Comparability of data across years
The data set contains a number of structural breaks due to accounting classification differences and changes to the structure of the budget which cannot be eliminated through back‑casting due to data limitations. This can affect the comparability of data across years, especially when the analysis is taken over a large number of years. Specific factors causing structural breaks include:
- from 2005‑06 onwards, underlying Government Finance Statistics (GFS) data is provided by agencies in accordance with Australian Equivalents to International Financial Reporting Standards (AEIFRS). Prior to 2005‑06, underlying GFS data is based on data provided by agencies in accordance with AAS;
- recent accounting classification changes that require revisions to the historic series have been back‑cast (where applicable) to 1999‑2000, ensuring that data is consistent across the accrual period from 1999‑2000 onwards. However, due to data limitations these changes have not been back‑cast to earlier years;
- prior to 1999‑2000, Australian Government general government sector debt instruments are valued at historic cost, whereas from 1999‑2000 onwards they are valued at market prices (consistent with accrual GFS standards). This affects net debt and net interest payments;
- cash data up to and including 1997‑98 is calculated under a cash accounting framework, while cash data from 1998‑99 onwards is derived from an accrual accounting framework.1 Although the major methodological differences associated with the move to the accrual framework have been eliminated through back‑casting, comparisons across the break may still be affected by changes to some data sources and collection methodologies;
- 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 back‑casting to account for this change;
- 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; and
- 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).
1 Prior to the 2008‑09 Budget, cash data calculated under the cash accounting framework was used up to and including 1998‑99. In the 2008‑09 Budget, cash data for 1998‑99 has been replaced by ABS data derived from the accrual framework.
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