Australian Government, 2011‑12 Budget
Budget

Statement 9: Budget financial statements (Continued)

Public non‑financial corporations (PNFC) sector and total non‑financial public sector (NFPS)

Departures from ABS GFS

AASB 1049 defines net worth for the PNFC sector and NFPS as total assets less total liabilities, however ABS GFS defines net worth as total assets less total liabilities less shares and contributed capital (which is equal to zero for the PNFC sector). Similarly, AASB1049 defines net financial worth for these sectors as financial assets less total liabilities, whereas under ABS GFS it is equal to financial assets less total liabilities less shares and contributed capital. The AASB 1049 treatment has been adopted in the PNFC and NFPS sector financial statements.

Departures from AASB 1049

The financial statements for the PNFC sector and NFPS comply with the UPF but do not include all the line item disclosures required by AASB 1049. Disaggregated outcome notes for the PNFC sector will be disclosed in the consolidated financial statements.

AAS requires dividends paid to be classified as a distribution of equity. Under ABS GFS, dividends paid are classified as an expense. ABS GFS treatment has been adopted for use in the financial statements.

Note 3: Taxation revenue by type

Note 3: Taxation revenue by type

  1. Resource rent taxes include the Petroleum Resource Rent Tax (PRRT) and gross revenue from the Minerals Resource Rent Tax (MRRT). The net revenue from the MRRT is $3.7 billion in 2012‑13, $4.0 billion in 2013‑14 and $3.4 billion in 2014‑15, which represents the net impact on revenue across several different revenue heads. This includes the offsetting reductions in company tax (through deductibility) and interactions with other taxes.
  2. Other excisable beverages are those not exceeding 10 per cent by volume of alcohol.

Note 3(a): Taxation revenue by source

Note 3(a): Taxation revenue by source

Note 4: Sales of goods and services revenue

Note 4: Sales of goods and services revenue

Note 5: Interest and dividend income

Note 5: Interest and dividend income

Note 6: Other sources of non‑taxation revenue

Note 6: Other sources of non‑taxation revenue

Note 7: Employee and superannuation expense

Note 7: Employee and superannuation expense

Note 8: Depreciation and amortisation expense

Note 8: Depreciation and amortisation expense

Note 9: Supply of goods and services expense

Note 9: Supply of goods and services expense

Note 10: Interest expense

Note 10: Interest expense

  1. Public debt interest estimates are calculated using the contract interest rates incurred on existing Commonwealth Government Securities (CGS) when issued and technical assumptions, based on prevailing market interest rates across the yield curve, for yields on future CGS issuance.

Note 11: Current and capital grants expense

Note 11: Current and capital grants expense

Note 12: Personal benefits expense

Note 12: Personal benefits expense

Note 13: Operating result and comprehensive result (total change in net worth)

Note 13: Operating result and comprehensive result (total change in net worth)

  1. Reflects a decrease in the superannuation liability mainly due to a difference in the estimated and actual discount rate at 30 June 2010. Refer to Note 18 for further details.
  2. Operating result under AEIFRS accounting standards.
  3. Other economic flows not included in the AEIFRS accounting standards operating result.

Note 14: Advances paid and other receivables

Note 14: Advances paid and other receivables

Note 15: Investments, loans and placements

Note 15: Investments, loans and placements

Note 16: Total non‑financial assets

Note 16: Total non‑financial assets

Note 17: Loans

Note 17: Loans

Note 18: Employee and superannuation liabilities

Note 18: Employee and superannuation liabilities

  1. For budget reporting purposes, a discount rate applied by actuaries in preparing Long‑Term Cost Reports is used to value the superannuation liability. This reduces the volatility in reported liabilities that would occur from year to year if the long‑term government bond rate were used. Consistent with Australian Accounting Standards, the long‑term government bond rate as at 30 June is used to calculate the superannuation liability for the purpose of actuals reporting.

Note 19: Provisions and payables

Note 19: Provisions and payables

Note 20: Reconciliation of cash

Note 20: Reconciliation of cash

Note 20(a): Consolidated Revenue Fund

Note 20(a): Consolidated Revenue Fund

The estimated and projected cash balances reflected in the balance sheet for the Australian Government GGS (Table 2) include the reported cash balances controlled and administered by Australian Government agencies subject to the Financial Management and Accountability Act 1997, and the reported cash balances controlled and administered by entities subject to the Commonwealth Authorities and Companies Act 1997 (CAC Act), that implement public policy through the provision of primarily non‑market services.

Revenues or monies raised by the Executive Government automatically form part of the Consolidated Revenue Fund by force of section 81 of the Australian Constitution. For practical purposes, total Australian Government GGS cash, less cash controlled and administered by CAC Act entities, plus special public monies, represents the Consolidated Revenue Fund referred to in section 81 of the Australian Constitution. On this basis, the balance of the Consolidated Revenue Fund is shown above.

Further information on the Consolidated Revenue Fund is included in Budget Paper No. 4, Agency Resourcing 2011‑12.

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