Home > Mid-Year Economic and Fiscal Outlook > Appendix B: Australian Government Budget Financial Statements > Notes to the General Government Sector Financial Statements

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 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) issued by the Australian Accounting Standards Board (AASB), which includes International Financial Reporting Standards (IFRS) as adopted in Australia and the public sector specific standard AASB 1049 Whole of Government and General Government Sector Financial Reporting.

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.

Fiscal 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 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 2013 Pre‑election Economic and Fiscal Outlook (PEFO) are disclosed in Part 3.

Updates to fiscal risks and contingent liabilities since the 2013‑14 Budget are disclosed in Appendix C.

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 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. 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.

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.

ABS GFS treats the issuance and registration of Renewable Energy Certificates (RECs) under the Renewable Energy Target as government financial transactions resulting in the recognition of assets, liabilities, tax revenue and expenses.

Under an interpretation of AAS, issuance and registration of such certificates is considered to be an administrative function and does not result in the recognition of an asset or liability and therefore no revenue or expense is recognised. The AAS treatment has been adopted in the financial statements.

For the calculation of fiscal balance, ABS GFS recognises the sale of spectrum at auction while AAS recognises the sale at the time licences are transferred. Both recognise cash at the time of receipt for underlying cash balance purposes. The AAS treatment has been adopted in the financial statements.

Departures from AAS

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.

Under AAS, prepayments are classified as non‑financial assets. In accordance with ABS GFS, prepayments have been classified as financial assets in the financial statements. This treatment is consistent with the exclusion of prepayments from net acquisition of non‑financial assets in the calculation of the fiscal balance.

Under an AASB issued staff paper, AAS recognises transactions under the carbon tax in the financial statements where they are expected to result in a receipt or payment of cash by the government at the amount of the expected cash settlement. The issuance and surrender of free carbon units and Australian Carbon Credit Units (ACCUs) used in the settlement of emissions liabilities do not qualify for recognition by the government as assets, liabilities, revenues or expenses.

Under ABS GFS the issuance of free carbon units that are expected to be used to settle an emitter's obligation are treated as an expense on issue and revenue when emissions occur. The ABS GFS treatment has been adopted in the financial statements.

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 to be attributed to functions. In accordance with ABS GFS, disaggregated information for expenses is disclosed in Attachment D 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 key fiscal aggregates, where different, in notes to the financial statements. Differences from the AAS measurement of items outline above and reconciliation have not been included as they would effectively create different 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 major variances for the 2013‑14 year from the 2013‑14 Budget are disclosed in Part 3. All policy decisions taken between the 2013 PEFO and the 2013‑14 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

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
	2013-14 $m	2014-15 $m	2015-16 $m	2016-17 $m
Individuals and other withholding taxes
Gross income tax withholding	158,510	170,210	185,010	198,290
Gross other individuals	36,650	39,500	43,730	48,230
less Refunds	27,200	28,000	29,400	30,700
Total individuals and other withholding tax	167,960	181,710	199,340	215,820
Fringe benefits tax	4,140	4,550	4,800	5,090
Company tax	70,400	72,330	75,690	79,130
Superannuation fund taxes	6,990	8,930	11,100	12,180
Minerals resource rent tax(a)	500	300	0	0
Petroleum resource rent tax	1,900	2,100	2,230	2,390
Total income taxation revenue	251,890	269,920	293,160	314,610
Goods and services tax	52,680	55,710	58,900	62,070
Wine equalisation tax	750	790	830	880
Luxury car tax	400	380	410	430
Excise and customs duty
Petrol	5,740	5,670	5,820	5,850
Diesel	8,820	9,205	9,310	9,490
Other fuel products	3,730	3,590	3,630	3,660
Tobacco	8,260	9,130	10,040	10,890
Beer	2,320	2,370	2,490	2,640
Spirits	1,990	2,090	2,220	2,330
Other alcoholic beverages(b)	970	990	1,040	1,100
Other customs duty
Textiles, clothing and footwear	750	600	420	450
Passenger motor vehicles	930	920	920	940
Other imports	1,580	1,600	1,660	1,760
less Refunds and drawbacks	260	260	260	260
Total excise and customs duty	34,830	35,905	37,290	38,850
Carbon pricing mechanism(c)	7,340	0	0	0
Agricultural levies	459	470	460	464
Other taxes	3,086	3,182	3,656	3,762
Mirror taxes	508	542	573	596
less Transfers to States in relation to mirror tax revenue	508	542	573	596
Mirror tax revenue	0	0	0	0
Total indirect taxation revenue	99,545	96,437	101,545	106,456
Total taxation revenue	351,434	366,356	394,705	421,066
Memorandum:
Total excise	25,900	26,725	27,780	28,760
Total customs duty	8,930	9,180	9,510	10,090
Capital gains tax(d)	7,900	10,700	13,200	15,400
Medicare and DisabilityCare Australia levy(e)	9,950	10,380	14,035	15,000

(a) Net revenue from the minerals resource rent tax are expected to be $0.3 billion in 2013‑14 and $0.2 billion in 2014‑15 which represent the net revenue impact across different revenue heads. These include the offsetting reductions in company tax (through deductibility) and interactions with other taxes. The Government has announced the minerals resource rent tax will not apply beyond 30 June 2014.

(b) Other alcoholic 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 the legislated price, with details of the accounting treatment of carbon revenue set out in Note 2 to the General Government Sector Financial Statements.

(d) Capital gains tax is part of gross other individuals, company tax and superannuation fund taxes.

(e) The Medicare and DisabilityCare Australia levy liabilities are reported in the year in which the income tax liability is assessed.

Note 3(a): Taxation revenue by source
	Estimates		Projections
	2013-14 $m	2014-15 $m	2015-16 $m	2016-17 $m
Taxes on income, profits and capital gains
Income and capital gains levied on individuals	172,110	186,280	204,160	220,940
Income and capital gains levied on enterprises	79,780	83,640	89,000	93,670
Total taxes on income, profits and capital gains	251,890	269,920	293,160	314,610
Taxes on employers' payroll and labour force	553	583	606	630
Taxes on the provision of goods and services
Sales/goods and services tax	53,830	56,880	60,140	63,380
Excises and levies	26,359	27,195	28,240	29,224
Taxes on international trade	8,930	9,180	9,510	10,090
Total taxes on the provision of goods and services	89,119	93,255	97,890	102,694
Other sale of goods and services	9,873	2,599	3,050	3,132
Total taxation revenue	351,434	366,356	394,705	421,066
Memorandum:
Medicare and DisabilityCare Australia levy(a)	9,950	10,380	14,035	15,000

(a) The Medicare and DisabilityCare Australia levy liabilities are reported in the year in which the income tax liability is assessed.

Note 4: Sales of goods and services revenue
	Estimates		Projections
	2013-14 $m	2014-15 $m	2015-16 $m	2016-17 $m
Sales of goods	1,570	1,560	1,587	1,674
Rendering of services	3,783	3,450	3,475	3,390
Operating lease rental	55	55	57	55
Fees from regulatory services	3,272	3,431	3,567	3,670
Total sales of goods and services revenue	8,680	8,496	8,687	8,788

Note 5: Interest and dividend revenue
	Estimates		Projections
	2013-14 $m	2014-15 $m	2015-16 $m	2016-17 $m
Interest from other governments
State and Territory debt	9	12	14	13
Housing agreements	138	134	129	124
Total interest from other governments	148	146	143	137
Interest from other sources
Advances	48	52	56	62
Deposits	93	93	94	102
Bank deposits	134	144	153	148
Indexation of HELP receivable and other student loans	557	653	779	916
Other	2,751	2,972	3,139	3,314
Total interest from other sources	3,582	3,914	4,222	4,542
Total interest	3,730	4,060	4,364	4,680
Dividends
Dividends from other public sector entities	1,772	396	437	965
Other dividends	2,020	2,051	2,220	2,387
Total dividends	3,792	2,448	2,657	3,352
Total interest and dividend revenue	7,522	6,508	7,021	8,032

Note 6: Other sources of non‑taxation revenue
	Estimates		Projections
	2013-14 $m	2014-15 $m	2015-16 $m	2016-17 $m
Industry contributions	43	42	42	42
Royalties	1,631	1,549	1,631	1,630
Seigniorage	135	138	137	138
Other	4,478	4,793	5,201	5,337
Total other sources of non-taxation revenue	6,286	6,522	7,010	7,146

Note 7: Employee and superannuation expense
	Estimates		Projections
	2013-14 $m	2014-15 $m	2015-16 $m	2016-17 $m
Wages and salaries expenses	19,815	19,618	19,730	20,384
Other operating expenses
Leave and other entitlements	2,495	2,488	2,523	2,494
Separations and redundancies	77	46	45	42
Workers compensation premiums and claims	593	680	723	953
Other	2,483	2,647	2,777	2,650
Total other operating expenses	5,647	5,860	6,068	6,140
Superannuation expenses
Superannuation	5,304	4,117	4,209	4,180
Superannuation interest cost	8,197	8,838	9,160	9,495
Total superannuation expenses	13,502	12,955	13,369	13,675
Total employee and superannuation expense	38,964	38,434	39,167	40,199

Note 8: Depreciation and amortisation expense
	Estimates		Projections
	2013-14 $m	2014-15 $m	2015-16 $m	2016-17 $m
Depreciation
Specialist military equipment	2,819	2,934	3,065	3,337
Buildings	1,308	1,297	1,298	1,267
Other infrastructure, plant and equipment	1,407	1,439	1,453	1,431
Heritage and cultural assets	37	37	38	37
Total depreciation	5,571	5,707	5,853	6,073
Total amortisation	854	820	833	811
Total depreciation and amortisation expense	6,426	6,528	6,687	6,884

Note 9: Supply of goods and services expense
	Estimates		Projections
	2013-14 $m	2014-15 $m	2015-16 $m	2016-17 $m
Supply of goods and services	23,623	25,694	24,980	23,877
Operating lease rental expenses	2,549	2,504	2,594	2,607
Personal benefits - indirect	41,137	43,829	47,733	50,734
Health care payments	5,414	5,482	5,578	5,794
Other	1,790	1,582	1,388	955
Total supply of goods and services expense	74,514	79,091	82,272	83,968

Note 10: Interest expense
	Estimates		Projections
	2013-14 $m	2014-15 $m	2015-16 $m	2016-17 $m
Interest on debt
Government securities(a)	13,455	14,954	16,741	18,027
Loans	10	9	8	0
Other	536	528	527	523
Total interest on debt	14,001	15,492	17,276	18,550
Other financing costs	925	898	908	674
Total interest expense	14,926	16,390	18,184	19,224

(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
	2013-14 $m	2014-15 $m	2015-16 $m	2016-17 $m
Current grants expense
State and Territory governments	87,920	92,909	98,788	105,674
Local governments	17	6	2	0
Private sector	2,714	2,196	1,801	1,477
Overseas	4,915	5,116	5,722	6,881
Non-profit organisations	1,661	1,787	2,004	1,802
Multi-jurisdictional sector	9,791	10,144	10,319	10,654
Other	11,937	13,157	12,148	13,216
Total current grants expense	118,955	125,314	130,783	139,703
Capital grants expense
Mutually agreed write-downs	2,382	2,656	2,890	3,120
Other capital grants
State and Territory governments	7,901	8,047	6,549	3,470
Local governments	436	795	393	392
Private sector	34	1	1	1
Multi-jurisdictional sector	99	102	104	108
Other	9,295	545	504	548
Total capital grants expense	20,146	12,147	10,441	7,638
Total grants expense	139,101	137,461	141,225	147,340

Note 12: Personal benefits expense
	Estimates		Projections
	2013-14 $m	2014-15 $m	2015-16 $m	2016-17 $m
Social welfare - assistance to the aged	40,433	43,139	45,994	49,401
Assistance to veterans and dependants	6,172	6,032	5,917	5,772
Assistance to people with disabilities	22,898	24,152	25,401	26,913
Assistance to families with children	31,319	31,509	31,733	32,433
Assistance to the unemployed	10,338	11,187	9,682	9,563
Student assistance	3,541	3,333	3,322	3,426
Other welfare programmes	322	332	323	336
Financial and fiscal affairs	374	377	413	424
Vocational and industry training	276	271	267	267
Other	7,111	7,459	13,210	17,940
Total personal benefits expense	122,784	127,791	136,262	146,477

Note 13: Advances paid and other receivables
	Estimates		Projections
	2013-14 $m	2014-15 $m	2015-16 $m	2016-17 $m
Advances paid
Loans to State and Territory governments	2,500	2,459	2,383	2,288
Higher Education Loan Program	25,441	30,392	35,711	41,451
Student Financial Supplement Scheme	624	573	525	480
Other	11,267	11,753	11,753	13,152
less Provision for doubtful debts	24	24	24	24
Total advances paid	39,807	45,152	50,347	57,346
Other receivables
Goods and services receivable	804	804	797	808
Recoveries of benefit payments	3,440	3,580	3,713	3,855
Taxes receivable	22,437	22,886	25,320	27,597
Prepayments	2,559	2,633	2,748	2,883
Other	18,886	18,120	18,869	20,235
less Provision for doubtful debts	3,382	3,517	3,657	3,811
Total other receivables	44,744	44,506	47,790	51,568

Note 14: Investments, loans and placements
	Estimates		Projections
	2013-14 $m	2014-15 $m	2015-16 $m	2016-17 $m
Investments - deposits	30,247	26,844	22,800	25,662
IMF quota	10,640	10,826	11,014	11,207
Other	74,519	79,319	86,264	93,658
Total investments, loans and placements	115,405	116,989	120,078	130,527

Note 15: Total non‑financial assets
	Estimates		Projections
	2013-14 $m	2014-15 $m	2015-16 $m	2016-17 $m
Land and buildings
Land	8,981	8,942	8,906	8,876
Buildings	24,601	25,226	25,388	25,394
Total land and buildings	33,582	34,168	34,294	34,270
Plant, equipment and infrastructure
Specialist military equipment	40,746	42,851	45,422	47,995
Other	13,739	14,114	13,990	13,492
Total plant, equipment and infrastructure	54,485	56,965	59,412	61,486
Inventories
Inventories held for sale	1,160	1,104	1,103	1,133
Inventories not held for sale	6,660	6,536	6,436	6,322
Total inventories	7,820	7,640	7,538	7,455
Intangibles
Computer software	3,575	3,361	3,122	2,877
Other	2,253	2,474	2,691	2,987
Total intangibles	5,828	5,835	5,813	5,864
Total investment properties	198	198	198	198
Total biological assets	33	33	33	33
Total heritage and cultural assets	10,561	10,575	10,586	10,597
Total assets held for sale	95	133	95	95
Total other non-financial assets	442	657	360	230
Total non-financial assets	113,045	116,205	118,329	120,228

Note 16: Loans
	Estimates		Projections
	2013-14 $m	2014-15 $m	2015-16 $m	2016-17 $m
Promissory notes	6,955	6,432	6,410	6,386
Special drawing rights	4,977	5,065	5,153	5,243
Other	776	666	422	327
Total loans	12,708	12,163	11,985	11,957

Note 17: Employee and superannuation liabilities
	Estimates		Projections
	2013-14 $m	2014-15 $m	2015-16 $m	2016-17 $m
Total superannuation liability(a)	149,786	155,144	160,565	166,080
Other employee liabilities
Leave and other entitlements	7,450	7,508	7,617	7,730
Accrued salaries and wages	661	684	490	517
Workers compensation claims	3,169	3,235	3,305	3,382
Separations and redundancies	84	84	84	84
Other	3,600	3,566	3,515	3,667
Total other employee liabilities	14,963	15,077	15,010	15,380
Total employee and superannuation liabilities	164,749	170,221	175,575	181,460

(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 18: Provisions and payables
	Estimates		Projections
	2013-14 $m	2014-15 $m	2015-16 $m	2016-17 $m
Suppliers payable
Trade creditors	4,109	4,141	4,171	4,137
Operating lease rental payable	221	224	225	224
Other creditors	500	500	501	561
Total suppliers payable	4,830	4,866	4,897	4,922
Total personal benefits provisions and payable	12,147	12,283	12,574	13,043
Total subsidies provisions and payable	3,986	3,719	3,873	4,064
Grants provisions and payable
State and Territory governments	145	144	146	144
Non-profit organisations	101	101	101	101
Private sector	364	364	364	364
Overseas	2,300	2,313	1,830	2,423
Local governments	11	11	11	11
Other	11,233	8,862	8,413	8,650
Total grants provisions and payable	14,154	11,796	10,865	11,693
Other provisions and payables
Provisions for tax refunds	3,432	3,454	3,508	3,512
Other	10,228	10,301	10,733	11,003
Total other provisions and payables	13,661	13,754	14,241	14,516

Note 19: Reconciliation of cash
	Estimates		Projections
	2013-14 $m	2014-15 $m	2015-16 $m	2016-17 $m
Net operating balance (revenues less expenses)	-38,137	-29,876	-18,596	-12,078
less Revenues not providing cash
Other	906	1,353	1,579	1,842
Total revenues not providing cash	906	1,353	1,579	1,842
plus Expenses not requiring cash
Increase/(decrease) in employee entitlements	6,438	5,652	5,571	6,137
Depreciation/amortisation expense	6,426	6,528	6,687	6,884
Mutually agreed write-downs	2,382	2,656	2,890	3,120
Other	428	594	773	-534
Total expenses not requiring cash	15,673	15,430	15,921	15,608
plus Cash provided / (used) by working capital items
Decrease/(increase) in inventories	-147	-96	-169	-208
Decrease/(increase) in receivables	-8,161	-5,565	-9,285	-10,363
Decrease/(increase) in other financial assets	1,690	1,533	1,584	2,239
Decrease/(increase) in other non-financial assets	-51	19	-23	-49
Increase/(decrease) in benefits, subsidies and grants payable	-3,642	-2,363	-308	2,138
Increase/(decrease) in suppliers' liabilities	594	19	4	34
Increase/(decrease) in other provisions and payables	-1,112	-793	-1,921	-841
Net cash provided / (used) by working capital	-10,828	-7,246	-10,118	-7,051
equals (Net cash from/(to) operating activities)	-34,198	-23,046	-14,373	-5,364
plus (Net cash from/(to) investing activities)	-19,942	-22,049	-20,982	-30,652
Net cash from operating activities and investment	-54,140	-45,096	-35,354	-36,015
plus (Net cash from/(to) financing activities)	54,785	45,187	35,534	36,148
equals Net increase/(decrease) in cash held	645	91	180	132
Cash at the beginning of the year	2,075	2,720	2,811	2,991
Net increase/(decrease) in cash	645	91	180	132
Cash at the end of the year	2,720	2,811	2,991	3,124

Note 19(a): Consolidated Revenue Fund
	Estimates		Projections
	2013-14 $m	2014-15 $m	2015-16 $m	2016-17 $m
Total general government sector cash	2,720	2,811	2,991	3,124
less CAC Agency cash balances	1,822	1,893	2,050	2,202
plus Special public monies	311	311	311	311
Balance of Consolidated Revenue Fund at 30 June	1,209	1,229	1,252	1,233

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), or from 1 July 2014 the entities subject to the equivalent provisions of the Public Governance, Performance and Accountability Act 2013, 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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