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Appendix B: Australian Government Financial Statements (Continued)

Australian Government Financial Statements

Table B1: Australian Government general government sector operating statement
		Estimates		Projections
	Note	2013‑14 $m	2014‑15 $m	2015‑16 $m	2016‑17 $m
Revenue
Taxation revenue	3	351,434	366,356	394,705	421,066
Sales of goods and services	4	8,680	8,496	8,687	8,788
Interest income	5	3,730	4,060	4,364	4,680
Dividend income	5	3,792	2,448	2,657	3,352
Other	6	6,286	6,522	7,010	7,146
Total revenue		373,922	387,882	417,423	445,032
Expenses
Gross operating expenses
Wages and salaries(a)	7	19,815	19,618	19,730	20,384
Superannuation	7	5,304	4,117	4,209	4,180
Depreciation and amortisation	8	6,426	6,528	6,687	6,884
Supply of goods and services	9	74,514	79,091	82,272	83,968
Other operating expenses(a)	7	5,647	5,860	6,068	6,140
Total gross operating expenses		111,706	115,214	118,966	121,554
Superannuation interest expense	7	8,197	8,838	9,160	9,495
Interest expenses	10	14,926	16,390	18,184	19,224
Current transfers
Current grants	11	118,955	125,314	130,783	139,703
Subsidy expenses		15,345	12,064	12,222	13,019
Personal benefits	12	122,784	127,791	136,262	146,477
Total current transfers		257,085	265,169	279,268	299,198
Capital transfers	11
Mutually agreed write-downs		2,382	2,656	2,890	3,120
Other capital grants		17,764	9,491	7,551	4,518
Total capital transfers		20,146	12,147	10,441	7,638
Total expenses		412,060	417,758	436,019	457,110
Net operating balance		-38,137	-29,876	-18,596	-12,078
Other economic flows - included in operating result
Net write-downs of assets (including bad and doubtful debts)		-6,016	-6,732	-7,219	-7,697
Assets recognised for the first time		456	475	495	515
Liabilities recognised for the first time		0	0	0	0
Actuarial revaluations		0	0	0	0
Net foreign exchange gains		60	160	126	136
Net swap interest received		-499	0	0	0
Market valuation of debt		7,371	-414	-781	-886
Other gains/(losses)		5,672	5,821	6,662	3,498
Total other economic flows - included in operating result		7,043	-689	-716	-4,434
Operating result(b)		-31,094	-30,565	-19,312	-16,512
Non-owner movements in equity
Revaluation of equity investments		6,430	-281	0	0
Actuarial revaluations		10	181	218	252
Other economic revaluations		865	271	88	1,148
Total other economic flows - included in equity		7,305	171	306	1,400
Comprehensive result - Total change in net worth		-23,789	-30,394	-19,007	-15,113
Net operating balance		-38,137	-29,876	-18,596	-12,078
Net acquisition of non-financial assets
Purchases of non-financial assets		10,154	9,943	9,550	9,258
less Sales of non-financial assets		452	2,240	2,704	231
less Depreciation		6,426	6,528	6,687	6,884
plus Change in inventories		280	237	318	365
plus Other movements in non-financial assets		150	216	-297	-131
Total net acquisition of non-financial assets		3,706	1,628	180	2,378
Fiscal balance (Net lending/borrowing)(c)		-41,843	-31,504	-18,776	-14,456

(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) Operating result under AAS.

Table B2: Australian Government general government sector balance sheet
		Estimates		Projections
	Note	2013‑14 $m	2014‑15 $m	2015‑16 $m	2016‑17 $m
Assets
Financial assets
Cash and deposits	19(a)	2,720	2,811	2,991	3,124
Advances paid	13	39,807	45,152	50,347	57,346
Investments, loans and placements	14	115,405	116,989	120,078	130,527
Other receivables	13	44,744	44,506	47,790	51,568
Equity investments
Investments in other public sector entities		35,557	41,926	47,641	52,697
Equity accounted investments		300	303	306	309
Investments - shares		34,753	37,776	40,998	44,222
Total financial assets		273,286	289,465	310,152	339,793
Non-financial assets	15
Land		8,981	8,942	8,906	8,876
Buildings		24,601	25,226	25,388	25,394
Plant, equipment and infrastructure		54,485	56,965	59,412	61,486
Inventories		7,820	7,640	7,538	7,455
Intangibles		5,828	5,835	5,813	5,864
Investment properties		198	198	198	198
Biological assets		33	33	33	33
Heritage and cultural assets		10,561	10,575	10,586	10,597
Assets held for sale		95	133	95	95
Other non-financial assets		442	657	360	230
Total non-financial assets		113,045	116,205	118,329	120,228
Total assets		386,331	405,670	428,481	460,022
Liabilities
Interest bearing liabilities
Deposits held		182	182	182	182
Government securities		335,066	382,357	419,027	458,125
Loans	16	12,708	12,163	11,985	11,957
Other borrowing		1,496	1,372	1,311	1,223
Total interest bearing liabilities		349,452	396,074	432,506	471,487
Provisions and payables
Superannuation liability	17	149,786	155,144	160,565	166,080
Other employee liabilities	17	14,963	15,077	15,010	15,380
Suppliers payable	18	4,830	4,866	4,897	4,922
Personal benefits provisions and payable	18	12,147	12,283	12,574	13,043
Subsidies provisions and payable	18	3,986	3,719	3,873	4,064
Grants provisions and payable	18	14,154	11,796	10,865	11,693
Other provisions and payables	18	13,661	13,754	14,241	14,516
Total provisions and payables		213,527	216,638	222,025	229,697
Total liabilities		562,980	612,713	654,531	701,184
Net worth(a)		-176,649	-207,043	-226,049	-241,162
Net financial worth(b)		-289,693	-323,248	-344,378	-361,390
Net financial liabilities(c)		325,251	365,175	392,020	414,088
Net debt(d)		191,520	231,122	259,089	280,490

(a) Net worth is calculated as total assets minus total liabilities.

(b) Net financial worth equals total financial assets minus total liabilities.

(c) Net financial liabilities equals total liabilities less financial assets other than investments in other public sector entities.

(d) Net debt equals 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.

Table B3: Australian Government general government sector cash flow statement^(a)
	Estimates		Projections
	2013‑14 $m	2014‑15 $m	2015‑16 $m	2016‑17 $m
Cash receipts from operating activities
Taxes received	343,480	358,603	384,439	410,331
Receipts from sales of goods and services	8,626	8,442	8,637	8,733
Interest receipts	3,591	3,544	3,885	3,960
Dividends and income tax equivalents	2,883	3,891	2,699	2,748
Other receipts	5,941	5,981	6,719	6,813
Total operating receipts	364,521	380,461	406,379	432,585
Cash payments for operating activities
Payments for employees	-27,037	-27,013	-27,655	-28,264
Payments for goods and services	-74,464	-79,015	-82,028	-83,918
Grants and subsidies paid	-153,845	-149,447	-151,048	-156,708
Interest paid	-12,419	-14,161	-17,350	-16,784
Personal benefit payments	-125,082	-127,938	-136,259	-146,128
Other payments	-5,873	-5,933	-6,412	-6,146
Total operating payments	-398,719	-403,507	-420,752	-437,949
Net cash flows from operating activities	-34,198	-23,046	-14,373	-5,364
Cash flows from investments in non-financial assets
Sales of non-financial assets	409	2,282	2,704	231
Purchases of non-financial assets	-9,861	-10,189	-9,277	-9,162
Net cash flows from investments in non-financial assets	-9,451	-7,907	-6,572	-8,931
Net cash flows from investments in financial assets for policy purposes	-7,522	-11,484	-10,741	-11,481
Cash flows from investments in financial assets for liquidity purposes
Increase in investments	-2,968	-2,658	-3,669	-10,240
Net cash flows from investments in financial assets for liquidity purposes	-2,968	-2,658	-3,669	-10,240
Cash receipts from financing activities
Borrowing	56,850	47,472	37,870	39,136
Other financing	14	0	0	0
Total cash receipts from financing activities	56,865	47,472	37,870	39,136
Cash payments for financing activities
Borrowing	0	0	0	0
Other financing	-2,080	-2,285	-2,336	-2,989
Total cash payments for financing activities	-2,080	-2,285	-2,336	-2,989
Net cash flows from financing activities	54,785	45,187	35,534	36,148
Net increase/(decrease) in cash held	645	91	180	132
Net cash flows from operating activities and investments in non-financial assets (surplus(+)/deficit(-))	-43,650	-30,953	-20,945	-14,295
Finance leases and similar arrangements(b)	-469	0	0	0
GFS cash surplus(+)/deficit(-)	-44,118	-30,953	-20,945	-14,295
less Net Future Fund earnings	2,871	2,953	3,138	3,373
Equals underlying cash balance(c)	-46,989	-33,907	-24,083	-17,668
plus Net cash flows from investments in financial assets for policy purposes	-7,522	-11,484	-10,741	-11,481
plus Net Future Fund earnings	2,871	2,953	3,138	3,373
Equals headline cash balance	-51,640	-42,437	-31,686	-25,776

(a) A positive number denotes a cash inflow; a negative number denotes a cash outflow.

(b) The acquisition of assets under finance leases decreases the underlying cash balance. The disposal of assets previously held under finance leases increases the underlying cash balance.

Table B4: Australian Government public non‑financial corporations sector operating statement
	Estimates
	2013‑14 $m
Revenue
Current grants and subsidies	32
Sales of goods and services	9,466
Interest income	47
Other	1
Total revenue	9,546
Expenses
Gross operating expenses
Wages and salaries(a)	3,905
Superannuation	475
Depreciation and amortisation	1,080
Supply of goods and services	4,944
Other operating expenses(a)	416
Total gross operating expenses	10,820
Interest expenses	305
Other property expenses	187
Current transfers
Tax expenses	67
Total current transfers	67
Total expenses	11,379
Net operating balance	-1,833
Other economic flows	-191
Comprehensive result - Total change in net worth excluding contribution from owners	-2,024
Net acquisition of non-financial assets
Purchases of non-financial assets	4,177
less Sales of non-financial assets	267
less Depreciation	1,080
plus Change in inventories	12
plus Other movements in non-financial assets	16
Total net acquisition of non-financial assets	2,857
Fiscal balance (Net lending/borrowing)(b)	-4,690

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

Table B5: Australian Government public non‑financial corporations sector balance sheet
	Estimates
	2013‑14 $m
Assets
Financial assets
Cash and deposits	1,380
Investments, loans and placements	87
Other receivables	1,378
Equity investments	33
Total financial assets	2,877
Non-financial assets
Land and fixed assets	17,545
Other non-financial assets(a)	1,514
Total non-financial assets	19,058
Total assets	21,935
Liabilities
Interest bearing liabilities
Loans	2,570
Other borrowing	3,353
Total interest bearing liabilities	5,924
Provisions and payables
Superannuation liability	59
Other employee liabilities	1,245
Other provisions and payables(a)	3,319
Total provisions and payables	4,623
Total liabilities	10,547
Shares and other contributed capital	11,388
Net worth(b)	11,388
Net financial worth(c)	-7,670
Net debt(d)	4,457

(a) Excludes the impact of commercial taxation adjustments.

(b) Under AASB 1049, net worth is calculated as total assets minus total liabilities. Under ABS GFS, net worth is calculated as total assets minus total liabilities minus shares and other contributed capital. The AASB 1049 method is used in this table.

(c) Under AASB 1049, net financial worth equals total financial assets minus total liabilities. Under ABS GFS, net financial worth equals total financial assets minus total liabilities minus shares and other contributed capital. The AASB 1049 method is used in this table.

(d) Net debt equals the sum of interest bearing liabilities (deposits held, advances received, loans and other borrowing), minus the sum of cash and deposits and investments, loans and placements.

Table B6: Australian Government public non‑financial corporations sector cash flow statement^(a)
	Estimates
	2013‑14 $m
Cash receipts from operating activities
Receipts from sales of goods and services	10,654
GST input credit receipts	184
Other receipts	111
Total operating receipts	10,949
Cash payments for operating activities
Payments to employees	-4,062
Payment for goods and services	-5,453
Interest paid	-72
GST payments to taxation authority	-505
Other payments	-341
Total operating payments	-10,433
Net cash flows from operating activities	516
Cash flows from investments in non-financial assets
Sales of non-financial assets	248
Purchases of non-financial assets	-4,210
Net cash flows from investments in non-financial assets	-3,962
Net cash flows from investments in financial assets for policy purposes	0
Cash flows from investments in financial assets for liquidity purposes
Increase in investments	921
Net cash flows from investments in financial assets for liquidity purposes	921
Net cash flows from financing activities
Borrowing (net)	-56
Other financing (net)	3,265
Distribution paid (net)	-195
Net cash flows from financing activities	3,014
Net increase/(decrease) in cash held	489
Cash at the beginning of the year	891
Cash at the end of the year	1,380
Net cash from operating activities and investments in non-financial assets	-3,446
Distributions paid	-195
Equals surplus(+)/deficit(-)	-3,641
Finance leases and similar arrangements(b)	0
GFS cash surplus(+)/deficit(-)	-3,641

(a) A positive number denotes a cash inflow; a negative number denotes a cash outflow.

(b) The acquisition of assets under finance leases decreases the surplus or increases the deficit. The disposal of assets previously held under finance leases increases the surplus or decreases the deficit.

Table B7: Australian Government total non‑financial public sector operating statement
	Estimates
	2013‑14 $m
Revenue
Taxation revenue	351,367
Sales of goods and services	16,813
Interest income	3,758
Dividend income	3,604
Other	6,288
Total revenue	381,830
Expenses
Gross operating expenses
Wages and salaries(a)	23,719
Superannuation	5,780
Depreciation and amortisation	7,506
Supply of goods and services	78,125
Other operating expenses(a)	6,063
Total gross operating expenses	121,193
Superannuation interest expense	8,197
Interest expenses	15,211
Current transfers
Current grants	118,955
Subsidy expenses	15,314
Personal benefits	122,784
Total current transfers	257,053
Capital transfers	20,146
Total expenses	421,800
Net operating balance	-39,970
Other economic flows	16,097
Comprehensive result - Total change in net worth	-23,873
Net acquisition of non-financial assets
Purchases of non-financial assets	14,330
less Sales of non-financial assets	719
less Depreciation	7,506
plus Change in inventories	292
plus Other movements in non-financial assets	166
Total net acquisition of non-financial assets	6,563
Fiscal balance (net lending/borrowing)(b)	-46,533

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

Table B8: Australian Government total non‑financial public sector balance sheet
	Estimates
	2013‑14 $m
Assets
Financial assets
Cash and deposits	4,100
Advances paid	39,807
Investments, loans and placements	115,189
Other receivables	45,982
Equity investments	58,684
Total financial assets	263,762
Non-financial assets
Land and fixed assets	123,993
Other non-financial assets	8,110
Total non-financial assets	132,103
Total assets	395,865
Liabilities
Interest bearing liabilities
Deposits held	182
Government securities	335,066
Loans	14,975
Other borrowing	4,850
Total interest bearing liabilities	355,073
Provisions and payables
Superannuation liability	149,846
Other employee liabilities	16,208
Other provisions and payables	51,957
Total provisions and payables	218,011
Total liabilities	573,084
Shares and other contributed capital	11,388
Net worth(a)	-177,219
Net financial worth(b)	-309,322
Net debt(c)	195,977

(a) Under AASB 1049, net worth is calculated as total assets minus total liabilities. Under ABS GFS, net worth is calculated as total assets minus total liabilities minus shares and other contributed capital. The AASB 1049 method is used in this table.

(b) Under AASB 1049, net financial worth equals total financial assets minus total liabilities. Under ABS GFS, net financial worth equals total financial assets minus total liabilities minus shares and other contributed capital. The AASB 1049 method is used in this table.

(c) Net debt equals 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.

Table B9: Australian total non‑financial public sector cash flow statement^(a)
	Estimates
	2013‑14 $m
Cash receipts from operating activities
Taxes received	343,480
Receipts from sales of goods and services	17,945
Interest receipts	3,625
Dividends and income tax equivalents	2,688
Other receipts	5,998
Total operating receipts	373,736
Cash payments for operating activities
Payments to employees	-31,099
Payments for goods and services	-78,902
Grants and subsidies paid	-153,845
Interest paid	-12,471
Personal benefit payments	-125,082
Other payments	-6,214
Total operating payments	-407,614
Net cash flows from operating activities	-33,878
Cash flows from investments in non-financial assets
Sales of non-financial assets	657
Purchases of non-financial assets	-14,070
Net cash flows from investments in non-financial assets	-13,413
Net cash flows from investments in financial assets for policy purposes	-4,033
Cash flows from investments in financial assets for liquidity purposes
Increase in investments	-2,047
Net cash flows from investments in financial assets for liquidity purposes	-2,047
Net cash flows from financing activities
Borrowing (net)	56,794
Other financing (net)	-2,290
Net cash flows from financing activities	54,505
Net increase/(decrease) in cash held	1,133
Cash at the beginning of the year	2,966
Cash at the end of the year	4,100
Net cash from operating activities and investments in non-financial assets	-47,291
Distributions paid	0
Equals surplus(+)/deficit(-)	-47,291
Finance leases and similar arrangements(b)	-469
GFS cash surplus(+)/deficit(-)	-47,759

(a) A positive number denotes a cash inflow; a negative number denotes a cash outflow.

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