5	-285,119	-16.1
2016‑17(p)	-155,969	-8.4	-275,099	-14.8

(a) Data have been revised in the 2013‑14 Budget to improve accuracy and comparability through time.

(b) Net worth is equal to total assets less liabilities.

(e) Estimates.

(p) Projections.

Table 6: Australian Government general government sector accrual taxation revenue, non‑taxation revenue and total revenue^(a)
	Taxation revenue		Non-taxation revenue		Total revenue
	$m	Per cent of GDP	$m	Per cent of GDP	$m	Per cent of GDP
1999‑00	153,408	23.2	13,896	2.1	167,304	25.3
2000‑01	175,881	24.9	10,228	1.4	186,110	26.3
2001‑02	178,210	23.6	12,278	1.6	190,488	25.2
2002‑03	195,203	24.4	11,720	1.5	206,923	25.8
2003‑04	209,959	24.4	12,209	1.4	222,168	25.8
2004‑05	229,943	25.0	12,564	1.4	242,507	26.3
2005‑06	245,716	24.7	15,522	1.6	261,238	26.3
2006‑07	262,511	24.2	15,900	1.5	278,411	25.7
2007‑08	286,229	24.4	17,500	1.5	303,729	25.8
2008‑09	278,653	22.2	20,280	1.6	298,933	23.8
2009‑10	268,000	20.7	24,767	1.9	292,767	22.7
2010‑11	289,005	20.6	20,885	1.5	309,890	22.1
2011‑12	316,779	21.5	21,330	1.4	338,109	22.9
2012‑13(e)	338,727	22.3	21,234	1.4	359,961	23.7
2013‑14(e)	366,664	23.0	21,085	1.3	387,749	24.3
2014‑15(e)	390,606	23.3	21,006	1.3	411,612	24.5
2015‑16(p)	415,974	23.5	22,122	1.3	438,097	24.8
2016‑17(p)	445,595	23.9	22,974	1.2	468,569	25.2

(a) Data have been revised in the 2013‑14 Budget to improve accuracy and comparability through time.

(e) Estimates.

(p) Projections.

Table 7: Australian Government cash receipts, payments and surplus by institutional sector ($m)^(a)
	General government			Public non-financial corporations			Non-financial public sector
	Receipts(b)	Payments(c)	Underlying cash balance(d)	Receipts(b)	Payments(c)	Cash surplus(d)	Receipts(b)	Payments(c)	Underlying cash balance(d)
1988-89	90,748	85,326	5,421	4,177	6,035	257	93,923	90,312	5,678
1989-90	98,625	92,684	5,942	3,926	11,322	-5,261	101,495	102,883	681
1990‑91	100,227	100,665	-438	4,804	9,351	-2,139	103,837	108,808	-2,577
1991‑92	95,840	108,472	-12,631	3,899	7,713	101	97,937	114,369	-12,530
1992‑93	97,633	115,751	-18,118	4,385	7,819	-196	100,512	122,042	-18,314
1993‑94	103,824	122,009	-18,185	5,178	6,476	1,482	106,747	126,214	-16,703
1994‑95	113,458	127,619	-14,160	5,262	7,318	1,956	116,751	132,965	-12,204
1995‑96	124,429	135,538	-11,109	4,927	8,190	-527	126,593	140,963	-11,636
1996‑97	133,592	139,689	-6,099	4,782	7,373	473	135,259	143,948	-5,626
1997‑98	140,736	140,587	149	6,238	7,923	1,119	144,517	145,985	1,268
1998‑99	152,063	148,175	3,889	na	na	-353	na	na	3,536
1999‑00	166,199	153,192	13,007	na	na	-2,594	na	na	10,413
2000‑01	182,996	177,123	5,872	na	na	391	na	na	6,264
2001‑02	187,588	188,655	-1,067	na	na	1,210	na	na	143
2002‑03	204,613	197,243	7,370	27,386	26,105	1,280	na	na	8,650
2003‑04	217,775	209,785	7,990	27,718	26,142	1,575	238,236	227,099	9,564
2004‑05	235,984	222,407	13,577	29,621	28,071	1,550	257,946	241,577	15,128
2005‑06	255,943	240,136	15,757	30,875	31,874	-999	278,254	263,445	14,759
2006‑07	272,637	253,321	17,190	16,882	18,641	-1,759	285,336	267,778	15,431
2007‑08	294,917	271,843	19,754	7,758	8,232	-473	300,503	277,903	19,281
2008‑09	292,600	316,046	-27,013	7,987	8,960	-973	297,421	321,841	-27,986
2009‑10	284,662	336,900	-54,494	8,419	9,341	-922	290,681	343,841	-55,416
2010‑11	302,024	346,102	-47,463	8,558	9,733	-1,175	308,258	353,511	-48,638
2011‑12	329,874	371,032	-43,360	8,845	10,847	-2,002	336,122	379,282	-45,362
2012‑13(e)	350,410	367,286	-19,377	10,247	13,140	-2,892	358,366	378,133	-22,269
2013‑14(e)	375,993	391,198	-18,043	10,805	15,667	-4,862	385,029	405,096	-22,905
2014‑15(e)	401,171	409,149	-10,888	na	na	na	na	na	na
2015‑16(p)	428,931	424,969	849	na	na	na	na	na	na
2016‑17(p)	453,642	443,748	6,591	na	na	na	na	na	na

(a) Data have been revised in the 2013‑14 Budget to improve accuracy and comparability through time.

(b) Receipts are equal to receipts from operating activities and sales of non‑financial assets.

(c) Payments are equal to payments for operating activities, purchases of non‑financial assets and net acquisition of assets under finance leases.

(d) These items exclude net Future Fund earnings from 2005‑06 onwards. Net Future Fund earnings are shown in Table 1.

(e) Estimates.

(p) Projections.

na Data not available.

Table 8: Australian Government accrual revenue, expenses and fiscal balance by institutional sector ($m)^(a)
	General government			Public non-financial corporations			Non-financial public sector
	Revenue	Expenses	Fiscal balance(b)	Revenue	Expenses	Fiscal balance(b)	Revenue	Expenses	Fiscal balance(b)
1996‑97	141,688	145,821	-4,223	27,431	26,015	-331	na	na	-4,554
1997‑98	146,820	148,652	-1,979	29,618	26,999	2,360	na	na	387
1998‑99	152,106	146,772	3,901	27,687	26,088	-816	175,891	168,963	3,080
1999‑00	167,304	155,558	11,815	25,485	23,542	1,062	188,841	173,889	12,983
2000‑01	186,110	180,094	6,007	25,869	24,762	-826	207,372	200,184	5,248
2001‑02	190,488	193,041	-2,935	26,638	25,341	793	212,518	213,693	-2,060
2002‑03	206,923	201,259	5,377	24,339	22,916	1,975	226,135	219,129	7,314
2003‑04	222,168	215,361	6,148	25,449	23,444	2,143	241,873	233,077	8,275
2004‑05	242,507	229,245	12,228	26,965	25,191	1,473	263,587	248,549	13,703
2005‑06	261,238	242,334	16,406	28,143	29,531	-2,442	282,597	264,923	14,121
2006‑07	278,411	259,276	16,801	15,443	16,360	-1,763	290,067	271,735	15,153
2007‑08	303,729	280,188	20,948	6,854	6,686	-584	309,215	285,426	20,443
2008‑09	298,933	324,612	-29,743	6,998	7,576	-1,495	303,733	329,948	-31,195
2009‑10	292,767	340,208	-53,875	7,288	7,297	-1,079	298,412	344,893	-53,985
2010‑11	309,890	356,353	-51,760	7,563	7,787	-1,446	315,688	362,122	-52,952
2011‑12	338,109	378,005	-44,746	8,046	8,238	-2,158	344,507	384,329	-46,639
2012‑13(e)	359,961	381,439	-20,266	9,055	9,828	-3,143	367,233	389,484	-23,409
2013‑14(e)	387,749	398,301	-13,497	9,973	11,677	-5,218	396,205	408,462	-18,716
2014‑15(e)	411,612	415,663	-6,255	na	na	na	na	na	na
2015‑16(p)	438,097	431,015	5,955	na	na	na	na	na	na
2016‑17(p)	468,569	454,747	10,819	na	na	na	na	na	na

(a) Data have been revised in the 2013‑14 Budget to improve accuracy and comparability through time.

(b) Fiscal balance is equal to revenue less expenses less net capital investment. Net capital investment is not shown in this table.

(e) Estimates.

(p) Projections.

na Data not available.

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