Foreword
The Final Budget Outcome 2007‑08 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 Australian Government general government sector fiscal outcomes for the 2007‑08 financial year and is based on external reporting standards.
- Part 1 provides the general government sector budget aggregates for 2007‑08 together with an analysis of the 2007‑08 final budget outcome. This includes summary analysis of revenue, expenses, net capital investment, cash flows and the balance sheet (net financial worth, net worth and net debt).
- Part 2 presents the Australian Government financial statements for 2007‑08 with the Australian Bureau of Statistics (ABS) Government Finance Statistics (GFS) as the basis for accounting policy, except for where the Government has decided to depart because Australian Accounting Standards provide a better conceptual treatment for presenting information of relevance to users of public sector financial reports. This data covers the general government sector as well as the Australian Government public corporations sectors.
- Part 3 provides details for 2007‑08 on Australia's Federal Relations, updated from that contained in the 2008‑09 Budget Paper No. 3, Australia's Federal Relations.
- Appendix A contains expenses data on a functional and sub-functional basis. Historical fiscal data are presented in Appendix B.