Chapter 9: 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 GFS-GAAP reporting basis.
Convergence differences between GFS and GAAP are explained in this chapter.

An 8-year time series is provided from 2008-09 to 2015-16 for the general government sector,
public non-financial corporation (PNFC or public trading enterprise) sector, and consolidated
sector.

The Australian Bureau of Statistics will release its GFS based Government Finance Estimates
publication at www.abs.gov.au in August 2012.
9.1
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 includes 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
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.
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 2012-13
9-1
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.
9.2
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 convergence differences, GFS financial aggregates released by the Australian Bureau of
Statistics from 2008-09 will differ from UPF aggregates. The differences are not generally
material for New South Wales, apart from GFS’s exclusion of deferred tax. For more
information on other convergence differences see Primary Financial Statements later in this
chapter. For details and amounts of the key 2010-11 convergence differences, see page 5-147 of
the 2010-11 Report on State Finances.
2
9-2
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 2012-13
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)

change in net worth (comprehensive result)

net worth

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 2012-13
9-3
9.3
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 Government Finance
Statistics (GFS) principles where this does not conflict with Generally Accepted Accounting
Principles (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

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 headline 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.
9-4
Budget Statement 2012-13
Convergence differences in Operating Statement
The main convergence 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).

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 from the PNFC and PFC 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

allows comparisons of asset and liability levels between jurisdictions and time periods.
The UPF balance sheet fiscal aggregates include net worth, net financial worth, net financial
liabilities, and net debt.
Budget Statement 2012-13
9-5
Convergence differences in Balance Sheet
The main convergence 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 through to June 2009 include a liability for deferred income in relation
to an ABS direction to accrue a $960 million Australian road transport grant for GFS
reporting purposes. No liability is recognised in the harmonised balance sheet as the
revenue was recognised fully on receipt in 2005-06, in line with accounting standards.

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.
9-6
Budget Statement 2012-13
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 E 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.
9.4
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. Two areas in the 2008 SESCA are particularly relevant to
GFS.
Budget Statement 2012-13
9-7

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 IMF GFS manual. Timing for the IMF GFS update is still to be
confirmed.
9.5
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.
9-8
Budget Statement 2012-13
Table 9.1:
General Government Sector Operating Statement
2008-09 2009-10 2010-11 2011-12 2012-13 2013-14 2014-15 2015-16
Forward estimates
Ac tual Rev ised Budget
Ac tual
Ac tual
$m
$m
$m
$m
$m
$m
$m
$m
Revenue from Transact 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 alent inc ome
from other sec tors
Other div idends and distributions
Fines, regulatory fees and other
Tot al Revenue from t ransact ions
Expenses from Transact 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 ransact ions
BUDGET RESULT - SURPLUS/(DEFICIT)
[Net Operat ing Balance]
17,885
19,129
20,395
20,659
22,111
23,273
24,753
26,298
11,974
6,573
3,145
604
4,024
416
13,419
6,555
6,345
671
4,321
319
13,900
6,860
4,215
642
4,658
468
14,289
6,797
4,810
564
4,832
556
14,826
7,203
2,667
698
5,066
367
15,715
7,488
2,781
912
5,221
366
16,429
8,064
2,117
885
5,425
360
17,053
8,697
1,888
938
5,650
359
1,833
196
3,020
2,048
285
3,236
1,982
430
3,594
2,115
387
3,444
2,367
546
3,876
2,300
449
4,131
2,047
477
4,361
2,164
505
4,524
49, 669
56, 328
57, 144
58, 452
59, 727
62, 636
64, 916
68, 074
22,078
23,094
24,434
25,858
26,541
26,800
27,348
28,155
701
1,961
2,614
1,468
1
10,959
951
2,122
2,777
1,653
1
11,543
835
2,210
2,818
1,826
1
12,281
882
2,272
3,060
2,059
1
13,237
201
2,346
3,294
2,147
1
14,197
505
2,354
3,530
2,401
1
14,803
690
2,411
3,692
2,608
1
14,913
750
2,561
3,906
2,681
1
15,595
7,703
3,044
7,988
5,211
8,905
2,494
9,194
2,224
9,264
2,561
8,654
3,299
9,242
3,449
9,976
3,276
50, 530
55, 340
55, 804
58, 788
60, 552
62, 347
64, 353
66, 902
988
1, 340
(337)
(824)
289
562
1, 172
(238)
802
153
...
784
86
72
153
3,406
(478)
(331)
(134)
37
47
(467)
387
411
(89)
...
128
265
510
36
...
94
81
498
29
...
(2)
(862)
Ot her economic flow s included in t he operat ing result
(434)
Gain/(Loss) from other liabilities
(701)
Other net gains/(losses)
19
Share of earnings from assoc iates (exc luding div idends)
11
Div idends from asset sale proc eeds
(1,110)
Deferred inc ome tax in the operating result and other
Operat ing result (account ing basis)
(3, 077)
2, 490
Ot her economic flow s - ot her non-ow ner movement s in equit y
(11,463) (3,156)
Superannuation ac tuarial gains/(loss)
5,619
5,503
Rev aluations
5,685
(1,680)
Net gain/(loss) on equity inv estments in other sec tors
107
(12)
Other
Comprehensive result - t ot al change in net w ort h
before t ransact ions w it h ow ners (a)
(10, 729) 10, 745
Budget Statement 2012-13
4, 579
(1, 185)
447
976
4,347
46
(10,164)
(3,481)
(1,171)
(369)
13
6,829
1,142
2,431
(34)
10, 395 (16, 370) 10, 382
1
547
40
...
42
1, 195
1, 168
1, 802
4,119
1,125
4,153
(55)
999
1,125
3,632
(100)
(257)
1,115
3,343
(60)
6, 824
5, 944
10, 537
9-9
Table 9.1:
General Government Sector Operating Statement (cont)
2008-09 2009-10 2010-11 2011-12 2012-13 2013-14 2014-15 2015-16
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 ners(a)
(10, 729) 10, 745 10, 395 (16, 370) 10, 382 10, 537
Less: Net other ec onomic flows
9,868
(9,756) (9,055) 16,033 (11,206) (10,248)
equals: Budget Result - net operat ing balanc e
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) [Fisc al Balanc e]
OTHER AGGREGATES
Capital expenditure ( b)
(862)
4,825
(368)
(2,614)
31
439
54
988
7,034
(722)
(2,777)
(11)
251
(148)
1, 340
(337)
(824)
6,537
(283)
(2,818)
5
5,814
(494)
(3,060)
(7)
6,227
(536)
(3,294)
(3)
510
299
148
96
129
125
6, 824
(6,261)
289
562
6,705
(508)
(3,530)
(3)
6,069
(533)
(3,692)
1
759
133
5, 944
(4,771)
1, 172
5,762
(411)
(3,906)
(14)
156
83
164
96
1, 691
2, 367
3, 627
4, 250
2, 496
2, 648
3, 556
2, 083
(3, 228)
(2, 639)
(2, 910)
(2, 833)
(3, 473)
(3, 267)
(1, 521)
(519)
5,264
7,286
7,047
5,961
6,356
7,464
6,224
5,926
(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.
9 - 10
Budget Statement 2012-13
Table 9.2:
General Government Sector Balance Sheet
June 2009 June 2010 June 2011 June 2012 June 2013 June 2014 June 2015 June 2016
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
408
7,577
891
5,363
4,335
5,819
503
9,281
1,137
4,748
Forward estimates
$m
$m
$m
3,930
6,018
274
9,287
1,198
4,929
4,077
5,959
286
10,215
1,209
5,082
4,160
5,819
225
11,054
1,227
5,164
4,353
5,888
248
11,779
1,262
5,266
Asset s
Financ ial assets
Cash and c ash equiv alent assets
3,350
Rec eiv ables
5,557
Tax equiv alents rec eiv able
242
Financ ial assets at fair v alue
5,271
Adv anc es paid
778
Deferred tax equiv alents
4,752
Equity
Inv estments in other
public sec tor entities
72,646
1,050
Inv estments in assoc iates
...
Other
Tot al Financ ial Asset s
93, 647
Non-financ ial assets
- Inv entories
250
- Forestry stoc k
and other biologic al assets
7
- Assets c lassified as held for sale
114
- Inv estment properties
274
Property , plant and equipment
- Land and Buildings
53,421
- Plant and Equipment
7,447
- Infrastruc ture Sy stems
52,665
Intangibles
977
Other
1,026
Tot al Non-financ ial Asset s
116, 181
78,912
1,219
...
84,232
1,336
...
82,403
1,371
29
82,904
1,282
29
86,930
1,318
29
90,452
1,347
29
93,699
1,387
29
103, 126
113, 850
109, 627
109, 851
115, 106
119, 476
123, 911
282
276
268
278
275
275
261
7
133
269
9
248
236
9
309
225
9
188
228
9
146
228
9
124
228
9
94
228
56,430
7,983
58,691
1,245
1,111
126, 150
58,388
8,837
60,490
1,425
1,235
131, 144
56,778
9,227
60,064
1,661
1,454
129, 994
57,547
9,516
64,280
1,808
1,675
135, 529
58,662
9,771
67,473
1,815
1,908
140, 286
59,304
9,688
69,917
1,839
2,146
143, 530
59,452
9,606
72,466
1,835
2,390
146, 341
Tot al Asset s
209, 828
229, 276
244, 994
239, 621
245, 380
255, 392
263, 006
270, 252
72
3,299
5
16,662
835
9,913
29,409
922
5,461
2,636
78
3,687
22
19,074
807
10,929
32,722
828
5,718
2,519
1,378
3,937
47
22,530
770
11,627
32,333
660
5,878
2,547
1,213
3,964
19
26,676
756
12,239
38,705
671
6,114
2,373
1,069
3,965
...
30,117
730
11,902
31,266
712
6,211
2,134
944
4,093
...
34,355
702
11,719
26,660
730
6,368
2,014
836
4,068
6
36,524
683
11,763
25,197
773
6,602
1,923
741
4,103
19
37,770
692
11,907
24,919
778
6,857
1,890
69, 214
76, 384
81, 707
92, 731
88, 108
87, 585
88, 375
89, 677
140, 614
152, 892
163, 287
146, 890
157, 272
167, 807
174, 631
180, 574
23,605
117,009
24,330
128,563
30,437
132,850
17,902
128,988
26,753
130,519
32,222
135,585
34,484
140,147
36,150
144,424
140, 614
152, 892
163, 287
146, 890
157, 272
167, 807
174, 631
180, 574
48, 213
52, 170
52, 089
65, 507
61, 161
59, 409
59, 351
59, 465
8, 170
9, 161
7, 952
13, 892
17, 502
20, 499
21, 603
21, 808
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
Net Financ ial Liabilit ies
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 2012-13
9 - 11
Table 9.3:
General Government Sector Cash Flow Statement
2008-09 2009-10 2010-11 2011-12 2012-13 2013-14 2014-15 2015-16
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
17,648
4,482
22,272
413
1,792
5,052
51, 658
(20,978)
(2,401)
(12,209)
(9,337)
(1,020)
(2,662)
(48, 607)
3, 051
18,899
4,585
26,976
324
1,867
5,102
57, 755
20,523
5,378
25,429
464
2,058
5,294
59, 146
20,683
5,096
26,476
567
1,992
5,875
60, 689
22,103
5,270
25,516
370
2,353
5,980
61, 592
(22,424) (23,541) (25,356) (26,573)
(2,918)
(2,988)
(6,948)
(3,157)
(12,591) (13,508) (15,306) (15,758)
(11,061)
(9,620)
(9,378)
(9,888)
(1,120)
(1,230)
(1,440)
(1,576)
(3,239)
(3,076)
(3,030)
(2,922)
(53, 354) (53, 963) (61, 458) (59, 875)
23,228
5,515
26,882
372
2,364
6,280
64, 640
24,698
5,758
27,487
363
2,269
6,555
67, 129
26,300
6,005
28,525
358
2,064
6,804
70, 055
(26,700)
(3,346)
(16,302)
(10,038)
(1,836)
(2,920)
(61, 141)
(27,237)
(3,565)
(16,512)
(10,556)
(2,026)
(2,921)
(62, 818)
(28,035)
(3,845)
(17,627)
(10,679)
(2,079)
(2,931)
(65, 196)
4, 401
5, 183
(769)
1, 717
3, 499
4, 310
4, 859
748
(7,070)
271
(6,489)
505
(5,841)
520
(6,265)
520
(6,687)
533
(6,179)
411
(5,776)
(4, 492)
(6, 322)
(6, 218)
(5, 336)
(5, 744)
(6, 167)
(5, 646)
(5, 365)
Cash Flow s from Invest ment s in Financ ial Asset s
for Polic y Purposes
Rec eipts
79
(84)
Pay ments
Tot al Cash Flow s from Invest ment s in
Financ ial Asset s for Polic y Purposes
(5)
781
(294)
3,773
(158)
531
(365)
271
(181)
232
(117)
206
(87)
215
(129)
487
3, 615
166
91
115
119
86
Net Flow s from Invest ment s in Financ ial Asset s
for Liquidit y Purposes
Rec eipts
675
(494)
Pay ments
Net Cash Flow s from Invest ment s in
Financ ial Asset s for Liquidit y Purposes
180
373
(1,312)
739
(964)
243
(1,770)
1,271
(770)
19
(478)
81
(444)
210
(420)
(938)
(225)
(1, 527)
501
(459)
(363)
(210)
Cash Flow s from Invest ment s in Non-Financ ial Asset s
Sales of non-financ ial assets
351
(4,843)
Purc hases of non-financ ial assets
Net Cash Flow s from Invest ment s in
Non-Financ ial Asset s
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
...
(49)
3,161
(949)
59
102
...
(53)
3,015
(1,025)
54
144
...
(53)
3,375
(1,820)
1,362
(36)
15
(54)
4,261
(467)
(166)
1
...
(52)
3,775
(516)
(146)
...
2
(53)
3,930
(535)
(127)
...
11
(55)
2,512
(589)
(109)
...
32
(49)
1,564
(570)
(96)
...
2, 324
2, 134
2, 828
3, 590
3, 061
3, 217
1, 771
881
Net Inc rease/(Dec rease) in Cash Held
1, 058
(238)
5, 183
(3, 876)
(375)
206
191
251
3,051
4,401
5,183
(769)
1,717
3,499
4,310
4,859
(4,492)
(6,322)
(6,218)
(5,336)
(5,744)
(6,167)
(5,646)
(5,365)
(1, 441)
(1, 921)
(1, 035)
(6, 105)
(4, 027)
(2, 667)
(1, 336)
(506)
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 )
9 - 12
Budget Statement 2012-13
Table 9.4:
Derivation of ABS GFS General Government Sector Cash
Surplus/(Deficit)
2008-09 2009-10 2010-11 2011-12 2012-13 2013-14 2014-15 2015-16
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, 441)
(439)
35
10
(36)
16
53
(31)
111
14
ABS GFS Surplus/(Deficit )
(1, 845)
(2, 163)
(1, 581)
(6, 236)
(4, 104)
(3, 457)
(1, 381)
(656)
(1, 921)
(251)
(1, 035)
(510)
(6, 105)
(148)
(4, 027)
(129)
(2, 667)
(759)
(1, 336)
(156)
(506)
(164)
(a) Comprises movements in payables and receivables of a capital nature.
Table 9.5:
General Government Sector Taxes
2010-11
Ac tual
$m
2011-12
Rev ised
$m
2012-13
Budget
$m
Taxes on employ ers’ pay roll and labour forc e
6, 382
6, 688
7, 024
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
2,289
4,675
...
105
7, 069
2,368
4,497
...
112
6, 976
2,559
5,188
...
116
7, 863
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
...
1,757
2,035
3, 792
...
1,801
2,057
3, 857
...
1,872
2,042
3, 915
2,444
1
706
2,543
3
591
2,666
3
640
3, 151
3, 137
3, 310
20, 395
20, 659
22, 111
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 2012-13
9 - 13
Table 9.6:
General Government Sector Grant Revenue and Expense
2010-11
Ac tual
$m
2011-12
Rev ised
$m
2012-13
Budget
$m
13,900
6,633
1,188
14,289
6,797
2,037
14,826
7,203
1,728
Total
Other grants and subsidies
21, 721
618
23, 123
592
23, 757
672
Tot al c urrent grant s and subsidies revenue
22, 339
23, 714
24, 429
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)
...
227
3,027
2,773
939
Total
Other grants and subsidies
3, 254
24
2, 773
(28)
939
26
Tot al c apit al grant s and subsidies revenue
3, 278
2, 745
965
25, 617
26, 460
25, 394
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
...
...
...
462
543
591
5,934
5,944
6,137
2,508
8, 905
2,707
9, 194
2,535
9, 264
...
...
...
213
269
242
453
445
420
1,827
1,511
1,900
2, 494
2, 224
2, 561
11, 399
11, 418
11, 825
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
9 - 14
Budget Statement 2012-13
Table 9.6:
General Government Sector Grant Revenue and Expense (cont)
2010-11
Ac tual
$m
2011-12
Rev ised
$m
2012-13
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
3,640
34
3,674
3,540
...
3,163
1
3,540
3 , 16 5
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
664
2,976
1,008
2,532
473
2,690
Local government
Private and not- for profit sector
...
34
...
...
...
1
Tota l P a yme nts
Table 9.7:
3,674
3,540
3 , 16 5
General Government Sector Dividend and Income Tax Equivalent
Income
Div idend and inc ome tax rev enue from the PNFC sec tor
2010-11
Ac tual
$m
2011-12
Rev ised
$m
2012-13
Budget
$m
1,846
2,042
2,288
Div idend and inc ome tax rev enue from the PFC sec tor
136
73
80
Other div idend inc ome
430
387
546
2, 412
2, 502
2, 913
2010-11
Ac tual
$m
2011-12
Rev ised
$m
2012-13
Budget
$m
2,041
...
6,113
12,162
15,225
4,837
2,719
1,292
28
871
171
5,894
1,263
2,438
...
6,593
12,959
15,649
5,112
2,138
1,258
33
660
185
6,319
1,256
2,256
...
6,514
13,564
16,493
4,971
2,385
1,335
40
609
234
6,843
1,358
3,188
4,187
3,949
Tot al dividend and inc ome t ax equivalent inc ome
Table 9.8:
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)
Tot al Expenses
55, 804
58, 788
60, 552
(a) 2012-13 includes $150 million Advance to the Treasurer, which will be allocated across functions as the funds are spent
in the Budget Year.
Budget Statement 2012-13
9 - 15
Table 9.9:
General Government Sector Purchases of Non-financial Assets by
Function
2010-11
Ac tual
$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
2011-12
Rev ised
$m
2012-13
Budget
$m
381
...
441
390
...
421
399
...
450
1,905
611
106
98
140
...
123
6
2,682
19
704
709
95
118
174
1
30
3
3,103
25
533
1,008
194
154
134
2
25
3
3,126
37
25
40
161
6, 537
5, 813
6, 227
Asset s Ac quired under financ e leases
Educ ation
Health
Transport
...
212
298
...
...
148
2
...
127
Total Assets Ac quired under financ e leases
510
148
129
Tot al Capit al Expendit ure
7, 047
5, 961
6, 356
(a) 2012-13 includes $135 million Advance to the Treasurer, which will be allocated across functions as the funds are spent
in the Budget Year.
9 - 16
Budget Statement 2012-13
Table 9.10: Public Non-financial Corporation Sector Operating Statement
2008-09
Ac tual
$m
2009-10
Ac tual
$m
2010-11
Ac tual
$m
2011-12
Rev ised
$m
2012-13 2013-14 2014-15 2015-16
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
4,271
12,791
162
…
737
5,722
12,015
137
…
639
4,284
13,710
192
…
685
4,060
14,204
157
2
711
4,129
15,784
115
7
692
4,963
16,123
115
…
791
5,018
15,771
115
…
780
4,804
16,650
109
…
802
Tot al Revenue from t ransac t ions
17, 963
18, 514
18, 871
19, 135
20, 727
21, 993
21, 685
22, 366
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
3,737
(91)
358
2,637
1,319
624
6,728
254
2
15, 568
3,703
(62)
412
3,134
1,787
681
7,184
435
16
15, 034
372
1,038
18, 249
47
547
198
2, 441
4, 026
820
Ot her ec onomic flow s inc luded in t he operat ing result
Gain/(Loss) from superannuation
..
Gain/(Loss) from other liabilities
(33)
Other net gains/(losses)
(345)
Share of earnings from assoc iates (exc luding div idends)
…
Disc ontinuing operations
…
Other
317
Operat ing result (ac c ount ing basis)
3,625
(48)
396
2,807
1,520
544
5,739
3
…
3,448
…
6
134
134
20
17, 436
...
1, 699
…
…
(51)
…
…
138
3,447
(39)
394
3,198
2,162
852
8,431
188
1,035
19, 669
...
3,404
(41)
392
3,438
2,421
870
8,403
294
27
19, 207
...
3,461
(43)
401
3,597
2,630
782
8,379
3,521
(45)
413
3,851
2,817
845
8,379
173
…
19, 380
175
…
19, 957
...
...
1, 058
2, 785
2, 306
2, 409
…
…
165
…
…
8
…
…
203
…
…
75
…
…
360
…
…
131
…
…
297
…
…
82
3, 210
4, 411
1, 786
1, 231
3, 063
2, 796
2, 788
Ot her ec onomic flow s - ot her non ow ner movement s in equit y
Superannuation ac tuarial gains/(loss)
(1,545)
Deferred tax direc t to equity
744
Rev aluations
(1,267)
Net gain/(loss) on financ ial instruments at fair v alue
98
Other
…
(393)
(612)
5,727
(25)
133
(21)
40
4,013
71
117
(1,480)
421
(698)
7
(27)
1,052
(150)
1,645
(29)
(2)
695
(210)
1,782
(6)
46
244
(169)
1,671
1
112
53
(166)
1,628
2
73
Comprehensive result - t ot al c hange in net w ort h
before t ransac t ions w it h ow ners(a)
8, 040
8, 631
3, 747
5, 371
4, 655
4, 379
Budget Statement 2012-13
2, 380
…
(4)
(464)
…
(83)
(265)
3,543
(32)
400
3,171
1,963
838
7,399
410
8
9 - 17
Table 9.10: Public Non-financial Corporation Sector Operating Statement (cont)
2008-09
Ac tual
$m
2009-10
Ac tual
$m
2010-11
Ac tual
$m
2011-12
Rev ised
$m
2012-13 2013-14 2014-15 2015-16
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
equals
Net Lending/(Borrow ing) [Fisc al Balanc e]
410
2,031
8, 040
(4,014)
2, 441
4, 026
7,908
(312)
(2,637)
89
8,811
(371)
(2,807)
108
104
227
5, 381
8, 631
(7,811)
8
1,691
3, 747
(2,690)
5, 371
(2,586)
4, 655
(2,349)
4, 379
(1,970)
1, 699
1, 058
2, 785
2, 306
2, 409
7,781
(494)
(3,134)
13
7,198
(265)
(3,171)
87
8,105
(303)
(3,198)
107
8,833
(244)
(3,438)
107
9,264
(268)
(3,597)
(94)
8,110
(208)
(3,851)
(21)
219
135
6, 096
38
(855)
3, 348
263
211
4, 322
547
(807)
4, 451
715
223
6, 196
310
242
5, 857
1
250
4, 282
(2, 939)
(2, 070)
(2, 528)
(2, 623)
(3, 393)
(3, 411)
(3, 552)
(1, 873)
8,012
1,053
9,030
1,243
7,819
1,073
7,461
1,204
8,652
1,436
9,548
1,344
9,575
1,170
8,111
1,223
820
OTHER AGGREGATES
Capital expenditure ( b)
Div idends ac c rued ( c)
(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.
9 - 18
Budget Statement 2012-13
Table 9.11: Public Non-financial Corporation Sector Balance Sheet
June 2009
June 2010
June 2011
June 2012
June 2013
Ac tual
Ac tual
Ac tual
Rev ised
Budget
$m
$m
$m
$m
$m
$m
$m
$m
2,146
2,258
5
974
51
934
2,549
2,293
22
1,233
31
828
2,396
2,291
47
2,504
34
660
1,146
2,219
19
2,289
29
671
987
2,467
...
1,972
17
709
972
2,619
...
1,869
2
727
681
2,629
6
1,789
...
770
605
2,726
19
1,733
...
775
...
...
85
...
...
7
...
7
...
7
...
7
...
7
...
7
6, 368
7, 042
7, 939
6, 379
6, 159
6, 196
5, 882
5, 866
1,085
662
144
555
1,064
750
46
546
1,165
751
75
557
1,267
751
66
557
1,370
751
89
557
1,271
751
52
577
1,246
751
59
577
47,649
4,135
60,060
1,375
486
116, 151
50,003
4,284
63,150
1,527
446
121, 816
50,363
4,837
62,982
1,711
405
122, 845
49,969
5,774
66,380
1,890
417
127, 071
50,970
6,922
71,918
1,982
426
134, 983
51,529
7,531
78,275
2,064
438
142, 488
51,917
7,808
83,435
2,123
448
148, 364
111, 190
123, 193
129, 755
129, 224
133, 230
141, 179
148, 370
154, 229
99
3,488
240
257
23,075
512
2,067
121
3,893
296
241
26,459
497
2,067
90
3,419
395
489
28,314
478
2,141
85
3,361
498
262
28,974
517
2,280
76
3,529
268
78
33,681
492
2,310
76
3,783
279
78
38,126
465
2,359
77
3,891
217
78
42,267
433
2,404
78
3,996
241
78
44,841
405
2,456
1,576
4,764
1,642
924
1,807
5,681
1,828
385
1,720
5,363
1,774
450
3,107
4,748
1,711
480
2,024
4,929
1,826
449
1,310
5,082
1,720
431
1,051
5,164
1,528
414
987
5,266
1,578
399
Tot al Liabilit ies
38, 644
43, 276
44, 633
46, 023
49, 660
53, 709
57, 526
60, 325
NET ASSETS
72, 546
79, 917
85, 122
83, 201
83, 570
87, 470
90, 844
93, 905
Net Wort h
Ac c umulated Funds
Reserv es
39,840
32,706
42,581
37,336
44,346
40,776
42,863
40,338
41,780
41,790
44,134
43,336
46,047
44,798
47,665
46,239
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
1,039
- Forestry stoc k and other biologic al assets
553
- Assets c lassified as held for sale
56
- Inv estment properties
751
Property , plant and equipment
- Land and Buildings
43,260
- Plant and Equipment
4,116
- Infrastruc ture Sy stems
53,353
Intangibles
1,258
Other
435
Tot al Non-financ ial Asset s
104, 823
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
NET WORTH
June 2014
June 2015
June 2016
Forward estimates
72, 546
79, 917
85, 122
83, 201
83, 570
87, 470
90, 844
93, 905
(32, 277)
(36, 234)
(36, 694)
(39, 643)
(43, 501)
(47, 514)
(51, 644)
(54, 459)
Net Financ ial Liabilit ies
32, 277
36, 234
36, 694
39, 643
43, 501
47, 514
51, 644
54, 459
Net Debt (b)
20, 773
23, 505
24, 437
26, 374
31, 351
35, 904
40, 385
43, 062
Net Financ ial Wort h
(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 2012-13
9 - 19
Table 9.12: Public Non-financial Corporation Sector Cash Flow Statement
2008-09 2009-10
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
14,228
4,272
161
2,408
21, 069
17,871
5,722
138
2,509
26, 239
(3,933)
(3,826)
(309)
(500)
(7,732) (10,314)
(254)
(448)
(1,186)
(1,450)
(650)
(676)
(1,939)
(2,078)
(16, 004) (19, 291)
2011-12
Rev ised
$m
15,775
4,407
191
1,507
21, 880
14,356
4,060
159
1,770
20, 345
(3,933)
(457)
(8,437)
(376)
(1,680)
(744)
(1,115)
(16, 742)
2012-13 2013-14 2014-15 2015-16
Forward estimates
Budget
$m
$m
$m
$m
15,576
4,129
115
1,849
21, 670
16,044
4,964
115
2,054
23, 177
15,927
5,019
115
2,172
23, 233
16,706
4,804
109
2,207
23, 827
(3,666)
(3,685)
(3,623)
(3,690)
(3,751)
(461)
(386)
(371)
(373)
(379)
(7,266)
(7,966)
(7,879)
(7,789)
(7,892)
(134)
(188)
(294)
(173)
(175)
(1,870)
(2,078)
(2,345)
(2,562)
(2,753)
(783)
(1,067)
(865)
(849)
(822)
(1,345)
(1,459)
(1,546)
(1,622)
(1,605)
(15, 524) (16, 830) (16, 922) (17, 059) (17, 377)
6, 948
5, 138
4, 821
4, 840
6, 254
6, 174
6, 449
467
(8,692)
492
(8,173)
266
(7,286)
304
(8,106)
244
(8,795)
268
(9,251)
208
(8,122)
(7, 405)
(8, 225)
(7, 681)
(7, 020)
(7, 803)
(8, 551)
(8, 983)
(7, 915)
Cash Flow s from Invest ment s in Financ ial Asset s
for Polic y Purposes
Rec eipts
...
Pay ments
(33)
...
(13)
3,789
(30)
2,172
(14)
12
(14)
15
(15)
7
(20)
(16)
Tot al Cash Flow s from Invest ment s in
Financ ial Asset s for Polic y Purposes
(33)
(13)
3, 759
2, 157
(3)
1
(14)
(16)
Net Flow s from Invest ment s in Financ ial Asset s
for Liquidit y Purposes
Rec eipts
159
Pay ments
(425)
Net Cash Flow s from Invest ment s in
Financ ial Asset s for Liquidit y Purposes
(266)
42
(431)
604
(275)
276
(362)
125
(108)
134
(69)
122
(69)
95
(69)
(389)
329
(86)
17
65
54
26
Net Cash Flow s from Operat ing Ac t ivit ies
5, 065
2010-11
Ac tual
$m
Cash Flow s from Invest ment s in Non-Financ ial Asset s
Sales of non-financ ial assets
216
Purc hases of non-financ ial assets
(7,621)
Net Cash Flow s from Invest ment s in
Non-Financ ial Asset s
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)
(101)
(171)
7,271 14,296
(3,110) (11,035)
(1,323)
(1,058)
(15)
23
...
...
Net Cash Flow s from Financ ing Ac t ivit ies
2, 723
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 )
9 - 20
...
64
...
...
...
...
(3,495)
8,147
(5,042)
(1,262)
(30)
...
(461)
3,283
(2,953)
(1,059)
(6)
...
(234)
4,676
(443)
(1,194)
(9)
...
(168)
4,268
(511)
(1,424)
1
...
(152)
4,474
(623)
(1,337)
1
...
(138)
3,285
(682)
(1,159)
1
...
2, 054
(1, 682)
(1, 134)
2, 795
2, 165
2, 362
1, 306
84
376
(137)
(1, 262)
(153)
(67)
(407)
(149)
5,065
6,948
5,138
4,821
4,840
6,254
6,174
6,449
(7,405)
(1,323)
(8,225)
(1,058)
(7,681)
(1,262)
(7,020)
(1,059)
(7,803)
(1,194)
(8,551)
(1,424)
(8,983)
(1,337)
(7,915)
(1,159)
(3, 663)
(2, 335)
(3, 805)
(3, 259)
(4, 157)
(3, 721)
(4, 146)
(2, 625)
Budget Statement 2012-13
Table 9.13: Derivation of ABS GFS Public Non-financial Corporation Sector Cash
Surplus/(Deficit)
Cash Surplus/(Deficit )
Assets ac quired under financ e leases
2008-09 2009-10 2010-11
2011-12 2012-13 2013-14 2014-15 2015-16
Forward estimates
Ac tual
Ac tual
Ac tual
Rev ised Budget
$m
$m
$m
$m
$m
$m
$m
$m
(3,663) (2,335)
(3,805)
(3,259) (4,157) (3,721) (4,146) (2,625)
Other financ ing arrangements (a)
ABS GFS Surplus/(Deficit )
(104)
(219)
(715)
(310)
(191)
(215)
395
(38)
(263)
88
(547)
1
(38)
(13)
12
(1)
(3, 958)
(2, 770)
(3, 448)
(3, 434)
(4, 703)
(4, 474)
(4, 470)
(2, 613)
(a) Comprises movements in payables and receivables of a capital nature.
Table 9.14: Non-financial Public Sector Operating Statement
2008-09
Ac tual
$m
2009-10
Ac tual
$m
2010-11
Ac tual
$m
2011-12
Rev ised
$m
18,027
19,319
19,861
21,292
22,394
23,802
25,303
13,419
6,556
6,345
495
15,274
390
56
285
3,850
13,900
6,861
4,215
439
17,384
595
136
430
4,180
14,289
6,806
4,810
471
18,094
642
73
389
4,132
14,826
7,214
2,667
385
19,844
413
79
553
4,524
15,715
7,489
2,781
727
20,368
412
86
449
4,889
16,429
8,064
2,117
740
20,195
407
96
477
5,131
17,053
8,698
1,888
812
21,273
400
96
505
5,322
59, 784
64, 696
67, 458
69, 567
71, 797
75, 310
77, 457
81, 349
25,801
26,678
28,121
29,382
29,969
30,183
30,787
31,652
610
2,319
5,251
2,728
1
16,297
902
2,518
5,584
3,106
1
15,460
773
2,623
5,952
3,550
1
17,422
850
2,672
6,231
3,952
1
18,927
161
2,740
6,492
4,240
1
20,832
464
2,746
6,968
4,754
1
21,390
647
2,812
7,288
5,170
1
21,391
705
2,975
7,757
5,430
1
22,019
5,499
1,155
59, 660
5,949
1,758
61, 957
6,638
1,615
66, 694
6,679
713
69, 406
6,901
1,662
72, 998
6,444
628
73, 578
7,083
577
75, 757
7,864
586
78, 989
Transac t ions from disc ont inuing operat ions
402
1, 037
392
NET OPERATING BALANCE - SURPLUS
526
3, 776
1, 156
161
3
87
3,519
153
6
(304)
...
(331)
(187)
37
...
91
...
387
575
(89)
...
(14)
3, 837
4, 619
(230)
(342)
2, 705
2, 625
3, 202
Ot her ec onomic flow s - ot her non ow ner movement s in equit y
Superannuation ac tuarial gains/(loss)
(13,008)
Rev aluations
4,236
Net gain/(loss) on equity inv estments in other sec tors
(953)
Net gain/(loss) on financ ial instruments at fair v alue
91
Other
(12)
(3,540)
11,347
(1,105)
(25)
240
425
4,989
115
71
173
(11,644)
(4,178)
91
7
(396)
7,881
2,786
133
(29)
(35)
4,814
2,907
126
(6)
(9)
1,242
2,796
147
1
12
(203)
2,743
187
2
13
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
6, 824
5, 944
Revenue from Transac t ions
Taxation
16,970
Grants and Subsidies
- Commonwealth - general purpose
11,974
- Commonwealth - national agreements
6,609
- Commonwealth - national partnership pay ments
3,145
- Other grants and subsidies
511
Sale of goods and serv ic es
16,023
Interest
520
Div idend and inc ome tax equiv alent inc ome from other sec tors 136
Other div idends and distributions
196
Fines, regulatory fees and other
3,701
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)
Budget Statement 2012-13
...
(467)
(1,047)
19
...
(42)
(1, 010)
(10, 656)
...
(242)
324
153
(84)
(90)
10, 393
...
2012-13 2013-14 2014-15 2015-16
Budget
Forward estimates
$m
$m
$m
$m
...
(1, 201)
(16, 350) 10, 395
...
1, 732
...
265
711
36
...
(40)
10, 537
...
1, 700
...
2, 360
...
81
856
29
...
(41)
...
1
842
40
...
(41)
9 - 21
Table 9.14: Non-financial Public Sector Operating Statement (cont)
2008-09
Ac tual
$m
2009-10
Ac tual
$m
2010-11
Ac tual
$m
2011-12
Rev ised
$m
2012-13 2013-14 2014-15 2015-16
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
equals
Net Lending/(Borrow ing) [Fisc al Balanc e]
OTHER AGGREGATES
Capital expenditure ( b)
(10, 656)
11,182
10, 752
(6,978)
10, 393
(9,237)
3, 776
1, 156
12,724
(678)
(5,251)
120
15,870
(1,017)
(5,584)
96
14,309
(776)
(5,952)
17
544
281
7, 740
471
(13)
9, 823
(7, 214)
13,268
526
(16, 350) 10, 395 10, 537
16,511 (11,595) (8,805)
161
6, 824
(5,124)
5, 944
(3,584)
(1, 201)
1, 732
1, 700
2, 360
13,005
(759)
(6,231)
81
14,323
(839)
(6,492)
104
15,530
(752)
(6,968)
103
15,326
(801)
(7,288)
(94)
13,865
(619)
(7,757)
(35)
547
(557)
7, 589
411
307
6, 813
677
(682)
7, 091
1,474
356
9, 744
466
325
7, 933
165
346
5, 965
(6, 047)
(6, 433)
(6, 652)
(8, 292)
(8, 012)
(6, 233)
(3, 605)
16,340
14,856
13,416
15,000
17,004
15,792
14,030
(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.
9 - 22
Budget Statement 2012-13
Table 9.15: Non-financial Public Sector Balance Sheet
June 2009 June 2010 June 2011 June 2012 June 2013
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
June 2014 June 2015 June 2016
Ac tual
Ac tual
Ac tual
Rev ised
Budget
$m
$m
$m
$m
$m
$m
10,653
6,354
...
9,660
447
5,481
6,113
...
11,068
649
4,916
6,315
...
10,678
723
5,048
6,433
...
11,450
746
5,496
6,173
...
6,014
318
5,620
6,615
...
7,779
438
100
1,051
...
(1,005)
1,304
...
(890)
1,336
7
(799)
1,371
37
(666)
1,282
37
Forward estimates
(540)
1,318
37
$m
$m
4,840
6,410
...
12,157
794
4,959
6,473
...
12,773
858
(393)
1,347
37
(206)
1,387
37
19, 151
20, 752
27, 567
23, 919
23, 284
24, 492
25, 192
26, 280
1,289
1,367
1,340
1,433
1,545
1,644
1,547
1,507
560
170
1,025
669
277
824
759
293
782
759
384
782
759
254
784
759
235
784
759
176
805
759
153
805
96,682
11,563
106,019
2,235
1,418
220, 960
104,079
12,118
118,751
2,620
1,470
242, 174
108,390
13,122
123,640
2,952
1,531
252, 809
107,141
14,064
123,046
3,372
1,674
252, 654
107,516
15,290
130,660
3,698
1,908
262, 416
109,631
16,693
139,391
3,797
2,150
275, 087
110,833
17,219
148,193
3,903
2,398
285, 832
111,370
17,414
155,901
3,958
2,653
294, 519
240, 111
262, 925
280, 376
276, 573
285, 700
299, 578
311, 024
320, 799
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
171
6,332
278
39,485
836
11,923
30,985
5,984
3,503
199
7,086
265
45,232
807
12,961
34,529
6,204
2,751
1,469
6,885
509
50,402
770
13,731
34,053
6,489
2,781
1,298
6,727
339
55,071
756
14,485
41,812
6,535
2,660
1,145
6,858
158
63,137
730
14,178
33,291
6,542
2,390
1,020
7,191
162
71,762
702
14,044
27,970
6,667
2,253
913
7,209
165
78,018
683
14,133
26,249
6,879
2,144
818
7,314
169
81,781
692
14,328
25,907
7,118
2,097
Tot al Liabilit ies
99, 497
110, 033
117, 089
129, 683
128, 429
131, 771
136, 393
140, 224
140, 614
152, 892
163, 287
146, 890
157, 272
167, 807
174, 631
180, 574
60,151
80,463
62,923
89,970
70,847
92,440
57,219
89,671
64,834
92,438
72,443
95,364
76,444
98,187
79,558
101,016
NET WORTH
140, 614
152, 892
163, 287
146, 890
157, 272
167, 807
174, 631
180, 574
Net Financ ial Wort h
(80, 346)
(89, 281)
(89, 522) (105, 764) (105, 144)
80, 446
88, 276
88, 632
104, 965
104, 478
106, 739
110, 808
113, 739
28, 943
32, 666
32, 389
40, 266
48, 853
56, 402
61, 988
64, 871
Tot al Asset s
NET ASSETS
Net Wort h
Ac c umulated Funds
Reserv es
Net Financ ial Liabilit ies
Net Debt
(b)
(107, 279) (111, 201) (113, 944)
(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 2012-13
9 - 23
Table 9.16: 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
2008-09
Ac tual
$m
2009-10
Ac tual
$m
2010-11
Ac tual
$m
16,786
18,276
22,161
556
67
7,481
65, 327
18,007
21,651
26,724
353
104
7,675
74, 514
19,396
20,560
25,369
592
78
6,769
72, 764
2011-12 2012-13 2013-14 2014-15 2015-16
Forward estimates
Rev ised Budget
$m
$m
$m
$m
$m
19,979
18,868
26,266
654
122
7,763
73, 651
21,298
20,275
25,224
416
76
7,804
75, 092
22,399
21,031
26,522
418
81
8,496
78, 947
23,803
21,127
27,156
410
89
8,896
81, 481
25,332
22,141
28,195
400
96
9,209
85, 373
(24,685) (26,003) (27,254) (28,742) (29,983) (30,048) (30,647) (31,497)
(2,710)
(3,418)
(3,444)
(7,409)
(3,543)
(3,717)
(3,938)
(4,224)
(18,621) (21,134) (20,222) (21,455) (22,550) (22,975) (23,019) (24,175)
(5,484)
(5,877)
(5,755)
(5,514)
(5,785)
(5,336)
(5,705)
(6,058)
(2,188)
(2,462)
(2,846)
(3,239)
(3,586)
(4,112)
(4,520)
(4,764)
(4,736)
(5,128)
(4,192)
(4,308)
(4,292)
(4,439)
(4,514)
(4,514)
(58, 424) (64, 021) (63, 713) (70, 667) (69, 739) (70, 627) (72, 343) (75, 233)
6, 902
10, 493
Cash Flow s from Invest ment s in Non-Financ ial Asset s
Sales of non-financ ial assets
663
1,053
Purc hases of non-financ ial assets
(12,553) (15,700)
9, 051
763
(14,654)
2, 985
5, 353
8, 320
9, 138
10, 140
771
839
752
801
619
(13,121) (14,378) (15,462) (15,423) (13,890)
Net Cash Flow s from Invest ment s in
Non-Financ ial Asset s
(11, 889) (14, 647) (13, 891) (12, 350) (13, 539) (14, 710) (14, 622) (13, 272)
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
38
(117)
630
(307)
4,067
(188)
2,243
(322)
45
(195)
74
(132)
55
(107)
75
(145)
(79)
323
3, 879
1, 921
(150)
(57)
(53)
(69)
304
(1,643)
1,058
(1,225)
249
(1,902)
1,312
(853)
114
(547)
180
(512)
279
(489)
(1, 339)
(168)
(1, 654)
459
(433)
(332)
(211)
...
(50)
10,365
(4,052)
44
(7)
...
(53)
17,292
(12,050)
77
27
...
(53)
11,522
(6,844)
1,331
(36)
21
(54)
7,543
(3,398)
(172)
1
...
(52)
8,455
(934)
(154)
...
2
(53)
8,203
(1,017)
(126)
...
11
(55)
6,992
(1,178)
(108)
...
32
(49)
4,850
(1,213)
(96)
...
6, 301
5, 293
5, 920
3, 941
7, 315
7, 009
5, 663
3, 524
1, 142
123
4, 791
(5, 158)
(563)
128
(206)
113
2,985
5,353
8,320
9,138
10,140
Net Flow s from Invest ment s in Financ ial Asset s
for Liquidit y Purposes
Rec eipts
825
Pay ments
(918)
Net Cash Flow s from Invest ment s in
Financ ial Asset s for Liquidit y Purposes
(93)
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
6,902
10,493
9,051
(11,889)
(14,647)
(13,891)
(12,350) (13,539) (14,710) (14,622) (13,272)
Cash Surplus/(Defic it )
(4, 987)
(4, 154)
(4, 841)
(9, 365)
9 - 24
(8, 186)
(6, 390)
(5, 484)
(3, 132)
Budget Statement 2012-13
Table 9.17: Derivation of ABS GFS Non-financial Public Sector Cash Surplus/(Deficit)
2008-09
Ac tual
$m
Cash Surplus/(Deficit )
Assets ac quired under financ e leases
Other financ ing arrangements (a)
ABS GFS Surplus/(Deficit )
2009-10
Ac tual
$m
2010-11
Ac tual
$m
2011-12 2012-13 2013-14 2014-15 2015-16
Forward estimates
Rev ised Budget
$m
$m
$m
$m
$m
(4,987)
(4,154)
(4,841)
(9,365)
(8,186)
(6,390)
(5,484)
(3,132)
(544)
(471)
(547)
(411)
(677)
(1,474)
(466)
(165)
(156)
(206)
359
104
54
(68)
98
26
(5, 687)
(4, 830)
(5, 029)
(9, 672)
(8, 808)
(7, 932)
(5, 852)
(3, 271)
(a) Comprises movements in payables and receivables of a capital nature.
9.6
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 2012-13 was approved at the April 2012
meeting of the Ministerial Council.
Table 9.18 compares the 2012-13 LCA bid based on the 2011-12 Half-Yearly Review, with a
revised LCA based on 2012 -13 Budget estimates. The revised estimates take into account fiscal
and economic developments that have occurred since the Half-Yearly Review.
The 2012-13 estimated LCA is a deficit of $10.3 billion compared with an original deficit
allocation of $8.5 billion. The variance of $1.8 billion is outside the Loan Council’s tolerance
limit. The tolerance limit for 2012-13 is $1.6 billion and is calculated as 2 per cent of cash
receipts from operating activities for the non-financial public sector.
The increased Loan Council Allocation requirement is due to a $1.6 billion increase in the cash
deficit of both the general government ($1.3 billion) and public non-financial corporation sectors
($0.3 billion). There is also a $0.5 billion increase in the memorandum items driven primarily by
changes in the superannuation employer reserves. These reserves have been negatively impacted
by revised investment earnings estimates.
Budget Statement 2012-13
9 - 25
Table 9.18: 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
2012-13
Loan Counc il
Alloc ation
$m
2012-13
Budget-time
Estimate
$m
2,726
3,844
6, 570
704
7, 274
4,027
4,157
8, 186
623
8, 808
(445)
840
8, 559
(150)
1,374
10, 332
(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.
Listed below are details of PPP projects that are expected to be contracted in the 2012-13
financial year.
Contracts Expected to be Entered into in 2012-13
M5 Motorway
The Government is negotiating with Interlink Roads Pty Ltd, the current owner and operator of
the M5 Motorway, on a proposal to upgrade the M5 Motorway. The M5 West widening project is
designed to deliver capacity growth to accommodate increases in population and economic
activity in Sydney’s southwest.
9 - 26
Budget Statement 2012-13