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Australian Government Coat of Arms

Budget | 2015-16

Budget 2015-16
Australian Government Coat of Arms, Budget 2015-16

Appendix B: Australian Government Budget Financial Statements (continued)

Australian Government Financial Statements

Table B1: Australian Government general government sector operating statement
    Estimates   Projections
 
Note  
2015‑16
$m
2016‑17
$m
  2017‑18
$m
2018‑19
$m
Revenue            
Taxation revenue 3 375,923 397,541   422,522 450,802
Sales of goods and services 4 7,956 9,641   12,527 16,307
Interest income 5 4,519 4,938   5,361 6,566
Dividend income 5 3,841 3,050   3,702 4,030
Other 6 8,714 8,030   8,468 9,388
Total revenue   400,953 423,200   452,581 487,094
Expenses            
Gross operating expenses            
Wages and salaries(a) 7 20,072 19,935   19,715 19,772
Superannuation 7 5,930 4,609   4,587 4,615
Depreciation and amortisation 8 7,129 7,406   7,484 7,787
Supply of goods and services 9 82,423 84,798   92,851 96,528
Other operating expenses(a) 7 5,439 5,411   5,484 5,535
Total gross operating expenses   120,992 122,159   130,121 134,237
Superannuation interest expense 7 9,231 10,261   10,650 11,036
Interest expenses 10 17,260 19,416   20,373 21,568
Current transfers            
Current grants 11 127,737 137,935   147,062 159,210
Subsidy expenses   12,944 13,874   14,242 15,060
Personal benefits 12 133,402 134,223   132,879 142,068
Total current transfers   274,084 286,033   294,184 316,337
Capital transfers 11          
Mutually agreed write-downs   1,887 1,946   2,089 2,243
Other capital grants   8,780 11,390   8,476 5,949
Total capital transfers   10,667 13,337   10,565 8,192
Total expenses   432,234 451,206   465,892 491,370
Net operating balance   -31,281 -28,006   -13,312 -4,276
Other economic flows - included in operating result            
Net write-downs of assets (including bad and doubtful debts)   -8,037 -8,755   -9,675 -10,332
Assets recognised for the first time   322 337   353 370
Liabilities recognised for the first time   0 0   0 0
Actuarial revaluations   0 0   0 0
Net foreign exchange gains   -518 27   45 33
Net swap interest received   -410 0   0 0
Market valuation of debt   832 2,173   1,691 1,513
Other gains/(losses)   5,195 4,740   7,584 7,110
Total other economic flows - included in operating result   -2,616 -1,478   -2 -1,306
Operating result(b)   -33,897 -29,483   -13,314 -5,582
Non-owner movements in equity            
Revaluation of equity investments   846 29   31 49
Actuarial revaluations   -2,926 314   353 426
Other economic revaluations   1 1,003   74 139
Total other economic flows - included in equity   -2,079 1,345   458 615
Comprehensive result - Total change in net worth   -35,976 -28,138   -12,857 -4,967
Net operating balance   -31,281 -28,006   -13,312 -4,276
Net acquisition of non-financial assets            
Purchases of non-financial assets   11,661 11,978   13,190 14,276
less Sales of non-financial assets   528 329   1,738 874
less Depreciation   7,129 7,406   7,484 7,787
plus Change in inventories   421 475   288 324
plus Other movements in non-financial assets   59 27   -153 -6
Total net acquisition of non-financial assets   4,484 4,745   4,103 5,933
Fiscal balance (Net lending/borrowing)(c)   -35,765 -32,751   -17,415 -10,209

(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
 
Note  
2015‑16
$m
2016‑17
$m
  2017‑18
$m
2018‑19
$m
Assets            
Financial assets            
Cash and deposits   3,872 3,503   3,393 3,466
Advances paid 13 53,218 63,370   73,127 83,729
Investments, loans and placements 14 154,537 167,731   174,643 179,465
Other receivables 13 46,594 46,935   49,283 51,185
Equity investments            
Investments in other public sector entities   49,087 57,702   57,773 57,799
Equity accounted investments   315 315   315 315
Investments - shares   44,939 48,824   52,597 56,583
Total financial assets   352,560 388,379   411,132 432,541
Non-financial assets 15          
Land   9,780 9,752   9,711 9,787
Buildings   26,198 26,621   27,678 28,601
Plant, equipment and infrastructure   59,667 63,127   66,766 71,655
Inventories   8,351 8,405   8,239 8,094
Intangibles   6,835 6,901   7,349 7,489
Investment properties   187 187   187 187
Biological assets   44 44   44 44
Heritage and cultural assets   11,344 11,356   11,369 11,382
Assets held for sale   87 82   82 82
Other non-financial assets   265 292   139 134
Total non-financial assets   122,757 126,766   131,565 137,455
Total assets   475,317 515,146   542,697 569,996
Liabilities            
Interest bearing liabilities            
Deposits held   218 218   218 218
Government securities   472,416 533,845   570,473 596,257
Loans 16 16,191 15,605   15,526 15,440
Other borrowing   1,562 1,456   1,350 1,302
Total interest bearing liabilities   490,387 551,124   587,567 613,216
Provisions and payables            
Superannuation liability 17 173,958 180,569   187,154 193,715
Other employee liabilities 17 17,059 17,377   17,740 18,112
Suppliers payable 18 5,972 5,877   5,933 5,932
Personal benefits provisions and payables 18 13,304 12,363   11,152 10,731
Subsidies provisions and payables 18 5,035 5,407   5,664 5,988
Grants provisions and payables 18 9,397 10,105   9,447 9,171
Other provisions and payables 18 14,990 15,245   13,816 13,875
Total provisions and payables   239,714 246,943   250,907 257,524
Total liabilities   730,100 798,066   838,474 870,740
Net worth(a)   -254,783 -282,921   -295,777 -300,744
Net financial worth(b)   -377,540 -409,687   -427,342 -438,199
Net financial liabilities(c)   426,627 467,389   485,115 495,998
Net debt(d)   278,761 316,520   336,404 346,557

(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
  2015‑16
$m
2016‑17
$m
  2017‑18
$m
2018‑19
$m
Cash receipts from operating activities          
Taxes received 368,230 389,125   413,172 440,410
Receipts from sales of goods and services 7,870 9,580   12,471 16,248
Interest receipts 3,874 4,007   4,050 4,642
Dividends and income tax equivalents 4,516 4,542   3,232 3,859
Other receipts 8,505 7,745   7,652 7,498
Total operating receipts 392,995 414,999   440,577 472,657
Cash payments for operating activities          
Payments for employees -28,130 -27,847   -28,000 -28,426
Payments for goods and services -82,104 -85,219   -92,685 -96,603
Grants and subsidies paid -150,706 -161,967   -167,888 -177,040
Interest paid -15,040 -15,922   -16,784 -18,188
Personal benefit payments -135,228 -137,113   -136,300 -143,523
Other payments -5,313 -5,127   -5,121 -5,179
Total operating payments -416,521 -433,196   -446,779 -468,958
Net cash flows from operating activities -23,526 -18,197   -6,202 3,699
Cash flows from investments in non-financial assets          
Sales of non-financial assets 1,896 329   305 874
Purchases of non-financial assets -11,812 -12,077   -13,117 -14,337
Net cash flows from investments in non-financial assets -9,917 -11,748   -12,812 -13,462
Net cash flows from investments in financial assets for policy purposes -14,727 -18,922   -13,262 -14,044
Cash flows from investments in financial assets for liquidity purposes          
Increase in investments -13,132 -13,343   -4,599 -2,319
Net cash flows from investments in financial assets for liquidity purposes -13,132 -13,343   -4,599 -2,319
Cash receipts from financing activities          
Borrowing 64,552 65,040   40,253 29,362
Other financing 25 0   0 0
Total cash receipts from financing activities 64,577 65,040   40,253 29,362
Cash payments for financing activities          
Borrowing 0 0   0 0
Other financing -2,560 -3,199   -3,488 -3,162
Total cash payments for financing activities -2,560 -3,199   -3,488 -3,162
Net cash flows from financing activities 62,017 61,841   36,766 26,200
Net increase/(decrease) in cash held 716 -368   -110 72
Net cash flows from operating activities and investments in non-financial assets (surplus(+)/deficit(-)) -33,443 -29,945   -19,014 -9,764
Finance leases and similar arrangements(b) -2 -5   0 0
GFS cash surplus(+)/deficit(-) -33,444 -29,950   -19,014 -9,764
less Net Future Fund earnings 3,955 3,717   4,007 4,465
Equals underlying cash balance(c) -37,399 -33,667   -23,021 -14,229
plus Net cash flows from investments in financial assets for policy purposes -14,727 -18,922   -13,262 -14,044
plus Net Future Fund earnings 3,955 3,717   4,007 4,465
Equals headline cash balance -48,171 -48,872   -32,276 -23,808

(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
  2015‑16
$m
Revenue  
Current grants and subsidies 38
Sales of goods and services 9,871
Interest income 41
Other 16
Total revenue 9,967
Expenses  
Gross operating expenses  
Wages and salaries(a) 4,108
Superannuation 364
Depreciation and amortisation 1,502
Supply of goods and services 5,493
Other operating expenses(a) 449
Total gross operating expenses 11,916
Interest expenses 510
Other property expenses 120
Current transfers  
Tax expenses 15
Total current transfers 15
Total expenses 12,562
Net operating balance -2,595
Other economic flows -1,027
Comprehensive result - Total change in net worth excluding contribution from owners -3,622
Net acquisition of non-financial assets  
Purchases of non-financial assets 4,412
less Sales of non-financial assets 48
less Depreciation 1,502
plus Change in inventories 30
plus Other movements in non-financial assets 1,625
Total net acquisition of non-financial assets 4,515
Fiscal balance (Net lending/borrowing)(b) -7,111

(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
  2015‑16
$m
Assets  
Financial assets  
Cash and deposits 1,929
Advances paid 8
Investments, loans and placements 343
Other receivables 1,756
Equity investments 3
Total financial assets 4,039
Non-financial assets  
Land and other fixed assets 22,201
Other non-financial assets(a) 5,204
Total non-financial assets 27,406
Total assets 31,444
Liabilities  
Interest bearing liabilities  
Advances received 206
Loans 2,318
Other borrowing 4,321
Total interest bearing liabilities 6,844
Provisions and payables  
Superannuation liability 23
Other employee liabilities 1,586
Other provisions and payables(a) 3,466
Total provisions and payables 5,075
Total liabilities 11,919
Shares and other contributed capital 19,525
Net worth(b) 19,525
Net financial worth(c) -7,881
Net debt(d) 4,565

(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
  2015‑16
$m
Cash receipts from operating activities  
Receipts from sales of goods and services 11,198
GST input credit receipts 671
Other receipts 88
Total operating receipts 11,957
Cash payments for operating activities  
Payments to employees -4,871
Payment for goods and services -8,872
Interest paid -34
GST payments to taxation authority 0
Other payments 0
Total operating payments -13,778
Net cash flows from operating activities -1,820
Cash flows from investments in non-financial assets  
Sales of non-financial assets 35
Purchases of non-financial assets -5,967
Net cash flows from investments in non-financial assets -5,931
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 -4
Net cash flows from investments in financial assets for liquidity purposes -4
Net cash flows from financing activities  
Borrowing (net) -170
Other financing (net) 7,937
Distribution paid (net) -124
Net cash flows from financing activities 7,643
Net increase/(decrease) in cash held -113
Cash at the beginning of the year 2,042
Cash at the end of the year 1,929
Net cash from operating activities and investments in non-financial assets -7,752
Distributions paid -124
Equals surplus(+)/deficit(-) -7,876
Finance leases and similar arrangements(b) 0
GFS cash surplus(+)/deficit(-) -7,876

(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
  2015‑16
$m
Revenue  
Taxation revenue 375,908
Sales of goods and services 16,820
Interest income 4,542
Dividend income 3,720
Other 8,731
Total revenue 409,720
Expenses  
Gross operating expenses  
Wages and salaries(a) 24,180
Superannuation 6,293
Depreciation and amortisation 8,632
Supply of goods and services 86,908
Other operating expenses(a) 5,888
Total gross operating expenses 131,901
Superannuation interest expense 9,231
Interest expenses 17,751
Current transfers  
Current grants 127,737
Subsidy expenses 12,906
Personal benefits 133,402
Total current transfers 274,046
Capital transfers 10,667
Total expenses 443,596
Net operating balance -33,876
Other economic flows -2,923
Comprehensive result - Total change in net worth -36,799
Net acquisition of non-financial assets  
Purchases of non-financial assets 16,073
less Sales of non-financial assets 576
less Depreciation 8,632
plus Change in inventories 450
plus Other movements in non-financial assets 1,684
Total net acquisition of non-financial assets 8,999
Fiscal balance (net lending/borrowing)(b) -42,875

(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
  2015‑16
$m
Assets  
Financial assets  
Cash and deposits 5,801
Advances paid 53,020
Investments, loans and placements 154,879
Other receivables 48,273
Equity investments 74,413
Total financial assets 336,386
Non-financial assets  
Land and other fixed assets 137,540
Other non-financial assets 12,623
Total non-financial assets 150,163
Total assets 486,548
Liabilities  
Interest bearing liabilities  
Deposits held 218
Advances received 0
Government securities 472,416
Loans 18,509
Other borrowing 5,882
Total interest bearing liabilities 497,025
Provisions and payables  
Superannuation liability 173,980
Other employee liabilities 18,645
Other provisions and payables 52,087
Total provisions and payables 244,712
Total liabilities 741,737
Shares and other contributed capital 19,525
Net worth(a) -255,189
Net financial worth(b) -405,352
Net debt(c) 283,326

(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, advances received, government securities, loans and other borrowing, minus the sum of cash and deposits, advances paid and investments, loans and placements.

Table B9: Australian Government total non‑financial public sector cash flow statement(a)
  Estimates
  2015‑16
$m
Cash receipts from operating activities  
Taxes received 368,254
Receipts from sales of goods and services 17,432
Interest receipts 3,896
Dividends and income tax equivalents 4,392
Other receipts 8,528
Total operating receipts 402,502
Cash payments for operating activities  
Payments to employees -33,001
Payments for goods and services -88,669
Grants and subsidies paid -150,706
Interest paid -15,055
Personal benefit payments -135,228
Other payments -5,313
Total operating payments -427,972
Net cash flows from operating activities -25,471
Cash flows from investments in non-financial assets  
Sales of non-financial assets 1,931
Purchases of non-financial assets -17,779
Net cash flows from investments in non-financial assets -15,848
Net cash flows from investments in financial assets for policy purposes -6,739
Cash flows from investments in financial assets for liquidity purposes  
Increase in investments -13,136
Net cash flows from investments in financial assets for liquidity purposes -13,136
Net cash flows from financing activities  
Borrowing (net) 64,382
Other financing (net) -2,585
Net cash flows from financing activities 61,796
Net increase/(decrease) in cash held 602
Cash at the beginning of the year 5,198
Cash at the end of the year 5,801
Net cash from operating activities and investments in non-financial assets -41,318
Distributions paid 0
Equals surplus(+)/deficit(-) -41,318
Finance leases and similar arrangements(b) -2
GFS cash surplus(+)/deficit(-) -41,320

(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 B10: Australia Government public financial corporations sector operating statement
  Estimates
  2015‑16
$m
Revenue  
Current grants and subsidies 150
Sales of goods and services 680
Interest income 2,363
Other 75
Total revenue 3,268
Expenses  
Gross operating expenses  
Wages and salaries(a) 150
Superannuation 50
Depreciation and amortisation 34
Supply of goods and services(b) 398
Other operating expenses(a)(b) 214
Total gross operating expenses 846
Interest expenses 1,294
Other property expenses 897
Current transfers  
Tax expenses 6
Total current transfers 6
Total expenses 3,043
Net operating balance 225
Other economic flows 3,416
Comprehensive result - Total change in net worth excluding contribution from owners 3,641
Net acquisition of non-financial assets  
Purchases of non-financial assets 1
less Sales of non-financial assets 82
less Depreciation 34
plus Change in inventories -9
plus Other movements in non-financial assets 0
Total net acquisition of non-financial assets -124
Fiscal balance (Net lending/borrowing)(c) 349

(a) Consistent with ABS GFS classification and PNFC presentation, from the 2015‑16 Budget, other employee related expenses, such as employee entitlements, are reclassified from wages and salaries to other operating expenses. Total employee expenses equal wages and salaries plus other operating expenses.

(b) Consistent with ABS GFS classification and PNFC presentation, from the 2015‑16 Budget, supply of goods and services has been separated from other operating expenses.

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

Table B11: Australian Government public financial corporations sector balance sheet(a)
  Estimates
  2015‑16
$m
Assets  
Financial assets  
Cash and deposits 828
Investments, loans and placements 157,205
Other receivables 238
Equity investments 431
Total financial assets 158,702
Non-financial assets  
Land and other fixed assets 672
Other non-financial assets(b) 32
Total non-financial assets 705
Total assets 159,407
Liabilities  
Interest bearing liabilities  
Deposits held 115,558
Borrowing 11,399
Total interest bearing liabilities 126,957
Provisions and payables  
Superannuation liability 306
Other employee liabilities 1,443
Other provisions and payables(b) 1,997
Total provisions and payables 3,746
Total liabilities 130,703
Shares and other contributed capital 28,705
Net worth(c) 28,705
Net financial worth(d) 28,000
Net debt(e) -31,077

(a) Assumes no valuation or currency movement.

(b) Excludes the impact of commercial taxation adjustments.

(c) Under AASB1049, 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.

(d) Under AASB1049, 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.

(e) Net debt equals the sum of deposits held and borrowing, minus the sum of cash and deposits and investments, loans and placements.

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

(b) In accordance with AASB1049, the Budget estimate for other payments has been reclassified in the 2014‑15 FBO from operating to investing to provide consistency in treatment of transactions in investments.

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

Table B12: Australian Government public financial corporations sector cash flow statement(a)
  Estimates
  2015‑16
$m
Cash receipts from operating activities  
Receipts from sales of goods and services 675
Grants and subsidies received 0
GST input credit receipts 4
Interest receipts 2,438
Other receipts 383
Total operating receipts 3,500
Cash payments for operating activities  
Payments to employees -252
Payment for goods and services -406
Interest paid -1,337
GST payments to taxation authority 0
Other payments(b) -147
Total operating payments -2,142
Net cash flows from operating activities 1,357
Cash flows from investments in non-financial assets  
Sales of non-financial assets 82
Purchases of non-financial assets 0
Net cash flows from investments in non-financial assets  81
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(b) -1,043
Net cash flows from investments in financial assets for liquidity purposes  -1,043
Net cash flows from financing activities  
Borrowing (net) -1,299
Deposits received (net) 0
Other financing (net) 2,882
Distributions paid (net) -1,631
Net cash flows from financing activities -47
Net increase/(decrease) in cash held 348
Cash at the beginning of the year 480
Cash at the end of the year 828
Net cash from operating activities and investments in non-financial assets 1,439
Distributions paid -1,631
Equals surplus(+)/deficit(-) -192
Finance leases and similar arrangements(c) 0
GFS cash surplus(+)/deficit(-) -192

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

(b) In accordance with AASB1049, the Budget estimate for other payments has been reclassified in the 2014-15 FBO from operating to investing to provide consistency in treatment of transactions in investments.

(c) 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.