Statement 9: Australian Government Budget Financial Statements
Consistent with the Charter of Budget Honesty Act 1998 (the Charter), the Government has produced a single set of financial statements for the Australian Government general government sector (GGS), the public non‑financial corporations (PNFC) sector and the total non‑financial public sector (NFPS). The financial statements comply with both Australian Bureau of Statistics' (ABS) accrual Government Finance Statistics (GFS) and Australian Accounting Standards (AAS), with departures disclosed. These statements are:
- an operating statement, including other economic flows, which shows net operating balance and net lending/borrowing (fiscal balance);
- a balance sheet, which also shows net worth, net financial worth, net financial liabilities and net debt; and
- a cash flow statement, which includes the calculation of the underlying cash balance.
In addition to these general purpose statements, notes to the financial statements are required. These notes include a summary of accounting policies, disaggregated information and other disclosures required by AAS.
The statements reflect the policy that ABS GFS remains the basis of budget accounting policy, except where the Government applies AAS because it provides a better conceptual basis for presenting information of relevance to users of public sector financial reports.
The Australian, State and Territory governments have an agreed framework — the Uniform Presentation Framework (UPF) — for the presentation of government financial information on a basis broadly consistent with the Australian Accounting Standards Board standard AASB 1049. The budget financial statements are consistent with the requirements of the UPF.
In accordance with the UPF requirements, this statement also contains an update of the Australian Government's Loan Council Allocation.
| Estimates | Projections | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| 2013‑14 | 2014‑15 | 2015‑16 | 2016‑17 | 2017‑18 | |||||
| Note | $m | $m | $m | $m | $m | ||||
| Revenue | |||||||||
| Taxation revenue | 3 | 350,956 | 368,814 | 396,055 | 422,875 | 449,509 | |||
| Sales of goods and services | 4 | 8,853 | 8,928 | 9,170 | 11,347 | 15,969 | |||
| Interest income | 5 | 3,445 | 4,229 | 4,731 | 5,128 | 5,565 | |||
| Dividend income | 5 | 4,288 | 2,570 | 2,520 | 3,569 | 2,886 | |||
| Other | 6 | 6,724 | 6,807 | 7,135 | 6,922 | 6,465 | |||
| Total revenue | 374,267 | 391,348 | 419,612 | 449,840 | 480,394 | ||||
| Expenses | |||||||||
| Gross operating expenses | |||||||||
| Wages and salaries(a) | 7 | 19,532 | 19,638 | 19,383 | 19,591 | 19,928 | |||
| Superannuation | 7 | 6,235 | 4,291 | 4,268 | 4,226 | 4,259 | |||
| Depreciation and amortisation | 8 | 6,474 | 6,644 | 6,834 | 7,126 | 7,229 | |||
| Supply of goods and services | 9 | 74,552 | 79,875 | 81,769 | 84,642 | 88,701 | |||
| Other operating expenses(a) | 7 | 6,039 | 6,111 | 6,187 | 6,260 | 6,451 | |||
| Total gross operating expenses | 112,833 | 116,559 | 118,441 | 121,845 | 126,569 | ||||
| Superannuation interest expense | 7 | 8,320 | 9,275 | 9,630 | 9,979 | 10,333 | |||
| Interest expenses | 10 | 14,396 | 15,551 | 17,072 | 18,327 | 19,011 | |||
| Current transfers | |||||||||
| Current grants | 11 | 117,437 | 124,121 | 128,711 | 137,663 | 149,198 | |||
| Subsidy expenses | 15,534 | 12,184 | 12,497 | 13,280 | 13,779 | ||||
| Personal benefits | 12 | 124,944 | 126,336 | 132,086 | 139,061 | 146,124 | |||
| Total current transfers | 257,915 | 262,641 | 273,294 | 290,004 | 309,101 | ||||
| Capital transfers | 11 | ||||||||
| Mutually agreed write-downs | 3,094 | 2,662 | 2,796 | 3,013 | 3,216 | ||||
| Other capital grants | 18,736 | 8,156 | 9,884 | 10,638 | 7,218 | ||||
| Total capital transfers | 21,830 | 10,818 | 12,681 | 13,651 | 10,434 | ||||
| Total expenses | 415,294 | 414,845 | 431,118 | 453,806 | 475,447 | ||||
| Net operating balance | -41,027 | -23,497 | -11,506 | -3,966 | 4,946 | ||||
| Other economic flows - included in operating result | |||||||||
| Net write-downs of assets (including bad and doubtful debts) | -5,278 | -7,037 | -7,714 | -8,355 | -9,198 | ||||
| Assets recognised for the first time | 330 | 346 | 363 | 381 | 393 | ||||
| Liabilities recognised for the first time | 0 | 0 | 0 | 0 | 0 | ||||
| Actuarial revaluations | 0 | 0 | 0 | 0 | 0 | ||||
| Net foreign exchange gains | -447 | 63 | 105 | 153 | 18 | ||||
| Net swap interest received | -663 | 0 | 0 | 0 | 0 | ||||
| Market valuation of debt | 2,410 | 372 | 157 | 30 | -50 | ||||
| Other gains/(losses) | 9,302 | 6,259 | 7,796 | 3,750 | 4,971 | ||||
| Total other economic flows - included in operating result | 5,655 | 1 | 708 | -4,040 | -3,866 | ||||
| Operating result(b) | -35,372 | -23,495 | -10,798 | -8,006 | 1,081 | ||||
| Non-owner movements in equity | |||||||||
| Revaluation of equity investments | 7,185 | -2,237 | 0 | 0 | 0 | ||||
| Actuarial revaluations | -6,720 | 17 | 211 | 368 | 395 | ||||
| Other economic revaluations | 704 | 124 | 144 | 1,097 | 165 | ||||
| Total other economic flows - included in equity | 1,168 | -2,096 | 355 | 1,464 | 561 | ||||
| Comprehensive result - Total change in net worth | -34,204 | -25,591 | -10,443 | -6,542 | 1,641 | ||||
| Net operating balance | -41,027 | -23,497 | -11,506 | -3,966 | 4,946 | ||||
| Net acquisition of non-financial assets | |||||||||
| Purchases of non-financial assets | 10,240 | 10,679 | 10,215 | 9,626 | 11,094 | ||||
| less Sales of non-financial assets | 273 | 2,370 | 2,767 | 215 | 214 | ||||
| less Depreciation | 6,474 | 6,644 | 6,834 | 7,126 | 7,229 | ||||
| plus Change in inventories | 430 | 492 | 328 | 457 | 301 | ||||
| plus Other movements in non-financial assets | 105 | 201 | -234 | -112 | 10 | ||||
| Total net acquisition of non-financial assets | 4,027 | 2,359 | 708 | 2,630 | 3,962 | ||||
| Fiscal balance (Net lending/borrowing)(c) | -45,055 | -25,855 | -12,214 | -6,596 | 984 | ||||
(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.
(c) The term fiscal balance is not used by the ABS.
| Estimates | Projections | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| 2013‑14 | 2014‑15 | 2015‑16 | 2016‑17 | 2017‑18 | |||||
| Note | $m | $m | $m | $m | $m | ||||
| Assets | |||||||||
| Financial assets | |||||||||
| Cash and deposits | 19(a) | 3,004 | 2,480 | 2,764 | 2,760 | 3,080 | |||
| Advances paid | 13 | 39,737 | 45,145 | 52,454 | 61,294 | 70,021 | |||
| Investments, loans and placements | 14 | 117,371 | 128,753 | 134,010 | 149,258 | 151,884 | |||
| Other receivables | 13 | 46,051 | 45,489 | 48,747 | 52,772 | 55,176 | |||
| Equity investments | |||||||||
| Investments in other public sector entities | 35,781 | 35,506 | 42,376 | 49,577 | 51,983 | ||||
| Equity accounted investments | 300 | 303 | 306 | 307 | 308 | ||||
| Investments - shares | 37,549 | 39,715 | 41,910 | 45,173 | 48,306 | ||||
| Total financial assets | 279,792 | 297,392 | 322,567 | 361,142 | 380,758 | ||||
| Non-financial assets | 15 | ||||||||
| Land | 8,929 | 8,875 | 8,825 | 8,838 | 8,802 | ||||
| Buildings | 24,335 | 25,425 | 25,468 | 25,506 | 25,951 | ||||
| Plant, equipment and infrastructure | 54,875 | 57,347 | 60,330 | 62,405 | 64,921 | ||||
| Inventories | 7,942 | 7,987 | 7,865 | 7,841 | 7,635 | ||||
| Intangibles | 5,810 | 5,988 | 6,083 | 6,184 | 6,702 | ||||
| Investment property | 196 | 211 | 226 | 231 | 236 | ||||
| Biological assets | 35 | 35 | 35 | 35 | 35 | ||||
| Heritage and cultural assets | 10,573 | 10,588 | 10,600 | 10,613 | 10,625 | ||||
| Assets held for sale | 136 | 174 | 136 | 136 | 136 | ||||
| Other non-financial assets | 397 | 598 | 364 | 252 | 261 | ||||
| Total non-financial assets | 113,228 | 117,229 | 119,932 | 122,041 | 125,305 | ||||
| Total assets | 393,020 | 414,620 | 442,499 | 483,184 | 506,063 | ||||
| Liabilities | |||||||||
| Interest bearing liabilities | |||||||||
| Deposits held | 182 | 182 | 182 | 182 | 182 | ||||
| Government securities | 346,648 | 387,772 | 421,424 | 460,519 | 475,214 | ||||
| Loans | 16 | 9,608 | 13,436 | 12,707 | 12,717 | 12,640 | |||
| Other borrowing | 1,524 | 1,376 | 1,276 | 1,175 | 1,149 | ||||
| Total interest bearing liabilities | 357,963 | 402,766 | 435,590 | 474,593 | 489,185 | ||||
| Provisions and payables | |||||||||
| Superannuation liability | 17 | 157,067 | 163,228 | 169,320 | 175,263 | 181,126 | |||
| Other employee liabilities | 17 | 15,102 | 15,291 | 15,401 | 15,680 | 16,038 | |||
| Suppliers payable | 18 | 4,632 | 4,705 | 4,768 | 4,855 | 5,103 | |||
| Personal benefits provisions and payable | 18 | 12,384 | 11,659 | 11,196 | 11,499 | 11,856 | |||
| Subsidies provisions and payable | 18 | 4,242 | 3,937 | 4,146 | 4,321 | 4,411 | |||
| Grants provisions and payable | 18 | 14,170 | 11,154 | 10,187 | 11,209 | 10,775 | |||
| Other provisions and payables | 18 | 13,879 | 13,891 | 14,344 | 14,758 | 14,923 | |||
| Total provisions and payables | 221,477 | 223,865 | 229,363 | 237,586 | 244,231 | ||||
| Total liabilities | 579,439 | 626,631 | 664,953 | 712,179 | 733,417 | ||||
| Net worth(a) | -186,419 | -212,010 | -222,454 | -228,995 | -227,354 | ||||
| Net financial worth(b) | -299,647 | -329,239 | -342,385 | -351,036 | -352,659 | ||||
| Net financial liabilities(c) | 335,428 | 364,745 | 384,761 | 400,614 | 404,642 | ||||
| Net debt(d) | 197,851 | 226,388 | 246,362 | 261,280 | 264,200 | ||||
(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.
| Estimates | Projections | |||||||
|---|---|---|---|---|---|---|---|---|
| 2013‑14 | 2014‑15 | 2015‑16 | 2016‑17 | 2017‑18 | ||||
| $m | $m | $m | $m | $m | ||||
| Cash receipts from operating activities | ||||||||
| Taxes received | 341,643 | 360,372 | 385,286 | 411,691 | 437,562 | |||
| Receipts from sales of goods and services | 8,764 | 8,910 | 9,121 | 11,279 | 15,893 | |||
| Interest receipts | 3,210 | 3,657 | 3,893 | 3,977 | 4,088 | |||
| Dividends and income tax equivalents | 3,040 | 4,257 | 2,461 | 2,675 | 3,751 | |||
| Other receipts | 6,376 | 6,339 | 6,963 | 7,012 | 6,476 | |||
| Total operating receipts | 363,032 | 383,534 | 407,725 | 436,634 | 467,771 | |||
| Cash payments for operating activities | ||||||||
| Payments for employees | -26,587 | -27,022 | -27,151 | -27,498 | -28,251 | |||
| Payments for goods and services | -74,438 | -79,807 | -81,515 | -84,612 | -88,415 | |||
| Grants and subsidies paid | -152,953 | -147,617 | -151,670 | -161,318 | -170,327 | |||
| Interest paid | -13,935 | -14,174 | -15,442 | -16,188 | -17,011 | |||
| Personal benefit payments | -126,398 | -127,221 | -132,752 | -139,026 | -146,064 | |||
| Other payments | -6,056 | -5,890 | -5,881 | -5,898 | -6,025 | |||
| Total operating payments | -400,366 | -401,730 | -414,410 | -434,539 | -456,094 | |||
| Net cash flows from operating activities | -37,334 | -18,196 | -6,685 | 2,095 | 11,677 | |||
| Cash flows from investments in non-financial assets | ||||||||
| Sales of non-financial assets | 464 | 2,244 | 2,702 | 215 | 214 | |||
| Purchases of non-financial assets | -9,827 | -10,753 | -9,839 | -9,374 | -10,966 | |||
| Net cash flows from investments in non-financial assets | -9,363 | -8,509 | -7,137 | -9,159 | -10,752 | |||
| Net cash flows from investments in financial assets for policy purposes | -6,575 | -6,819 | -12,787 | -15,592 | -12,358 | |||
| Cash flows from investments in financial assets for liquidity purposes | ||||||||
| Increase in investments | -8,592 | -7,017 | -5,217 | -14,654 | -1,263 | |||
| Net cash flows from investments in financial assets for liquidity purposes | -8,592 | -7,017 | -5,217 | -14,654 | -1,263 | |||
| Cash receipts from financing activities | ||||||||
| Borrowing | 64,689 | 42,308 | 34,624 | 40,250 | 15,965 | |||
| Other financing | 17 | 0 | 0 | 0 | 0 | |||
| Total cash receipts from financing activities | 64,706 | 42,308 | 34,624 | 40,250 | 15,965 | |||
| Cash payments for financing activities | ||||||||
| Borrowing | 0 | 0 | 0 | 0 | 0 | |||
| Other financing | -1,914 | -2,289 | -2,514 | -2,944 | -2,950 | |||
| Total cash payments for financing activities | -1,914 | -2,289 | -2,514 | -2,944 | -2,950 | |||
| Net cash flows from financing activities | 62,792 | 40,018 | 32,110 | 37,306 | 13,015 | |||
| Net increase/(decrease) in cash held | 928 | -523 | 284 | -4 | 319 | |||
| Net cash flows from operating activities and investments in non-financial assets (Surplus(+)/deficit(-)) | -46,698 | -26,705 | -13,822 | -7,063 | 925 | |||
| Finance leases and similar arrangements(b) | -469 | 0 | 0 | 0 | 0 | |||
| GFS cash surplus(+)/deficit(-) | -47,166 | -26,705 | -13,822 | -7,063 | 925 | |||
| less Net Future Fund earnings | 2,689 | 3,068 | 3,262 | 3,499 | 3,750 | |||
| Equals underlying cash balance(c) | -49,855 | -29,773 | -17,084 | -10,562 | -2,825 | |||
| plus Net cash flows from investments in financial assets for policy purposes | -6,575 | -6,819 | -12,787 | -15,592 | -12,358 | |||
| plus Net Future Fund earnings | 2,689 | 3,068 | 3,262 | 3,499 | 3,750 | |||
| Equals headline cash balance | -53,741 | -33,524 | -26,609 | -22,656 | -11,432 | |||
(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.
(c) The term underlying cash balance is not used by the ABS.
| Estimates | ||
|---|---|---|
| 2013‑14 | 2014‑15 | |
| $m | $m | |
| Revenue | ||
| Current grants and subsidies | 34 | 27 |
| Sales of goods and services | 9,426 | 9,805 |
| Interest income | 55 | 29 |
| Other | 5 | 10 |
| Total revenue | 9,520 | 9,871 |
| Expenses | ||
| Gross operating expenses | ||
| Wages and salaries(a) | 3,827 | 3,765 |
| Superannuation | 472 | 512 |
| Depreciation and amortisation | 966 | 1,456 |
| Supply of goods and services | 4,637 | 5,094 |
| Other operating expenses(a) | 432 | 401 |
| Total gross operating expenses | 10,334 | 11,227 |
| Interest expenses | 288 | 322 |
| Other property expenses | 215 | 101 |
| Current transfers | ||
| Tax expenses | 147 | 109 |
| Total current transfers | 147 | 109 |
| Total expenses | 10,984 | 11,759 |
| Net operating balance | -1,464 | -1,887 |
| Other economic flows | 4 | -5 |
| Comprehensive result - Total change in net worth excluding contribution from owners | -1,460 | -1,892 |
| Net acquisition of non-financial assets | ||
| Purchases of non-financial assets | 2,892 | 3,797 |
| less Sales of non-financial assets | 185 | 16 |
| less Depreciation | 966 | 1,456 |
| plus Change in inventories | 10 | 18 |
| plus Other movements in non-financial assets | 628 | 1,232 |
| Total net acquisition of non-financial assets | 2,379 | 3,575 |
| Fiscal balance (Net lending/borrowing)(b) | -3,843 | -5,463 |
(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) The term fiscal balance is not used by the ABS.
| Estimates | ||
|---|---|---|
| 2013‑14 | 2014‑15 | |
| $m | $m | |
| Assets | ||
| Financial assets | ||
| Cash and deposits | 1,897 | 1,713 |
| Investments, loans and placements | 239 | 295 |
| Other receivables | 1,434 | 1,442 |
| Equity investments | 30 | 30 |
| Total financial assets | 3,600 | 3,480 |
| Non-financial assets | ||
| Land and fixed assets | 16,559 | 19,439 |
| Other non-financial assets(a) | 2,208 | 3,437 |
| Total non-financial assets | 18,767 | 22,876 |
| Total assets | 22,367 | 26,356 |
| Liabilities | ||
| Interest bearing liabilities | ||
| Loans | 2,947 | 2,858 |
| Other borrowing | 3,468 | 3,945 |
| Total interest bearing liabilities | 6,415 | 6,803 |
| Provisions and payables | ||
| Superannuation liability | 57 | 58 |
| Other employee liabilities | 1,318 | 1,430 |
| Other provisions and payables(a) | 2,693 | 2,764 |
| Total provisions and payables | 4,068 | 4,251 |
| Total liabilities | 10,483 | 11,054 |
| Shares and other contributed capital | 11,884 | 15,301 |
| Net worth(b) | 11,884 | 15,301 |
| Net financial worth(c) | -6,883 | -7,574 |
| Net debt(d) | 4,279 | 4,795 |
(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 and borrowing), minus the sum of cash and deposits and investments, loans and placements.
| Estimates | ||
|---|---|---|
| 2013‑14 | 2014‑15 | |
| $m | $m | |
| Cash receipts from operating activities | ||
| Receipts from sales of goods and services | 10,732 | 10,841 |
| GST input credit receipts | 266 | 277 |
| Other receipts | 61 | 31 |
| Total operating receipts | 11,059 | 11,149 |
| Cash payments for operating activities | ||
| Payments to employees | -4,533 | -4,495 |
| Payment for goods and services | -5,746 | -5,888 |
| Interest paid | -68 | -59 |
| GST payments to taxation authority | -618 | -639 |
| Other payments | -130 | -111 |
| Total operating payments | -11,095 | -11,192 |
| Net cash flows from operating activities | -36 | -43 |
| Cash flows from investments in non-financial assets | ||
| Sales of non-financial assets | 245 | 16 |
| Purchases of non-financial assets | -3,524 | -5,033 |
| Net cash flows from investments in non-financial assets | -3,279 | -5,017 |
| Net cash flows from investments in financial assets for policy purposes | 0 | 0 |
| Cash flows from investments in financial assets for liquidity purposes | ||
| Increase in investments | 892 | -2 |
| Net cash flows from investments in financial assets for liquidity purposes | 892 | -2 |
| Net cash flows from financing activities | ||
| Borrowing (net) | -106 | -277 |
| Other financing (net) | 3,746 | 5,256 |
| Distributions paid (net) | -212 | -101 |
| Net cash flows from financing activities | 3,429 | 4,878 |
| Net increase/(decrease) in cash held | 1,006 | -184 |
| Cash at the beginning of the year | 891 | 1,897 |
| Cash at the end of the year | 1,897 | 1,713 |
| Net cash from operating activities and investments in non-financial assets | -3,315 | -5,060 |
| Distributions paid | -212 | -101 |
| Equals surplus(+)/deficit(-) | -3,527 | -5,162 |
| Finance leases and similar arrangements(b) | 0 | 0 |
| GFS cash surplus(+)/deficit(-) | -3,527 | -5,162 |
(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.
| Estimates | ||
|---|---|---|
| 2013‑14 | 2014‑15 | |
| $m | $m | |
| Revenue | ||
| Taxation revenue | 350,809 | 368,706 |
| Sales of goods and services | 16,946 | 17,671 |
| Interest income | 3,468 | 4,240 |
| Dividend income | 4,073 | 2,469 |
| Other | 6,730 | 6,817 |
| Total revenue | 382,026 | 399,903 |
| Expenses | ||
| Gross operating expenses | ||
| Wages and salaries(a) | 23,359 | 23,403 |
| Superannuation | 6,707 | 4,803 |
| Depreciation and amortisation | 7,440 | 8,100 |
| Supply of goods and services | 77,856 | 83,907 |
| Other operating expenses(a) | 6,471 | 6,512 |
| Total gross operating expenses | 121,833 | 126,725 |
| Superannuation interest expense | 8,320 | 9,275 |
| Interest expenses | 14,653 | 15,854 |
| Current transfers | ||
| Current grants | 117,437 | 124,121 |
| Subsidy expenses | 15,499 | 12,158 |
| Personal benefits | 124,944 | 126,336 |
| Total current transfers | 257,880 | 262,614 |
| Capital transfers | 21,830 | 10,818 |
| Total expenses | 424,517 | 425,287 |
| Net operating balance | -42,491 | -25,384 |
| Other economic flows | 8,436 | -217 |
| Comprehensive result - Total change in net worth | -34,056 | -25,601 |
| Net acquisition of non-financial assets | ||
| Purchases of non-financial assets | 13,132 | 14,476 |
| less Sales of non-financial assets | 458 | 2,386 |
| less Depreciation | 7,440 | 8,100 |
| plus Change in inventories | 439 | 510 |
| plus Other movements in non-financial assets | 733 | 1,433 |
| Total net acquisition of non-financial assets | 6,406 | 5,934 |
| Fiscal balance (Net lending/borrowing)(b) | -48,898 | -31,318 |
(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) The term fiscal balance is not used by the ABS.
| Estimates | ||
|---|---|---|
| 2013‑14 | 2014‑15 | |
| $m | $m | |
| Assets | ||
| Financial assets | ||
| Cash and deposits | 4,901 | 4,194 |
| Advances paid | 39,737 | 45,145 |
| Investments, loans and placements | 117,307 | 128,745 |
| Other receivables | 47,354 | 46,811 |
| Equity investments | 61,437 | 59,905 |
| Total financial assets | 270,736 | 284,800 |
| Non-financial assets | ||
| Land and fixed assets | 123,212 | 129,662 |
| Other non-financial assets | 8,783 | 10,442 |
| Total non-financial assets | 131,995 | 140,104 |
| Total assets | 402,731 | 424,904 |
| Liabilities | ||
| Interest bearing liabilities | ||
| Deposits held | 182 | 182 |
| Government securities | 346,648 | 387,772 |
| Loans | 12,252 | 15,991 |
| Other borrowing | 4,992 | 5,321 |
| Total interest bearing liabilities | 364,074 | 409,266 |
| Provisions and payables | ||
| Superannuation liability | 157,124 | 163,286 |
| Other employee liabilities | 16,420 | 16,720 |
| Other provisions and payables | 51,869 | 47,990 |
| Total provisions and payables | 225,414 | 227,997 |
| Total liabilities | 589,489 | 637,262 |
| Shares and other contributed capital | 11,884 | 15,301 |
| Net worth(a) | -186,757 | -212,358 |
| Net financial worth(b) | -318,752 | -352,462 |
| Net debt(c) | 202,130 | 231,182 |
(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.
| Estimates | ||
|---|---|---|
| 2013‑14 | 2014‑15 | |
| $m | $m | |
| Cash receipts from operating activities | ||
| Taxes received | 341,512 | 360,260 |
| Receipts from sales of goods and services | 17,750 | 18,689 |
| Interest receipts | 3,239 | 3,668 |
| Dividends and income tax equivalents | 2,828 | 4,156 |
| Other receipts | 6,377 | 6,341 |
| Total operating receipts | 371,706 | 393,114 |
| Cash payments for operating activities | ||
| Payments to employees | -31,120 | -31,517 |
| Payments for goods and services | -78,790 | -84,996 |
| Grants and subsidies paid | -152,953 | -147,617 |
| Interest paid | -13,972 | -14,214 |
| Personal benefit payments | -126,398 | -127,221 |
| Other payments | -6,056 | -5,890 |
| Total operating payments | -409,288 | -411,454 |
| Net cash flows from operating activities | -37,583 | -18,341 |
| Cash flows from investments in non-financial assets | ||
| Sales of non-financial assets | 709 | 2,260 |
| Purchases of non-financial assets | -13,351 | -15,787 |
| Net cash flows from investments in non-financial assets | -12,642 | -13,526 |
| Net cash flows from investments in financial assets for policy purposes | -3,154 | -1,509 |
| Cash flows from investments in financial assets for liquidity purposes | ||
| Increase in investments | -7,699 | -7,019 |
| Net cash flows from investments in financial assets for liquidity purposes | -7,699 | -7,019 |
| Net cash flows from financing activities | ||
| Borrowing (net) | 64,584 | 42,031 |
| Other financing (net) | -1,571 | -2,343 |
| Net cash flows from financing activities | 63,013 | 39,688 |
| Net increase/(decrease) in cash held | 1,934 | -707 |
| Cash at the beginning of the year | 2,966 | 4,901 |
| Cash at the end of the year | 4,901 | 4,194 |
| Net cash from operating activities and investments in non-financial assets | -50,225 | -31,867 |
| Distributions paid | 0 | 0 |
| Equals surplus(+)/deficit(-) | -50,225 | -31,867 |
| Finance leases and similar arrangements(b) | -469 | 0 |
| GFS cash surplus(+)/deficit(-) | -50,693 | -31,867 |
(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.