Australian Government, 2011‑12 Budget
Budget

Appendix D: Historical Australian Government data

This appendix reports historical data for the Australian Government fiscal aggregates across the general government, public non‑financial corporations and non‑financial public sectors.

Data sources

Data are sourced from Australian Government Final Budget Outcomes, the Australian Bureau of Statistics (ABS) and Australian Government Consolidated Financial Statements.

  • Accrual data from 1996‑97 onwards and cash data, net debt data, net financial worth data and net worth data from 1999‑2000 onwards are sourced from Australian Government Final Budget Outcomes. Back‑casting adjustments for accounting classification changes and other revisions have been made from 1998‑1999 onwards where applicable.
  • Cash data prior to 1999‑2000 are sourced from ABS data, which have been calculated using methodology consistent with that used for later years in ABS cat. no. 5512.0 Government Finance Statistics.
  • Net debt data prior to 1999‑2000 are from ABS cat. no. 5512.0 Government Finance Statistics 2003‑04 in 1998‑99, ABS cat. no. 5501.0 Government Financial Estimates 1999‑2000 and ABS cat. no. 5513.0 Public Sector Financial Assets and Liabilities 1998 in 1987‑88 to 1997‑98, and Treasury estimates (see Treasury's Economic Roundup, Spring 1996, pages 97‑103) prior to 1987‑ 88.

Comparability of data across years

The data set contains a number of structural breaks owing to accounting classification differences and changes to the structure of the budget, which cannot be eliminated through back‑casting because of data limitations. These breaks 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 are provided by agencies in accordance with Australian Equivalents to International Financial Reporting Standards (AEIFRS). Prior to 2005‑06, underlying GFS data are based on data provided by agencies in accordance with Australian Accounting Standards (AAS);
  • most recent accounting classification changes that require revisions to the historic series have been back‑cast (where applicable) to 1998‑1999, ensuring that data are consistent across the accrual period from 1998‑1999 onwards. However, because of 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 are calculated under a cash accounting framework, while cash data from 1998‑99 onwards are 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 have been 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).

Revisions to previously published data

Under the accrual GFS framework and generally under AAS, flows are recorded in the period in which they occurred. As a result, prior period outcomes may be revised for classification changes relating to information that could reasonably have been expected to be known in the past, is material in at least one of the affected periods, and can be reliably assigned to the relevant period(s).

Revisions since the 2011‑12 Budget

The 2011‑12 Mid‑Year Economic and Fiscal Outlook (MYEFO) includes revisions to the historical series to reflect the change in accounting treatment for expenditure incurred under the Natural Disaster Relief and Recovery Arrangements program. The change involved the recognition of total expenses in the year when the disaster occurs rather than at the time when the State or Territory lodges a claim for reimbursement following the completion of reconstruction works. This change is now back‑cast in the historical series for all published periods and affects expenses, fiscal balance, net worth and net financial worth for the general government sector. The revisions were included in the Final Budget Outcome 2010‑11.

Deflating real spending growth by the Consumer Price Index

The 2011‑12 MYEFO calculates real spending growth using the Consumer Price Index (CPI) as the deflator. This is also the benchmark against which the Government's fiscal strategy is based. Prior to the 2008‑09 Budget the non‑farm GDP (NFGDP) deflator was used and has therefore been shown in this statement for comparative purposes.

The use of the CPI, rather than the non‑farm GDP deflator, provides a more accurate depiction of real government spending growth, especially in the current economic climate. The non‑farm GDP deflator incorporates fluctuations in global commodity prices, which are not relevant for Government expenditures. Therefore, deflating government spending by the non‑farm GDP deflator distorts trends in real spending growth.

Table D1: Australian Government general government sector receipts,
payments and underlying cash balance(a)

Table D1: Australian Government general government sector receipts, <br>
  payments and underlying cash balance

  1. Data have been revised in the 2011‑12 MYEFO to improve accuracy and comparability through time.
  2. Receipts are equal to receipts from operating activities and sales of non‑financial assets.
  3. Payments are equal to payments for operating activities, purchases of non‑financial assets and net acquisition of assets under finance leases.
  4. Underlying cash balance is equal to receipts less payments less Future Fund earnings. For the purposes of consistent comparison with years prior to 2005‑06, Future Fund earnings should be added back to the underlying cash balance.
  5. Estimates.
  6. Real spending growth using the non‑farm GDP deflator has not been used as the relevant measure of real spending growth since 2007‑08, and is included for comparative purposes only. Real spending growth using the Consumer Price Index as the deflator is the benchmark against which the Government's fiscal strategy has been based since it was introduced.
  1. Projections.

Table D2: Australian Government general government sector taxation
receipts, non taxation receipts and total receipts(a)

Table D2: Australian Government general government sector taxation receipts, non taxation receipts and total receipts

  1. Data have been revised in the 2011‑12 MYEFO to improve accuracy and comparability through time.
  2. Receipts are equal to receipts from operating activities and sales of non‑financial assets.
  1. Estimates.
  1. Projections.

Table D3: Australian Government general government sector receipts

Table D3: Australian Government general government sector receipts

  1. Resource rent taxes include PRRT and gross receipts from the MRRT. The net receipts from the MRRT are $3.7 billion in 2012‑13, $3.8 billion in 2013‑14 and $3.1 billion in 2014‑15, which represent the net impact on receipts across several different revenue heads. These include 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.
  3. Includes expected Future Fund earnings.
  4. Capital gains tax is part of other individuals, companies and superannuation funds tax. The 2010‑11 reported figure is an estimate.

Table D4: Australian Government general government sector net debt and
net interest payments(a)

Table D4: Australian Government general government sector net debt and net interest payments

  1. Data have been revised in the 2011‑12 MYEFO to improve accuracy and comparability through time.
  2. Net debt is equal to the sum of deposits held, advances received, government securities, loans and other borrowing, minus the sum of cash and deposits, advances paid and investments, loans and placements.
  3. Net interest payments are equal to the difference between interest paid and interest receipts.
  1. Estimates.
  1. Projections.

Table D5: Australian Government general government sector revenue, expenses, net capital investment and fiscal balance(a)

Table D5: Australian Government general government sector revenue, expenses, net capital investment and fiscal balance

  1. Data have been revised in the 2011‑12 MYEFO to improve accuracy and comparability through time.
  2. Fiscal balance is equal to revenue less expenses less net capital investment.
  1. Estimates.
  1. Projections.

Table D6: Australian Government general government sector net worth and
net financial worth(a)

Table D6: Australian Government general government sector net worth and net financial worth

  1. Data have been revised in the 2011‑12 MYEFO to improve accuracy and comparability through time.
  2. Net worth is equal to total assets less liabilities.
  3. Net financial worth is equal to financial assets less liabilities.
  1. Estimates.
  1. Projections.

Table D7: Australian Government general government sector accrual
taxation revenue, non taxation revenue and total revenue(a)

Table D7: Australian Government general government sector accrual taxation revenue, non taxation revenue and total revenue

  1. Data have been revised in the 2011‑12 MYEFO to improve accuracy and comparability through time.
  1. Estimates.
  1. Projections.

Table D8: Australian Government general government sector accrual revenue

Table D8: Australian Government general government sector accrual revenue

  1. Resource rent taxes include PRRT and gross revenue from the MRRT. The net revenue from the MRRT is $3.7 billion in 2012‑13, $3.8 billion in 2013‑14 and $3.1 billion in 2014‑15, which represents the net impact on revenue across several different revenue heads. These include 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.
  3. Includes expected Future Fund earnings.
  4. Capital gains tax is part of other individuals, companies and superannuation funds tax. The 2010‑11 reported figure is an estimate.

Table D9: Australian Government cash receipts, payments and surplus by institutional sector ($m)(a)

Table D9: Australian Government cash receipts, payments and surplus by institutional sector ($m)

  1. Data have been revised in the 2011‑12 MYEFO to improve accuracy and comparability through time.
  2. Receipts are equal to receipts from operating activities and sales of non‑financial assets.
  3. Payments are equal to payments for operating activities, purchases of non‑financial assets and net acquisition of assets under finance leases.
  4. These items exclude Future Fund earnings from 2005‑06 onwards. Future Fund earnings are shown in Table D1.
  1. Estimates.
  1. Projections.

na Data not available.

Table D10: Australian Government accrual revenue, expenses and fiscal balance by institutional sector ($m)(a)

Table D10: Australian Government accrual revenue, expenses and fiscal balance by institutional sector ($m)

  1. Data have been revised in the 2011‑12 MYEFO to improve accuracy and comparability through time.
  2. Fiscal balance is equal to revenue less expenses less net capital investment. Net capital investment is not shown in this table.
  1. Estimates.
  1. Projections.

na Data not available.


1 Prior to the 2008‑09 Budget, cash data calculated under the cash accounting framework were used up to and including 1998‑99. In the 2008‑09 Budget, cash data prior to 1998‑99 were replaced by ABS data derived from the accrual framework.

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