Chapter 10: Uniform Financial Reporting

Financial aggregates in this chapter are prepared in line with:
– the Uniform Presentation Framework (UPF) endorsed by the Australian Loan Council
– Australian Accounting Standard AASB 1049 Whole of Government and General Government
Sector Financial Reporting, which adopts a harmonised Government Finance Statistics (GFS)
– Generally Accepted Accounting Principles (GAAP) reporting basis.
– UPF Tables also include disclosures in accordance with Government Finance Statistics
(GFS), which is a system used by the Australian Bureau of Statistics (ABS) to classify the
transactions of government. These ‘convergence’ differences between the reporting
frameworks are explained in Chapter 10.2 Uniform Presentation Framework.
– Appendix A outlines the accounting policies and forecast assumptions adopted in the
Budget. The Operating Statements as per Table 10.1, Table 10.10 and Table 10.14
quantifies the impact on the forward estimates from 2013-14 to 2016-17, from the
adoption in 2013-14 of revised calculations for superannuation interest expense and
actuarial gains/losses, in accordance with revisions to AASB 119 Employee Benefits.

An 8-year time series is provided from 2009-10 to 2016-17 for the general government sector,
public non-financial corporation (PNFC or public trading enterprise) sector, and consolidated
sector.

The Australian Bureau of Statistics (ABS) will release its GFS-based Government Finance
Estimates publication at www.abs.gov.au in August 2013.
10.1 Introduction
This chapter presents financial aggregates for the general government sector, public
non-financial corporation (PNFC) sector and consolidated sector. These aggregates are prepared
in line with the revised Uniform Presentation Framework (UPF) agreed by the Australian Loan
Council in March 2008.
The Australian Loan Council comprises each state and territory Treasurer and the Australian
Treasurer. It monitors state finances, particularly the forecast cash surplus/(deficit) of
governments and their future financing/investing requirements. Accordingly, the objective of
the UPF is to ‘facilitate a better understanding of individual government’s budget papers and
provide for more meaningful comparisons of each government’s financial results and
projections’1.
1
Uniform Presentation Framework: For the Presentation of Uniform Financial Information by Commonwealth,
State and Territory Governments, Australian Loan Council, April 2008, p. 1.
Budget Statement 2013-14
10 - 1
The format of the aggregates is based on reporting standards set out by the Australian
Accounting Standards Board – AASB 1049 Whole of Government and General Government Sector
Financial Reporting, which adopts a harmonised GFS-GAAP reporting basis.
The UPF financial aggregates:

allow consistent comparisons between the financial position of Australian governments

facilitate time series comparisons since they are relatively unaffected by changes in public
sector administrative structures

permit an assessment of how public sector transactions affect the economy by providing
data classified by economic type.
The general government tables in this chapter are consistent with those in Chapter 1 but are
repeated here for completeness.
10.2 Uniform Presentation Framework
The NSW Government financial tables in this chapter meet Loan Council obligations under the
UPF.2 Additional disclosure explains matters specific to New South Wales.
Framework
The UPF tables are in line with AASB 1049 which:

adopts generally accepted accounting principles (GAAP) definitions, including recognition
and measurement principles in almost all cases

amends presentation requirements to encompass a comprehensive result that retains the
GAAP classification system but overlays it with a transactions and other economic flows
classification system based on GFS

expands the disclosure requirements to include key fiscal aggregates required by GFS.
Due to differences in reporting classifications, GFS financial aggregates released by the
ABS from 2008-09 will differ from UPF aggregates. These ‘convergence’ differences are not
generally material for New South Wales, apart from GFS’s exclusion of deferred tax. For more
information on other differences see Primary Financial Statements later in this chapter. For
details and amounts of the key 2011-12 convergence differences, see page 5-151 of the 2011-12
Report on State Finances.
2
10 - 2
The complete UPF manual is available on the Australian Treasury website www.treasury.gov.au. Extracts
from the manual are included in this chapter to explain key concepts while the glossary to this budget
paper also includes key UPF terms.
Budget Statement 2013-14
Historical Series
To ensure a consistent historical series of fiscal aggregates, all jurisdictions have agreed to back
cast published historical data on a best endeavours basis. For example, historic information in
the consolidated operating statements has been recast on the basis of available dissections
between GFS transactions and other economic flows.
Fiscal Measures
UPF reporting measures evaluate the soundness of a government’s fiscal position and fiscal
policy’s effect on the economy. The fiscal measures in the UPF framework are:

net operating balance

net lending/borrowing (fiscal balance)

net worth

change in net worth (comprehensive result)

net debt

net financial worth

net financial liabilities

cash surplus/(deficit)

ABS GFS cash surplus/(deficit).
Definitions of these measures are set out in the Glossary to this budget paper.
Flow measures (net operating balance, net lending/borrowing and change in net worth) show
changes in the fiscal position during the reporting period, reflecting the impact of government
decisions and actions, and re-measurement effects during that time. Flows represent the creation,
transformation, exchange, transfer or extinction of economic value.
Stock measures (net worth, net debt, net financial worth and net financial liabilities) highlight a
government’s fiscal position at a point in time, providing information on the aggregate results of
past decisions.
Budget Statement 2013-14
10 - 3
10.3 Primary Financial Statements
UPF Presentation
Public sector estimates and outcomes are presented on an accrual accounting basis in three
AASB 1049 based primary statements: the operating statement, including other economic flows;
the balance sheet; and the cash flow statement. AASB 1049 adopts GFS principles where this
does not conflict with GAAP. Details of key convergence differences between GFS and GAAP
are explained in this chapter. The following statements, along with the Loan Council Allocation
statement, form the UPF’s core reporting requirements. Appendix D sets out the underlying
accounting principles adopted by New South Wales.
Operating Statement
The operating statement:

presents information on transactions (revenue and expenses) and other economic flows
(revaluations and adjustments)

captures the composition of revenues and expenses and the net cost of government activities
within a fiscal year

shows the full cost of resources consumed by the government in achieving its objectives, and
the extent that these costs are funded from various revenue sources; and

shows information on capital expenditure and asset sales to derive a net lending/borrowing
position.
The operating statement also reports three major fiscal measures:

net operating balance which is calculated as revenue minus expenses from transactions.
New South Wales recognises its budget result as the net operating balance for the general
government sector

total change in net worth (comprehensive result) which starts with the net operating balance
and includes other economic flows such as revaluations

net lending (fiscal balance) which starts with the net operating balance and includes net
capital expenditure but excludes depreciation, giving the best indicator of a jurisdiction’s call
on financial markets.
10 - 4
Budget Statement 2013-14
Commencing 2013-14, changes to AASB 119 Employee Benefits will affect the calculation of the
Net Superannuation Interest Cost and Superannuation Actuarial Gain / Loss. The impact of the
change is to increase operating expenses (and reduce the operating result) which is offset by an
equal and offsetting change in the actuarial gain/loss recognised in other comprehensive income
(i.e. outside profit and loss). The change (before dividend and tax effects) will not impact the
comprehensive result, nor the unfunded superannuation liability and net assets. For comparative
information excluding impacts of the changes to AASB 119 refer to chapter 4.
Convergence differences in Operating Statement
The main differences in treatment between the NSW GFS operating statement and the
harmonised AASB 1049 operating statement presented are:

The harmonised aggregates exclude selected Australian Government transfer payment
revenues and expenses that pass through the State’s accounts. The ABS requires such
payments to be grossed up in GFS reports. However, they are excluded from the AASB
1049 UPF reports as the NSW Government has no control over them (for information on
the gross value of these grants see footnotes to the grants revenue and expense table 10.6).

Grants are recognised when the State gains control over the assets. Control is normally
obtained when the cash is received. The Australian Government gave the State a $960
million grant in June 2006 for road works to be carried out over several years. Under AASB
1049, this revenue is recognised in 2005-06 when the cash was received. However, in GFS
reports, this revenue is recognised to match the timing of expenditure over the period 200506 to 2009-10. This GFS treatment is in line with an ABS direction.

Dividends paid by the PNFC and Public Financial Corporation sectors are recognised as an
expense in GFS (in the PNFC and PFC sector operating statements), but they are treated as
an equity transaction for AASB 1049.

A liability is recognised in the UPF balance sheet for prepaid licence concession receipts.
Income is subsequently recognised from amortising the prepaid licence over the concession
period. GFS treats this as a sale of a non-produced intangible asset in the period that the
prepayment is received.
Balance Sheet
The balance sheet:

records the value of financial and non-financial assets and liabilities of governments, at the
end of each financial year

shows the resources at the government’s disposal and the type and valuation of its liabilities

reveals the make-up of the government’s financial assets, its fixed asset holdings, and the
extent of liabilities such as borrowings and unfunded superannuation and

allows comparisons of asset and liability levels between jurisdictions and time periods.
Budget Statement 2013-14
10 - 5
The UPF balance sheet fiscal aggregates include net worth, net financial worth, net financial
liabilities and net debt.
Convergence differences in Balance Sheet
The main differences in treatment between the GFS balance sheet and the harmonised AASB
1049 balance sheet presented here are:

Allowance for doubtful debts is recognised and reported in the UPF balance sheet, but is
excluded from the GFS balance sheet, as GFS does not recognise an economic event has
occurred

A prepaid income liability is recognised in the UPF balance sheets for unamortised prepaid
licences. This liability is excluded from the GFS balance sheet, which treats the prepaid
income as an upfront sale of a non-produced intangible asset

GFS balance sheets exclude deferred tax assets and deferred tax liabilities, but they are
reported in accounting balance sheets. The convergence difference only affects GGS, PNFC
and PFC (Public Financial Corporations) sector balance sheets, as the assets and liabilities
are eliminated for the consolidated Non-financial Public Sector and Total Public Sector
balance sheets

GFS balance sheets exclude provisions for asset remediation liabilities, and the related
capitalised asset value, but they are reported in accounting balance sheets. GFS will only
recognise the liability when it effectively becomes payable to a counterparty.
The convergence difference affects net financial liabilities, but not net worth

Net financial worth and net financial liabilities aggregates are affected by the differing
treatments for prepayments. Prepayments are treated in GFS as a receivable (financial asset),
but in the UPF they are classified as a non-financial asset under AASB 1049. While this
difference affects net financial liabilities and net financial worth, it does not affect net debt
and net worth aggregates

GFS net debt for the general government sector will always be lower than (AASB 1049) net
debt, as the ABS requires that certain equity investments (in multi-jurisdictional agencies) be
reclassified for GFS purposes as advances, reducing the value of GFS net debt. While this
affects net debt, it does not affect net financial liabilities and net worth aggregates

By definition, GFS net worth for the PNFC and PFC sectors will always be zero,
as owner’s equity is classified as equivalent to a liability. However, under the UPF, liabilities
exclude owner’s equity.
10 - 6
Budget Statement 2013-14
Cash Flow Statement
The cash flow statement reveals how a government obtains and expends cash. It shows how
government cash inflows and outflows are allocated between various activities, and their net
impact on cash held.
This statement requires cash flows to be categorised into:

operating activities comprising activities linked to collecting taxes, distributing grants, and
providing goods and services

investing activities comprising activities linked to acquiring and disposing financial and
non-financial assets

financing activities comprising activities linked to changing the size and composition of a
government’s financial structure.
The signing convention within the cash flow statement is that all inflows carry a positive sign and
all outflows carry a negative sign (regardless of whether they are gross or net cash flows).
The cash flow statement reports two fiscal measures:

net increase in cash held which is the sum of net cash flows from all operating, investing and
financing activities

cash surplus/(deficit) which comprises only net cash from operating activities, plus sales and
less purchases of non-financial assets (less dividends paid for the PNFC and PFC sectors).
The ABS GFS cash surplus/(deficit) is shown in a separate table. The ABS GFS cash
surplus/(deficit) is derived by deducting finance leases and similar financing arrangements from
the AASB 1049 cash surplus/(deficit) for all sectors.
Exclusion of non-cash finance leases and similar financing arrangements is the only difference
between the GFS cash result and the AASB 1049 result.
New South Wales uses the AASB 1049 cash result (excluding the impact of finance leases and
similar financing arrangements) as its headline cash result.
Institutional Sectors
Appendix B lists NSW-controlled entities. The NSW-controlled entities have been classified
according to their government sector. These sectors are defined in the ABS GFS manual.
10.4 Emerging Issues
Market/non-market agency classification
The ABS released the revised Standard Economic Sector Classification of Australia (SESCA), Australia,
2008 (Cat.no.1218.0) in June 2009.
Budget Statement 2013-14
10 - 7
The ABS will implement a principles-based approach in classifying agencies as either market or
non-market. The principle is that market operators make decisions about what to produce and
how much to produce in response to expected levels of demand and expected costs of supply. A
market producer should therefore earn a significant amount from sales, but other factors may
need to be taken into account.
Applying the market/non-market definition may result in some public sector agencies moving
between the public corporations and general government sectors.
The ABS GFS Concepts, Sources and Methods currently references the 2002 SESCA. This will
remain the standard in GFS until the ABS GFS Concepts, Sources and Methods is revised following
the updates to the International Monetary Fund GFS manual. Timing for the IMF GFS update
is still to be confirmed.
10.5 Uniform Presentation Tables
These tables are set out by institutional sectors showing the order of operating statement, balance
sheet and cash flow statement.
In addition to the UPF minimum disclosure requirements, these tables also include a historical
and forward-year time series.
The tables for general government include:

tax revenues by type;

a dissection of grant revenue and expense;

dividend and income tax equivalent income by sector;

total expenses by function; and

purchases of non-financial assets by function.
10 - 8
Budget Statement 2013-14
Table 10.1: General Government Sector Operating Statement
2009-10 2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17
Ac tual
Ac tual
Ac tual Rev ised Budget
Forward estimates
$m
$m
$m
$m
$m
$m
$m
$m
Revenue from Transac t ions
Taxation
Grant and Subsidies
- Commonwealth - general purpose
- Commonwealth - national agreements
- Commonwealth - national partnership pay ments
- Other grants and subsidies
Sale of goods and serv ic es
Interest
Div idend and inc ome tax equiv alents
from other sec tors
Other div idends and distributions
Fines, regulatory fees and other
Tot al Revenue from t ransac t ions
Expenses from Transac t ions
Employ ee
Superannuation
- Superannuation interest c ost
- Other superannuation
Deprec iation and amortisation
Interest
Other property
Other operating
Grants and Transfers
- Current grants and transfers
- Capital grants and transfers
Tot al Expenses from t ransac t ions
19,129
20,395
20,660
21,783
23,455
24,917
26,510
28,111
13,419
6,555
6,345
671
4,321
335
13,900
6,861
4,215
641
4,658
489
14,289
6,806
4,948
700
4,961
552
14,777
6,983
2,413
876
5,519
429
15,588
7,339
2,903
949
5,460
483
16,308
7,961
2,843
956
5,685
492
17,063
8,643
1,987
970
6,307
519
17,624
9,312
1,744
984
5,980
508
2,048
285
3,236
1,971
430
3,608
2,138
410
3,591
2,606
557
3,656
2,155
467
3,774
1,961
491
4,117
1,822
512
4,282
1,792
539
4,407
56, 344
57, 168
59, 599
62, 573
65, 731
68, 615
71, 001
23,094
24,278
25,425
26,215
26,710
27,413
28,188
29,329
951
2,122
2,777
1,674
1
11,543
833
2,212
2,817
1,877
1
12,440
821
2,294
2,978
2,082
1
13,409
(106)
2,456
3,586
2,249
...
14,157
1,438
2,466
3,855
2,246
...
15,044
1,471
2,529
4,048
2,462
...
15,253
1,483
2,542
4,158
2,624
...
16,615
1,460
2,612
4,250
2,692
...
16,562
8,036
5,211
8,878
2,493
9,240
2,143
9,060
2,357
9,496
3,207
9,801
3,316
10,083
2,764
10,277
3,284
59, 973
64, 462
66, 295
68, 459
70, 466
59, 054
55, 409
55, 829
58, 394
BUDGET RESULT - SURPLUS/(DEFICIT)
[Net Operat ing Balanc e]
935
1, 339
660
(374)
(1, 890)
(563)
157
535
Ot her ec onomic flow s inc luded in t he operat ing result
Gain/(Loss) from other liabilities
Other net gains/(losses)
Share of earnings from assoc iates (exc luding div idends)
Div idends from asset sale proc eeds
Deferred inc ome tax in the operating result and other
(238)
858
153
...
782
87
46
151
3,406
(451)
(1,074)
(815)
(23)
12
(619)
79
(283)
(125)
151
(388)
225
193
8
...
55
296
27
18
...
104
183
78
10
...
96
84
54
10
...
107
4, 578
(1, 859)
(940)
(1, 409)
(119)
524
789
447 (19,407)
976
6,383
4,247 (5,479)
(192)
(7)
1,613
3,224
6,228
93
5,652
3,708
5,976
(54)
6,717
3,778
7,874
(19)
4,069
3,839
5,822
(18)
Operat ing result (ac c ount ing basis)
2, 490
Ot her ec onomic flow s - ot her non-ow ner movement s in equit y
Superannuation ac tuarial gains/(loss)
(3,156)
Rev aluations
5,619
Net gain/(loss) on equity inv estments in other sec tors
5,685
Other
107
Comprehensive result - t ot al c hange in net w ort h
before t ransac t ions w it h ow ners(a)
Budget Statement 2013-14
10, 745
10, 057
(20, 369) 10, 216
13, 873
18, 231
14, 236
2,178
3,913
4,864
...
11, 744
10 - 9
Table 10.1: General Government Sector Operating Statement (cont)
2009-10 2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17
Ac tual
Ac tual
Ac tual Rev ised Budget
Forward estimates
$m
$m
$m
$m
$m
$m
$m
$m
KEY FISCAL AGGREGATES
Comprehensive result - t ot al change in net w ort h
before t ransact ions w it h ow ners(a)
Less: Net other ec onomic flows
equals: Budget Result - net operat ing balance
less Net ac quisition of non-financ ial assets
Purc hases of non-financ ial assets
Sales of non-financ ial assets
less Deprec iation
plus Change in inv entories
plus Other mov ements in non-financ ial assets
- assets ac quired using financ e leases
- other
equals Total Net ac quisition of non-financ ial assets
equals Net Lending/(Borrow ing) [Fiscal Balance]
10, 745 10, 057 (20, 369) 10, 216 13, 873 18, 231 14, 236 11, 744
(9,809) (8,718) 21,030 (10,590) (15,763) (18,794) (14,080) (11,209)
935
7,034
(722)
(2,777)
(11)
251
(148)
1, 339
6,537
(282)
(2,817)
4
510
299
660
(374)
(1, 890)
(563)
5,782
(384)
(2,978)
7
7,268
(1,019)
(3,586)
8
8,941
(688)
(3,855)
2
9,641
(479)
(4,048)
2
8,507
(461)
(4,158)
(4)
8,455
(323)
(4,250)
2
741
(816)
144
(1,907)
112
(1,989)
120
(1,536)
129
(2,023)
98
178
157
535
3, 627
4, 250
2, 704
2, 596
2, 637
3, 239
2, 468
1, 989
(2, 692)
(2, 911)
(2, 043)
(2, 970)
(4, 527)
(3, 803)
(2, 311)
(1, 454)
7,286
7,046
5,880
8,009
9,085
9,753
8,627
8,584
935
1,339
660
829
1,305
1,526
OTHER FISCAL AGGREGATES
Capital expenditure (b)
Budget Result exc luding the impac t of amended AASB 119 (c)
Net Lending exc luding the impac t of amended AASB 119 (c)
(2,692)
(2,911)
(2,043)
(374)
(329)
(2,970)
(2,966)
(2,411)
(1,163)
(463)
(a) ‘Total change in net worth’ is before transactions with owners as owners, and before revisions to equity from changes
to accounting policies. Therefore, it may not equal the movement in balance sheet net worth.
(b) Capital expenditure comprises purchases of non-financial assets plus assets acquired using finance leases.
(c) From 2013-14, AASB 119 requires a market yield on government bonds to be used to estimate the return on
superannuation assets rather an expected return. This aggregate is presented to facilitate comparisons with results
from previous years. Further details are provided in Appendix A.
10 - 10
Budget Statement 2013-14
Table 10.2: General Government Sector Balance Sheet
June 2010 June 2011 June 2012 June 2013 June 2014 June 2015 June 2016 June 2017
Ac tual
Ac tual
Ac tual
Rev ised
Budget
$m
$m
$m
$m
$m
3,071
6,211
304
6,823
904
5,681
8,258
5,785
410
7,578
882
5,368
6,576
6,012
470
7,235
936
4,733
8,277
6,092
485
9,038
908
4,448
78,912
1,219
...
84,232
3,731
...
78,306
4,224
12
Tot al Financ ial Asset s
103, 126
Non-financ ial assets
- Inv entories
282
- Forestry stoc k
and other biologic al assets
7
- Assets c lassified as held for sale
133
- Inv estment properties
269
Property , plant and equipment
- Land and Buildings
56,430
- Plant and Equipment
7,983
- Infrastruc ture Sy stems
58,691
Intangibles
1,245
Other
1,111
Tot al Non-financ ial Asset s
126, 150
116, 246
Forward estimates
$m
$m
$m
6,404
5,762
276
9,999
931
4,549
6,971
5,713
211
10,713
938
4,693
6,023
5,774
187
11,207
966
4,818
5,614
5,764
191
11,782
983
4,966
78,497
4,189
13
84,347
4,197
13
92,112
4,215
13
97,840
4,225
13
102,644
4,235
13
108, 504
111, 948
116, 479
125, 580
131, 054
136, 193
276
284
291
292
294
290
293
9
248
236
8
432
169
8
250
55
8
96
55
8
132
55
8
80
55
8
100
55
58,388
9,775
59,913
1,292
1,241
131, 378
62,020
9,828
63,882
1,710
1,495
139, 828
61,422
9,571
70,744
2,103
1,938
146, 382
62,734
9,472
75,289
2,515
2,161
152, 622
63,438
9,461
80,744
2,762
2,393
159, 287
63,769
9,721
85,929
2,795
2,642
165, 290
63,993
9,974
90,791
2,729
2,910
170, 853
229, 276
247, 624
248, 332
258, 330
269, 101
284, 867
296, 344
307, 046
78
3,687
22
19,074
807
10,929
32,722
828
5,718
2,519
1,378
3,937
48
22,530
770
11,632
32,333
659
5,878
2,547
1,233
4,423
18
26,886
755
12,802
47,181
780
6,252
2,492
1,071
4,342
...
29,456
729
12,889
44,460
687
6,764
2,281
950
4,524
...
31,390
714
12,752
39,444
731
6,875
2,215
845
4,577
5
35,264
713
12,586
33,215
749
6,989
2,182
753
4,224
5
36,570
747
12,495
29,479
761
7,164
2,169
672
4,148
4
37,339
691
12,647
27,497
758
7,421
2,148
76, 384
81, 712
102, 822
102, 679
99, 595
97, 127
94, 367
93, 326
152, 892
165, 912
145, 511
155, 651
169, 506
187, 740
201, 977
213, 720
24,330
128,563
30,436
135,476
10,650
134,861
17,362
138,289
21,679
147,827
28,390
159,350
33,081
168,896
36,127
177,593
152, 892
165, 912
145, 511
155, 651
169, 506
187, 740
201, 977
213, 720
Net Financ ial Wort h
26, 742
34, 534
5, 682
9, 269
16, 884
28, 453
36, 687
42, 867
Net Financ ial Liabilit ies
52, 170
49, 698
72, 624
69, 228
67, 463
63, 659
61, 153
59, 777
9, 161
7, 960
14, 127
13, 032
15, 720
18, 199
19, 873
20, 323
Asset s
Financ ial assets
Cash and c ash equiv alent assets
Rec eiv ables
Tax equiv alents rec eiv able
Financ ial assets at fair v alue
Adv anc es paid
Deferred tax equiv alents
Equity
Inv estments in other
public sec tor entities
Inv estments in assoc iates
Other
Tot al Asset s
Liabilit ies
Deposits held
Pay ables
Tax equiv alents pay able
Borrowings
Adv anc es rec eiv ed
Employ ee prov isions
Superannuation prov isions ( a)
Deferred tax equiv alent prov isions
Other prov isions
Other
Tot al Liabilit ies
NET ASSETS
Net Wort h
Ac c umulated Funds
Reserv es
NET WORTH
OTHER FISCAL AGGREGATES
Net Debt
(b)
(a) Superannuation liabilities are reported net of prepaid superannuation contribution assets.
(b) Net debt comprises the sum of deposits held, borrowings and advances received, minus the sum of cash and
cash equivalents, financial assets at fair value and advances paid.
Budget Statement 2013-14
10 - 11
Table 10.3: General Government Sector Cash Flow Statement
2009-10 2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17
Ac tual
Ac tual
Ac tual Rev ised Budget
Forward estimates
$m
$m
$m
$m
$m
$m
$m
$m
Cash Rec eipt s from Operat ing Ac t ivit ies
Taxes rec eiv ed
Rec eipts from sales of goods & serv ic es
Grants and subsidies rec eiv ed
Interest rec eipts
Div idends and inc ome tax equiv alents
Other rec eipts
Tot al Operat ing Rec eipt s
Cash Payment s for Operat ing Ac t ivit ies
Pay ments for employ ees
Pay ments for superannuation
Pay ments for goods & serv ic es
Grants & subsidies paid
Interest paid
Other pay ments
Tot al Cash Operat ing Payment s
Net Cash Flow s from Operat ing Ac t ivit ies
18,895
4,585
26,976
324
1,867
5,107
57, 755
20,375
5,378
25,549
464
2,068
5,444
59, 279
20,801
5,046
26,640
521
1,980
6,394
61, 382
21,896
5,936
24,943
407
2,073
4,822
60, 077
23,478
5,721
26,704
462
2,663
5,265
64, 294
24,858
6,012
27,992
480
2,167
5,618
67, 127
26,496
6,588
28,589
492
1,939
5,852
69, 956
28,117
6,315
29,592
473
1,807
6,026
72, 330
(22,424) (23,461) (24,756) (26,111) (26,572) (27,243) (28,478) (29,127)
(2,918)
(2,989)
(7,673)
(3,302)
(3,268)
(3,512)
(3,693)
(3,876)
(12,591) (13,647) (14,735) (15,015) (16,586) (16,934) (18,270) (18,377)
(11,061)
(9,626)
(9,576)
(8,517)
(8,704)
(8,918)
(9,047)
(9,146)
(1,120)
(1,230)
(1,405)
(1,627)
(1,613)
(1,778)
(1,888)
(1,981)
(3,542)
(3,239)
(2,933)
(2,784)
(2,328)
(2,313)
(2,347)
(2,361)
(53, 354) (53, 885) (61, 686) (57, 355) (59, 071) (60, 698) (63, 722) (64, 868)
4, 401
5, 393
(304)
2, 722
5, 223
6, 429
6, 233
7, 462
270
(6,486)
379
(5,806)
988
(7,133)
715
(8,899)
479
(9,663)
462
(8,581)
324
(8,447)
(6, 322)
(6, 216)
(5, 427)
(6, 145)
(8, 184)
(9, 183)
(8, 119)
(8, 122)
Cash Flow s from Invest ment s in Financ ial Asset s
for Polic y Purposes
Rec eipts
781
(294)
Pay ments
Tot al Cash Flow s from Invest ment s in
Financ ial Asset s for Polic y Purposes
487
3,775
(250)
323
(171)
5,219
(130)
208
(285)
230
(147)
246
(197)
262
(199)
3, 525
152
5, 088
(78)
83
50
62
Cash Flow s from Invest ment s in Non-Financ ial Asset s
Sales of non-financ ial assets
748
(7,070)
Purc hases of non-financ ial assets
Net Cash Flow s from Invest ment s in
Non-Financ ial Asset s
Net Flow s from Invest ment s in Financ ial Asset s
for Liquidit y Purposes
Rec eipts
373
(1,262)
Pay ments
Net Cash Flow s from Invest ment s in
Financ ial Asset s for Liquidit y Purposes
(889)
Cash Flow s from Financ ing Ac t ivit ies
Adv anc es rec eiv ed
Adv anc es repaid
Proc eeds from borrowings
Repay ments of borrowings
Deposits rec eiv ed (net)
Other financ ing (net)
Net Cash Flow s from
Financ ing Ac t ivit ies
Net Inc rease/(Dec rease) in Cash Held
Derivat ion of t he Cash Result
Net c ash flows from operating ac tiv ities
Net Cash Flows from inv estments in
non-financ ial assets
Cash Surplus/(Defic it )
10 - 12
496
(897)
598
(394)
160
(601)
70
(545)
100
(436)
305
(397)
266
(414)
(401)
204
(441)
(475)
(336)
(91)
(148)
25
(52)
3,851
(3,187)
(145)
(11)
20
(55)
2,173
(472)
(122)
...
32
(56)
4,295
(647)
(107)
...
58
(50)
1,663
(629)
(95)
...
3
(85)
1,083
(599)
(83)
...
1, 542
3, 517
...
(53)
3,015
(1,025)
5
144
...
(52)
3,375
(1,820)
1,299
(37)
2, 085
15
(54)
12,701
(8,843)
(147)
12
2, 765
3, 685
947
319
(238)
5, 067
(1, 690)
1, 704
480
(1, 972)
510
(981)
(427)
4,401
5,393
(304)
2,722
5,223
6,429
6,233
7,462
(6,322)
(6,216)
(5,427)
(6,145)
(8,184)
(9,183)
(8,119)
(8,122)
(1, 921)
(822)
(5, 731)
(3, 423)
(2, 961)
(2, 754)
(1, 886)
(660)
Budget Statement 2013-14
Table 10.4: Derivation of ABS GFS General Government Sector Cash
Surplus/(Deficit)
2009-10 2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17
Forward estimates
Ac tual
Ac tual
Ac tual Rev ised Budget
$m
$m
$m
$m
$m
$m
$m
$m
Cash Surplus/(Deficit )
Assets ac quired under financ e leases
Other financ ing arrangements (a)
(1, 921)
(251)
10
(39)
ABS GFS Surplus/(Deficit )
(2, 163)
(1, 371)
(822)
(510)
(5, 731)
(98)
(3, 423)
(741)
(2, 961)
(144)
(2, 754)
(112)
(1, 886)
(120)
(660)
(129)
29
(104)
(69)
21
74
(9)
(5, 801)
(4, 268)
(3, 174)
(2, 845)
(1, 932)
(798)
(a) Comprises movements in payables and receivables of a capital nature.
Table 10.5: General Government Sector Taxes
2011-12
Ac tual
$m
2012-13
Rev ised
$m
2013-14
Budget
$m
Taxes on employ ers’ pay roll and labour forc e
6, 721
6, 960
7, 330
Taxes on property
Land taxes
Stamp duties on financ ial and c apital transac tions
Financ ial institutions’ transac tion taxes
Other
Total taxes on property
2,350
4,452
...
114
6, 916
2,398
5,089
...
116
7, 602
2,525
5,640
...
118
8, 284
Taxes on the prov ision of goods and serv ic es
Exc ises and lev ies
Taxes on gambling
Taxes on insuranc e
Total taxes on the prov ision of goods and serv ic es
...
1,815
2,053
3, 868
...
1,870
1,968
3, 837
...
1,940
2,359
4, 299
2,558
2
595
2,714
2
667
2,847
1
694
3, 155
3, 384
3, 543
20, 660
21, 783
23, 455
Taxes on use of goods and performanc e of ac tiv ities
Motor v ehic le taxes
Franc hise taxes
Other
Total taxes on use of goods and performanc e of ac tiv ities
Tot al Taxat ion Revenue
Budget Statement 2013-14
10 - 13
Table 10.6: General Government Sector Grant Revenue and Expense
2011-12
Ac tual
$m
2012-13
Rev ised
$m
2013-14
Budget
$m
14,289
6,580
2,144
14,777
6,983
1,339
15,588
7,339
2,179
Total
Other grants and subsidies
23, 013
689
23, 099
866
25, 106
934
Tot al c urrent grant s and subsidies revenue
23, 702
23, 965
26, 040
Current grant s and subsidies revenue
Current grants from the Commonwealth
General purpose grants
National agreements
National partnership pay ments
Capit al grant s and subsidies revenue
Capital grants from the Commonwealth
General purpose grants
National agreements
National partnership pay ments
( a)
( a)
...
226
2,803
...
...
1,073
...
...
723
Total
Other grants and subsidies
3, 029
11
1, 073
11
723
15
Tot al c apit al grant s and subsidies revenue
3, 040
1, 084
738
26, 741
25, 049
26, 778
Tot al grant revenue
Current grant , subsidies, and t ransfer payment s expense t o:
State/Territory Gov ernment
Loc al Gov ernment
...
(a)
Priv ate and not-for-profit sec tor
(a)
Other sec tors of gov ernment
Tot al c urrent grant s, subsidies, and
t ransfer payment s expense
...
...
530
610
537
5,950
5,999
6,403
2,761
9, 241
2,450
9, 060
2,556
9, 496
Capit al grant , subsidies, and t ransfer payment s expense t o:
State/Territory Gov ernment
Loc al Gov ernment
(a)
Priv ate and not-for-profit sec tor
(a)
Other sec tors of gov ernment
Tot al c apit al grant s, subsidies, and
t ransfer payment s expense
Tot al grant expense
10 - 14
...
...
...
248
167
285
409
291
286
1,486
1,898
2,636
2, 142
2, 357
3, 207
11, 383
11, 417
12, 703
Budget Statement 2013-14
Table 10.6: General Government Sector Grant Revenue and Expense (cont)
2011-12
Ac tual
$m
2012-13
Rev ised
$m
2013-14
Budget
$m
Note:
(a) Grant revenue and expenses above exclude the following transfer payments from the Australian Government that New South
Wales passes on to third parties. They are not recorded as NSW revenue and expense elsewhere in Budget Papers as the State
has no control over the amounts that it passes on. Details are as follows:
Tra nsfe r Re c e ipts
Current transfer receipts for specific purposes
Capital transfer receipts for specific purposes
Tota l Re c e ipts
3,534
3
3,537
3,378
...
3,068
...
3,378
3,068
Curre nt tra nsfe r pa yme nts to
Local government
Private and not- for profit sector
Ca pita l tra nsfe r pa yme nts to
860
2,675
688
2,690
354
2,714
Local government
Private and not- for profit sector
...
3
...
...
...
...
Tota l P a yme nts
3,537
3,378
3,068
Table 10.7: General Government Sector Dividend and Income Tax Equivalent
Income
Div idend and inc ome tax rev enue from the PNFC sec tor
Div idend and inc ome tax rev enue from the PFC sec tor
Other div idend inc ome
Tot al dividend and inc ome t ax equivalent inc ome
2011-12
Ac tual
$m
2012-13
Rev ised
$m
2013-14
Budget
$m
2,064
2,506
2,069
74
100
86
410
557
467
3, 163
2, 622
2012-13
Rev ised
$m
2013-14
Budget
$m
2,118
...
6,327
13,279
16,844
5,137
1,571
1,840
27
835
139
7,800
1,153
2,307
...
6,373
13,624
17,800
5,143
1,815
1,722
35
908
194
8,478
1,429
2,902
4,632
2, 548
Table 10.8: General Government Sector Expenses by Function
General public serv ic es
Defenc e
Public order and safety
Educ ation
Health
Soc ial sec urity and welfare
Housing and c ommunity amenities
Rec reation and c ulture
Fuel and energy
Agric ulture, forestry , fishing and hunting
Mining, manufac turing and c onstruc tion
Transport and c ommunic ations
Other ec onomic affairs
Other purposes ( a) ( b)
Tot al Expenses
59, 973
64, 462
(a) 2013-14 includes $150 million Advance to the Treasurer, which will be allocated across functions as the funds are
spent in the Budget Year.
(b) 2013-14 Budget includes the impact of changes to AASB 119.
Budget Statement 2013-14
10 - 15
Table 10.9: General Government Sector Purchases of Non-financial Assets by
Function
2012-13
Rev ised
$m
General public serv ic es
Defenc e
Public order and safety
Educ ation
Health
Soc ial sec urity and welfare
Housing and c ommunity amenities
Rec reation and c ulture
Fuel and energy
Agric ulture, forestry , fishing and hunting
Mining, manufac turing and c onstruc tion
Transport and c ommunic ations
Other ec onomic affairs
Other purposes
( a)
Tot al Purc hases of Non-Financ ial Asset s
2013-14
Budget
$m
347
...
432
463
...
485
545
1,013
135
137
146
4
25
2
4,428
25
530
1,116
173
207
165
1
22
1
5,684
42
30
52
7, 268
8, 941
Asset s Ac quired under financ e leases
Health
Transport and c ommunic ations
620
121
52
92
Total Assets Ac quired under financ e leases
741
144
Tot al Capit al Expendit ure
(a)
8, 009
9, 085
2013-14 includes $30 million Advance to the Treasurer, which will be allocated across functions as the funds are spent
in the Budget Year.
10 - 16
Budget Statement 2013-14
Table 10.10: Public Non-financial Corporation Sector Operating Statement
2009-10
Ac tual
$m
2010-11
Ac tual
$m
2011-12
Ac tual
$m
2012-13
Rev ised
$m
2013-14 2014-15 2015-16 2016-17
Budget
Forward estimates
$m
$m
$m
$m
Revenue from Transac t ions
Grants and subsidies
Sale of goods and serv ic es
Interest
Other div idends and distributions
Other
5,722
12,015
137
…
639
4,256
13,724
216
…
672
4,004
14,173
175
...
999
3,091
15,773
318
1
1,848
2,920
15,311
113
...
2,769
2,659
15,135
115
...
2,957
2,663
15,110
113
...
2,441
2,716
15,162
102
6
2,981
Tot al Revenue from t ransac t ions
18, 514
18, 868
19, 351
21, 032
21, 113
20, 865
20, 328
20, 967
3,625
3,312
3,770
3,494
3,573
3,384
3,455
3,442
(48)
396
2,807
1,533
544
5,739
(61)
412
3,103
1,735
702
7,719
(63)
414
3,094
1,937
745
7,290
(126)
384
3,118
1,880
852
7,888
91
358
3,341
2,038
726
8,063
87
341
3,568
2,182
659
8,148
78
336
3,761
2,328
600
7,894
68
328
3,823
2,518
595
7,920
316
515
19, 020
316
...
18, 685
316
...
18, 768
313
...
19, 007
Expenses from Transac t ions
Employ ee
Superannuation
- Superannuation interest c ost
- Other superannuation
Deprec iation and amortisation
Interest
Inc ome tax expense
Other operating
Grants and transfers
- Current grants and transfers
- Capital grants and transfers
Tot al Expenses from t ransac t ions
Transac t ions from disc ont inuing operat ions
NET OPERATING BALANCE - SURPLUS AFTER TAX
Ot her ec onomic flow s inc luded in t he operat ing result
Gain/(Loss) from superannuation
Gain/(Loss) from other liabilities
Other net gains/(losses)
Share of earnings from assoc iates (exc luding div idends)
Disc ontinuing operations
Other
Operat ing result (ac c ount ing basis)
435
16
15, 047
345
1,036
18, 303
547
248
4, 013
813
…
(4)
(451)
…
(83)
(265)
(98)
1, 893
2
(58)
11
…
(26)
(49)
254
285
18, 030
...
3, 002
…
…
1,844
…
…
(26)
...
2, 093
...
...
251
...
...
(38)
...
2, 180
...
...
208
...
...
21
...
1, 559
...
...
211
...
...
(5)
...
1, 960
...
...
116
...
...
(4)
4, 416
1, 773
4, 820
2, 305
2, 409
1, 766
2, 072
Ot her ec onomic flow s - ot her non ow ner movement s in equit y
Superannuation ac tuarial gains/(loss)
(393)
Deferred tax direc t to equity
(612)
Rev aluations
5,727
Net gain/(loss) on financ ial instruments at fair v alue
(25)
Other
133
(21)
20
4,013
91
114
(2,167)
768
(191)
(99)
(15)
(34)
280
2,549
33
169
791
(60)
2,287
(18)
47
921
(171)
2,680
7
19
556
(137)
2,491
1
18
287
(148)
2,529
...
...
Comprehensive result - t ot al c hange in net w ort h
before t ransac t ions w it h ow ners(a)
8, 633
7, 818
5, 352
5, 867
4, 696
4, 740
Budget Statement 2013-14
3, 210
3
…
3,490
…
7
103
142
30
17, 359
8, 040
69
10 - 17
Table 10.10: Public Non-financial Corporation Sector Operating Statement (cont)
2009-10
Ac tual
$m
2010-11
Ac tual
$m
2011-12
Ac tual
$m
2012-13
Rev ised
$m
2013-14 2014-15 2015-16 2016-17
Budget
Forward estimates
$m
$m
$m
$m
KEY FISCAL AGGREGATES
Comprehensive result - t ot al c hange in net w ort h
before t ransac t ions w it h ow ner (a)
Less: Net other ec onomic flows
equals: Net operat ing balanc e
less Net ac quisition of non-financ ial assets
Purc hase of non-financ ial assets
Sales of non-financ ial assets
less Deprec iation
plus Change in inv entories
plus Other mov ements in non-financ ial assets
- assets ac quired using financ e leases
- other
equals Total Net ac quisition of non-financ ial assets
8, 040
(4,027)
4, 013
8, 633
(7,820)
813
69
1,824
7, 818
(4,816)
5, 352
(3,259)
5, 867
(3,687)
4, 696
(3,136)
4, 740
(2,780)
1, 893
3, 002
2, 093
2, 180
1, 559
1, 960
8,811
(371)
(2,807)
108
7,779
(495)
(3,103)
13
6,957
(259)
(3,094)
15
5,701
(246)
(3,118)
76
5,618
(365)
(3,341)
41
5,384
(349)
(3,568)
(3)
5,421
(300)
(3,761)
58
4,874
(273)
(3,823)
132
219
135
6, 096
38
(855)
3, 377
231
278
4, 127
785
1,102
4, 299
833
1,866
4, 652
...
2,470
3, 934
...
1,995
3, 414
1,562
2,514
4, 986
(2, 083)
(2, 565)
(2, 234)
(1, 297)
(2,559)
(1,754)
(1,854)
(3,026)
Capital expenditure ( b)
Div idends ac c rued ( c)
9,030
1,243
7,817
1,010
7,188
1,259
6,487
1,654
6,451
1,343
5,384
1,208
5,421
1,131
6,436
1,098
Net operating balanc e exc luding the impac t of amended
AASB119( d)
Net Lending exc luding the impac t of amended AASB119 ( d)
4,013
(2,083)
813
(2,565)
1,893
(2,234)
3,002
(1,297)
2,328
(2,324)
2,396
(1,538)
1,744
(1,669)
2,123
(2,863)
equals
Net Lending/(Borrow ing) [Fisc al Balanc e]
OTHER FISCAL AGGREGATES
(a) ‘Total change in net worth’ is before transactions with owners as owners, and before revisions to accounting policies. The
actual movement in balance sheet net worth may therefore differ.
(b) Capital expenditure comprises purchases of non-financial assets plus assets acquired using finance leases.
(c) Net borrowing for the PNFC sector excludes the impact of dividends accrued, and so may not fully reflect the sector’s call
on the financial markets.
(d) From 2013-14, AASB 119 requires a market yield on government bonds to be used to estimate the return on
superannuation assets rather an expected return. This aggregate is presented to facilitate comparisons with results from
previous years. Further details are provided in Appendix A.
10 - 18
Budget Statement 2013-14
Table 10.11: Public Non-financial Corporation Sector Balance Sheet
June 2010 June 2011 June 2012 June 2013 June 2014 June 2015 June 2016 June 2017
Ac tual
Ac tual
Ac tual
Rev ised
Budget
$m
$m
$m
$m
$m
$m
$m
$m
2,549
2,293
22
1,233
31
828
2,396
2,294
37
2,504
43
659
1,791
2,217
18
2,196
29
780
1,320
2,383
...
2,142
12
684
969
2,343
...
1,997
...
728
898
2,310
5
1,801
...
746
911
2,312
5
1,705
...
758
938
2,286
4
1,648
...
755
85
...
...
7
...
4
...
4
...
4
...
4
...
4
...
4
7, 042
7, 940
7, 035
6, 544
6, 040
5, 764
5, 695
5, 635
1,064
751
45
546
1,167
738
72
580
1,238
706
52
434
1,272
706
47
434
1,264
706
40
455
1,317
706
46
455
1,444
706
41
455
50,003
4,285
63,150
1,527
440
121, 810
51,135
4,613
62,810
1,535
432
123, 083
51,763
5,045
63,987
1,605
335
125, 165
52,339
6,048
69,233
1,625
353
132, 056
53,350
5,856
74,898
1,600
361
138, 529
53,771
5,662
80,444
1,530
305
144, 236
55,700
5,481
85,818
1,561
313
151, 519
123, 193
129, 750
130, 118
131, 709
138, 096
144, 293
149, 931
157, 154
121
3,893
296
241
26,459
497
2,067
90
3,419
397
488
28,314
478
2,141
91
3,299
465
309
28,619
511
2,518
88
3,037
477
169
30,847
492
2,541
88
3,043
269
190
34,627
466
2,504
80
3,087
203
114
37,377
434
2,453
80
3,236
179
112
40,009
405
2,445
75
3,280
181
112
43,807
390
2,443
1,807
5,681
1,828
385
1,720
5,368
1,767
446
3,740
4,733
1,874
529
3,589
4,446
2,187
485
2,863
4,547
1,856
413
2,000
4,691
1,651
425
1,479
4,817
1,558
363
1,196
4,965
1,524
361
Tot al Liabilit ies
43, 276
44, 629
46, 687
48, 359
50, 866
52, 514
54, 683
58, 334
NET ASSETS
79, 917
85, 121
83, 430
83, 350
87, 230
91, 779
95, 248
98, 819
Net Wort h
Ac c umulated Funds
Reserv es
42,581
37,336
44,346
40,775
43,013
40,417
41,718
41,632
43,394
43,836
45,430
46,349
46,548
48,700
47,740
51,079
NET WORTH
79, 917
85, 121
83, 430
83, 350
87, 230
91, 779
95, 248
98, 819
(36, 234)
(36, 689)
(39, 652)
(41, 815)
(44, 826)
(46, 750)
(48, 988)
(52, 699)
36, 234
36, 689
39, 652
41, 815
44, 826
46, 750
48, 988
52, 699
Net Debt (b)
23, 505
24, 427
25, 514
28, 123
32, 406
35, 306
37, 990
(a) Superannuation liabilities are reported net of prepaid superannuation contribution assets.
(b) Net debt comprises the sum of deposits held, borrowings and advances received, minus the sum of cash and cash
equivalents, financial assets at fair value and advances paid.
41, 798
Asset s
Financ ial assets
Cash and c ash equiv alent assets
Rec eiv ables
Tax equiv alents rec eiv able
Financ ial assets at fair v alue
Adv anc es paid
Deferred tax equiv alents
Equity
Inv estments in assoc iates
Other
Tot al Financ ial Asset s
Non-financ ial assets
- Inv entories
1,085
- Forestry stoc k and other biologic al assets
662
- Assets c lassified as held for sale
144
- Inv estment properties
555
Property , plant and equipment
- Land and Buildings
47,649
- Plant and Equipment
4,135
- Infrastruc ture Sy stems
60,060
Intangibles
1,375
Other
486
Tot al Non-financ ial Asset s
116, 151
Tot al Asset s
Liabilit ies
Deposits held
Pay ables
Tax equiv alents pay able
Borrowings and deriv ativ es at fair v alue
Borrowings at amortised c ost
Adv anc es rec eiv ed
Employ ee prov isions
Superannuation prov isions ( a)
Deferred tax equiv alent prov isions
Other prov isions
Other
Forward estimates
OTHER FISCAL AGGREGATES
Net Financ ial Wort h
Net Financ ial Liabilit ies
Budget Statement 2013-14
10 - 19
Table 10.12: Public Non-financial Corporation Sector Cash Flow Statement
2009-10 2010-11
Ac tual
Ac tual
$m
$m
Cash Rec eipt s from Operat ing Ac t ivit ies
Rec eipts from sales of goods & serv ic es
Grants and subsidies rec eiv ed
Interest rec eipts
Other rec eipts
Tot al Operat ing Rec eipt s
Cash Payment s for Operat ing Ac t ivit ies
Pay ments for employ ees
Pay ments for superannuation
Pay ments for goods & serv ic es
Grants & subsidies paid
Interest paid
Inc ome tax equiv alents paid
Other pay ments
Tot al Operat ing Payment s
17,871
5,722
138
2,509
26, 239
15,777
4,255
216
1,833
22, 081
(3,826)
(3,537)
(500)
(455)
(10,314)
(8,915)
(448)
(348)
(1,450)
(1,682)
(676)
(763)
(2,078)
(1,388)
(19, 291) (17, 087)
2012-13
Rev ised
$m
14,367
4,004
176
2,598
21, 144
15,700
3,091
149
1,829
20, 769
(3,677)
(423)
(7,065)
(137)
(1,981)
(755)
(1,950)
(15, 989)
2013-14 2014-15 2015-16 2016-17
Forward estimates
Budget
$m
$m
$m
$m
15,616
2,917
111
1,773
20, 418
15,407
2,656
112
1,850
20, 025
15,423
2,663
110
1,824
20, 020
15,348
2,716
99
1,858
20, 020
(3,807)
(3,823)
(3,646)
(3,673)
(3,641)
(443)
(384)
(370)
(379)
(392)
(7,820)
(7,988)
(7,963)
(7,552)
(7,757)
(253)
(350)
(312)
(312)
(309)
(1,760)
(1,922)
(2,126)
(2,245)
(2,440)
(785)
(970)
(750)
(645)
(588)
(1,314)
(1,382)
(1,258)
(1,453)
(1,388)
(16, 183) (16, 820) (16, 425) (16, 260) (16, 515)
4, 994
5, 155
4, 586
3, 598
3, 599
3, 761
3, 506
493
(8,173)
264
(6,936)
246
(6,004)
366
(5,621)
349
(5,407)
300
(5,425)
273
(4,869)
(8, 225)
(7, 681)
(6, 671)
(5, 758)
(5, 255)
(5, 058)
(5, 125)
(4, 596)
Cash Flow s from Invest ment s in Financ ial Asset s
for Polic y Purposes
Rec eipts
...
Pay ments
(13)
3,795
(30)
2,299
(121)
122
(14)
83
(64)
31
(165)
44
(65)
20
(66)
Tot al Cash Flow s from Invest ment s in
Financ ial Asset s for Polic y Purposes
3, 765
2, 178
108
19
(134)
(21)
(46)
Net Cash Flow s from Operat ing Ac t ivit ies
6, 948
2011-12
Ac tual
$m
Cash Flow s from Invest ment s in Non-Financ ial Asset s
Sales of non-financ ial assets
467
Purc hases of non-financ ial assets
(8,692)
Net Cash Flow s from Invest ment s in
Non-Financ ial Asset s
(13)
Net Flow s from Invest ment s in Financ ial Asset s
for Liquidit y Purposes
Rec eipts
42
Pay ments
(431)
Net Cash Flow s from Invest ment s in
Financ ial Asset s for Liquidit y Purposes
(389)
Cash Flow s from Financ ing Ac t ivit ies
Adv anc es rec eiv ed
Adv anc es repaid
Proc eeds from borrowings
Repay ments of borrowings
Div idends paid
Deposits rec eiv ed (net)
Other financ ing (net)
Net Cash Flow s from Financ ing Ac t ivit ies
Net Inc rease/(Dec rease) in Cash Held
Derivat ion of t he Cash Result
Net c ash flows from operating ac tiv ities
Net Cash Flows from inv estments in
non-financ ial assets
Div idends paid
Cash Surplus/(Deficit )
10 - 20
...
604
(287)
382
(561)
114
(253)
149
(56)
155
(41)
101
(31)
90
(34)
316
(179)
(139)
93
113
70
57
123
101
1
(337)
3,133
(807)
(1,182)
(3)
...
97
169
68
50
(171)
14,296
(11,035)
(1,058)
23
...
(3,495)
8,123
(5,042)
(1,264)
(31)
...
(257)
6,863
(6,626)
(1,092)
1
...
2, 054
(1, 585)
(1, 010)
376
(190)
(527)
(399)
(292)
(78)
30
(56)
6,948
4,994
5,155
4,586
3,598
3,599
3,761
3,506
(8,225)
(1,058)
(7,681)
(1,264)
(6,671)
(1,092)
(5,758)
(1,182)
(5,255)
(1,609)
(5,058)
(1,337)
(5,125)
(1,198)
(4,596)
(1,125)
(2, 335)
(3, 952)
(2, 608)
(2, 354)
(3, 266)
(2, 796)
(2, 563)
(2, 215)
805
(169)
4,037
(1,103)
(1,609)
...
...
(152)
3,916
(1,187)
(1,337)
(8)
...
(138)
3,371
(758)
(1,198)
1
...
(113)
2,770
(554)
(1,125)
(6)
...
1, 253
1, 401
1, 345
1, 023
Budget Statement 2013-14
Table 10.13: Derivation of ABS GFS Public Non-financial Corporation Sector Cash
Surplus/(Deficit)
Cash Surplus/(Deficit )
Assets ac quired under financ e leases
2009-10 2010-11 2011-12
2012-13 2013-14 2014-15 2015-16 2016-17
Forward estimates
Ac tual
Ac tual
Ac tual
Rev ised Budget
$m
$m
$m
$m
$m
$m
$m
$m
(2,335) (3,952)
(2,608)
(2,354) (3,266) (2,796) (2,563) (2,215)
Other financ ing arrangements (a)
ABS GFS Surplus/(Deficit )
(a)
(219)
...
...
(215)
397
(38)
(231)
(27)
(785)
303
(833)
2
23
3
(1,562)
(5)
(2, 770)
(3, 593)
(2, 866)
(2, 836)
(4, 097)
(2, 772)
(2, 559)
(3, 782)
Comprises movements in payables and receivables of a capital nature.
Table 10.14: Non-financial Public Sector Operating Statement
2009-10 2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17
Ac tual
Ac tual
Ac tual Rev ised Budget
Forward estimates
$m
$m
$m
$m
$m
$m
$m
$m
Revenue from Transac t ions
Taxation
Grants and Subsidies
- Commonwealth - general purpose
- Commonwealth - national agreements
- Commonwealth - national partnership pay ments
- Other grants and subsidies
Sale of goods and serv ic es
Interest
18,027
19,319
19,859
21,000
22,693
24,086
25,636
27,212
13,419
6,556
6,345
495
15,274
393
13,900
6,861
4,215
439
17,384
627
14,289
6,817
4,948
500
18,182
606
14,777
7,087
2,413
497
19,810
662
15,588
7,356
2,903
526
19,530
513
16,308
8,015
2,843
519
19,570
525
17,063
8,686
1,987
571
19,825
552
17,624
9,365
1,744
595
20,073
535
56
285
3,850
136
430
4,180
73
410
4,543
100
558
4,368
86
467
4,466
93
491
4,877
91
512
5,036
98
546
5,190
64, 699
67, 492
70, 226
71, 272
74, 127
77, 328
79, 959
82, 981
26,678
27,572
29,187
29,698
30,272
30,787
31,631
32,759
902
2,518
5,584
3,127
1
15,436
772
2,623
5,921
3,534
1
18,105
758
2,707
6,073
3,897
1
18,998
(232)
2,840
6,705
4,043
...
19,835
1,529
2,823
7,196
4,201
...
21,140
1,559
2,871
7,616
4,562
...
21,353
1,561
2,878
7,919
4,873
...
22,088
1,528
2,940
8,072
5,136
...
22,558
5,997
1,758
62, 002
6,599
1,627
66, 754
6,638
657
68, 917
6,700
709
70, 297
7,086
1,021
75, 267
7,592
580
76, 919
7,896
528
79, 374
8,075
516
81, 584
Transac t ions from disc ont inuing operat ions
1, 037
405
(8)
NET OPERATING BALANCE - SURPLUS
3, 734
1, 143
1, 301
974
3
87
3,536
151
7
(308)
2
(1,133)
(812)
(23)
(26)
108
...
79
1,561
(125)
...
(135)
4, 619
(582)
2, 354
(507)
914
1, 022
1, 615
426 (21,574)
4,990
6,192
115
(4,235)
91
(97)
(97)
(64)
1,579
5,773
272
33
276
6,444
5,995
1,970
(18)
(8)
7,639
6,458
3,216
7
(2)
4,625
6,330
2,258
1
...
2,465
6,442
1,234
...
...
14, 236
11, 755
Div idend and inc ome tax equiv alent inc ome from
other sec tors
Other div idends and distributions
Fines, regulatory fees and other
Tot al Revenue from t ransac t ions
Expenses from Transac t ions
Employ ee
Superannuation
- Superannuation interest c ost
- Other superannuation
Deprec iation and amortisation
Interest
Other property
Other operating
Grants and transfers expenses
- Current grants and transfers
- Capital grants and transfers
Tot al Expenses from t ransac t ions
Ot her ec onomic flow s inc luded in t he operat ing result
Gain/(Loss) from superannuation
Gain/(Loss) from other liabilities
Other net gains/(losses)
Share of earnings from assoc iates (exc luding div idends)
Disc ontinuing operations
Other
Operat ing result (ac c ount ing basis)
...
(242)
393
153
(84)
(93)
3, 860
Ot her ec onomic flow s - ot her non ow ner movement s in equit y
Superannuation ac tuarial gains/(loss)
(3,564)
Rev aluations
11,347
Net gain/(loss) on equity inv estments in other sec tors
(1,105)
Net gain/(loss) on financ ial instruments at fair v alue
(25)
Other
239
Comprehensive result - t ot al c hange in net w ort h
before t ransac t ions w it h ow ner (a)
Budget Statement 2013-14
10, 752
...
10, 143 (20, 359) 10, 288
...
(1, 140)
...
225
443
8
...
(44)
13, 876
...
...
409
585
...
296
235
18
...
(44)
...
183
290
10
...
(44)
18, 231
10 - 21
...
1, 397
...
84
170
10
...
(45)
Table 10.14: Non-financial Public Sector Operating Statement (cont)
2009-10 2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17
Ac tual
Ac tual
Ac tual Rev ised Budget
Forward estimates
$m
$m
$m
$m
$m
$m
$m
$m
KEY FISCAL AGGREGATES
Comprehensive result - t ot al c hange in net w ort h
before t ransac t ions w it h ow ner (a)
10, 752 10, 143 (20, 359) 10, 288 13, 876 18, 231 14, 236 11, 755
(7,018) (9,000) 21,660
(9,313) (15,016) (17,822) (13,651) (10,358)
Less: Net other ec onomic flows
equals: Net operat ing balanc e
less Net ac quisition of non-financ ial assets
Purc hase of non-financ ial assets
Sales of non-financ ial assets
less Deprec iation
plus Change in inv entories
plus Other mov ements in non-financ ial assets
- assets ac quired using financ e leases
- other
equals Total Net ac quisition of non-financ ial assets
equals
Net Lending/(Borrow ing) [Fisc al Balanc e]
OTHER FISCAL AGGREGATES
Capital expenditure ( b)
Net operating balanc e exc luding the impac t of
amended AASB119( c)
Net Lending exc luding the impac t of amneded AASB119
( c)
3, 734
1, 143
1, 301
15,870
(1,017)
(5,584)
96
14,307
(777)
(5,921)
17
12,739
(641)
(6,073)
22
12,960
(1,264)
(6,705)
84
14,551
(1,053)
(7,196)
43
15,016
(828)
(7,616)
(1)
13,920
(761)
(7,919)
54
13,320
(596)
(8,072)
134
471
(13)
9, 823
547
(556)
7, 618
329
456
6, 833
1,527
285
6, 887
977
(41)
7, 280
112
481
7, 165
120
459
5, 873
1,691
491
6, 967
(6, 089)
(6, 475)
(5, 532)
(5, 913)
(8, 420)
(6, 756)
(5, 288)
(5, 570)
16,340
14,855
13,068
14,487
15,528
15,128
14,040
15,011
3,734
(6,089)
1,143
(6,475)
1,301
(5,532)
974
974
(5,913)
(1, 140)
656
(6,624)
409
2,016
(5,149)
585
1,917
(3,956)
(a) ‘Total change in net worth’ is before transactions with owners as owners, and before revisions to accounting
policies. The actual movement in balance sheet net worth may therefore differ.
(b) Capital expenditure comprises purchases of non-financial assets plus assets acquired using finance leases.
(c) From 2013-14, AASB 119 requires a market yield on government bonds to be used to estimate the return on
superannuation assets rather an expected return. This aggregate is presented to facilitate comparisons with results
from previous years. Further details are provided in Appendix A.
10 - 22
Budget Statement 2013-14
1, 397
2,551
(4,416)
Table 10.15: Non-financial Public Sector Balance Sheet
June 2010 June 2011 June 2012 June 2013 June 2014 June 2015 June 2016 June 2017
Asset s
Financ ial assets
Cash and c ash equiv alent assets
Rec eiv ables
Tax equiv alents rec eiv able
Financ ial assets at fair v alue
Adv anc es paid
Equity
Inv estments in other public sec tor entities
Inv estments in assoc iates
Other
Tot al Financ ial Asset s
Non-financ ial assets
- Inv entories
- Forestry stoc k
and other biologic al assets
- Assets Classified as Held For Sale
- Inv estment Properties
Property , plant and equipment
- Land and Buildings
- Plant and Equipment
- Infrastruc ture Sy stems
Intangibles
Other
Tot al Non-financ ial Asset s
Ac tual
Ac tual
Ac tual
Rev ised
Budget
$m
$m
$m
$m
$m
5,620
6,615
...
7,779
438
(1,005)
1,304
...
10,654
6,354
...
9,661
447
(890)
3,731
7
8,367
5,897
...
8,982
454
(5,124)
4,224
16
9,597
6,126
...
10,671
428
(4,853)
4,189
18
7,372
6,041
...
11,484
465
(2,883)
4,197
18
Forward estimates
$m
$m
$m
7,869
6,034
...
12,001
504
6,935
6,108
...
12,408
561
6,552
6,129
...
12,935
593
333
4,215
18
2,591
4,225
18
3,825
4,235
18
20, 752
29, 965
22, 815
26, 178
26, 696
30, 975
32, 846
34, 288
1,367
1,340
1,451
1,529
1,564
1,558
1,607
1,737
669
277
824
759
293
782
746
504
749
714
302
489
714
142
489
714
171
510
714
126
510
714
141
510
104,079
12,118
118,751
2,620
1,470
242, 174
108,390
14,060
123,063
2,819
1,530
253, 037
113,155
14,441
126,693
3,245
1,777
262, 762
113,185
14,616
134,731
3,708
2,273
271, 546
115,072
15,521
144,522
4,140
2,513
284, 678
116,788
15,317
155,641
4,362
2,753
297, 815
117,540
15,383
166,373
4,325
2,947
309, 526
119,694
15,455
176,609
4,290
3,222
322, 371
262, 925
283, 002
285, 577
297, 723
311, 373
328, 790
342, 372
356, 659
199
7,086
265
45,232
807
12,961
34,529
6,204
2,751
1,469
6,885
508
50,402
770
13,737
34,053
6,490
2,777
1,324
6,795
325
55,039
755
15,286
50,921
6,781
2,839
1,159
6,679
183
59,780
729
15,381
48,049
7,359
2,752
1,038
6,890
202
65,493
714
15,206
42,306
7,403
2,613
925
6,929
124
72,118
713
14,990
35,215
7,444
2,592
833
6,672
120
76,067
747
14,891
30,958
7,590
2,517
746
6,669
119
80,645
691
15,040
28,694
7,840
2,494
Tot al Liabilit ies
110, 033
117, 091
140, 066
142, 073
141, 867
141, 050
140, 395
142, 939
NET ASSETS
152, 892
165, 911
145, 511
155, 651
169, 506
187, 740
201, 977
213, 720
62,923
89,970
70,846
95,065
50,028
95,483
55,726
99,925
61,658
107,848
70,237
117,503
75,909
126,068
80,000
133,720
152, 892
165, 911
145, 511
155, 651
169, 506
187, 740
201, 977
213, 720
(89, 281)
(87, 126) (117, 251) (115, 895) (115, 171) (110, 075) (107, 549) (108, 651)
Tot al Asset s
Liabilit ies
Deposits held
Pay ables
Borrowings and deriv ativ es at fair v alue
Borrowings at amortised c ost
Adv anc es rec eiv ed
Employ ee prov isions
Superannuation prov isions ( a)
Other prov isions
Other
Net Wort h
Ac c umulated Funds
Reserv es
NET WORTH
OTHER FISCAL AGGREGATES
Net Financ ial Wort h
Net Financ ial Liabilit ies
Net Debt
(b)
88, 276
86, 236
112, 127
111, 042
112, 289
110, 408
110, 140
112, 476
32, 666
32, 387
39, 641
41, 155
48, 126
53, 505
57, 864
62, 121
(a) Superannuation liabilities are reported net of prepaid superannuation contribution assets.
(b) Net debt comprises the sum of deposits held, borrowings and advances received, minus the sum of cash and cash
equivalents, financial assets at fair value and advances paid.
Budget Statement 2013-14
10 - 23
Table 10.16: Non-financial Public Sector Cash Flow Statement
Cash Rec eipt s from Operat ing Ac t ivit ies
Taxes rec eiv ed
Rec eipts from sales of goods & serv ic es
Grants and subsidies rec eiv ed
Interest rec eipts
Div idends and inc ome tax equiv alents
Other Rec eipts
Tot al Operat ing Rec eipt s
Cash Payment s for Operat ing Ac t ivit ies
Pay ments for employ ees
Pay ments for superannuation
Pay ments for goods & serv ic es
Grants & subsidies paid
Interest paid
Other pay ments
Tot al Operat ing Payment s
Net Cash Flow s from Operat ing Ac t ivit ies
2009-10
Ac tual
$m
2010-11
Ac tual
$m
2011-12
Ac tual
$m
18,002
21,651
26,724
353
104
7,679
74, 514
19,248
20,560
25,370
615
78
7,244
73, 116
20,094
19,164
26,451
592
122
8,970
75, 393
2012-13 2013-14 2014-15 2015-16 2016-17
Forward estimates
Rev ised Budget
$m
$m
$m
$m
$m
21,113
20,355
24,774
480
110
6,515
73, 347
22,692
20,563
26,390
504
84
6,925
77, 157
24,089
20,606
27,721
525
88
7,317
80, 346
25,653
20,892
28,304
537
95
7,583
83, 064
27,235
21,007
29,311
512
93
7,805
85, 962
(26,003) (26,778) (28,195) (29,712) (30,176) (30,674) (31,934) (32,555)
(3,418)
(3,443)
(8,096)
(3,745)
(3,652)
(3,882)
(4,071)
(4,268)
(21,134) (20,805) (20,842) (21,279) (23,123) (23,499) (24,031) (24,831)
(5,877)
(5,767)
(5,535)
(5,411)
(5,869)
(6,231)
(6,386)
(6,449)
(2,462)
(2,847)
(3,319)
(3,312)
(3,465)
(3,837)
(4,069)
(4,362)
(5,128)
(4,358)
(5,366)
(4,063)
(3,682)
(3,538)
(3,761)
(3,708)
(64, 021) (63, 999) (71, 353) (67, 522) (69, 966) (71, 661) (74, 252) (76, 172)
10, 493
9, 117
Cash Flow s from Invest ment s in Non-Financ ial Asset s
Sales of non-financ ial assets
1,053
763
Purc hases of non-financ ial assets
(15,700) (14,651)
4, 040
642
(13,010)
5, 825
7, 191
8, 685
8, 812
9, 790
1,264
1,054
827
761
596
(12,938) (14,471) (15,060) (14,021) (13,262)
Net Cash Flow s from Invest ment s in
Non-Financ ial Asset s
(14, 647) (13, 889) (12, 368) (11, 673) (13, 417) (14, 232) (13, 260) (12, 666)
Cash Flow s from Invest ment s in Financ ial Asset s
for Polic y Purposes
Rec eipts
Pay ments
Tot al Cash Flow s from Invest ment s in
Financ ial Asset s for Polic y Purposes
630
(307)
4,073
(156)
2,366
(211)
4,999
(144)
119
(245)
103
(142)
151
(194)
169
(215)
323
3, 917
2, 155
4, 855
(127)
(39)
(43)
(46)
186
(792)
182
(601)
221
(477)
368
(428)
315
(448)
(606)
(420)
(257)
(59)
(133)
Net Flow s from Invest ment s in Financ ial Asset s
for Liquidit y Purposes
Rec eipts
304
Pay ments
(1,593)
Net Cash Flow s from Invest ment s in
Financ ial Asset s for Liquidit y Purposes
(1, 289)
Cash Flow s from Financ ing Ac t ivit ies
Adv anc es rec eiv ed
Adv anc es repaid
Proc eeds from borrowings
Repay ments of borrowings
Deposits rec eiv ed (net)
Other financ ing (net)
Net Cash Flow s from
Financ ing Ac t ivit ies
Net Inc rease/(Dec rease) in Cash Held
1,069
(1,171)
(102)
517
(515)
2
...
(53)
17,292
(12,050)
27
27
...
(52)
11,498
(6,844)
1,268
(36)
16
(54)
19,564
(15,446)
(146)
(7)
25
(53)
6,987
(3,968)
(148)
60
20
(56)
6,213
(1,545)
(123)
...
32
(57)
8,217
(1,800)
(115)
(2)
58
(51)
5,035
(1,348)
(94)
...
3
(85)
3,853
(1,111)
(89)
...
5, 243
5, 834
3, 927
2, 904
4, 510
6, 275
3, 599
2, 571
123
4, 876
(2, 244)
1, 304
(2, 263)
432
(951)
(484)
5,825
7,191
8,685
8,812
9,790
Derivat ion of t he Cash Result
Net c ash flows from operating ac tiv ities
Net Cash Flows from inv estments in
non-financ ial assets
10,493
9,117
4,040
(14,647)
(13,889)
(12,368)
(11,673) (13,417) (14,232) (13,260) (12,666)
Cash Surplus/(Defic it )
(4, 154)
(4, 772)
(8, 328)
(5, 848)
10 - 24
(6, 227)
(5, 547)
(4, 448)
(2, 875)
Budget Statement 2013-14
Table 10.17: Derivation of ABS GFS Non-financial Public Sector Cash Surplus/(Deficit)
2009-10
Ac tual
$m
Cash Surplus/(Defic it )
Assets ac quired under financ e leases
Other financ ing arrangements (a)
ABS GFS Surplus/(Defic it )
2010-11
Ac tual
$m
2011-12
Ac tual
$m
2012-13 2013-14 2014-15 2015-16 2016-17
Forward estimates
Rev ised Budget
$m
$m
$m
$m
$m
(4,154)
(4,772)
(8,328)
(5,848)
(6,227)
(5,547)
(4,448)
(2,875)
(471)
(547)
(329)
(1,527)
(977)
(112)
(120)
(1,691)
(206)
358
270
(23)
(80)
44
102
(58)
(4, 830)
(4, 961)
(8, 388)
(7, 397)
(7, 284)
(5, 616)
(4, 467)
(4, 624)
(a) Comprises movements in payables and receivables of a capital nature.
10.6 Loan Council Allocation
The Australian, State and Territory governments nominate a Loan Council Allocation (LCA)
each year. The LCA measures each jurisdiction’s net call on financial markets in a given financial
year to meet its budget objectives. The NSW LCA for 2013-14 was approved at the April 2013
meeting of the Ministerial Council.
Table 10.18 compares the 2013-14 LCA bid based on the 2012-13 Half-Yearly Review, with a
revised LCA based on 2013-14 Budget estimates. The revised estimates take into account fiscal
and economic developments that have occurred since the Half-Yearly Review.
The 2013-14 estimated LCA is a deficit of $8.7 billion compared with an original deficit allocation
of $10.1 billion. The variance of $1.4 billion is within the Loan Council’s tolerance limit. The
tolerance limit for 2013-14 is $1.6 billion and is calculated as 2 per cent of cash receipts from
operating activities for the non-financial public sector.
Budget Statement 2013-14
10 - 25
Table 10.18: Loan Council Allocation Estimates
General gov ernment sec tor c ash (surplus)/defic it
Public Non-financ ial Corporations sec tor c ash (surplus)/defic it
Non-financ ial public sec t or c ash (surplus)/defic it (a)
Ac quisitions under financ e leases and similar arrangements ( b)
Equals: ABS GFS c ash (surplus)/defic it
Minus: Net c ash flows from inv estments in financ ial assets
for polic y purposes
Plus:
Memorandum items ( c)
Loan Counc il Alloc at ion
2013-14
Loan Counc il
Alloc ation
$m
2013-14
Budget-time
Estimate
$m
3,400
4,056
7, 458
929
8, 386
2,961
3,266
6, 227
1,057
7, 284
(37)
1,687
10, 110
(127)
1,266
8, 677
(a)
May not directly equate to the sum of the general government and PNFC cash deficits due to intersectoral transfers
which are netted out.
(b) Finance leases and similar arrangements are shown separately as they are deducted from the AASB 1049 cash surplus
to derive the ABS GFS cash surplus.
(c) Memorandum items are used to adjust the ABS deficit to include in LCAs certain transactions, such as operating leases
that have many characteristics of public sector borrowings but are not formal borrowings. They are also used, where
appropriate, to deduct from the ABS deficit certain transactions, that the Loan Council has agreed should not be
included in LCAs - for example, the funding of more than employers’ emerging costs under public sector
superannuation schemes, or borrowings by entities such as universities.
Public Private Partnerships
As confirmed at the 1997 Loan Council meeting, states are to report their full contingent
exposure to public private partnerships (PPP), where the financial impact is not already reflected
within the Loan Council Allocation. Exposure is to be measured by the Government’s
termination liabilities if the private sector partner defaults and disclosed as a footnote to, rather
than a part of, Loan Council Allocations.
There are no PPP projects expected to be contracted in 2013-14.
10 - 26
Budget Statement 2013-14