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Final Budget Outcome
2013‑14

September 2014

Statement by

The Honourable J. B. Hockey MP

Treasurer of the Commonwealth of Australia
and

Senator the Honourable Mathias Cormann

Minister for Finance of the Commonwealth of Australia

For the information of honourable members

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© Commonwealth of Australia 2014

ISBN 978-1-925220-11-7

This publication is available for your use under a Creative Commons BY Attribution 3.0 Australia licence, with the exception of the Commonwealth Coat of Arms, third party content and where otherwise stated. The full licence terms are available from http://creativecommons.org/licenses/by/3.0/au/legalcode.

Use of Commonwealth of Australia material under a Creative Commons BY Attribution 3.0 Australia licence requires you to attribute the work (but not in any way that suggests that the Commonwealth of Australia endorses you or your use of the work).

Commonwealth of Australia material used 'as supplied'.

Provided you have not modified or transformed Commonwealth of Australia material in any way including, for example, by changing the Commonwealth of Australia text; calculating percentage changes; graphing or charting data; or deriving new statistics from published Commonwealth of Australia statistics — then Commonwealth of Australia prefers the following attribution:

Source: The Commonwealth of Australia.

Derivative material

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Based on Commonwealth of Australia data.

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Other uses

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Manager
Communications
The Treasury
Langton Crescent
Parkes  ACT  2600
Email: medialiaison@treasury.gov.au

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A copy of this document is available on the central Budget website.

Printed by CanPrint Communications Pty Ltd.

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Foreword

The Final Budget Outcome 2013‑14 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 2013‑14 financial year and is based on external reporting standards.

• Part 1 provides the general government sector budget aggregates for 2013‑14 together with an analysis of the 2013‑14 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 2013‑14 with the Australian Bureau of Statistics' (ABS) 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 2013‑14 on Australia's Federal Relations, updated from that contained in the 2014‑15 Budget Paper No. 3, Australia's Federal Relations.

Appendix A contains expenses data on a functional and sub‑functional basis. Historical Australian Government data are presented in Appendix B.

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Notes

1. 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.
2. 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.
3. For the budget balance, a negative sign indicates a deficit while no sign indicates a surplus.
4. The following notations are used:
   
   

   -

   nil

   na

   not applicable (unless otherwise specified)

   $m

   millions of dollars

   $b

   billions of dollars

   nfp

   not for publication

   (e)

   estimates (unless otherwise specified)

   (p)

   projections (unless otherwise specified)

   NEC/nec

   not elsewhere classified

5. 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

6. 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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