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final budget outcome
2010‑11

CIRCULATED BY

THE HONOURABLE WAYNE SWAN MP

DEPUTY PRIME MINISTER AND TREASURER
OF THE COMMONWEALTH OF AUSTRALIA

AND

SENATOR THE HONOURABLE PENNY WONG

MINISTER FOR FINANCE AND DEREGULATION
OF THE COMMONWEALTH OF AUSTRALIA

FOR THE INFORMATION OF HONOURABLE MEMBERS

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© Commonwealth of Australia 2011

ISBN 978-0-642-74736-5

Ownership of intellectual property rights in this publication

Unless otherwise noted, copyright (and any other intellectual property rights, if any) in this publication is owned by the Commonwealth of Australia (referred to below as the Commonwealth).

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With the exception of the Commonwealth Coat of Arms (see below), all material in this publication is licensed under a Creative Commons Attribution 3.0 Australia Licence.

Creative Commons Attribution 3.0 Australia Licence is a standard form licence agreement that allows you to copy, distribute, transmit and adapt this publication provided that you attribute the work. A summary of the licence terms is available from
http://creativecommons.org/licenses/by/3.0/au/deed.en. The full licence terms are available from http://creativecommons.org/licenses/by/3.0/au/legalcode.

The Commonwealth's preference is that you attribute this publication (and any material sourced from it) using the following wording:

Publication Title: Final Budget Outcome 2010‑11. Source: Licensed from the Australian Government Department of the Treasury under a Creative Commons Attribution 3.0 Australia Licence.

Use of the Coat of Arms

The terms under which the Coat of Arms can be used are set out on the It's an Honour website (see www.itsanhonour.gov.au).

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The Manager
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Treasury
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PARKES ACT 2600

Email: medialiaison@treasury.gov.au

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Foreword

The Final Budget Outcome 2010‑11 has been prepared in a manner consistent with the Charter of Budget Honesty Act 1998 (the Charter). 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 2010‑11 financial year and is based on external reporting standards.

• Part 1 provides the general government sector budget aggregates for 2010‑11 together with an analysis of the 2010‑11 final budget outcome. This includes summary analysis of cash flows, revenue, expenses, net capital investment and the balance sheet (net debt, net financial worth and net worth).
• Part 2 presents the Australian Government financial statements for 2010‑11 with the Australian Bureau of Statistics' (ABS) accrual 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 2010‑11 on Australia's Federal Relations, updated from that contained in the 2011‑12 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.

 

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Notes

1. The following definitions are used in this Budget Paper:
   • 'real' means adjusted for the effect of inflation;
   • real growth in expenses and payments is calculated using the Consumer Price Index (CPI) as the deflator; and
   • one billion is equal to one thousand million.
2. 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.
3. For the budget balance, a negative sign indicates a deficit while no sign indicates a surplus.
4. The following notations are used:

NEC/nec

not elsewhere classified

-

nil

na

not applicable (unless otherwise specified)

(e)

estimates (unless otherwise specified)

(p)

projections (unless otherwise specified)

$m

$ million

$b

$ billion

5. The Australian Capital Territory and the Northern Territory are referred to as 'the Territories'. References to the 'States' or 'each State' include the Territories. The following abbreviations are used for the names of the States, where appropriate:

NSW

New South Wales

VIC

Victoria

QLD

Queensland

WA

Western Australia

SA

South Australia

TAS

Tasmania

ACT

Australian Capital Territory

NT

Northern Territory

6. In this paper the term Commonwealth refers to the Commonwealth of Australia. The term is used when referring to the legal entity of the Commonwealth of Australia.
   
   The term Australian Government is used when referring to the Government and the decisions and activities made by the Government on behalf of the Commonwealth of Australia.

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