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Relative to the 1999-2000 Budget, expenses have decreased slightly in 1999-2000, but
increased significantly in the forward years (see Table 17).
Since the 1999-2000 Budget, there have also been a number of Capital Measures
committed to the Attorney-General’s, Defence, Environment and Heritage, and
Immigration and Multicultural Affairs Portfolios (see Table 24).
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Since the 1999-2000 Budget, the expense estimates have decreased slightly in
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estimates since the 1999-2000 Budget have largely been driven by policy decisions,
primarily due to:
x
legislative changes to The New Tax System package; and
x
Australia's involvement in peacekeeping and aid activities in East Timor.
Revisions to programme specific parameters increase expenses in all years mainly due
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came into effect on 1 January 1999 and the estimates have been adjusted in line with
actual data on spending and membership take-up;
x
higher than expected levels of age pension payments;
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of student numbers. Youth Allowance is a new programme that was introduced on
1 July 1998 and historical data is still being developed. The uptake of this new
allowance was greater than first estimated; and
x
the estimates made at Budget for service and war widow pensions, allowances and
healthcare were reassessed and based on actual expenditure for the last financial
year and the first three months of this financial year. The major contributors to the
increase were the assumptions made regarding veterans’ mortality rates.
Other variations since the 1999-2000 Budget include:
x
the redirection of some Defence capital expenditure to expenses;
x
estimated public debt interest expenses increasing since budget time in each year
from 2000-01 to 2002-03. However, the increase in anticipated interest expenses has
been accompanied by a significant offsetting rise in interest revenue (this is the
result of a greater use of swaps transactions in the management of the
1
Commonwealth’s debt portfolio); and
x
a reduction in the Contingency Reserve estimate.
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The Contingency Reserve is the means of ensuring that the aggregate estimates are
robust and based on the best information available at the time of publication. The
major components of the Contingency Reserve for the budget and forward estimates
include the following:
x
an allowance for the tendency for budget estimates of expenses for existing
government policy to be revised upwards in the forward years;
x
an allowance for the tendency for estimates of some expenses to be overstated in
the budget year;
x
commercial-in-confidence and national security-in-confidence items which cannot
be disclosed separately;
x
minor decisions made late in the Budget process; and
x
the effect of economic parameter revisions on the budget and forward estimates
received late in the process and hence not able to be allocated to individual
agencies.
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Swaps are used in the efficient management of the Commonwealth’s net debt portfolio.
Swap transactions generate interest expenses and interest revenues. Consequently, a larger
Commonwealth swaps programme increases both interest expenses and interest revenues.
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All data in this table are produced on a AAS31 basis unless otherwise specified.
The Whole of Government portfolio includes elimination entries for transactions between agencies within the general government sector. These transactions will
include grant payments, supply payments, superannuation payments and monies appropriated from the Official Public Account.
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Capital in this section is defined as net capital investment, the capital component used
in the calculation of the fiscal balance. This is defined as:
x
purchases of capital equipment
x
less any proceeds from their sale and any reduction in the value of capital
equipment as measured by depreciation
x
plus net investment in other non-financial assets, including inventories.
Net capital investment is also equal to the change in non-financial assets held by the
government, adjusted for revaluations.
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Table 23 provides a reconciliation of the MYEFO net capital investment estimates with
those at the 1999-2000 Budget, showing the effect of policy decisions and parameter
and other variations.
New capital decisions since Budget include:
x
the establishment of a 24-hour-a-day National Surveillance Centre by the
Australian Customs Service to assist the national coastal surveillance effort;
x
additional fit-out and accommodation expenditure by the Department of
Immigration and Multicultural Affairs to enhance its immigration compliance
activities overseas;
x
capital improvements to enhance tourism infrastructure and environmental
protection in the Kakadu and Uluru Kata-Tjuta National Parks; and
x
capital expenditure incurred in support of peacekeeping operations in East Timor.
The redirection of some defence spending from capital to operating expenses accounts
for a substantial proportion of parameter and other variations in net capital investment
since budget time.
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A broader accounting view of capital is the maintenance of net assets. As owner, the
Government is responsible for ensuring that agencies have access to new capital when
additional investment is required to deliver outputs efficiently and competitively,
having regard to the cost of capital. Agencies are responsible for ensuring that the
value of the Government’s investment is maintained in accordance with Government
policies. Normally, this requires each agency to ensure that revenues cover all
expenses, including depreciation.
Since budget time, additional equity funding has been provided to the Australian
Federal Police to enable it to extinguish accumulated liabilities under the present
Australian Federal Police Adjustment Scheme (AFPAS) and the Cessation Payment
Scheme. However, this has no impact on net capital investment.
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Net capital investment is defined as the purchase of property, plant, equipment and intangibles and
net investment in other non-financial assets less proceeds from their sale and depreciation. Capital
policy decisions as shown above do not include capital measures that fall outside this definition, for
example equity injections to reduce an agency’s balance sheet liabilities.
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