Attachment B
BUDGET FINANCIAL STATEMENTS
The budget financial statements consist of an operating statement, balance sheet, cash
flow statement and statement of other economic flows (reconciliation of net worth) for
the Australian Government general government sector. The budget financial
statements are based on GFS standards with the exception of the departures discussed
in Attachment A.
38
Part 4: Fiscal outlook
Table 15: Australian Government general government sector operating
statement
Estimates
2007-08
2008-09
$m
$m
Projections
2009-10
2010-11
$m
$m
235,871
0
5,191
4,663
2,707
3,451
251,885
246,766
0
5,322
4,467
4,017
3,471
264,042
260,071
0
5,452
5,601
4,003
3,613
278,739
267,266
0
5,567
6,537
4,384
3,755
287,509
2,483
2,675
15,093
58,056
3,314
81,620
2,650
2,724
15,001
61,725
3,537
85,638
2,761
2,805
15,426
64,888
3,678
89,558
2,765
2,945
15,826
66,834
3,882
92,253
6,276
3,992
0
6,319
3,911
0
6,470
3,886
0
6,723
3,737
0
Current transfers
Grant expenses
Subsidy expenses
Personal benefit payments in cash
Other current transfers
Total current transfers
44,889
7,314
84,487
0
136,690
47,866
7,542
89,783
0
145,191
49,400
7,826
94,954
0
152,180
50,543
8,137
100,930
0
159,611
Capital transfers
Total expenses
6,831
235,410
7,578
248,638
7,267
259,361
7,110
269,433
16,474
15,405
19,378
18,076
3,715
256
2,483
238
4,329
252
2,650
221
3,670
250
2,761
188
3,449
92
2,765
212
378
116
115
148
1,592
1,763
963
951
14,882
13,642
18,415
17,125
Revenue
Taxation revenue
Current grants and subsidies
Sales of goods and services
Interest income
Dividend income
Other
Total revenue
Expenses
Gross operating expenses
Depreciation
Superannuation
Salaries and wages
Payment for supply of goods and services
Other operating expenses
Total gross operating expenses
Nominal superannuation interest expense
Other interest expenses
Other property expenses
Net operating balance
Net acquisition of non-financial assets
Purchases of non-financial assets
less Sales of non-financial assets
less Depreciation
plus Change in inventories
plus Other movements in non-financial
assets
Total net acquisition of non-financial
assets
Net lending/fiscal balance(a)
(a) The term fiscal balance is not used by the ABS.
39
Part 4: Fiscal outlook
Table 16: Australian Government general government sector balance sheet
Estimates
2007-08
2008-09
$m
$m
Projections
2009-10
2010-11
$m
$m
Assets
Financial assets
Cash and deposits
Advances paid
Investments, loans and placements
Other non-equity assets
Equity(a)
Total financial assets
1,043
25,013
57,039
20,541
72,191
175,828
1,135
26,132
74,542
19,824
74,229
195,861
1,018
27,062
91,902
20,065
77,567
217,614
1,420
28,197
100,089
20,768
81,154
231,627
Non-financial assets
Land
Buildings
Plant, equipment and infrastructure
Inventories
Heritage and cultural assets
Other non-financial assets
Total non-financial assets
Total assets
6,940
16,981
10,931
3,486
8,245
3,090
49,673
225,501
6,972
18,258
11,084
3,610
8,258
3,206
51,387
247,249
6,900
19,122
11,049
3,788
8,280
3,251
52,389
270,003
7,016
20,062
10,784
3,971
8,294
3,307
53,433
285,061
Liabilities
Deposits held
Advances received
Government securities
Loans
Other borrowing
Superannuation liability
Other employee entitlements and provisions
Other non-equity liabilities
Total liabilities
263
0
59,288
7,085
365
106,879
8,479
25,926
208,284
263
0
59,469
6,801
824
110,654
8,829
26,268
213,108
263
0
58,917
6,556
784
114,379
9,204
26,406
216,508
263
0
50,947
6,610
741
118,158
9,645
26,947
213,311
17,217
34,141
53,494
71,750
Net worth(b)
Net debt(c)(d)
-16,094
-34,452
-53,463
-71,145
(a) Equity includes share holdings of the Future Fund.
(b) Net worth is calculated as total assets minus total liabilities.
(c) Net debt equals the sum of deposits held, advances received, government securities, loans and other
borrowing, minus the sum of cash and deposits, advances paid and investments, loans and placements.
(d) Includes the impact of the sale of the Government’s holding in Telstra. The net debt estimate in 2007-08
assumes that the Future Fund will increasingly be invested in equities, which are not included in the
calculation of net debt.
40
Part 4: Fiscal outlook
Table 17: Australian Government general government sector cash flow
statement(a)
Estimates
2007-08
2008-09
$m
$m
Projections
2009-10
2010-11
$m
$m
231,818
5,445
0
4,482
2,692
3,951
3,150
251,540
242,263
5,593
0
4,185
4,017
3,921
3,356
263,336
255,418
5,701
0
5,310
3,983
3,888
3,509
277,808
262,538
5,813
0
6,240
4,434
3,881
3,654
286,558
-62,065
-56,599
-3,646
-83,983
-20,044
-65,603
-59,408
-3,594
-89,519
-20,218
-68,729
-62,017
-3,472
-94,799
-20,884
-70,798
-63,553
-4,472
-100,632
-21,659
-74
-3,272
-229,683
-73
-3,517
-241,932
-73
-3,577
-253,551
-73
-3,682
-264,868
Net cash flows from operating activities
21,857
21,404
24,257
21,690
Cash flows from investments in
non-financial assets
Sales of non-financial assets
Purchases of non-financial assets
Net cash flows from investments in
non-financial assets
301
-3,938
258
-3,698
254
-3,568
88
-3,371
-3,637
-3,440
-3,313
-3,283
4,550
891
-1,806
-2,008
-24,884
-18,415
-18,010
-8,773
-24,884
-18,415
-18,010
-8,773
0
2,542
0
-540
2,002
0
167
0
-516
-349
0
-699
0
-546
-1,245
0
-6,995
0
-229
-7,224
-112
92
-117
402
Cash receipts from operating activities
Taxes received
Receipts from sales of goods and services
Grants and subsidies received
Interest receipts
Dividends
GST input credits received by general government
Other receipts
Total operating receipts
Cash payments for operating activities
Payments for goods and services
Grants and subsidies paid
Interest paid
Personal benefit payments
Salaries, wages and other entitlements
GST payments by general government to
taxation authority
Other payments for operating activities
Total operating payments
Net cash flows from investments in
financial assets for policy purposes
Cash flows from investments in financial
assets for liquidity purposes
Increase in investments
Net cash flows from investments in
financial assets for liquidity purposes
Cash flows from financing activities
Advances received (net)
Borrowing (net)
Deposits received (net)
Other financing (net)
Net cash flows from financing activities
Net increase/decrease in cash held
41
Part 4: Fiscal outlook
Table 17: Australian Government general government sector cash flow
statement(a) (continued)
Estimates
2007-08
$m
2008-09
$m
Projections
2009-10
$m
2010-11
$m
Net cash from operating activities and
investments in non-financial assets
18,220
17,964
20,944
18,407
Finance leases and similar arrangements(b)
-4
-502
-6
0
GFS cash surplus(+)/deficit(-)
18,216
17,463
20,938
18,406
less Future Fund earnings
3,382
3,066
3,210
3,317
Equals underlying cash balance(c)
14,834
14,396
17,729
15,089
plus net cash flows from investments in
financial assets for policy purposes
4,550
891
-1,806
-2,008
plus Future Fund earnings
3,382
3,066
3,210
3,317
Equals headline cash balance
22,766
18,354
19,132
16,399
(a) A positive number denotes a cash inflow; a negative sign 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.
Table 18: Australian Government general government sector statement of other
economic flows (reconciliation of net worth)
Estimates
2007-08
2008-09
$m
$m
-6,068
17,217
Opening net worth
Projections
2009-10
2010-11
$m
$m
34,141
53,494
Opening net worth adjustments(a)
8,291
0
0
0
Adjusted opening net worth
2,223
17,217
34,141
53,494
16,474
15,405
19,378
18,076
608
3,866
2,627
2,917
-2,020
7
0
0
0
-113
-381
419
-1,833
4
0
0
0
-127
152
-543
-2,060
19
0
0
0
-109
117
-619
-2,144
12
0
0
0
-99
125
-632
Change in net worth from operating
transactions
Change in net worth from other
economic flows
Revaluation of equity(b)
Net writedowns of assets
(including bad and doubtful debts)
Assets recognised for the first time
Liabilities recognised for the first time
Actuarial revaluations
Net foreign exchange gains
Net swap interest received
Market valuation of debt
Other economic revaluations(c)
Total other economic flows
-1,480
1,519
-24
179
Closing net worth
17,217
34,141
53,494
71,750
(a) Adjustment to net worth arising mainly from a change in accounting policy for education grants.
(b) Revaluations of equity reflects changes in the market valuation of investments. This line also reflects any
equity revaluations at the point of disposal or sale.
(c) Largely reflects revaluation of assets and liabilities.
42