Australian Government, 2013-14 Budget
Budget

Appendix B: Australian Government Financial Statements (Continued)

Notes to the general government sector financial statements

Note 1: External reporting standards and accounting policies

The Charter of Budget Honesty Act 1998 (the Charter) requires that the Mid‑Year Economic and Fiscal Outlook (MYEFO) be based on external reporting standards and that departures from applicable external reporting standards be identified.

The external standards used for MYEFO reporting purposes are:

  • the Australian Bureau of Statistics' (ABS) accrual Government Finance Statistics (GFS) publication, Australian System of Government Finance Statistics: Concepts, Sources and Methods (cat. no. 5514.0), which in turn is based on the International Monetary Fund (IMF) accrual GFS framework; and
  • Australian Accounting Standards (AAS) issued by the Australian Accounting Standards Board (AASB), which includes International Financial Reporting Standards (IFRS) as adopted in Australia and the public sector specific standard AASB 1049 Whole of Government and General Government Sector Financial Reporting.

The financial statements have been prepared on an accrual basis that complies with both ABS GFS and AAS, except for departures disclosed at Note 2.

A more detailed description of the AAS and ABS GFS frameworks, in addition to definitions of key terms used in these frameworks, can be found in Attachment A. Table B11 in Attachment A explains the key differences between the two frameworks. Detailed accounting policies, as required by AAS, are disclosed in the annual Consolidated Financial Statements.

Fiscal reporting focuses on the general government sector (GGS). The GGS provides public services that are mainly non‑market in nature and for the collective consumption of the community, or involve the transfer or redistribution of income. These services are largely financed through taxes and other compulsory levies, user charging and external funding. This sector comprises all government departments, offices and some other bodies. In preparing financial statements for the GGS, all material transactions and balances between entities within the GGS have been eliminated. A list of entities within the GGS, as well as entities within and a description of the public non‑financial corporations (PNFC) sector and public financial corporations (PFC) sector, are disclosed in Table B10 in Attachment A.

The Government's key fiscal aggregates are based on ABS GFS concepts and definitions, including the ABS GFS cash surplus/deficit and the derivation of the underlying cash balance and net financial worth. AASB 1049 requires the disclosure of other ABS GFS fiscal aggregates, including net operating balance, net lending/borrowing (fiscal balance) and net worth. In addition to these ABS GFS aggregates, the Uniform Presentation Framework (UPF) requires disclosure of net debt, net financial worth and net financial liabilities.

Explanations of variations in fiscal balance, revenue, expenses, net capital investment, cash flows, net debt, net financial worth and net worth since the 2013 Pre‑election Economic and Fiscal Outlook (PEFO) are disclosed in Part 3.

Updates to fiscal risks and contingent liabilities since the 2013‑14 Budget are disclosed in Appendix C.

Note 2: Departures from external reporting standards

The Charter requires that departures from applicable external reporting standards be identified. The MYEFO financial statements depart from the external reporting standards as follows.

General government sector

Departures from ABS GFS

ABS GFS requires that provisions for bad and doubtful debts be excluded from the balance sheet. This treatment has not been adopted in the financial statements because excluding such provisions would overstate the value of Australian Government assets in the balance sheet. The financial statements currently adopt AAS treatment for provisions for bad and doubtful debts.

ABS GFS treats coins on issue as a liability and no revenue is recognised. The ABS GFS treatment of circulating coins as a liability has not been adopted in the financial statements. Instead, the financial statements adopt AAS treatment for circulating coins (seigniorage). Under this treatment, seigniorage revenue is recognised upon the issue of coins and no liability is recorded.

ABS GFS records defence weapons platforms (DWP) as a non‑financial asset on a market value basis (fair value), rather than expensing at time of acquisition. The value used by the ABS is consistent with the National Accounts statistical methodology, and represents an early adoption of changes to the System of National Accounts 2008. ABS GFS treatment of DWP is consistent with AAS, as non‑financial assets can be valued at fair value as long as they can be reliably measured, otherwise cost is permissible. DWP will be valued at cost in the budget financial statements, as they have in previous budgets, while the Australian Government ascertains if a relevant and reliable fair value can be sourced.

Under ABS GFS, concessional loans are recognised at their nominal value, that is, they are not discounted to fair (market) value as there is not considered to be a secondary market. This treatment has not been adopted for the financial statements. Consistent with AAS, loans issued at below market interest rates or with long repayment periods are recorded at fair value (by discounting them by market interest rates). The difference between the nominal value and the fair value of the loan is recorded as an expense which is written back over the life of the loan.

ABS GFS requires investments in unlisted public sector entities to be valued based on their net assets. Under AAS, investments in public sector entities can be valued at fair value as long as a fair value can be reliably measured, otherwise net assets is permissible. The AAS treatment has been adopted in the financial statements.

Movements in the provision for restoration, decommissioning and make‑good of assets have been included in the calculation of the fiscal balance capital adjustment because in many cases they involve legal obligations to expend resources. ABS GFS does not recognise adjustments for such provisions because they are considered a constructive obligation that may not materialise for many years.

ABS GFS treats the issuance and registration of Renewable Energy Certificates (RECs) under the Renewable Energy Target as government financial transactions resulting in the recognition of assets, liabilities, tax revenue and expenses.

Under an interpretation of AAS, issuance and registration of such certificates is considered to be an administrative function and does not result in the recognition of an asset or liability and therefore no revenue or expense is recognised. The AAS treatment has been adopted in the financial statements.

For the calculation of fiscal balance, ABS GFS recognises the sale of spectrum at auction while AAS recognises the sale at the time licences are transferred. Both recognise cash at the time of receipt for underlying cash balance purposes. The AAS treatment has been adopted in the financial statements.

Departures from AAS

AAS requires the advances paid to the International Development Association and Asian Development Fund to be recognised at fair value. Under ABS GFS these advances are recorded at nominal value. The ABS GFS treatment is adopted in the financial statements.

Under AAS, prepayments are classified as non‑financial assets. In accordance with ABS GFS, prepayments have been classified as financial assets in the financial statements. This treatment is consistent with the exclusion of prepayments from net acquisition of non‑financial assets in the calculation of the fiscal balance.

Under an AASB issued staff paper, AAS recognises transactions under the carbon tax in the financial statements where they are expected to result in a receipt or payment of cash by the government at the amount of the expected cash settlement. The issuance and surrender of free carbon units and Australian Carbon Credit Units (ACCUs) used in the settlement of emissions liabilities do not qualify for recognition by the government as assets, liabilities, revenues or expenses.

Under ABS GFS the issuance of free carbon units that are expected to be used to settle an emitter's obligation are treated as an expense on issue and revenue when emissions occur. The ABS GFS treatment has been adopted in the financial statements.

AASB 1049 requires disaggregated information, by ABS GFS function, for expenses and total assets to be disclosed where they are reliably attributable. ABS GFS does not require total assets to be attributed to functions. In accordance with ABS GFS, disaggregated information for expenses is disclosed in Attachment D of Part 3.

AASB 1049 requires AAS measurement of items to be disclosed on the face of the financial statements with reconciliation to ABS GFS measurement of key fiscal aggregates, where different, in notes to the financial statements. Differences from the AAS measurement of items outline above and reconciliation have not been included as they would effectively create different measures of the same aggregate.

AASB 1049 requires major variances between original budget estimates and outcomes to be explained in the financial statements. Explanations of major variances for the 2013‑14 year from the 2013‑14 Budget are disclosed in Part 3. All policy decisions taken between the 2013 PEFO and the 2013‑14 MYEFO are disclosed in Appendix A.

In addition to the above adjustments, there are specific adjustments made to the corporations sectors as outlined below.

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, AASB 1049 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 sector and NFPS financial statements.

Departures from AAS

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. The ABS GFS treatment has been adopted for use in the financial statements.

Australian Government public corporations use commercial tax effect accounting to determine their net tax liability while the ATO determines their tax liability on a due and payable basis. To ensure symmetry in treatment between Australian Government sectors, the ABS removes tax effect adjustments. The ABS GFS treatment has been adopted in the financial statements.

Note 3: Taxation revenue by type
  Estimates   Projections
  2013-14
$m
2014-15
$m
  2015-16
$m
2016-17
$m
Individuals and other withholding taxes          
Gross income tax withholding 158,510 170,210   185,010 198,290
Gross other individuals 36,650 39,500   43,730 48,230
less Refunds 27,200 28,000   29,400 30,700
Total individuals and other withholding tax 167,960 181,710   199,340 215,820
Fringe benefits tax 4,140 4,550   4,800 5,090
Company tax 70,400 72,330   75,690 79,130
Superannuation fund taxes 6,990 8,930   11,100 12,180
Minerals resource rent tax(a) 500 300   0 0
Petroleum resource rent tax 1,900 2,100   2,230 2,390
Total income taxation revenue 251,890 269,920   293,160 314,610
Goods and services tax 52,680 55,710   58,900 62,070
Wine equalisation tax 750 790   830 880
Luxury car tax 400 380   410 430
Excise and customs duty          
Petrol 5,740 5,670   5,820 5,850
Diesel 8,820 9,205   9,310 9,490
Other fuel products 3,730 3,590   3,630 3,660
Tobacco 8,260 9,130   10,040 10,890
Beer 2,320 2,370   2,490 2,640
Spirits 1,990 2,090   2,220 2,330
Other alcoholic beverages(b) 970 990   1,040 1,100
Other customs duty          
Textiles, clothing and footwear 750 600   420 450
Passenger motor vehicles 930 920   920 940
Other imports 1,580 1,600   1,660 1,760
less Refunds and drawbacks 260 260   260 260
Total excise and customs duty 34,830 35,905   37,290 38,850
Carbon pricing mechanism(c) 7,340 0   0 0
Agricultural levies 459 470   460 464
Other taxes 3,086 3,182   3,656 3,762
Mirror taxes 508 542   573 596
less Transfers to States in relation to mirror tax revenue 508 542   573 596
Mirror tax revenue 0 0   0 0
Total indirect taxation revenue 99,545 96,437   101,545 106,456
Total taxation revenue 351,434 366,356   394,705 421,066
Memorandum:          
Total excise 25,900 26,725   27,780 28,760
Total customs duty 8,930 9,180   9,510 10,090
Capital gains tax(d) 7,900 10,700   13,200 15,400
Medicare and DisabilityCare Australia levy(e) 9,950 10,380   14,035 15,000

(a) Net revenue from the minerals resource rent tax are expected to be $0.3 billion in 2013‑14 and $0.2 billion in 2014‑15 which represent the net revenue impact across different revenue heads. These include the offsetting reductions in company tax (through deductibility) and interactions with other taxes. The Government has announced the minerals resource rent tax will not apply beyond 30 June 2014.

(b) Other alcoholic beverages are those not exceeding 10 per cent by volume of alcohol (excluding beer, brandy and wine).

(c) Tax revenue includes carbon accrual revenue measured at the legislated price, with details of the accounting treatment of carbon revenue set out in Note 2 to the General Government Sector Financial Statements.

(d) Capital gains tax is part of gross other individuals, company tax and superannuation fund taxes.

(e) The Medicare and DisabilityCare Australia levy liabilities are reported in the year in which the income tax liability is assessed.

Note 3(a): Taxation revenue by source
  Estimates   Projections
  2013-14
$m
2014-15
$m
  2015-16
$m
2016-17
$m
Taxes on income, profits and capital gains          
Income and capital gains levied on individuals 172,110 186,280   204,160 220,940
Income and capital gains levied on enterprises 79,780 83,640   89,000 93,670
Total taxes on income, profits and capital gains 251,890 269,920   293,160 314,610
Taxes on employers' payroll and labour force 553 583   606 630
Taxes on the provision of goods and services          
Sales/goods and services tax 53,830 56,880   60,140 63,380
Excises and levies 26,359 27,195   28,240 29,224
Taxes on international trade 8,930 9,180   9,510 10,090
Total taxes on the provision of goods and services 89,119 93,255   97,890 102,694
Other sale of goods and services 9,873 2,599   3,050 3,132
Total taxation revenue 351,434 366,356   394,705 421,066
Memorandum:          
Medicare and DisabilityCare Australia levy(a) 9,950 10,380   14,035 15,000

(a) The Medicare and DisabilityCare Australia levy liabilities are reported in the year in which the income tax liability is assessed.

Note 4: Sales of goods and services revenue
  Estimates   Projections
  2013-14
$m
2014-15
$m
  2015-16
$m
2016-17
$m
Sales of goods 1,570 1,560   1,587 1,674
Rendering of services 3,783 3,450   3,475 3,390
Operating lease rental 55 55   57 55
Fees from regulatory services 3,272 3,431   3,567 3,670
Total sales of goods and services revenue 8,680 8,496   8,687 8,788
Note 5: Interest and dividend revenue
  Estimates   Projections
  2013-14
$m
2014-15
$m
  2015-16
$m
2016-17
$m
Interest from other governments          
State and Territory debt 9 12   14 13
Housing agreements 138 134   129 124
Total interest from other governments 148 146   143 137
Interest from other sources          
Advances 48 52   56 62
Deposits 93 93   94 102
Bank deposits 134 144   153 148
Indexation of HELP receivable and other student loans 557 653   779 916
Other 2,751 2,972   3,139 3,314
Total interest from other sources 3,582 3,914   4,222 4,542
Total interest 3,730 4,060   4,364 4,680
Dividends          
Dividends from other public sector entities 1,772 396   437 965
Other dividends 2,020 2,051   2,220 2,387
Total dividends 3,792 2,448   2,657 3,352
Total interest and dividend revenue 7,522 6,508   7,021 8,032
Note 6: Other sources of non‑taxation revenue
  Estimates   Projections
  2013-14
$m
2014-15
$m
  2015-16
$m
2016-17
$m
Industry contributions 43 42   42 42
Royalties 1,631 1,549   1,631 1,630
Seigniorage 135 138   137 138
Other 4,478 4,793   5,201 5,337
Total other sources of non-taxation revenue 6,286 6,522   7,010 7,146
Note 7: Employee and superannuation expense
  Estimates   Projections
  2013-14
$m
2014-15
$m
  2015-16
$m
2016-17
$m
Wages and salaries expenses 19,815 19,618   19,730 20,384
Other operating expenses          
Leave and other entitlements 2,495 2,488   2,523 2,494
Separations and redundancies 77 46   45 42
Workers compensation premiums and claims 593 680   723 953
Other 2,483 2,647   2,777 2,650
Total other operating expenses 5,647 5,860   6,068 6,140
Superannuation expenses          
Superannuation 5,304 4,117   4,209 4,180
Superannuation interest cost 8,197 8,838   9,160 9,495
Total superannuation expenses 13,502 12,955   13,369 13,675
Total employee and superannuation expense 38,964 38,434   39,167 40,199
Note 8: Depreciation and amortisation expense
  Estimates   Projections
  2013-14
$m
2014-15
$m
  2015-16
$m
2016-17
$m
Depreciation          
Specialist military equipment 2,819 2,934   3,065 3,337
Buildings 1,308 1,297   1,298 1,267
Other infrastructure, plant and equipment 1,407 1,439   1,453 1,431
Heritage and cultural assets 37 37   38 37
Total depreciation 5,571 5,707   5,853 6,073
Total amortisation 854 820   833 811
Total depreciation and amortisation expense 6,426 6,528   6,687 6,884
Note 9: Supply of goods and services expense
  Estimates   Projections
  2013-14
$m
2014-15
$m
  2015-16
$m
2016-17
$m
Supply of goods and services 23,623 25,694   24,980 23,877
Operating lease rental expenses 2,549 2,504   2,594 2,607
Personal benefits - indirect 41,137 43,829   47,733 50,734
Health care payments 5,414 5,482   5,578 5,794
Other 1,790 1,582   1,388 955
Total supply of goods and services expense 74,514 79,091   82,272 83,968
Note 10: Interest expense
  Estimates   Projections
  2013-14
$m
2014-15
$m
  2015-16
$m
2016-17
$m
Interest on debt          
Government securities(a) 13,455 14,954   16,741 18,027
Loans 10 9   8 0
Other 536 528   527 523
Total interest on debt 14,001 15,492   17,276 18,550
Other financing costs 925 898   908 674
Total interest expense 14,926 16,390   18,184 19,224

(a) 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
  Estimates   Projections
  2013-14
$m
2014-15
$m
  2015-16
$m
2016-17
$m
Current grants expense          
State and Territory governments 87,920 92,909   98,788 105,674
Local governments 17 6   2 0
Private sector 2,714 2,196   1,801 1,477
Overseas 4,915 5,116   5,722 6,881
Non-profit organisations 1,661 1,787   2,004 1,802
Multi-jurisdictional sector 9,791 10,144   10,319 10,654
Other 11,937 13,157   12,148 13,216
Total current grants expense 118,955 125,314   130,783 139,703
Capital grants expense          
Mutually agreed write-downs 2,382 2,656   2,890 3,120
Other capital grants          
State and Territory governments 7,901 8,047   6,549 3,470
Local governments 436 795   393 392
Private sector 34 1   1 1
Multi-jurisdictional sector 99 102   104 108
Other 9,295 545   504 548
Total capital grants expense 20,146 12,147   10,441 7,638
Total grants expense 139,101 137,461   141,225 147,340
Note 12: Personal benefits expense
  Estimates   Projections
  2013-14
$m
2014-15
$m
  2015-16
$m
2016-17
$m
Social welfare - assistance to the aged 40,433 43,139   45,994 49,401
Assistance to veterans and dependants 6,172 6,032   5,917 5,772
Assistance to people with disabilities 22,898 24,152   25,401 26,913
Assistance to families with children 31,319 31,509   31,733 32,433
Assistance to the unemployed 10,338 11,187   9,682 9,563
Student assistance 3,541 3,333   3,322 3,426
Other welfare programmes 322 332   323 336
Financial and fiscal affairs 374 377   413 424
Vocational and industry training 276 271   267 267
Other 7,111 7,459   13,210 17,940
Total personal benefits expense 122,784 127,791   136,262 146,477
Note 13: Advances paid and other receivables
  Estimates   Projections
  2013-14
$m
2014-15
$m
  2015-16
$m
2016-17
$m
Advances paid          
Loans to State and Territory governments 2,500 2,459   2,383 2,288
Higher Education Loan Program 25,441 30,392   35,711 41,451
Student Financial Supplement Scheme 624 573   525 480
Other 11,267 11,753   11,753 13,152
less Provision for doubtful debts 24 24   24 24
Total advances paid 39,807 45,152   50,347 57,346
Other receivables          
Goods and services receivable 804 804   797 808
Recoveries of benefit payments 3,440 3,580   3,713 3,855
Taxes receivable 22,437 22,886   25,320 27,597
Prepayments 2,559 2,633   2,748 2,883
Other 18,886 18,120   18,869 20,235
less Provision for doubtful debts 3,382 3,517   3,657 3,811
Total other receivables 44,744 44,506   47,790 51,568
Note 14: Investments, loans and placements
  Estimates   Projections
  2013-14
$m
2014-15
$m
  2015-16
$m
2016-17
$m
Investments - deposits 30,247 26,844   22,800 25,662
IMF quota 10,640 10,826   11,014 11,207
Other 74,519 79,319   86,264 93,658
Total investments, loans and placements 115,405 116,989   120,078 130,527
Note 15: Total non‑financial assets
  Estimates   Projections
  2013-14
$m
2014-15
$m
  2015-16
$m
2016-17
$m
Land and buildings          
Land 8,981 8,942   8,906 8,876
Buildings 24,601 25,226   25,388 25,394
Total land and buildings 33,582 34,168   34,294 34,270
Plant, equipment and infrastructure          
Specialist military equipment 40,746 42,851   45,422 47,995
Other 13,739 14,114   13,990 13,492
Total plant, equipment and infrastructure 54,485 56,965   59,412 61,486
Inventories          
Inventories held for sale 1,160 1,104   1,103 1,133
Inventories not held for sale 6,660 6,536   6,436 6,322
Total inventories 7,820 7,640   7,538 7,455
Intangibles          
Computer software 3,575 3,361   3,122 2,877
Other 2,253 2,474   2,691 2,987
Total intangibles 5,828 5,835   5,813 5,864
Total investment properties 198 198   198 198
Total biological assets 33 33   33 33
Total heritage and cultural assets 10,561 10,575   10,586 10,597
Total assets held for sale 95 133   95 95
Total other non-financial assets 442 657   360 230
Total non-financial assets 113,045 116,205   118,329 120,228
Note 16: Loans
  Estimates   Projections
  2013-14
$m
2014-15
$m
  2015-16
$m
2016-17
$m
Promissory notes 6,955 6,432   6,410 6,386
Special drawing rights 4,977 5,065   5,153 5,243
Other 776 666   422 327
Total loans 12,708 12,163   11,985 11,957
Note 17: Employee and superannuation liabilities
  Estimates   Projections
  2013-14
$m
2014-15
$m
  2015-16
$m
2016-17
$m
Total superannuation liability(a) 149,786 155,144   160,565 166,080
Other employee liabilities          
Leave and other entitlements 7,450 7,508   7,617 7,730
Accrued salaries and wages 661 684   490 517
Workers compensation claims 3,169 3,235   3,305 3,382
Separations and redundancies 84 84   84 84
Other 3,600 3,566   3,515 3,667
Total other employee liabilities 14,963 15,077   15,010 15,380
Total employee and superannuation liabilities 164,749 170,221   175,575 181,460

(a) 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 AAS, the long‑term government bond rate as at 30 June is used to calculate the superannuation liability for the purpose of actuals reporting.

Note 18: Provisions and payables
  Estimates   Projections
  2013-14
$m
2014-15
$m
  2015-16
$m
2016-17
$m
Suppliers payable          
Trade creditors 4,109 4,141   4,171 4,137
Operating lease rental payable 221 224   225 224
Other creditors 500 500   501 561
Total suppliers payable 4,830 4,866   4,897 4,922
Total personal benefits provisions and payable 12,147 12,283   12,574 13,043
Total subsidies provisions and payable 3,986 3,719   3,873 4,064
Grants provisions and payable          
State and Territory governments 145 144   146 144
Non-profit organisations 101 101   101 101
Private sector 364 364   364 364
Overseas 2,300 2,313   1,830 2,423
Local governments 11 11   11 11
Other 11,233 8,862   8,413 8,650
Total grants provisions and payable 14,154 11,796   10,865 11,693
Other provisions and payables          
Provisions for tax refunds 3,432 3,454   3,508 3,512
Other 10,228 10,301   10,733 11,003
Total other provisions and payables 13,661 13,754   14,241 14,516
Note 19: Reconciliation of cash
  Estimates   Projections
  2013-14
$m
2014-15
$m
  2015-16
$m
2016-17
$m
Net operating balance (revenues less expenses) -38,137 -29,876   -18,596 -12,078
less Revenues not providing cash          
Other 906 1,353   1,579 1,842
Total revenues not providing cash 906 1,353   1,579 1,842
plus Expenses not requiring cash          
Increase/(decrease) in employee entitlements 6,438 5,652   5,571 6,137
Depreciation/amortisation expense 6,426 6,528   6,687 6,884
Mutually agreed write-downs 2,382 2,656   2,890 3,120
Other 428 594   773 -534
Total expenses not requiring cash 15,673 15,430   15,921 15,608
plus Cash provided / (used) by working capital items          
Decrease/(increase) in inventories -147 -96   -169 -208
Decrease/(increase) in receivables -8,161 -5,565   -9,285 -10,363
Decrease/(increase) in other financial assets 1,690 1,533   1,584 2,239
Decrease/(increase) in other non-financial assets -51 19   -23 -49
Increase/(decrease) in benefits, subsidies and grants payable -3,642 -2,363   -308 2,138
Increase/(decrease) in suppliers' liabilities 594 19   4 34
Increase/(decrease) in other provisions and payables -1,112 -793   -1,921 -841
Net cash provided / (used) by working capital -10,828 -7,246   -10,118 -7,051
equals (Net cash from/(to) operating activities) -34,198 -23,046   -14,373 -5,364
plus (Net cash from/(to) investing activities) -19,942 -22,049   -20,982 -30,652
Net cash from operating activities and investment -54,140 -45,096   -35,354 -36,015
plus (Net cash from/(to) financing activities) 54,785 45,187   35,534 36,148
equals Net increase/(decrease) in cash held 645 91   180 132
Cash at the beginning of the year 2,075 2,720   2,811 2,991
Net increase/(decrease) in cash 645 91   180 132
Cash at the end of the year 2,720 2,811   2,991 3,124
Note 19(a): Consolidated Revenue Fund
  Estimates   Projections
  2013-14
$m
2014-15
$m
  2015-16
$m
2016-17
$m
Total general government sector cash 2,720 2,811   2,991 3,124
less CAC Agency cash balances 1,822 1,893   2,050 2,202
plus Special public monies 311 311   311 311
Balance of Consolidated Revenue Fund at 30 June 1,209 1,229   1,252 1,233

The estimated and projected cash balances reflected in the balance sheet for the Australian Government GGS (Table B2) 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), or from 1 July 2014 the entities subject to the equivalent provisions of the Public Governance, Performance and Accountability Act 2013, 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.

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