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FINAL BUDGET OUTCOME
1999-2000
CIRCULATED BY
THE HONOURABLE PETER COSTELLO, M.P.
TREASURER OF THE COMMONWEALTH OF AUSTRALIA, AND
THE HONOURABLE JOHN FAHEY, M.P.
MINISTER FOR FINANCE AND ADMINISTRATION
FOR THE INFORMATION OF HONOURABLE MEMBERS
SEPTEMBER 2000
© Commonwealth of Australia 2000
ISBN 0 642 74039 9
This work is copyright. Apart from any use as permitted under the Copyright Act 1968, no part may be reproduced by any process without prior written permission from the Commonwealth available from AusInfo. Requests and inquiries concerning reproduction and rights should be addressed to the Manager, Legislative Services, AusInfo, GPO Box 1920, Canberra ACT 2601.
Printed by CanPrint Communications Pty Ltd
Foreword
The Final Budget Outcome 1999-2000 has been prepared in a manner consistent with the Charter of Budget Honesty Act 1998. The Charter requires that, inter alia, the Government provide a final budget outcome report no later than three months after the end of the financial year. Consistent with these requirements, this report encompasses Commonwealth general government fiscal outcomes for the 1999-2000 financial year; and is based on external reporting standards.
The Final Budget Outcome 1999-2000 is the first Commonwealth Final Budget Outcome to be prepared on an accrual accounting basis. Therefore, a final outcome is presented for the fiscal balance for the first time, in conjunction with the underlying cash balance. Prior to this year, the Final Budget Outcome was prepared on a cash accounting basis consistent with the methodology used in the Commonwealth budget at that time.
Part I contains the general government sector budget aggregates for 1999-2000 together with an analysis of the 1999-2000 final budget outcome. This includes summary analysis of revenue, expenses, net capital investment, the balance sheet (net debt and net worth) and cash flows.
Part II presents the 1999-2000 Commonwealth general government sector primary financial statements in accordance with AAS31 Financial Reporting by Governments.
Part III presents the Commonwealth financial statements for 1999-2000 in accordance with the Australian Bureau of the Statistics (ABS) Government Finance Statistics (GFS) framework. This data covers the general government sector as well as the Commonwealth public corporations sectors.
Part IV provides details for 1999-2000 on Federal Financial Relations, updated from that contained in the 2000-01 Budget Paper No. 3.
Historical budget and net debt data are presented in Appendix A. Expense data on a functional and sub-functional basis are presented in Appendix B.
Contents
List of tables
(a) The following definitions are used in this paper:
_ `real' means adjusted for the effect of inflation;
_ real growth in expenses is measured by the non-farm Gross Domestic Product deflator; and
_ one billion is equal to one thousand million.
(b) Figures in tables and generally in the text have been rounded. Discrepancies in tables between totals and sums of components are due to rounding:
_ estimates under $100,000 are rounded to the nearest thousand;
_ estimates $100,000 and over are generally rounded to the nearest tenth of a million;
_ estimates midway between rounding points are rounded up; and
_ the percentage changes in statistical tables are calculated using unrounded data.
(c) For the budget balance, a negative sign indicates a deficit while no sign indicates a surplus.
(d) The following notations are used:
NEC/nec not elsewhere classified
AEST Australian Eastern Standard Time
- nil
.. not zero, but rounded to zero
na not applicable (unless otherwise specified)
nfp not for publication
$m $ million
$b $ billion
(e) References to the `States' or `each State' include the Territories, because from 1993-94 onwards, general purpose funding has been on the same basis for all jurisdictions. The Australian Capital Territory and the Northern Territory are referred to as `the Territories'. The following abbreviations are used for the names of the States, where appropriate:
NSW New South Wales
VIC/Vic Victoria
QLD/Qld Queensland
WA Western Australia
SA South Australia
TAS/Tas Tasmania
ACT Australian Capital Territory
NT Northern Territory