Appendix B: Australian Government Budget 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, 2005 (cat. no. 5514.0), which in turn is based on the International Monetary Fund (IMF) accrual GFS framework; and
- the 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. Detailed accounting policies, as well as a set of notes and other disclosures, 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.
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.
AASB 1049 and the UFP also provide a basis for reporting of the public non‑financial corporations (PNFC) and public financial corporations (PFC) sectors and the total non‑financial public sector (NFPS).
Explanations of major variations in fiscal balance, revenue, expenses, net capital investment, cash flows, net debt, net financial worth and net worth since the 2015‑16 Budget are disclosed in Part 3, with decisions taken since the 2015‑16 Budget disclosed in Appendix A.
Updates to fiscal risks and contingent liabilities since the 2015‑16 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 major differences between AAS and the ABS GFS treatments of transactions are outlined in Table B13.
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 outlined above and reconciliation have not been included as they would effectively create different measures of the same aggregate.
Further information on the differences between the two systems is provided in the ABS publication Australian System of Government Finance Statistics: Concepts, Sources and Methods, 2005 (cat. no. 5514.0).
| Issue | AAS treatment | ABS GFS treatment | Treatment adopted | |
|---|---|---|---|---|
| Acquisition of defence weapons platforms (DWP) | AASB 1049 requires cost to be used where fair value of assets cannot be reliably measured. | ABS record DWP on a market value basis using the perpetual inventory method. | AAS | |
| Circulating coins — seigniorage | The profit between the cost and sale of circulating coins (seigniorage) is treated as revenue. | Circulating coins are treated as a liability, and the cost of producing the coins is treated as an expense. | AAS | |
| Provisions for bad and doubtful debts | Reported in the balance sheet as an offset to assets. Under AASB 1049, it is included in the operating statement as other economic flows. | Creating provisions for bad and doubtful debts is not considered an economic event and therefore not considered to be an expense or reflected in the balance sheet. | AAS | |
| Advances to the International Development Association and Asian Development Fund | Recorded at fair value in the balance sheet. | Recorded at nominal value in balance sheet. | ABS GFS | |
| Concessional loans | Discounts concessional loans by a market rate of a similar instrument. | Does not discount concessional loans as no secondary market is considered to exist. | AAS | |
| Investment in other public sector entities | Valued at fair value in the balance sheet as long as it can be reliably measured, otherwise net assets is permissible. | Unlisted entities valued based on their net assets in the balance sheet. | AAS | |
| Provision for restoration, decommissioning and make‑good | Included in the fiscal balance capital adjustment. | Excluded from the calculation of net lending capital adjustment. | AAS | |
| Renewable Energy Certificates (RECs) | The issuance and registration of RECs is considered to be an administrative function and does not result in the recognition of assets or liabilities and, consequently, no revenues or expenses are recognised. | The issuance and registration of RECs is considered to be government financial transactions resulting in the recognition of assets, liabilities, revenue and expenses. | AAS | |
| Dividends paid by public corporations | Treated as an equity distribution. Equity distributions are treated as a distribution of profits, as opposed to an expense. | Dividends are treated as an expense. | ABS GFS | |
| Commercial tax effect accounting assets and liabilities | Corporations in the PNFC and PFC sectors record tax expenses on a commercial basis. | Deferred tax assets and liabilities are reversed so that corporations record tax expenses on a consistent basis to the Australian Taxation Office. | ABS GFS | |
| Fiscal aggregates differences | ||||
| Finance leases | Does not deduct finance leases in the derivation of the cash surplus/deficit. | Deducts finance leases in the derivation of the cash surplus/deficit. | Both are disclosed | |
| Net worth of PNFC and PFC sectors | Calculated as assets less liabilities. | Calculated as assets less liabilities less shares and other contributed capital. | AAS | |
| Net financial worth of PNFC and PFC | Calculated as financial assets less total liabilities. | Calculated as financial assets less total liabilities less shares and contributed capital. | AAS | |
| Classification difference | ||||
| Prepayments | Treated as a non‑financial asset. | Treated as a financial asset. | ABS GFS | |
| Spectrum sales | Recognise non‑financial asset sales for fiscal balance when payment is made and the licences take effect, which may be after the auction of licences, as this is regarded as the point control is transferred. Recognise cash at the time of receipt. | Recognise non‑financial asset sales for fiscal balance at time of auction as this is regarded as the point control is transferred. Recognise cash at the time of receipt. | AAS | |
Note 3: Taxation revenue by type
| Estimates | Projections | ||||
|---|---|---|---|---|---|
| 2015‑16 $m |
2016‑17 $m |
2017‑18 $m |
2018-19 $m |
||
| Individuals and other withholding taxes | |||||
| Gross income tax withholding | 176,550 | 185,950 | 196,870 | 209,390 | |
| Gross other individuals | 44,310 | 47,740 | 52,580 | 58,010 | |
| less Refunds | 27,500 | 28,900 | 30,700 | 32,650 | |
| Total individuals and other withholding tax | 193,360 | 204,790 | 218,750 | 234,750 | |
| Fringe benefits tax | 4,610 | 4,780 | 4,670 | 4,870 | |
| Company tax | 67,996 | 71,600 | 77,700 | 83,900 | |
| Superannuation fund taxes | 7,780 | 9,150 | 9,880 | 10,580 | |
| Minerals resource rent tax(a) | 0 | 0 | 0 | 0 | |
| Petroleum resource rent tax | 960 | 1,070 | 960 | 990 | |
| Total income taxation revenue | 274,706 | 291,390 | 311,960 | 335,090 | |
| Goods and services tax | 59,790 | 63,700 | 67,010 | 70,480 | |
| Wine equalisation tax | 850 | 860 | 890 | 920 | |
| Luxury car tax | 520 | 510 | 520 | 530 | |
| Excise and customs duty | |||||
| Petrol | 6,220 | 6,400 | 6,710 | 7,060 | |
| Diesel | 9,350 | 9,640 | 9,990 | 10,490 | |
| Other fuel products | 2,423 | 2,440 | 2,560 | 2,670 | |
| Tobacco | 9,150 | 9,700 | 9,990 | 10,280 | |
| Beer | 2,340 | 2,330 | 2,410 | 2,500 | |
| Spirits | 1,970 | 2,010 | 2,070 | 2,140 | |
| Other alcoholic beverages(b) | 910 | 920 | 950 | 980 | |
| Other customs duty | |||||
| Textiles, clothing and footwear | 440 | 300 | 260 | 270 | |
| Passenger motor vehicles | 550 | 590 | 560 | 600 | |
| Other imports | 1,370 | 1,140 | 930 | 990 | |
| less Refunds and drawbacks | 420 | 420 | 420 | 420 | |
| Total excise and customs duty | 34,303 | 35,050 | 36,010 | 37,560 | |
| Carbon pricing mechanism | 0 | 0 | 0 | 0 | |
| Agricultural levies | 475 | 485 | 493 | 498 | |
| Other taxes(c) | 5,279 | 5,547 | 5,638 | 5,725 | |
| Mirror taxes | 528 | 557 | 588 | 618 | |
| less Transfers to States in relation to mirror tax revenue | 528 | 557 | 588 | 618 | |
| Mirror tax revenue | 0 | 0 | 0 | 0 | |
| Total indirect taxation revenue | 101,217 | 106,151 | 110,562 | 115,712 | |
| Total taxation revenue | 375,923 | 397,541 | 422,522 | 450,802 | |
| Memorandum: | |||||
| Total excise | 21,393 | 21,550 | 22,430 | 23,500 | |
| Total customs duty | 12,910 | 13,500 | 13,580 | 14,060 | |
| Capital gains tax(d) | 10,600 | 12,300 | 14,300 | 16,100 | |
| Medicare and DisabilityCare Australia levy | 15,014 | 15,592 | 16,260 | 17,038 | |
(a) The MRRT applied until 30 September 2014.
(b) Other alcoholic beverages are those not exceeding 10 per cent by volume of alcohol (excluding beer, brandy and wine).
(c) Visa application charges have been reclassified from non‑taxation revenue to taxation revenue to reflect a sustained change in the nature of revenue. The reclassification is reflected from 2015‑16 MYEFO and back‑casting occurs in Appendix D Historical Series from 2003‑04. See also Note 3(a), Taxation revenue by source and Note 4, Sales of goods and services revenue.
(d) Capital gains tax is part of gross other individuals, company tax and superannuation fund taxes.
Note 3(a): Taxation revenue by source
| Estimates | Projections | ||||
|---|---|---|---|---|---|
| 2015‑16 $m |
2016‑17 $m |
2017‑18 $m |
2018-19 $m |
||
| Taxes on income, profits and capital gains | |||||
| Income and capital gains levied on individuals | 197,990 | 209,600 | 223,430 | 239,630 | |
| Income and capital gains levied on enterprises | 76,716 | 81,790 | 88,530 | 95,460 | |
| Total taxes on income, profits and capital gains | 274,706 | 291,390 | 311,960 | 335,090 | |
| Taxes on employers' payroll and labour force | 710 | 702 | 684 | 722 | |
| Taxes on the provision of goods and services | |||||
| Sales/goods and services tax | 61,160 | 65,070 | 68,420 | 71,930 | |
| Excises and levies | 21,868 | 22,035 | 22,923 | 23,998 | |
| Taxes on international trade | 12,910 | 13,500 | 13,580 | 14,060 | |
| Total taxes on the provision of goods and services | 95,938 | 100,605 | 104,923 | 109,988 | |
| Other taxes(a) | 4,569 | 4,845 | 4,954 | 5,003 | |
| Total taxation revenue | 375,923 | 397,541 | 422,522 | 450,802 | |
| Memorandum: | |||||
| Medicare and DisabilityCare Australia levy | 15,014 | 15,592 | 16,260 | 17,038 | |
(a) Visa application charges have been reclassified from non‑taxation revenue to taxation revenue to reflect a sustained change in the nature of revenue. The reclassification is reflected from 2015‑16 MYEFO and back‑casting occurs in Appendix D Historical Series from 2003‑04. See also Note 3, Taxation revenue by type and Note 4, Sales of goods and services revenue.
Note 4: Sales of goods and services revenue
| Estimates | Projections | ||||
|---|---|---|---|---|---|
| 2015‑16 $m |
2016‑17 $m |
2017‑18 $m |
2018-19 $m |
||
| Sales of goods | 1,859 | 1,858 | 2,022 | 1,939 | |
| Rendering of services | 4,226 | 5,874 | 8,548 | 12,365 | |
| Operating lease rental | 67 | 67 | 72 | 74 | |
| Fees from regulatory services(a) | 1,804 | 1,842 | 1,885 | 1,930 | |
| Total sales of goods and services revenue | 7,956 | 9,641 | 12,527 | 16,307 | |
(a) Visa application charges have been reclassified from non‑taxation revenue to taxation revenue to reflect a sustained change in the nature of revenue. The reclassification is reflected from 2015‑16 MYEFO and back‑casting occurs in Appendix D Historical Series from 2003‑04. See also Note 3, Taxation revenue by type and Note 3(a), Taxation revenue by source.
Note 5: Interest and dividend revenue
| Estimates | Projections | ||||
|---|---|---|---|---|---|
| 2015‑16 $m |
2016‑17 $m |
2017‑18 $m |
2018-19 $m |
||
| Interest from other governments | |||||
| State and Territory debt | 36 | 38 | 40 | 38 | |
| Housing agreements | 129 | 124 | 119 | 114 | |
| Total interest from other governments | 165 | 162 | 159 | 152 | |
| Interest from other sources | |||||
| Advances | 47 | 50 | 81 | 117 | |
| Deposits | 87 | 88 | 89 | 90 | |
| Bank deposits | 115 | 109 | 110 | 119 | |
| Indexation of HELP receivable and other student loans | 626 | 854 | 1,074 | 1,332 | |
| Other | 3,478 | 3,675 | 3,849 | 4,756 | |
| Total interest from other sources | 4,354 | 4,776 | 5,203 | 6,414 | |
| Total interest | 4,519 | 4,938 | 5,361 | 6,566 | |
| Dividends | |||||
| Dividends from other public sector entities | 986 | 463 | 923 | 1,044 | |
| Other dividends | 2,855 | 2,587 | 2,779 | 2,986 | |
| Total dividends | 3,841 | 3,050 | 3,702 | 4,030 | |
| Total interest and dividend revenue | 8,359 | 7,988 | 9,063 | 10,596 | |
Note 6: Other sources of non‑taxation revenue
| Estimates | Projections | ||||
|---|---|---|---|---|---|
| 2015‑16 $m |
2016‑17 $m |
2017‑18 $m |
2018-19 $m |
||
| Industry contributions | 116 | 126 | 128 | 128 | |
| Royalties | 1,087 | 955 | 851 | 689 | |
| Seigniorage | 118 | 111 | 105 | 97 | |
| Other | 7,393 | 6,838 | 7,385 | 8,474 | |
| Total other sources of non-taxation revenue | 8,714 | 8,030 | 8,468 | 9,388 | |
Note 7: Employee and superannuation expense
| Estimates | Projections | ||||
|---|---|---|---|---|---|
| 2015‑16 $m |
2016‑17 $m |
2017‑18 $m |
2018-19 $m |
||
| Wages and salaries expenses | 20,072 | 19,935 | 19,715 | 19,772 | |
| Other operating expenses | |||||
| Leave and other entitlements | 2,267 | 2,192 | 2,172 | 2,178 | |
| Separations and redundancies | 59 | 51 | 45 | 44 | |
| Workers compensation premiums and claims | 876 | 941 | 974 | 1,001 | |
| Other | 2,236 | 2,227 | 2,293 | 2,313 | |
| Total other operating expenses | 5,439 | 5,411 | 5,484 | 5,535 | |
| Superannuation expenses | |||||
| Superannuation | 5,930 | 4,609 | 4,587 | 4,615 | |
| Superannuation interest cost | 9,231 | 10,261 | 10,650 | 11,036 | |
| Total superannuation expenses | 15,161 | 14,870 | 15,237 | 15,651 | |
| Total employee and superannuation expense | 40,672 | 40,216 | 40,436 | 40,958 | |
Note 8: Depreciation and amortisation expense
| Estimates | Projections | ||||
|---|---|---|---|---|---|
| 2015‑16 $m |
2016‑17 $m |
2017‑18 $m |
2018-19 $m |
||
| Depreciation | |||||
| Specialist military equipment | 3,276 | 3,586 | 3,641 | 3,883 | |
| Buildings | 1,393 | 1,362 | 1,383 | 1,417 | |
| Other infrastructure, plant and equipment | 1,452 | 1,438 | 1,485 | 1,512 | |
| Heritage and cultural assets | 38 | 38 | 37 | 37 | |
| Total depreciation | 6,159 | 6,423 | 6,547 | 6,849 | |
| Total amortisation | 970 | 983 | 937 | 938 | |
| Total depreciation and amortisation expense | 7,129 | 7,406 | 7,484 | 7,787 | |
Note 9: Supply of goods and services expense
| Estimates | Projections | ||||
|---|---|---|---|---|---|
| 2015‑16 $m |
2016‑17 $m |
2017‑18 $m |
2018-19 $m |
||
| Supply of goods and services | 26,836 | 27,616 | 27,516 | 28,340 | |
| Operating lease rental expenses | 2,516 | 2,490 | 2,511 | 2,561 | |
| Personal benefits - indirect(a) | 45,415 | 46,874 | 54,669 | 57,384 | |
| Health care payments | 5,238 | 5,294 | 5,374 | 5,487 | |
| Other | 2,418 | 2,523 | 2,780 | 2,756 | |
| Total supply of goods and services expense | 82,423 | 84,798 | 92,851 | 96,528 | |
(a) Includes Child Care Subsidy from 2017‑18, when all payments will be made directly to child care providers. See also Note 12, Personal benefits expense.
Note 10: Interest expense
| Estimates | Projections | ||||
|---|---|---|---|---|---|
| 2015‑16 $m |
2016‑17 $m |
2017‑18 $m |
2018-19 $m |
||
| Interest on debt | |||||
| Government securities(a) | 15,664 | 17,073 | 17,719 | 18,718 | |
| Loans | 10 | 0 | 1 | 1 | |
| Other | 302 | 299 | 308 | 329 | |
| Total interest on debt | 15,976 | 17,372 | 18,028 | 19,049 | |
| Other financing costs | 1,284 | 2,044 | 2,345 | 2,520 | |
| Total interest expense | 17,260 | 19,416 | 20,373 | 21,568 | |
(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 | ||||
|---|---|---|---|---|---|
| 2015‑16 $m |
2016‑17 $m |
2017‑18 $m |
2018-19 $m |
||
| Current grants expense | |||||
| State and Territory governments | 98,883 | 104,916 | 108,806 | 113,002 | |
| Local governments | 6 | 2 | 0 | 0 | |
| Private sector | 6,889 | 8,315 | 8,237 | 8,245 | |
| Overseas | 3,676 | 3,878 | 3,688 | 4,019 | |
| Non-profit organisations | 2,863 | 2,908 | 3,170 | 2,882 | |
| Multi-jurisdictional sector | 10,309 | 9,900 | 9,910 | 10,048 | |
| Other | 5,111 | 8,016 | 13,250 | 21,013 | |
| Total current grants expense | 127,737 | 137,935 | 147,062 | 159,210 | |
| Capital grants expense | |||||
| Mutually agreed write-downs | 1,887 | 1,946 | 2,089 | 2,243 | |
| Other capital grants | |||||
| State and Territory governments | 7,471 | 9,857 | 7,487 | 4,620 | |
| Local governments | 992 | 1,099 | 337 | 351 | |
| Private sector | 0 | 0 | 0 | 0 | |
| Multi-jurisdictional sector | 104 | 100 | 100 | 101 | |
| Other | 213 | 334 | 552 | 876 | |
| Total capital grants expense | 10,667 | 13,337 | 10,565 | 8,192 | |
| Total grants expense | 138,404 | 151,272 | 157,627 | 167,401 | |
Note 12: Personal benefits expense
| Estimates | Projections | ||||
|---|---|---|---|---|---|
| 2015‑16 $m |
2016‑17 $m |
2017‑18 $m |
2018-19 $m |
||
| Social welfare - assistance to the aged | 43,830 | 46,012 | 47,401 | 50,030 | |
| Assistance to veterans and dependants | 5,791 | 5,578 | 5,314 | 5,118 | |
| Assistance to people with disabilities | 24,616 | 25,688 | 26,795 | 27,859 | |
| Assistance to families with children(a) | 35,509 | 33,477 | 28,367 | 29,131 | |
| Assistance to the unemployed | 11,138 | 10,733 | 10,697 | 11,748 | |
| Student assistance | 3,548 | 2,980 | 3,026 | 3,408 | |
| Other welfare programmes | 1,086 | 1,059 | 379 | 406 | |
| Financial and fiscal affairs | 364 | 347 | 337 | 331 | |
| Vocational and industry training | 95 | 84 | 92 | 93 | |
| Other | 7,427 | 8,265 | 10,470 | 13,942 | |
| Total personal benefits expense | 133,402 | 134,223 | 132,879 | 142,068 | |
(a) Excludes Child Care Subsidy from 2017‑18, when all payments will be made directly to child care providers. See also Note 9, Supply of goods and services expense.
Note 13: Advances paid and other receivables
| Estimates | Projections | ||||
|---|---|---|---|---|---|
| 2015‑16 $m |
2016‑17 $m |
2017‑18 $m |
2018-19 $m |
||
| Advances paid | |||||
| Loans to State and Territory governments | 3,332 | 3,291 | 3,160 | 3,000 | |
| Higher Education Loan Program | 37,284 | 44,594 | 52,758 | 61,779 | |
| Student Financial Supplement Scheme | 483 | 438 | 389 | 339 | |
| Other | 12,352 | 15,276 | 17,038 | 18,817 | |
| less Provision for doubtful debts | 233 | 230 | 218 | 206 | |
| Total advances paid | 53,218 | 63,370 | 73,127 | 83,729 | |
| Other receivables | |||||
| Goods and services receivable | 889 | 897 | 899 | 904 | |
| Recoveries of benefit payments | 4,642 | 5,474 | 6,046 | 5,787 | |
| Taxes receivable | 18,752 | 19,367 | 20,275 | 21,425 | |
| Prepayments | 4,547 | 4,687 | 4,795 | 4,878 | |
| Other | 19,390 | 18,604 | 19,787 | 20,823 | |
| less Provision for doubtful debts | 1,625 | 2,093 | 2,519 | 2,632 | |
| Total other receivables | 46,594 | 46,935 | 49,283 | 51,185 | |
Note 14: Investments, loans and placements
| Estimates | Projections | ||||
|---|---|---|---|---|---|
| 2015‑16 $m |
2016‑17 $m |
2017‑18 $m |
2018-19 $m |
||
| Investments - deposits | 43,365 | 42,919 | 42,384 | 41,496 | |
| IMF quota | 12,278 | 12,321 | 12,392 | 12,438 | |
| Other | 98,893 | 112,490 | 119,868 | 125,531 | |
| Total investments, loans and placements | 154,537 | 167,731 | 174,643 | 179,465 | |
Note 15: Non‑financial assets
| Estimates | Projections | ||||
|---|---|---|---|---|---|
| 2015‑16 $m |
2016‑17 $m |
2017‑18 $m |
2018-19 $m |
||
| Land and buildings | |||||
| Land | 9,780 | 9,752 | 9,711 | 9,787 | |
| Buildings | 26,198 | 26,621 | 27,678 | 28,601 | |
| Total land and buildings | 35,977 | 36,372 | 37,389 | 38,388 | |
| Plant, equipment and infrastructure | |||||
| Specialist military equipment | 45,356 | 48,164 | 51,263 | 56,175 | |
| Other | 14,311 | 14,963 | 15,503 | 15,480 | |
| Total plant, equipment and infrastructure | 59,667 | 63,127 | 66,766 | 71,655 | |
| Inventories | |||||
| Inventories held for sale | 1,508 | 1,664 | 1,640 | 1,620 | |
| Inventories not held for sale | 6,843 | 6,741 | 6,600 | 6,474 | |
| Total inventories | 8,351 | 8,405 | 8,239 | 8,094 | |
| Intangibles | |||||
| Computer software | 3,860 | 3,757 | 3,649 | 3,501 | |
| Other | 2,975 | 3,144 | 3,700 | 3,988 | |
| Total intangibles | 6,835 | 6,901 | 7,349 | 7,489 | |
| Total investment properties | 187 | 187 | 187 | 187 | |
| Total biological assets | 44 | 44 | 44 | 44 | |
| Total heritage and cultural assets | 11,344 | 11,356 | 11,369 | 11,382 | |
| Total assets held for sale | 87 | 82 | 82 | 82 | |
| Total other non-financial assets | 265 | 292 | 139 | 134 | |
| Total non-financial assets | 122,757 | 126,766 | 131,565 | 137,455 | |
Note 16: Loans
| Estimates | Projections | ||||
|---|---|---|---|---|---|
| 2015‑16 $m |
2016‑17 $m |
2017‑18 $m |
2018-19 $m |
||
| Promissory notes | 9,878 | 9,354 | 9,330 | 9,306 | |
| Special drawing rights | 5,640 | 5,660 | 5,693 | 5,715 | |
| Other | 673 | 590 | 503 | 419 | |
| Total loans | 16,191 | 15,605 | 15,526 | 15,440 | |
Note 17: Employee and superannuation liabilities
| Estimates | Projections | ||||
|---|---|---|---|---|---|
| 2015‑16 $m |
2016‑17 $m |
2017‑18 $m |
2018-19 $m |
||
| Total superannuation liability(a) | 173,958 | 180,569 | 187,154 | 193,715 | |
| Other employee liabilities | |||||
| Leave and other entitlements | 7,388 | 7,447 | 7,535 | 7,621 | |
| Accrued salaries and wages | 577 | 609 | 623 | 632 | |
| Workers compensation claims | 3,265 | 3,298 | 3,338 | 3,384 | |
| Other | 5,829 | 6,023 | 6,245 | 6,475 | |
| Total other employee liabilities | 17,059 | 17,377 | 17,740 | 18,112 | |
| Total employee and superannuation liabilities | 191,017 | 197,946 | 204,894 | 211,826 | |
(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 | ||||
|---|---|---|---|---|---|
| 2015‑16 $m |
2016‑17 $m |
2017‑18 $m |
2018-19 $m |
||
| Suppliers payable | |||||
| Trade creditors | 4,767 | 4,661 | 4,717 | 4,718 | |
| Operating lease rental payable | 327 | 336 | 335 | 331 | |
| Other creditors | 878 | 879 | 881 | 883 | |
| Total suppliers payable | 5,972 | 5,877 | 5,933 | 5,932 | |
| Total personal benefits provisions and payables | 13,304 | 12,363 | 11,152 | 10,731 | |
| Total subsidies provisions and payables | 5,035 | 5,407 | 5,664 | 5,988 | |
| Grants provisions and payables | |||||
| State and Territory governments | 95 | 85 | 79 | 69 | |
| Non-profit organisations | 181 | 181 | 181 | 181 | |
| Private sector | 367 | 366 | 366 | 365 | |
| Overseas | 1,166 | 2,257 | 1,904 | 1,751 | |
| Local governments | 2 | 2 | 2 | 2 | |
| Other | 7,586 | 7,213 | 6,915 | 6,803 | |
| Total grants provisions and payables | 9,397 | 10,105 | 9,447 | 9,171 | |
| Other provisions and payables | |||||
| Provisions for tax refunds | 2,954 | 2,976 | 2,988 | 2,980 | |
| Other | 12,036 | 12,268 | 10,828 | 10,895 | |
| Total other provisions and payables | 14,990 | 15,245 | 13,816 | 13,875 | |
Note 19: Reconciliation of cash
| Estimates | Projections | ||||
|---|---|---|---|---|---|
| 2015‑16 $m |
2016‑17 $m |
2017‑18 $m |
2018-19 $m |
||
| Net operating balance (revenues less expenses) | -31,281 | -28,006 | -13,312 | -4,276 | |
| less Revenues not providing cash | |||||
| Other | 1,975 | 1,884 | 1,766 | 2,350 | |
| Total revenues not providing cash | 1,975 | 1,884 | 1,766 | 2,350 | |
| plus Expenses not requiring cash | |||||
| Increase/(decrease) in employee entitlements | 7,314 | 7,264 | 7,328 | 7,365 | |
| Depreciation/amortisation expense | 7,129 | 7,406 | 7,484 | 7,787 | |
| Mutually agreed write-downs | 1,887 | 1,946 | 2,089 | 2,243 | |
| Other | 1,205 | 937 | 2,186 | 2,358 | |
| Total expenses not requiring cash | 17,536 | 17,553 | 19,087 | 19,753 | |
| plus Cash provided / (used) by working capital items | |||||
| Decrease/(increase) in inventories | -202 | -238 | -38 | -60 | |
| Decrease/(increase) in receivables | -6,462 | -6,711 | -9,364 | -9,222 | |
| Decrease/(increase) in other financial assets | 1,791 | 2,387 | 2,677 | 2,296 | |
| Decrease/(increase) in other non-financial assets | 25 | -68 | -39 | -41 | |
| Increase/(decrease) in benefits, subsidies and grants payable | -2,376 | 220 | -1,404 | -221 | |
| Increase/(decrease) in suppliers' liabilities | 643 | -112 | 53 | -21 | |
| Increase/(decrease) in other provisions and payables | -1,224 | -1,339 | -2,096 | -2,160 | |
| Net cash provided / (used) by working capital | -7,806 | -5,861 | -10,211 | -9,428 | |
| equals (Net cash from/(to) operating activities) | -23,526 | -18,197 | -6,202 | 3,699 | |
| plus (Net cash from/(to) investing activities) | -37,775 | -44,013 | -30,673 | -29,826 | |
| Net cash from operating activities and investment | -61,301 | -62,210 | -36,875 | -26,127 | |
| plus (Net cash from/(to) financing activities) | 62,017 | 61,841 | 36,766 | 26,200 | |
| equals Net increase/(decrease) in cash held | 716 | -368 | -110 | 72 | |
| Cash at the beginning of the year | 3,156 | 3,872 | 3,503 | 3,393 | |
| Net increase/(decrease) in cash | 716 | -368 | -110 | 72 | |
| Cash at the end of the year | 3,872 | 3,503 | 3,393 | 3,466 | |