Statement 13: Historical Commonwealth Data
This statement reports historical data for the Commonwealth general government sector, public non-financial corporation sector and non-financial public sector. |
Statement 13 provides historical data for Commonwealth fiscal aggregates across the general government, public non-financial corporation and non-financial public sectors.
Estimates up to and including 1998-99 are calculated on cash terms, while estimates from 1999-2000 onwards are derived from an accrual framework. Due to methodological and data-source changes associated with the move to an accrual accounting framework, time series data that encompass measures derived under both cash and accrual accounting should be used with caution.
There are other structural breaks within the data set, prior to the shift to accrual reporting. Classification differences and revisions, as well as changes to the structure of the budget, can impact on comparisons over such an extended period.
Specific factors that affect the comparability of data between years include:
- classification differences in the data relating to the period prior to 1976-77 (which means that earlier data may not be entirely consistent with data for 1976-77 onwards);
- adjustments in the coverage of agencies included in the accounts of the different sectors. These include the reclassification of Central Banking Authorities from the general government to the public financial corporations sector in 1998-99, and subsequent backcasting to account for this change;
- consistent with the revised Government Finance Statistics (GFS) treatment announced by the ABS (Cat. No. 5501.0, released October 2002), the general government surplus measures in this statement, from 1998-99 onwards, incorporate the interest component of superannuation related payments by the Commonwealth general government sector in respect of accumulated public non-financial corporations' superannuation liabilities;
- transfers of taxing powers between the Commonwealth and the States;
- other changes in financial arrangements between the Commonwealth and the State/local government sector; and
- changes in arrangements for transfer payments, where tax concessions or rebates are replaced by payments through the social security system. This has the effect of increasing both cash receipts and payments, as compared with earlier periods, but not changing cash balances. Changes in the opposite direction (tax expenditures replacing payments) reduce both cash payments and receipts.
While approximate adjustments can be made to identify trends in budget aggregates on a generally consistent basis, the further back the analysis is taken, the more difficult the task becomes.
Commonwealth budget aggregates, including net debt, for 1999-2000 onwards have been revised relative to the 2002-03 Mid-Year Economic and Fiscal Outlook and the respective Final Budget Outcomes to incorporate changes associated with the market valuation of net debt. These changes are discussed in Statement 8.
Table 1: Commonwealth general government sector cash receipts, payments and surplus(a)
(a) There is a break in the series between 1998-99 and 1999-2000. Data for the years up to and including 1998-99 are consistent with the cash ABS GFS reporting requirements. From 1999-2000 onwards, data are derived from an accrual ABS GFS reporting framework, with receipts proxied by receipts from operating activities and sales of non-financial assets, and payments proxied by payments for operating activities, purchases of non-financial assets and net acquisition of assets under finance leases. Due to associated methodological and data-source changes, time series data that encompass measures derived under both cash and accrual accounting should be used with caution.
na Not applicable, due to a structural break in the series.
Table 2: Commonwealth general government sector cash taxation receipts, non-taxation receipts and total receipts(a)
(a) There is a break in the series between 1998-99 and 1999-2000. Data for the years up to and including 1998-99 are consistent with the cash ABS GFS reporting requirements. From 1999-2000 onwards, data are derived from an accrual ABS GFS reporting framework. From 1999-2000, the category non-taxation receipts includes many large items that were netted off payments in outcomes prior to this time, namely receipts from sales of goods and services, receipts from sales of non-financial assets and other receipts. From 2000-01, the category non-taxation receipts' also includes 'GST input credit receipts'. Due to associated methodological and data-source changes, time series data that encompass measures derived under both cash and accrual accounting should be used with caution.
na Not applicable, due to a structural break in the series.
Table 3: Commonwealth general government sector net debt and net interest payments(a)
- There is a break in the net debt and net interest series between 1998-99 and 1999-2000 (the first year of accrual budgeting). Up to 1998-99, Commonwealth general government debt instruments are valued at historic cost. From 1999-2000 onwards, Commonwealth general government debt instruments are valued at market prices, consistent with accrual GFS standards. These changes are discussed further in Statement 8.
- Source: ABS Cat. No. 5501.0, 5513.0, Commonwealth Final Budget Outcomes and Treasury estimates.
- Excludes superannuation related interest flows.
Table 4: Commonwealth general government sector revenue, expenses, net capital investment, fiscal balance and net worth(a)
- The fiscal balance is equal to revenue less expenses less net capital investment. Net worth is calculated as assets less liabilities less shares and other contributed capital.
- There is a break in the net worth series between 1998-99 and 1999-2000. Data up to 1998-99 are sourced from the Commonwealth's Consolidated Financial Statements based on Australian accounting standards. Data beginning in 1999-2000 are based on the GFS framework. For the general government sector, the major change across the break in the series is an improvement in net worth. This is primarily due to the move from valuing investments in public corporations at historic cost to current market value (which is calculated using the share price for listed corporations). This is partly offset by defence weapons platforms no longer being recorded as assets.
Table 5: Commonwealth general government sector accrual taxation revenue, non-taxation revenue and total revenue
na Data not available.
Table 6: Commonwealth cash receipts, payments and surplus by institutional sector(a)
(a) There is a break in the series between 1998-99 and 1999-00. Data for the years up to and including 1998-99 are consistent with the cash ABS GFS reporting requirements. From 1999-2000 onwards, data are derived from an accrual ABS GFS reporting framework, with receipts proxied by receipts from operating activities and sales of non-financial assets, and payments proxied by payments for operating activities, purchases of non-financial assets and net acquisition of assets under finance leases. Due to associated methodological and data-source changes, time series data which encompasses measures derived under both cash and accrual accounting should be used with caution.
na Data not available.
Table 7: Commonwealth accrual revenue, expenses and fiscal balance by institutional sector(a)
(a) The fiscal balance is equal to revenue less expenses less net capital investment. Net capital investment is not shown in this table.
na Data not available.