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Australian Government Coat of Arms

Budget | 2014-15

Budget 2014-15
Australian Government Coat of Arms, Budget 2014-15

Appendix B: Australian Government Budget Financial Statements (continued)

Australian Government Financial Statements

Table B1: Australian Government general government sector operating statement
    Estimates   Projections
    2014‑15 2015‑16   2016‑17 2017‑18
  Note $m $m   $m $m
Revenue            
Taxation revenue 3 361,959 387,249   413,821 440,468
Sales of goods and services 4 9,190 9,258   11,453 16,070
Interest income 5 3,987 4,672   5,031 5,322
Dividend income 5 3,396 3,170   3,644 4,113
Other 6 7,344 7,333   7,087 7,200
Total revenue   385,876 411,682   441,036 473,174
Expenses            
Gross operating expenses            
Wages and salaries(a) 7 19,221 19,744   19,901 20,183
Superannuation 7 6,777 4,340   4,275 4,305
Depreciation and amortisation 8 6,787 6,962   7,218 7,401
Supply of goods and services 9 80,809 81,665   84,059 87,776
Other operating expenses(a) 7 5,472 5,367   5,477 5,583
Total gross operating expenses   119,067 118,078   120,931 125,248
Superannuation interest expense 7 8,989 9,630   9,979 10,333
Interest expenses 10 16,387 17,871   19,239 19,925
Current transfers            
Current grants 11 124,201 129,562   137,552 149,279
Subsidy expenses   12,200 12,517   13,330 13,814
Personal benefits 12 131,506 136,183   141,501 146,375
Total current transfers   267,907 278,262   292,383 309,468
Capital transfers 11          
Mutually agreed write-downs   2,564 2,689   2,906 3,110
Other capital grants   7,984 9,953   10,658 7,227
Total capital transfers   10,548 12,642   13,565 10,337
Total expenses   422,898 436,484   456,097 475,310
Net operating balance   -37,022 -24,801   -15,060 -2,136
Other economic flows - included in operating result            
Net write-downs of assets (including bad and doubtful debts)   -6,154 -7,983   -8,514 -9,344
Assets recognised for the first time   321 336   353 364
Liabilities recognised for the first time   0 0   0 0
Actuarial revaluations   0 0   0 0
Net foreign exchange gains   28 46   100 107
Net swap interest received   -170 0   0 0
Market valuation of debt   -5,344 2,183   1,818 1,464
Other gains/(losses)   13,446 5,657   3,951 6,658
Total other economic flows - included in operating result   2,127 240   -2,293 -751
Operating result(b)   -34,894 -24,562   -17,353 -2,887
Non-owner movements in equity            
Revaluation of equity investments   -2,140 0   0 0
Actuarial revaluations   206 211   368 199
Other economic revaluations   -3,243 320   1,188 216
Total other economic flows - included in equity   -5,177 531   1,556 416
Comprehensive result - Total change in net worth   -40,071 -24,031   -15,798 -2,472
Net operating balance   -37,022 -24,801   -15,060 -2,136
Net acquisition of non-financial assets            
Purchases of non-financial assets   11,222 10,528   9,832 11,545
less Sales of non-financial assets   2,317 1,353   208 1,668
less Depreciation   6,787 6,962   7,218 7,401
plus Change in inventories   471 454   428 417
plus Other movements in non-financial assets   195 -244   -116 6
Total net acquisition of non-financial assets   2,784 2,422   2,718 2,899
Fiscal balance (Net lending/borrowing)(c)   -39,806 -27,223   -17,778 -5,035

(a) Consistent with ABS GFS classification, other employee related expenses are reported under other operating expenses. Total employee expenses equal wages and salaries plus other operating expenses.

(b) Operating result under AAS.

(c) The term fiscal balance is not used by the ABS.

Table B2: Australian Government general government sector balance sheet
    Estimates   Projections
    2014‑15 2015‑16   2016‑17 2017‑18
  Note $m $m   $m $m
Assets            
Financial assets            
Cash and deposits 19(a) 3,825 4,163   3,799 4,404
Advances paid 13 46,208 52,854   61,928 70,785
Investments, loans and placements 14 130,197 134,782   148,537 151,097
Other receivables 13 46,024 49,145   52,622 56,190
Equity investments            
Investments in other public sector entities   35,478 42,348   49,558 52,153
Equity accounted investments   327 332   331 334
Investments - shares   41,724 45,061   48,904 52,352
Total financial assets   303,784 328,685   365,679 387,315
Non-financial assets 15          
Land   9,299 9,275   9,281 9,209
Buildings   26,125 26,830   27,423 28,266
Plant, equipment and infrastructure   56,518 58,964   60,563 62,955
Inventories   8,337 8,289   8,280 8,225
Intangibles   6,359 6,400   6,357 6,796
Investment properties   198 213   218 223
Biological assets   36 36   36 36
Heritage and cultural assets   10,842 10,854   10,868 10,882
Assets held for sale   133 95   95 95
Other non-financial assets   604 360   244 250
Total non-financial assets   118,450 121,316   123,364 126,936
Total assets   422,234 450,001   489,042 514,250
Liabilities            
Interest bearing liabilities            
Deposits held   211 211   211 211
Government securities   409,609 456,734   504,139 527,633
Loans 16 13,693 13,004   12,957 12,927
Other borrowing   1,553 1,424   1,340 1,280
Total interest bearing liabilities   425,066 471,373   518,647 542,050
Provisions and payables            
Superannuation liability 17 163,240 169,332   175,275 181,334
Other employee liabilities 17 15,977 16,054   16,368 16,732
Suppliers payable 18 4,905 4,860   4,835 4,958
Personal benefits provisions and payables 18 13,234 12,808   12,484 11,897
Subsidies provisions and payables 18 4,397 4,592   4,754 4,797
Grants provisions and payables 18 11,671 9,420   10,485 9,942
Other provisions and payables 18 13,225 15,075   15,503 14,321
Total provisions and payables   226,649 232,140   239,704 243,981
Total liabilities   651,715 703,512   758,351 786,031
Net worth(a)   -229,481 -253,511   -269,309 -271,781
Net financial worth(b)   -347,931 -374,827   -392,673 -398,716
Net financial liabilities(c)   383,409 417,175   442,230 450,870
Net debt(d)   244,836 279,574   304,383 315,764

(a) Net worth is calculated as total assets minus total liabilities.

(b) Net financial worth equals total financial assets minus total liabilities.

(c) Net financial liabilities equals total liabilities less financial assets other than investments in other public sector entities.

(d) Net debt equals the sum of deposits held, government securities, loans and other borrowing, minus the sum of cash and deposits, advances paid and investments, loans and placements.

Table B3: Australian Government general government sector cash flow statement(a)
  Estimates   Projections
  2014‑15 2015‑16   2016‑17 2017‑18
  $m $m   $m $m
Cash receipts from operating activities          
Taxes received 353,594 376,604   402,792 428,579
Receipts from sales of goods and services 9,114 9,202   11,379 16,004
Interest receipts 3,469 4,022   3,950 3,976
Dividends and income tax equivalents 3,831 3,407   3,367 3,838
Other receipts 7,261 7,432   7,532 7,173
Total operating receipts 377,269 400,666   429,021 459,570
Cash payments for operating activities          
Payments for employees -26,691 -27,607   -27,829 -28,555
Payments for goods and services -80,557 -81,548   -83,966 -87,198
Grants and subsidies paid -146,215 -153,880   -161,230 -170,599
Interest paid -14,221 -15,354   -16,007 -16,676
Personal benefit payments -132,142 -137,326   -142,546 -147,675
Other payments -5,280 -5,013   -5,059 -5,094
Total operating payments -405,106 -420,729   -436,636 -455,796
Net cash flows from operating activities -27,837 -20,063   -7,616 3,774
Cash flows from investments innon-financial assets          
Sales of non-financial assets 2,215 2,696   208 235
Purchases of non-financial assets -11,420 -10,348   -9,783 -11,566
Net cash flows from investments in non-financial assets -9,205 -7,652   -9,576 -11,330
Net cash flows from investments in financial assets for policy purposes -6,821 -14,217   -17,053 -14,101
Cash flows from investments in financial assets for liquidity purposes          
Increase in investments -7,736 -5,371   -13,579 -1,136
Net cash flows from investments in financial assets for liquidity purposes -7,736 -5,371   -13,579 -1,136
Cash receipts from financing activities          
Borrowing 53,855 50,305   50,839 27,171
Other financing 0 12   0 0
Total cash receipts from financing activities 53,855 50,317   50,839 27,171
Cash payments for financing activities          
Borrowing 0 0   0 0
Other financing -2,275 -2,677   -3,380 -3,772
Total cash payments for financing activities -2,275 -2,677   -3,380 -3,772
Net cash flows from financing activities 51,580 47,640   47,459 23,398
Net increase/(decrease) in cash held -19 337   -364 605
Net cash flows from operating activities and investments in non-financial assets (surplus(+)/deficit(-)) -37,042 -27,714   -17,191 -7,556
Finance leases and similar arrangements(b) 0 -2   0 0
GFS cash surplus(+)/deficit(-) -37,042 -27,716   -17,191 -7,556
less Net Future Fund earnings 3,319 3,523   3,653 3,924
Equals underlying cash balance(c) -40,362 -31,239   -20,844 -11,480
plus Net cash flows from investments in financial assets for policy purposes -6,821 -14,217   -17,053 -14,101
plus Net Future Fund earnings 3,319 3,523   3,653 3,924
Equals headline cash balance -43,863 -41,933   -34,244 -21,657

(a) A positive number denotes a cash inflow; a negative number denotes a cash outflow.

(b) The acquisition of assets under finance leases decreases the underlying cash balance. The disposal of assets previously held under finance leases increases the underlying cash balance.

(c) The term underlying cash balance is not used by the ABS.

Table B4: Australian Government public non‑financial corporations sector operating statement
  Estimates
  2014‑15
  $m
Revenue  
Current grants and subsidies 39
Sales of goods and services 9,623
Interest income 35
Other 11
Total revenue 9,708
Expenses  
Gross operating expenses  
Wages and salaries(a) 3,651
Superannuation 461
Depreciation and amortisation 1,262
Supply of goods and services 5,086
Other operating expenses(a) 743
Total gross operating expenses 11,204
Interest expenses 456
Other property expenses 20
Current transfers  
Tax expenses 44
Total current transfers 44
Total expenses 11,723
Net operating balance -2,016
Other economic flows -384
Comprehensive result - Total change in net worth excluding contribution from owners -2,399
Net acquisition of non-financial assets  
Purchases of non-financial assets 4,047
less Sales of non-financial assets 37
less Depreciation 1,262
plus Change in inventories 10
plus Other movements in non-financial assets 1,105
Total net acquisition of non-financial assets 3,863
Fiscal balance (Net lending/borrowing)(b) -5,878

(a) Consistent with ABS GFS classification, other employee related expenses are reported under other operating expenses. Total employee expenses equal wages and salaries plus other operating expenses.

(b) The term fiscal balance is not used by the ABS.

Table B5: Australian Government public non‑financial corporations sector balance sheet
  Estimates
  2014‑15
  $m
Assets  
Financial assets  
Cash and deposits 1,531
Investments, loans and placements 192
Other receivables 1,730
Equity investments 9
Total financial assets 3,463
Non-financial assets  
Land and fixed assets 19,331
Other non-financial assets(a) 3,577
Total non-financial assets 22,907
Total assets 26,371
Liabilities  
Interest bearing liabilities  
Loans 2,704
Other borrowing 3,948
Total interest bearing liabilities 6,652
Provisions and payables  
Superannuation liability 3
Other employee liabilities 1,413
Other provisions and payables(a) 3,303
Total provisions and payables 4,719
Total liabilities 11,371
Shares and other contributed capital 15,000
Net worth(b) 15,000
Net financial worth(c) -7,908
Net debt(d) 4,928

(a) Excludes the impact of commercial taxation adjustments.

(b) Under AASB 1049, net worth is calculated as total assets minus total liabilities. Under ABS GFS, net worth is calculated as total assets minus total liabilities minus shares and other contributed capital. The AASB 1049 method is used in this table.

(c) Under AASB 1049, net financial worth equals total financial assets minus total liabilities. Under ABS GFS, net financial worth equals total financial assets minus total liabilities minus shares and other contributed capital. The AASB 1049 method is used in this table.

(d) Net debt equals the sum of interest bearing liabilities (deposits held, advances received, loans and other borrowing), minus the sum of cash and deposits and investments, loans and placements.

Table B6: Australian Government public non‑financial corporations sector cash flow statement(a)
  Estimates
  2014‑15
  $m
Cash receipts from operating activities  
Receipts from sales of goods and services 10,425
GST input credit receipts -6
Other receipts 102
Total operating receipts 10,521
Cash payments for operating activities  
Payments to employees -4,294
Payment for goods and services -5,742
Interest paid -83
GST payments to taxation authority -411
Other payments -229
Total operating payments -10,758
Net cash flows from operating activities -238
Cash flows from investments in non-financial assets  
Sales of non-financial assets 38
Purchases of non-financial assets -5,150
Net cash flows from investments in non-financial assets -5,112
Net cash flows from investments in financial assets for policy purposes 0
Cash flows from investments in financial assets for liquidity purposes  
Increase in investments -10
Net cash flows from investments in financial assets for liquidity purposes -10
Net cash flows from financing activities  
Borrowing (net) 134
Other financing (net) 5,459
Distribution paid (net) -82
Net cash flows from financing activities 5,511
Net increase/(decrease) in cash held 151
Cash at the beginning of the year 1,380
Cash at the end of the year 1,531
Net cash from operating activities and investments in non-financial assets -5,350
Distributions paid -82
Equals surplus(+)/deficit(-) -5,432
Finance leases and similar arrangements(b) 0
GFS cash surplus(+)/deficit(-) -5,432

(a) A positive number denotes a cash inflow; a negative number denotes a cash outflow.

(b) The acquisition of assets under finance leases decreases the surplus or increases the deficit. The disposal of assets previously held under finance leases increases the surplus or decreases the deficit.

Table B7: Australian Government total non‑financial public sector operating statement
  Estimates
  2014‑15
  $m
Revenue  
Taxation revenue 361,915
Sales of goods and services 17,400
Interest income 4,004
Dividend income 3,376
Other 7,355
Total revenue 394,050
Expenses  
Gross operating expenses  
Wages and salaries(a) 22,873
Superannuation 7,239
Depreciation and amortisation 8,049
Supply of goods and services 84,482
Other operating expenses(a) 6,215
Total gross operating expenses 128,857
Superannuation interest expense 8,989
Interest expenses 16,824
Current transfers  
Current grants 124,201
Subsidy expenses 12,161
Personal benefits 131,506
Total current transfers 267,868
Capital transfers 10,548
Total expenses 433,087
Net operating balance -39,037
Other economic flows -1,324
Comprehensive result - Total change in net worth -40,361
Net acquisition of non-financial assets  
Purchases of non-financial assets 15,268
less Sales of non-financial assets 2,354
less Depreciation 8,049
plus Change in inventories 481
plus Other movements in non-financial assets 1,300
Total net acquisition of non-financial assets 6,647
Fiscal balance (net lending/borrowing)(b) -45,684

(a) Consistent with ABS GFS classification, other employee related expenses are reported under other operating expenses. Total employee expenses equal wages and salaries plus other operating expenses.

(b) The term fiscal balance is not used by the ABS.

Table B8: Australian Government total non‑financial public sector balance sheet
  Estimates
  2014‑15
  $m
Assets  
Financial assets  
Cash and deposits 5,356
Advances paid 46,208
Investments, loans and placements 130,071
Other receivables 47,619
Equity investments 61,721
Total financial assets 290,974
Non-financial assets  
Land and fixed assets 130,453
Other non-financial assets 10,905
Total non-financial assets 141,358
Total assets 432,332
Liabilities  
Interest bearing liabilities  
Deposits held 211
Government securities 409,609
Loans 16,078
Other borrowing 5,501
Total interest bearing liabilities 431,399
Provisions and payables  
Superannuation liability 163,243
Other employee liabilities 17,391
Other provisions and payables 50,599
Total provisions and payables 231,232
Total liabilities 662,631
Shares and other contributed capital 15,000
Net worth(a) -230,299
Net financial worth(b) -371,657
Net debt(c) 249,765

(a) Under AASB 1049, net worth is calculated as total assets minus total liabilities. Under ABS GFS, net worth is calculated as total assets minus total liabilities minus shares and other contributed capital. The AASB 1049 method is used in this table.

(b) Under AASB 1049, net financial worth equals total financial assets minus total liabilities. Under ABS GFS, net financial worth equals total financial assets minus total liabilities minus shares and other contributed capital. The AASB 1049 method is used in this table.

(c) Net debt equals the sum of deposits held, government securities, loans and other borrowing, minus the sum of cash and deposits, advances paid and investments, loans and placements.

Table B9: Australian total non‑financial public sector cash flow statement(a)
  Estimates
  2014‑15
  $m
Cash receipts from operating activities  
Taxes received 353,397
Receipts from sales of goods and services 17,259
Interest receipts 3,485
Dividends and income tax equivalents 3,749
Other receipts 7,329
Total operating receipts 385,218
Cash payments for operating activities  
Payments to employees -30,984
Payments for goods and services -84,436
Grants and subsidies paid -146,215
Interest paid -14,285
Personal benefit payments -132,142
Other payments -5,312
Total operating payments -413,375
Net cash flows from operating activities -28,157
Cash flows from investments in non-financial assets  
Sales of non-financial assets 2,252
Purchases of non-financial assets -16,570
Net cash flows from investments in non-financial assets -14,318
Net cash flows from investments in financial assets for policy purposes -1,342
Cash flows from investments in financial assets for liquidity purposes  
Increase in investments -7,746
Net cash flows from investments in financial assets for liquidity purposes -7,746
Net cash flows from financing activities  
Borrowing (net) 53,989
Other financing (net) -2,295
Net cash flows from financing activities 51,694
Net increase/(decrease) in cash held 132
Cash at the beginning of the year 5,225
Cash at the end of the year 5,356
Net cash from operating activities and investments in non-financial assets -42,474
Distributions paid 0
Equals surplus(+)/deficit(-) -42,474
Finance leases and similar arrangements(b) 0
GFS cash surplus(+)/deficit(-) -42,474

(a) A positive number denotes a cash inflow; a negative number denotes a cash outflow.

(b) The acquisition of assets under finance leases decreases the surplus or increases the deficit. The disposal of assets previously held under finance leases increases the surplus or decreases the deficit.