Part 1: Australian Government Budget Outcome (continued)
The 2013‑14 fiscal balance deficit was $43.7 billion, a $1.3 billion improvement on the deficit of $45.1 billion estimated at the time of the 2014‑15 Budget.
While the change in the fiscal balance since the 2014‑15 Budget is comparable to the change in the underlying cash balance of $1.4 billion, there are some revenue and expenses and net capital investment variations that have different cash impacts in 2013‑14. The major differences are outlined below.
Total revenue was $373.9 billion in 2013‑14, $317 million lower than estimated at the time of the 2014‑15 Budget. In comparison, total cash receipts were $360.3 billion in 2013‑14, $3.2 billion lower than estimated at the time of the 2014‑15 Budget.
Taxation revenue was $351.1 billion in 2013‑14, $131 million higher than the estimate at the time of the 2014‑15 Budget.
Carbon pricing mechanism revenue in 2013‑14 was $717 million (9.8 per cent) lower than expected at the 2014‑15 Budget, reflecting information from interim emissions reports and an estimate of accrued carbon price revenue based on the audited accounts of the Clean Energy Regulator. The estimate is considered preliminary as certain emitters are not required to report in interim emissions reports, and emitters may base their interim report on the previous year's emissions. Information on actual 2013‑14 emissions will become available following the final emissions reporting in October 2014.
Total non‑tax revenue was $22.9 billion in 2013‑14, $449 million lower than estimated at the 2014‑15 Budget. Non‑tax receipts were $22.0 billion, $100 million higher than estimated at Budget.
The $349 million difference in outcomes for non‑tax revenue and non‑tax receipts is largely a result of decreases to non‑tax revenue, which did not have a corresponding non‑tax receipt impact in 2013‑14, including a lower dividend from the Reserve Bank of Australia (RBA) than estimated at the time of the 2014‑15 Budget, reflecting a larger transfer from RBA net profits to the Reserve Bank Reserve Fund based on a review of the outlook for the RBA's capital requirements.
|Individuals and other withholding taxes|
|Gross income tax withholding||158,300||157,761||-539|
|Gross other individuals||37,180||37,561||381|
|Total individuals and other withholding tax||168,380||167,915||-465|
|Fringe benefits tax||4,140||4,285||145|
|Superannuation fund taxes||6,580||6,146||-434|
|Minerals resource rent tax(a)||170||141||-29|
|Petroleum resource rent tax||1,470||1,645||175|
|Income taxation revenue||250,140||248,897||-1,243|
|Goods and services tax||54,321||55,517||1,196|
|Wine equalisation tax||810||826||16|
|Luxury car tax||430||476||46|
|Excise and customs duty|
|Other fuel products||3,600||3,572||-28|
|Other alcoholic beverages(b)||960||908||-52|
|Other customs duty|
|Textiles, clothing and footwear||770||789||19|
|Passenger motor vehicles||920||921||1|
|less: Refunds and drawbacks||360||319||-41|
|Total excise and customs duty||34,250||34,929||679|
|Carbon pricing mechanism(c)||7,340||6,623||-717|
|Indirect taxation revenue||100,817||102,191||1,374|
|Sales of goods and services||8,853||8,573||-280|
|Other non-taxation revenue||6,724||6,843||118|
|Total customs duty||9,020||9,280||260|
|Medicare and DisabilityCare Australia levy||10,480||10,309||-171|
(a) Net revenue from the MRRT was $0.1 billion in 2013‑14 which represents the net revenue impact across different revenue heads. These include offsetting reductions in company tax (through deductibility) and interactions with other taxes.
(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.
Expenses and net capital investment
Total expenses were $413.8 billion in 2013‑14, $1.4 billion lower than estimated at the time of the 2014‑15 Budget. Total net capital investment for 2013‑14 was $3.8 billion, $177 million lower than the estimate of $4.0 billion at the time of the 2014‑15 Budget. In comparison, cash payments were $406.4 billion in 2013‑14, $4.2 billion lower than the estimate at the time of the 2014‑15 Budget.
The difference of $2.6 billion between the lower than estimated net outcome for expenses and net capital investment and the outcome for cash payments includes:
- expenses for all free carbon units issued or approved for issue during 2013‑14 which were broadly in line with Budget estimates. However, cash payments in relation to the redemption of these units under the buy‑back facility are lower by $2.2 billion due to lower than expected usage of the facility;
- higher than expected expenses ($624 million) claimed through the Australian Taxation Office in 2013‑14 due to the continued operation of the Low Income Superannuation Contribution programme;
- the provision of GST to the States and Territories, reflecting higher than estimated GST collections ($370 million).1
These increases were broadly offset by lower than expected write‑offs of tax penalties ($467 million) by the Australian Taxation Office.
Further information on expenses by function and sub‑function are provided in Appendix A.
|General public services|
|Legislative and executive affairs||1,334||1,401||68|
|Financial and fiscal affairs||17,652||16,995||-658|
|Foreign affairs and economic aid||6,060||6,011||-49|
|Government superannuation benefits||5,667||5,834||167|
|Public order and safety||4,446||4,368||-77|
|Social security and welfare||140,569||140,566||-3|
|Housing and community amenities||8,383||8,355||-28|
|Recreation and culture||3,725||3,749||24|
|Fuel and energy||7,047||6,749||-298|
|Agriculture, forestry and fishing||2,629||2,385||-244|
|Mining, manufacturing and construction||3,139||3,451||313|
|Transport and communication||8,495||8,407||-89|
|Other economic affairs|
|Tourism and area promotion||189||188||-1|
|Total labour and employment affairs||4,064||3,879||-185|
|Other economic affairs nec||2,355||2,367||12|
|Public debt interest||13,454||13,414||-40|
|Nominal superannuation interest||8,320||8,214||-106|
|General purpose inter-governmental transactions||53,224||53,563||339|
|Natural disaster relief||183||377||194|
|General public services||546||258||-288|
|Public order and safety||44||29||-16|
|Social security and welfare||-22||-77||-54|
|Housing and community amenities||96||-26||-123|
|Recreation and culture||31||-44||-76|
|Fuel and energy||-1||1||2|
|Agriculture, forestry and fishing||78||65||-13|
|Mining, manufacturing and construction||4||3||-1|
|Transport and communication||-1||-7||-6|
|Other economic affairs||452||280||-173|
|Total net capital investment||4,027||3,850||-177|
|General public services||1,220||914||-306|
|Public order and safety||384||379||-5|
|Social security and welfare||306||287||-19|
|Housing and community amenities||184||55||-129|
|Recreation and culture||305||271||-34|
|Fuel and energy||3||11||9|
|Agriculture, forestry and fishing||105||94||-11|
|Mining, manufacturing and construction||10||9||-1|
|Transport and communication||65||55||-10|
|Other economic affairs||897||734||-164|
|Total Government puchases of non-financial assets||10,240||9,613||-626|
1 There will be differences in the amount of GST received and GST paid to the States and Territories, reflecting timing of payments between financial years and other adjustments (see Part 3, Table 32).
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