|
Key Issues |
|
· The estimated Net Operating Balance for 2016-17 is a surplus of $20.8 million for the PNFC Sector, a surplus of $98.2 million for the TNFP Sector, a deficit of $12.6 million for the PFC Sector and a surplus of $85.6 million for the Total State Sector. |
|
· The estimated Fiscal Balance for 2016-17 is a deficit of $114.6 million for the PNFC Sector, a deficit of $275.2 million for the TNFP Sector, a deficit of $12.9 million for the PFC Sector and a deficit of $288 million for the Total State Sector. |
|
· As at 30 June 2017, PNFC Net Debt is forecast to be $2 530.1 million, TNFP Sector Net Debt is forecast to be $2 228.8 million, PFC Net Debt is forecast to be negative $1 351.7 million and Total State Sector Net Debt is forecast to be $877.1 million. |
|
· Details for the General Government Sector are included in chapter 4 of this Budget Paper. |
The financial information in this appendix has been prepared in accordance with the Uniform Presentation Framework (UPF). This appendix provides Income Statement, Balance Sheet and Cash Flow Statement estimates for the:
· Public Non‑Financial Corporations (PNFC) Sector;
· Total Non‑Financial Public (TNFP) Sector;
· Public Financial Corporations (PFC) Sector; and
· Total State Sector.
Details for the General Government Sector are provided in chapter 4 of this Budget Paper.
The statements present the 2015-16 Estimated Outcome, 2016-17 Budget Estimates and Forward Estimates for the period 2017-18 to 2019‑20. For taxation information required under the UPF, refer to chapter 5 of this Budget Paper.
In accordance with the UPF, the final end of year results for 2015‑16 will be released in the Treasurer's Annual Financial Report 2015‑16. The Report will be publicly released by no later than 31 October 2016.
Under Loan Council arrangements, every year the Australian Government and each state and territory nominate a Loan Council Allocation (LCA). A jurisdiction's LCA incorporates:
· the estimated Cash Deficit/(Surplus) of the General Government and PNFC Sectors;
· Net Cash Flows from Investments in Financial Assets for Policy Purposes; and
· Memorandum Items, which are other financing transactions that are treated as borrowing equivalents for Loan Council purposes.
The Loan Council evaluates LCA nominations by referring to each jurisdiction's fiscal position and the macro‑economic implications of the aggregate figure.
Table A1.1 compares Tasmania's 2016-17 LCA approved by the Loan Council in April 2016, with the revised LCA based on 2016-17 Budget estimates.
Table A1.1: Loan Council Allocation 2016-17
|
|
2016-17 |
2016-17 |
|
|
) |
Budget |
|
|
Nomination |
Estimate |
|
|
$m |
$m |
|
|
|
|
|
General Government Cash Deficit/(Surplus) |
20.0 |
64.2 |
|
Public Non‑Financial Corporations Sector Cash Deficit/(Surplus) |
(141.0) |
47.8 |
|
Non‑Financial Public Sector Cash Deficit/(Surplus) |
(121.1) |
112.1 |
|
|
|
|
|
Less Non‑Financial Public Sector Net Cash Flows from Investments in Financial Assets for Policy Purposes |
(3.8) |
(3.9) |
|
Plus Memorandum Items1 |
102.0 |
125.6 |
|
|
|
|
|
Loan Council Allocation Deficit/(Surplus) |
(15.3) |
241.6 |
|
|
|
|
|
2016-17 Tolerance Limit2 |
168.0 |
169.3 |
|
|
|
|
Notes:
1. Memorandum Items include borrowings by local government and the University of Tasmania.
2. The Tolerance Limit is equal to two per cent of Total Non‑Financial Public Sector Cash Receipts from Operating Activities and applies from the time that the LCA is approved by the Loan Council until the budgeted LCA is released. The Tolerance Limit will change with each revision to the Budget. The Tolerance Limit recognises that LCAs are nominated at early stages of the Budget process and that estimates are likely to change as a result.
The 2016-17 Budget estimate is a deficit of $241.6 million, an increase of $256.9 million which is outside the Tolerance Limit of $168 million estimated for Tasmania in April 2016. If a jurisdiction is likely to exceed its Tolerance Limit, it must provide an explanation to the Loan Council and make that explanation public.
The change of $256.9 million in the LCA between the 2016‑17 LCA Nomination and 2016‑17 Budget estimate is mainly due to:
· an increase in the General Government Cash Deficit of $44.2 million;
· a decline in the Public Non-Financial Corporations Cash Deficit/(Surplus) of $188.8 million, which is primarily due to:
- an increase in Purchases of Non‑Financial Assets of $113.6 million primarily relating to:
§ Tasmanian Irrigation Pty Ltd of $58.1 million, due to a change in the construction schedule for various irrigation schemes;
§ Tasmanian Networks Pty Ltd of $27.7 million, due to an updated assessment of forecast capital expenditure;
§ Metro Tasmania Pty Ltd of $13.3 million, due to a change in the bus acquisition schedule; and
§ Tasmanian Railway Pty Ltd of $11.2 million, due to a change in timing of its capital program.
- an increase in Dividends and Tax Equivalents Paid of $35.9 million, primarily as a result of the Special Dividend of $40 million to be paid by TT‑Line Company Pty Ltd; and
· an increase in Memorandum items of $23.6 million, primarily due to additional anticipated new cash borrowings for local government and the University of Tasmania.
Consistent with the LCA arrangements, Tasmania advises Loan Council of these circumstances through this Report. The LCA Outcome for 2015‑16 will be presented in the Treasurer's Annual Financial Report 2015‑16.
Tables A1.2 to A1.13 provide details of the Income Statements, Balance Sheets and Cash Flow Statements for the PNFC Sector, TNFP Sector, PFC Sector and Total State Sector respectively.
Table A1.2: Public Non‑Financial Corporations Sector Income Statement
Table A1.2: Public Non‑Financial Corporations Sector Income Statement (continued)
|
2015-16 |
2016-17 |
2017-18 |
2018-19 |
2019-20 |
|
|
Estimated |
|
Forward |
Forward |
Forward |
|
|
Outcome |
Budget |
Estimate |
Estimate |
Estimate |
|
|
$m |
$m |
$m |
$m |
$m |
|
|
|
|||||
|
Plus Other Economic Flows ‑ Other Movements in Equity |
|
||||
|
Revaluations of Non‑Financial Assets |
24.0 |
55.2 |
52.0 |
52.3 |
53.6 |
|
Other Non‑Owner Movements in Equity |
(83.4) |
(14.2) |
(4.2) |
(3.6) |
(4.0) |
|
|
(59.5) |
41.0 |
47.9 |
48.7 |
49.5 |
|
|
|
|
|
|
|
|
Equals Comprehensive Result |
(39.0) |
55.1 |
(42.7) |
(17.5) |
67.0 |
|
|
|
|
|
|
|
|
KEY FISCAL AGGREGATES |
|
|
|
|
|
|
|
|
|
|
|
|
|
NET OPERATING BALANCE |
(77.8) |
20.8 |
(59.4) |
35.6 |
(0.2) |
|
Less Net Acquisition of Non‑Financial Assets |
|
|
|
|
|
|
Purchases of Non‑Financial Assets |
419.6 |
529.6 |
442.6 |
392.7 |
356.2 |
|
Less Sale of Non‑Financial Assets |
0.9 |
86.7 |
.... |
0.6 |
.... |
|
Less Depreciation |
322.6 |
307.4 |
317.6 |
330.1 |
340.2 |
|
|
96.2 |
135.4 |
125.0 |
62.0 |
15.9 |
|
|
|
|
|
|
|
|
Equals FISCAL BALANCE |
(174.0) |
(114.6) |
(184.4) |
(26.4) |
(16.1) |
|
|
|
|
|
|
|
Table A1.3: Public Non‑Financial Corporations Sector Balance Sheet as at 30 June
|
2016 |
2017 |
2018 |
2019 |
2020 |
|
|
Estimated |
|
Forward |
Forward |
Forward |
|
|
Outcome |
Budget |
Estimate |
Estimate |
Estimate |
|
|
$m |
$m |
$m |
$m |
$m |
|
|
|
|||||
|
Assets |
|
|
|
|
|
|
Financial Assets |
|
|
|
|
|
|
Cash and Deposits |
285.0 |
281.4 |
274.5 |
280.1 |
282.7 |
|
Investments |
14.5 |
13.8 |
13.2 |
12.7 |
12.5 |
|
Other Equity Investments |
79.3 |
77.3 |
75.9 |
75.0 |
74.6 |
|
Receivables |
461.7 |
450.7 |
436.6 |
444.1 |
446.7 |
|
Other Financial Assets |
810.6 |
774.7 |
785.0 |
776.4 |
781.5 |
|
1 651.1 |
1 597.8 |
1 585.2 |
1 588.3 |
1 597.9 |
|
|
|
|
|
|
|
|
|
Non‑Financial Assets |
|
|
|
|
|
|
Land and Buildings |
206.4 |
209.8 |
209.1 |
205.2 |
210.6 |
|
Infrastructure |
7 471.0 |
7 686.5 |
7 807.0 |
7 800.9 |
7 885.4 |
|
Plant and Equipment |
340.6 |
369.0 |
373.9 |
376.3 |
369.9 |
|
Biological Assets |
155.4 |
72.8 |
75.1 |
76.0 |
76.0 |
|
Intangibles |
52.1 |
55.2 |
58.8 |
62.7 |
55.7 |
|
Other Non‑Financial Assets |
139.6 |
138.2 |
94.1 |
94.9 |
93.5 |
|
8 365.0 |
8 531.4 |
8 617.9 |
8 615.9 |
8 691.1 |
|
|
|
|
|
|
|
|
|
Total Assets |
10 016.1 |
10 129.2 |
10 203.1 |
10 204.2 |
10 289.0 |
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
Borrowings |
2 840.3 |
2 825.3 |
2 914.3 |
2 886.8 |
2 886.1 |
|
Superannuation |
628.4 |
641.5 |
653.2 |
663.4 |
672.2 |
|
Employee Entitlements |
108.9 |
110.4 |
111.3 |
112.3 |
113.6 |
|
Payables |
327.9 |
319.9 |
308.1 |
309.6 |
305.7 |
|
Other Liabilities |
2 207.6 |
2 215.5 |
2 198.9 |
2 191.6 |
2 199.4 |
|
Total Liabilities |
6 113.1 |
6 112.5 |
6 185.7 |
6 163.6 |
6 176.9 |
|
|
|
|
|
|
|
|
NET ASSETS |
3 903.0 |
4 016.6 |
4 017.4 |
4 040.6 |
4 112.1 |
|
|
|
|
|
|
|
|
Equity |
|
|
|
|
|
|
Accumulated Funds |
854.3 |
881.5 |
755.9 |
642.0 |
637.4 |
|
Asset Revaluation Reserve |
807.6 |
862.8 |
914.8 |
967.1 |
1 020.7 |
|
Other Equity |
2 241.1 |
2 272.3 |
2 346.6 |
2 431.5 |
2 454.0 |
|
Total Equity |
3 903.0 |
4 016.6 |
4 017.4 |
4 040.6 |
4 112.1 |
Table A1.3: Public Non‑Financial Corporations Sector Balance Sheet as at 30 June (continued)
|
2016 |
2017 |
2018 |
2019 |
2020 |
|
|
Estimated |
|
Forward |
Forward |
Forward |
|
|
Outcome |
Budget |
Estimate |
Estimate |
Estimate |
|
|
$m |
$m |
$m |
$m |
$m |
|
|
|
|||||
|
KEY FISCAL AGGREGATES |
|
||||
|
|
|
|
|
|
|
|
NET WORTH1 |
3 903.0 |
4 016.6 |
4 017.4 |
4 040.6 |
4 112.1 |
|
NET FINANCIAL WORTH2 |
(4 462.0) |
(4 514.8) |
(4 600.5) |
(4 575.3) |
(4 579.0) |
|
NET FINANCIAL LIABILITIES3 |
4 462.0 |
4 514.8 |
4 600.5 |
4 575.3 |
4 579.0 |
|
NET DEBT4 |
2 540.8 |
2 530.1 |
2 626.5 |
2 594.0 |
2 590.9 |
|
|
|
Notes:
1. Net Worth represents Total Assets (both Financial and Non‑Financial) less Total Liabilities.
2. Net Financial Worth represents Total Financial Assets less Total Liabilities.
3. Net Financial Liabilities represents Total Liabilities less Financial Assets. For the PNFC Sector this is equivalent to negative Net Financial Worth.
4. Net Debt represents Borrowings less the sum of Cash and Deposits and Investments.
Table A1.4: Public Non‑Financial Corporations Sector Cash Flow Statement
|
2015-16 |
2016-17 |
2017-18 |
2018-19 |
2019-20 |
|
|
Estimated |
|
Forward |
Forward |
Forward |
|
|
Outcome |
Budget |
Estimate |
Estimate |
Estimate |
|
|
$m |
$m |
$m |
$m |
$m |
|
|
|
|
|
|
|
|
|
Cash Flows from Operating Activities |
|
|
|
|
|
|
Cash Received from Operating Activities |
|
|
|
|
|
|
Grants Received |
175.5 |
179.3 |
145.9 |
143.4 |
146.0 |
|
Sales of Goods and Services |
2 794.0 |
2 852.0 |
2 954.3 |
3 122.3 |
3 210.8 |
|
Interest Received |
7.5 |
7.2 |
10.1 |
10.4 |
10.8 |
|
Other Receipts |
144.9 |
143.1 |
130.6 |
126.2 |
91.5 |
|
3 121.9 |
3 181.6 |
3 240.9 |
3 402.3 |
3 459.1 |
|
|
|
|
|
|
|
|
|
Cash Payments for Operating Activities |
|
|
|
|
|
|
Employee Entitlements |
(397.8) |
(378.3) |
(389.0) |
(393.6) |
(400.8) |
|
Superannuation |
(83.8) |
(85.0) |
(86.2) |
(86.6) |
(86.9) |
|
Supplies and Consumables |
(1 896.7) |
(1 816.4) |
(1 918.5) |
(2 088.6) |
(2 168.0) |
|
Borrowing Costs |
(153.2) |
(145.1) |
(150.8) |
(147.4) |
(149.6) |
|
Grants and Subsidies Paid |
(38.5) |
(39.3) |
(40.1) |
(40.9) |
(41.7) |
|
Other Payments |
(209.6) |
(148.7) |
(141.8) |
(127.1) |
(119.3) |
|
(2 779.7) |
(2 612.8) |
(2 726.3) |
(2 884.2) |
(2 966.3) |
|
|
|
|
|
|
|
|
|
Net Cash Flows from Operating Activities |
342.2 |
568.7 |
514.6 |
518.1 |
492.8 |
|
|
|
|
|
|
|
|
Cash Flows from Investing Activities |
|
|
|
|
|
|
Net Cash Flows from Non‑Financial Assets |
|
|
|
|
|
|
Purchases of Non‑Financial Assets |
(419.6) |
(529.6) |
(442.6) |
(392.7) |
(356.2) |
|
Sales of Non‑Financial Assets |
0.9 |
86.7 |
.... |
0.6 |
.... |
|
|
(418.7) |
(442.9) |
(442.6) |
(392.1) |
(356.1) |
|
|
|
|
|
|
|
|
Net Cash Flows from Financial Assets (Policy Purposes) |
|
|
|
|
|
|
Equity Injections |
52.3 |
58.6 |
43.5 |
40.8 |
4.5 |
|
52.3 |
58.6 |
43.5 |
40.8 |
4.5 |
|
|
|
|
|
|
|
|
|
Net Cash Flows from Financial Assets (Liquidity Purposes) |
|
|
|
|
|
|
Net Purchase of Investments |
6.1 |
0.6 |
0.7 |
0.7 |
0.7 |
|
|
6.1 |
0.6 |
0.7 |
0.7 |
0.7 |
|
|
|
|
|
|
|
|
Net Cash Flows from Investing Activities |
(360.3) |
(383.7) |
(398.4) |
(350.6) |
(350.9) |
|
|
|
Table A1.4: Public Non‑Financial Corporations Sector Cash Flow Statement (continued)
|
2015-16 |
2016-17 |
2017-18 |
2018-19 |
2019-20 |
|
|
Estimated |
|
Forward |
Forward |
Forward |
|
|
Outcome |
Budget |
Estimate |
Estimate |
Estimate |
|
|
$m |
$m |
$m |
$m |
$m |
|
|
|
|
|
|
|
|
|
Cash Flows from Financing Activities |
|
|
|
|
|
|
Net Borrowing |
234.1 |
(15.0) |
88.9 |
(27.5) |
(0.7) |
|
Dividends and Tax Equivalents Paid |
(193.7) |
(173.7) |
(212.0) |
(134.4) |
(138.6) |
|
Net Cash Flows from Financing Activities |
40.4 |
(188.7) |
(123.0) |
(161.9) |
(139.3) |
|
|
|
|
|
|
|
|
Net Increase/(Decrease) in Cash Held |
22.3 |
(3.7) |
(6.9) |
5.6 |
2.6 |
|
|
|
|
|
|
|
|
Cash at Beginning of the Year |
262.8 |
285.0 |
281.4 |
274.5 |
280.1 |
|
Cash at End of the Year |
285.0 |
281.4 |
274.5 |
280.1 |
282.7 |
|
|
|
|
|
|
|
|
KEY FISCAL AGGREGATES |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Cash Flows from Operating Activities |
342.2 |
568.7 |
514.6 |
518.1 |
492.8 |
|
Plus Net Cash Flows from Non‑Financial Assets |
(418.7) |
(442.9) |
(442.6) |
(392.1) |
(356.1) |
|
Plus Dividends and Tax Equivalents Paid |
(193.7) |
(173.7) |
(212.0) |
(134.4) |
(138.6) |
|
Equals CASH SURPLUS/(DEFICIT) |
(270.2) |
(47.8) |
(140.0) |
(8.4) |
(1.9) |
|
|
|
|
|
|
|
Table A1.5: Total Non‑Financial Public Sector Income Statement
|
|
2015-16 |
2016-17 |
2017-18 |
2018-19 |
2019-20 |
|
|
Estimated |
|
Forward |
Forward |
Forward |
|
|
Outcome |
Budget |
Estimate |
Estimate |
Estimate |
|
|
$m |
$m |
$m |
$m |
$m |
|
|
|
|
|
|
|
|
Revenue from Transactions |
|
|
|
|
|
|
Grants |
3 440.9 |
3 634.6 |
3 537.7 |
3 563.5 |
3 639.0 |
|
Taxation |
1 010.5 |
1 012.4 |
1 033.4 |
1 063.1 |
1 093.9 |
|
Sales of Goods and Services |
3 150.3 |
3 180.5 |
3 278.4 |
3 454.8 |
3 539.0 |
|
Fines and Regulatory Fees |
96.0 |
96.5 |
91.1 |
85.9 |
86.5 |
|
Interest Income |
32.0 |
23.9 |
23.7 |
20.7 |
21.2 |
|
Dividend, Tax and Rate Equivalent Income |
67.0 |
59.6 |
57.2 |
47.0 |
33.7 |
|
Other Revenue |
224.4 |
216.8 |
218.0 |
223.6 |
223.0 |
|
|
8 021.0 |
8 224.2 |
8 239.6 |
8 458.6 |
8 636.2 |
|
|
|
|
|
|
|
|
Less Expenses from Transactions |
|
|
|
|
|
|
Employee Expenses |
2 620.6 |
2 671.6 |
2 701.7 |
2 729.9 |
2 782.4 |
|
Superannuation |
363.7 |
339.5 |
337.8 |
330.3 |
329.6 |
|
Depreciation |
584.5 |
572.0 |
587.6 |
592.4 |
612.0 |
|
Supplies and Consumables |
3 036.5 |
2 937.2 |
3 046.9 |
3 161.1 |
3 267.7 |
|
Nominal Superannuation Interest Expense |
286.2 |
317.5 |
324.1 |
329.9 |
335.0 |
|
Borrowing Costs |
155.1 |
142.0 |
141.3 |
137.0 |
138.1 |
|
Grant Expenses |
1 046.3 |
1 066.2 |
1 071.2 |
1 133.5 |
1 092.2 |
|
Other Expenses |
96.2 |
79.8 |
80.5 |
69.8 |
61.2 |
|
|
8 189.1 |
8 126.1 |
8 291.1 |
8 484.0 |
8 618.0 |
|
|
|
|
|
|
|
|
Equals NET OPERATING BALANCE |
(168.1) |
98.2 |
(51.5) |
(25.4) |
18.2 |
|
|
|
|
|
|
|
|
Plus Other Economic Flows ‑ Included in Operating Result |
|
|
|
|
|
|
Gain/(Loss) on Sale of Non‑Financial Assets |
12.8 |
10.5 |
10.5 |
10.5 |
10.5 |
|
Movement in Investments in GBEs and SOCs |
10.3 |
(35.6) |
(9.5) |
3.4 |
14.2 |
|
Movement in Superannuation Liability |
1 217.3 |
.... |
.... |
.... |
.... |
|
Other Gains/(Losses) |
12.3 |
(28.0) |
(27.8) |
(108.1) |
5.1 |
|
|
1 252.8 |
(53.1) |
(26.8) |
(94.1) |
29.8 |
|
|
|
|
|
|
|
|
Equals Operating Result |
1 084.7 |
45.1 |
(78.3) |
(119.5) |
48.0 |
|
|
|
|
|
|
|
Table A1.5: Total Non‑Financial Public Sector Income Statement (continued)
|
|
2015-16 |
2016-17 |
2017-18 |
2018-19 |
2019-20 |
|
|
Estimated |
|
Forward |
Forward |
Forward |
|
|
Outcome |
Budget |
Estimate |
Estimate |
Estimate |
|
|
$m |
$m |
$m |
$m |
$m |
|
|
|
|
|
|
|
|
Plus Other Economic Flows ‑ Other Movements in Equity |
|
|
|
|
|
|
Revaluations of Non‑Financial Assets |
286.6 |
307.4 |
329.2 |
349.6 |
381.6 |
|
Other Flows |
(78.0) |
(10.9) |
(0.4) |
0.2 |
(0.2) |
|
|
208.6 |
296.5 |
328.8 |
349.8 |
381.4 |
|
|
|
|
|
|
|
|
Equals Comprehensive Result |
1 293.3 |
341.6 |
250.5 |
230.3 |
429.4 |
|
|
|
|
|
|
|
|
KEY FISCAL AGGREGATES |
|
|
|
|
|
|
|
|
|
|
|
|
|
NET OPERATING BALANCE |
(168.1) |
98.2 |
(51.5) |
(25.4) |
18.2 |
|
Less Net Acquisition of Non‑Financial Assets |
|
|
|
|
|
|
Purchases of Non‑Financial Assets |
796.1 |
1 060.4 |
945.8 |
787.9 |
657.7 |
|
Less Sale of Non‑Financial Assets |
35.7 |
115.0 |
28.5 |
29.4 |
28.7 |
|
Less Depreciation |
584.5 |
572.0 |
587.6 |
592.4 |
612.0 |
|
|
175.9 |
373.3 |
329.7 |
166.1 |
17.0 |
|
|
|
|
|
|
|
|
Equals FISCAL BALANCE |
(344.0) |
(275.2) |
(381.3) |
(191.5) |
1.3 |
|
|
|
|
|
|
|
Table A1.6: Total Non‑Financial Public Sector Balance Sheet as at 30 June
|
|
2016 |
2017 |
2018 |
2019 |
2020 |
|
|
Estimated |
|
Forward |
Forward |
Forward |
|
|
Outcome |
Budget |
Estimate |
Estimate |
Estimate |
|
|
$m |
$m |
$m |
$m |
$m |
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
Financial Assets |
|
|
|
|
|
|
Cash and Deposits |
1 328.3 |
1 162.2 |
1 044.0 |
1 048.8 |
1 055.7 |
|
Investments |
68.0 |
67.4 |
68.8 |
70.4 |
72.2 |
|
Equity Investment in PFC Sector |
501.8 |
466.2 |
456.8 |
460.2 |
474.4 |
|
Other Equity Investments |
102.1 |
104.7 |
107.3 |
108.4 |
108.6 |
|
Receivables |
782.1 |
767.3 |
751.9 |
755.4 |
753.0 |
|
Other Financial Assets |
764.6 |
735.0 |
760.7 |
765.7 |
779.5 |
|
|
3 546.9 |
3 302.9 |
3 189.4 |
3 208.9 |
3 243.4 |
|
|
|
|
|
|
|
|
Non‑Financial Assets |
|
|
|
|
|
|
Land and Buildings |
6 072.0 |
6 308.4 |
6 621.7 |
6 821.4 |
6 909.1 |
|
Infrastructure |
11 981.5 |
12 465.7 |
12 779.0 |
12 987.1 |
13 330.9 |
|
Plant and Equipment |
579.5 |
593.6 |
578.4 |
569.7 |
558.2 |
|
Heritage and Cultural Assets |
490.2 |
502.4 |
514.6 |
526.9 |
539.2 |
|
Biological Assets |
155.4 |
72.8 |
75.1 |
76.0 |
76.0 |
|
Investment Property |
2.7 |
3.0 |
3.3 |
3.6 |
3.9 |
|
Intangibles |
98.5 |
107.1 |
109.0 |
111.4 |
100.6 |
|
Assets Held for Sale |
5.7 |
4.7 |
3.8 |
3.1 |
2.9 |
|
Other Non‑Financial Assets |
171.2 |
169.7 |
124.8 |
125.0 |
120.5 |
|
|
19 556.7 |
20 227.3 |
20 809.7 |
21 224.2 |
21 641.2 |
|
|
|
|
|
|
|
|
Total Assets |
23 103.5 |
23 530.2 |
23 999.1 |
24 433.1 |
24 884.6 |
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
Borrowings |
3 509.2 |
3 458.4 |
3 565.3 |
3 656.6 |
3 556.9 |
|
Superannuation |
6 844.5 |
6 986.9 |
7 115.3 |
7 227.8 |
7 324.9 |
|
Employee Entitlements |
680.8 |
693.4 |
700.5 |
711.1 |
735.1 |
|
Payables |
462.1 |
454.8 |
444.5 |
447.1 |
445.4 |
|
Other Liabilities |
1 699.4 |
1 687.5 |
1 673.7 |
1 660.5 |
1 662.8 |
|
Total Liabilities |
13 196.0 |
13 281.0 |
13 499.4 |
13 703.2 |
13 725.2 |
|
|
|
|
|
|
|
|
NET ASSETS |
9 907.6 |
10 249.2 |
10 499.7 |
10 730.0 |
11 159.4 |
|
|
|
|
|
|
|
Table A1.6: Total Non‑Financial Public Sector Balance Sheet as at 30 June (continued)
|
|
2016 |
2017 |
2018 |
2019 |
2020 |
|
|
Estimated |
|
Forward |
Forward |
Forward |
|
|
Outcome |
Budget |
Estimate |
Estimate |
Estimate |
|
|
$m |
$m |
$m |
$m |
$m |
|
|
|
|
|
|
|
|
Equity |
|
|
|
|
|
|
Accumulated Funds |
4 396.4 |
4 430.5 |
4 351.8 |
4 232.6 |
4 280.4 |
|
Asset Revaluation Reserve |
5 511.3 |
5 818.7 |
6 147.9 |
6 497.4 |
6 879.0 |
|
Total Equity |
9 907.6 |
10 249.2 |
10 499.7 |
10 730.0 |
11 159.4 |
|
|
|
|
|
|
|
|
KEY FISCAL AGGREGATES |
|
|
|
|
|
|
|
|
|
|
|
|
|
NET WORTH1 |
9 907.6 |
10 249.2 |
10 499.7 |
10 730.0 |
11 159.4 |
|
NET FINANCIAL WORTH2 |
(9 649.1) |
(9 978.1) |
(10 309.9) |
(10 494.2) |
(10 481.8) |
|
NET FINANCIAL LIABILITIES3 |
10 150.9 |
10 444.3 |
10 766.7 |
10 954.4 |
10 956.2 |
|
NET DEBT4 |
2 112.8 |
2 228.8 |
2 452.4 |
2 537.4 |
2 428.9 |
|
|
|
|
|
|
|
Notes:
1. Net Worth represents Total Assets (both Financial and Non‑Financial) less Total Liabilities.
2. Net Financial Worth represents Total Financial Assets less Total Liabilities.
3. Net Financial Liabilities represents Total Liabilities less Financial Assets, excluding Equity Investment in the PFC Sector.
4. Net Debt represents Borrowings less the sum of Cash and Deposits and Investments.
Table A1.7: Total Non‑Financial Public Sector Cash Flow Statement
|
|
2015-16 |
2016-17 |
2017-18 |
2018-19 |
2019-20 |
|
|
Estimated |
|
Forward |
Forward |
Forward |
|
|
Outcome |
Budget |
Estimate |
Estimate |
Estimate |
|
|
$m |
$m |
$m |
$m |
$m |
|
|
|
|
|
|
|
|
Cash Flows from Operating Activities |
|
|
|
|
|
|
Cash Receipts from Operating Activities |
|
|
|
|
|
|
Grants Received |
3 439.9 |
3 634.6 |
3 537.7 |
3 563.5 |
3 639.2 |
|
Taxation |
1 008.9 |
1 002.7 |
1 031.2 |
1 060.8 |
1 091.5 |
|
Sales of Goods and Services |
3 123.2 |
3 172.1 |
3 280.5 |
3 455.8 |
3 547.1 |
|
Fines and Regulatory Fees |
95.8 |
96.5 |
91.0 |
85.9 |
86.5 |
|
Interest Received |
31.6 |
23.8 |
26.2 |
23.3 |
23.7 |
|
Dividend, Tax and Rate Equivalents |
68.9 |
60.5 |
52.7 |
42.3 |
29.3 |
|
Other Receipts |
475.4 |
475.0 |
473.2 |
466.4 |
417.8 |
|
|
8 243.5 |
8 465.3 |
8 492.6 |
8 697.9 |
8 835.2 |
|
Cash Payments for Operating Activities |
|
|
|
|
|
|
Employee Entitlements |
(2 687.7) |
(2 676.8) |
(2 714.7) |
(2 736.0) |
(2 775.7) |
|
Superannuation |
(517.6) |
(527.6) |
(544.5) |
(557.3) |
(574.4) |
|
Supplies and Consumables |
(3 008.4) |
(2 900.6) |
(2 992.3) |
(3 155.0) |
(3 233.7) |
|
Borrowing Costs |
(142.8) |
(134.1) |
(140.7) |
(136.4) |
(137.7) |
|
Grants and Subsidies Paid |
(1 047.9) |
(1 066.1) |
(1 071.2) |
(1 133.4) |
(1 092.1) |
|
Other Payments |
(396.4) |
(332.9) |
(339.4) |
(312.2) |
(290.8) |
|
|
(7 800.7) |
(7 638.0) |
(7 802.8) |
(8 030.3) |
(8 104.4) |
|
|
|
|
|
|
|
|
Net Cash Flows from Operating Activities |
442.8 |
827.3 |
689.8 |
667.7 |
730.8 |
|
|
|
|
|
|
|
|
Cash flows from Investing Activities |
|
|
|
|
|
|
Net Cash Flows from Non‑Financial Assets |
|
|
|
|
|
|
Purchases of Non‑Financial Assets |
(795.2) |
(1 054.4) |
(938.8) |
(780.9) |
(651.2) |
|
Sales of Non‑Financial Assets |
35.8 |
115.0 |
28.5 |
29.4 |
28.7 |
|
|
(759.4) |
(939.4) |
(910.3) |
(751.5) |
(622.4) |
|
|
|
|
|
|
|
|
Net Cash Flows from Financial Assets (Policy Purposes) |
|
|
|
|
|
|
Equity Injections |
(6.1) |
(4.6) |
(3.9) |
(2.1) |
(0.6) |
|
Net Advances Paid |
3.0 |
.... |
(2.0) |
(2.1) |
(2.1) |
|
Equity Disposals |
1.0 |
0.7 |
0.7 |
0.7 |
0.2 |
|
|
(2.1) |
(3.9) |
(5.2) |
(3.4) |
(2.4) |
|
Net Cash Flows from Financial Assets (Liquidity Purposes) |
|
|
|
|
|
|
Net Purchase of Investments |
6.1 |
0.6 |
0.7 |
0.7 |
0.7 |
|
|
6.1 |
0.6 |
0.7 |
0.7 |
0.7 |
|
|
|
|
|
|
|
|
Net Cash Flows from Investing Activities |
(755.4) |
(942.7) |
(914.9) |
(754.2) |
(624.1) |
Table A1.7: Total Non‑Financial Public Sector Cash Flow Statement (continued)
|
|
2015-16 |
2016-17 |
2017-18 |
2018-19 |
2019-20 |
|
|
Estimated |
|
Forward |
Forward |
Forward |
|
|
Outcome |
Budget |
Estimate |
Estimate |
Estimate |
|
|
$m |
$m |
$m |
$m |
$m |
|
|
|
|
|
|
|
|
Cash Flows from Financing Activities |
|
|
|
|
|
|
Net Borrowings |
95.7 |
(50.8) |
106.9 |
91.4 |
(99.7) |
|
Net Cash Flows from Financing Activities |
95.7 |
(50.8) |
106.9 |
91.4 |
(99.7) |
|
|
|
|
|
|
|
|
Net Increase/(Decrease) in Cash Held |
(216.9) |
(166.2) |
(118.2) |
4.8 |
7.0 |
|
|
|
|
|
|
|
|
Cash at Beginning of the Year |
1 545.2 |
1 328.3 |
1 162.2 |
1 044.0 |
1 048.8 |
|
Cash at End of the Year |
1 328.3 |
1 162.2 |
1 044.0 |
1 048.8 |
1 055.7 |
|
|
|
|
|
|
|
|
KEY FISCAL AGGREGATES |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Cash Flows from Operating Activities |
442.8 |
827.3 |
689.8 |
667.7 |
730.8 |
|
Plus Net Cash Flows from Non‑Financial Assets |
(759.4) |
(939.4) |
(910.3) |
(751.5) |
(622.4) |
|
Equals CASH SURPLUS/(DEFICIT) |
(316.6) |
(112.1) |
(220.5) |
(83.8) |
108.3 |
|
|
|
|
|
|
|
Table A1.8: Public Financial Corporations Sector Income Statement
|
|
2015-16 |
2016-17 |
2017-18 |
2018-19 |
2019-20 |
|
|
Estimated |
|
Forward |
Forward |
Forward |
|
|
Outcome |
Budget |
Estimate |
Estimate |
Estimate |
|
|
$m |
$m |
$m |
$m |
$m |
|
|
|
|
|
|
|
|
Revenue from Transactions |
|
|
|
|
|
|
Sales of Goods and Services |
138.2 |
141.1 |
147.3 |
153.9 |
160.9 |
|
Interest Income |
244.7 |
254.5 |
225.0 |
232.4 |
225.0 |
|
Dividend, Tax and Rate Equivalent Income |
57.2 |
60.2 |
62.7 |
66.1 |
70.0 |
|
Other Revenue |
3.5 |
3.0 |
3.1 |
3.1 |
3.1 |
|
|
443.6 |
458.9 |
438.0 |
455.6 |
459.0 |
|
Less Expenses from Transactions |
|
|
|
|
|
|
Employee Expenses |
5.4 |
5.4 |
5.5 |
5.6 |
5.7 |
|
Superannuation |
0.8 |
0.8 |
0.9 |
0.9 |
0.9 |
|
Depreciation |
0.2 |
0.2 |
0.2 |
0.2 |
0.2 |
|
Supplies and Consumables |
119.0 |
174.6 |
183.0 |
191.7 |
200.9 |
|
Borrowing Costs |
214.9 |
225.3 |
195.4 |
204.0 |
197.9 |
|
Dividend and Income Tax Equivalent Expenses |
67.0 |
59.6 |
57.2 |
47.0 |
33.7 |
|
Grant Expenses |
5.1 |
5.2 |
5.4 |
5.7 |
5.8 |
|
Other Expenses |
0.3 |
0.3 |
0.3 |
0.3 |
0.3 |
|
|
412.7 |
471.4 |
447.8 |
455.3 |
445.4 |
|
|
|
|
|
|
|
|
Equals NET OPERATING BALANCE |
30.9 |
(12.6) |
(9.8) |
0.3 |
13.6 |
|
|
|
|
|
|
|
|
Plus Other Economic Flows ‑ Included in Operating Result |
|
|
|
|
|
|
Gain/(Loss) on Sale of Non‑Financial Assets |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Other Gains/(Losses) |
(21.9) |
(19.6) |
3.3 |
6.3 |
3.8 |
|
|
(21.8) |
(19.5) |
3.4 |
6.4 |
3.9 |
|
|
|
|
|
|
|
|
Equals Operating Result |
9.0 |
(32.1) |
(6.4) |
6.6 |
17.5 |
|
|
|
|
|
|
|
|
Plus Other Economic Flows ‑ Other Movements in Equity |
|
|
|
|
|
|
Other Flows |
1.3 |
(3.5) |
(3.1) |
(3.2) |
(3.4) |
|
|
1.3 |
(3.5) |
(3.1) |
(3.2) |
(3.4) |
|
|
|
|
|
|
|
|
Equals Comprehensive Result |
10.3 |
(35.6) |
(9.5) |
3.4 |
14.2 |
|
|
|
|
|
|
|
Table A1.8: Public Financial Corporations Sector Income Statement (continued)
|
|
2015-16 |
2016-17 |
2017-18 |
2018-19 |
2019-20 |
|
|
Estimated |
|
Forward |
Forward |
Forward |
|
|
Outcome |
Budget |
Estimate |
Estimate |
Estimate |
|
|
$m |
$m |
$m |
$m |
$m |
|
|
|
|
|
|
|
|
KEY FISCAL AGGREGATES |
|
|
|
|
|
|
|
|
|
|
|
|
|
NET OPERATING BALANCE |
30.9 |
(12.6) |
(9.8) |
0.3 |
13.6 |
|
Less Net Acquisition of Non‑Financial Assets |
|
|
|
|
|
|
Purchases of Non‑Financial Assets |
0.1 |
0.5 |
0.6 |
0.6 |
0.3 |
|
Less Sale of Non‑Financial Assets |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Less Depreciation |
0.2 |
0.2 |
0.2 |
0.2 |
0.2 |
|
|
(0.2) |
0.3 |
0.4 |
0.3 |
0.1 |
|
|
|
|
|
|
|
|
Equals FISCAL BALANCE |
31.0 |
(12.9) |
(10.2) |
(0.1) |
13.5 |
|
|
|
|
|
|
|
Table A1.9: Public Financial Corporations Sector Balance Sheet as at 30 June
|
|
2016 |
2017 |
2018 |
2019 |
2020 |
|
|
Estimated |
|
Forward |
Forward |
Forward |
|
|
Outcome |
Budget |
Estimate |
Estimate |
Estimate |
|
|
$m |
$m |
$m |
$m |
$m |
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
Financial Assets |
|
|
|
|
|
|
Cash and Deposits |
74.4 |
76.6 |
80.6 |
85.3 |
90.3 |
|
Investments |
8 177.9 |
8 425.4 |
7 643.5 |
7 986.3 |
7 885.5 |
|
Receivables |
39.8 |
39.6 |
32.6 |
26.4 |
25.2 |
|
Other Financial Assets |
206.2 |
219.1 |
216.7 |
214.9 |
213.0 |
|
|
8 498.3 |
8 760.7 |
7 973.4 |
8 312.8 |
8 214.0 |
|
|
|
|
|
|
|
|
Non‑Financial Assets |
|
|
|
|
|
|
Plant and Equipment |
0.6 |
0.8 |
1.2 |
1.5 |
1.8 |
|
Investment Property |
14.6 |
14.6 |
14.6 |
14.6 |
14.6 |
|
Intangibles |
0.9 |
1.0 |
1.0 |
1.0 |
0.9 |
|
|
16.1 |
16.4 |
16.8 |
17.1 |
17.4 |
|
|
|
|
|
|
|
|
Total Assets |
8 514.5 |
8 777.2 |
7 990.2 |
8 330.0 |
8 231.4 |
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
Borrowings |
6 920.9 |
7 150.3 |
6 293.1 |
6 547.4 |
6 350.0 |
|
Superannuation |
4.9 |
5.3 |
5.7 |
6.1 |
6.5 |
|
Employee Entitlements |
1.2 |
1.2 |
1.2 |
1.2 |
1.2 |
|
Payables |
2.5 |
2.5 |
2.5 |
2.5 |
2.5 |
|
Other Liabilities |
1 083.1 |
1 151.7 |
1 231.0 |
1 312.6 |
1 396.8 |
|
Total Liabilities |
8 012.6 |
8 310.9 |
7 533.4 |
7 869.8 |
7 757.0 |
|
|
|
|
|
|
|
|
NET ASSETS |
501.8 |
466.2 |
456.8 |
460.2 |
474.4 |
|
|
|
|
|
|
|
|
Equity |
|
|
|
|
|
|
Accumulated Funds |
491.8 |
456.2 |
446.8 |
450.2 |
464.4 |
|
Other Equity |
10.0 |
10.0 |
10.0 |
10.0 |
10.0 |
|
Total Equity |
501.8 |
466.2 |
456.8 |
460.2 |
474.4 |
|
|
|
|
|
|
|
Table A1.9: Public Financial Corporations Sector Balance Sheet as at 30 June (continued)
|
|
2016 |
2017 |
2018 |
2019 |
2020 |
|
|
Estimated |
|
Forward |
Forward |
Forward |
|
|
Outcome |
Budget |
Estimate |
Estimate |
Estimate |
|
|
$m |
$m |
$m |
$m |
$m |
|
|
|
|
|
|
|
|
KEY FISCAL AGGREGATES |
|
|
|
|
|
|
|
|
|
|
|
|
|
NET WORTH1 |
501.8 |
466.2 |
456.8 |
460.2 |
474.4 |
|
NET FINANCIAL WORTH2 |
485.7 |
449.8 |
439.9 |
443.1 |
457.0 |
|
NET FINANCIAL LIABILITIES3 |
(485.7) |
(449.8) |
(439.9) |
(443.1) |
(457.0) |
|
NET DEBT4 |
(1 331.4) |
(1 351.7) |
(1 431.0) |
(1 524.1) |
(1 625.8) |
|
|
|
|
|
|
|
Notes:
1. Net Worth represents Total Assets (both Financial and Non‑Financial) less Total Liabilities.
2. Net Financial Worth represents Total Financial Assets less Total Liabilities.
3. Net Financial Liabilities represents Total Liabilities less Financial Assets. For the PFC Sector this is equivalent to negative Net Financial Worth.
4. Net Debt represents Borrowings less the sum of Cash and Deposits and Investments.
Table A1.10: Public Financial Corporations Sector Cash Flow Statement
|
|
2015-16 |
2016-17 |
2017-18 |
2018-19 |
2019-20 |
|
|
Estimated |
|
Forward |
Forward |
Forward |
|
|
Outcome |
Budget |
Estimate |
Estimate |
Estimate |
|
|
$m |
$m |
$m |
$m |
$m |
|
Cash Flows from Operating Activities |
|
|
|
|
|
|
Cash Received from Operating Activities |
|
|
|
|
|
|
Sales of Goods and Services |
153.7 |
160.6 |
174.7 |
181.4 |
184.2 |
|
Interest Received |
244.7 |
254.5 |
225.0 |
232.4 |
225.0 |
|
Dividend, Tax and Rate Equivalent Income |
57.2 |
60.2 |
62.7 |
66.1 |
70.0 |
|
Other Receipts |
0.5 |
0.6 |
0.6 |
0.6 |
0.6 |
|
|
456.2 |
475.9 |
463.0 |
480.6 |
479.8 |
|
Cash Payments for Operating Activities |
|
|
|
|
|
|
Employee Entitlements |
(5.4) |
(5.5) |
(5.5) |
(5.6) |
(5.7) |
|
Superannuation |
(0.7) |
(0.6) |
(0.6) |
(0.6) |
(0.6) |
|
Supplies and Consumables |
(99.0) |
(135.1) |
(124.8) |
(128.5) |
(140.6) |
|
Borrowing Costs |
(212.0) |
(221.1) |
(193.9) |
(202.6) |
(195.5) |
|
Grants and Subsidies Paid |
(5.6) |
(5.7) |
(6.0) |
(6.3) |
(6.4) |
|
Other Payments |
(7.4) |
(6.6) |
(6.9) |
(7.1) |
(7.2) |
|
|
(330.1) |
(374.7) |
(337.6) |
(350.6) |
(356.1) |
|
|
|
|
|
|
|
|
Net Cash Flows from Operating Activities |
126.1 |
101.2 |
125.3 |
129.9 |
123.7 |
|
|
|
|
|
|
|
|
Cash Flows from Investing Activities |
|
|
|
|
|
|
Net Cash Flows from Non‑Financial Assets |
|
|
|
|
|
|
Purchases of Non‑Financial Assets |
(0.1) |
(0.5) |
(0.6) |
(0.6) |
(0.3) |
|
Sales of Non‑Financial Assets |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
|
.... |
(0.5) |
(0.5) |
(0.5) |
(0.3) |
|
|
|
|
|
|
|
|
Net Cash Flows from Financial Assets (Liquidity Purposes) |
|
|
|
|
|
|
Net Purchase of Investments |
(1 335.6) |
(322.0) |
710.9 |
(332.4) |
115.0 |
|
|
(1 335.6) |
(322.0) |
710.9 |
(332.4) |
115.0 |
|
|
|
|
|
|
|
|
Net Cash Flows from Investing Activities |
(1 335.6) |
(322.4) |
710.3 |
(333.0) |
114.8 |
|
|
|
|
|
|
|
Table A1.10: Public Financial Corporations Sector Cash Flow Statement (continued)
|
|
2015-16 |
2016-17 |
2017-18 |
2018-19 |
2019-20 |
|
|
Estimated |
|
Forward |
Forward |
Forward |
|
|
Outcome |
Budget |
Estimate |
Estimate |
Estimate |
|
|
$m |
$m |
$m |
$m |
$m |
|
|
|
|
|
|
|
|
Cash Flows from Financing Activities |
|
|
|
|
|
|
Net Borrowing |
1 082.6 |
284.0 |
(779.0) |
250.0 |
(204.0) |
|
Dividends and Tax Equivalents Paid |
(68.8) |
(60.5) |
(52.7) |
(42.3) |
(29.3) |
|
Net Cash Flows from Financing Activities |
1 013.7 |
223.5 |
(831.7) |
207.7 |
(233.3) |
|
|
|
|
|
|
|
|
Net Increase/(Decrease) in Cash Held |
(195.8) |
2.2 |
4.0 |
4.7 |
5.1 |
|
|
|
|
|
|
|
|
Cash at Beginning of the Year |
270.2 |
74.4 |
76.6 |
80.6 |
85.3 |
|
Cash at End of the Year |
74.4 |
76.6 |
80.6 |
85.3 |
90.3 |
|
|
|
|
|
|
|
|
KEY FISCAL AGGREGATES |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Cash Flows from Operating Activities |
126.1 |
101.2 |
125.3 |
129.9 |
123.7 |
|
Plus Net Cash Flows from Non‑Financial Assets |
.... |
(0.5) |
(0.5) |
(0.5) |
(0.3) |
|
Plus Dividends and Tax Equivalents Paid |
(68.8) |
(60.5) |
(52.7) |
(42.3) |
(29.3) |
|
Equals CASH SURPLUS/(DEFICIT) |
57.2 |
40.2 |
72.1 |
87.1 |
94.1 |
|
|
|
|
|
|
|
Table A1.11: Total State Sector Income Statement
|
|
2015-16 |
2016-17 |
2017-18 |
2018-19 |
2019-20 |
|
|
Estimated |
|
Forward |
Forward |
Forward |
|
|
Outcome |
Budget |
Estimate |
Estimate |
Estimate |
|
|
$m |
$m |
$m |
$m |
$m |
|
|
|
|
|
|
|
|
Revenue from Transactions |
|
|
|
|
|
|
Grants |
3 440.9 |
3 634.6 |
3 537.7 |
3 563.5 |
3 639.0 |
|
Taxation |
1 010.2 |
1 012.1 |
1 033.2 |
1 062.8 |
1 093.6 |
|
Sales of Goods and Services |
3 288.5 |
3 321.5 |
3 425.7 |
3 608.8 |
3 699.9 |
|
Fines and Regulatory Fees |
96.0 |
96.5 |
91.1 |
85.9 |
86.5 |
|
Interest Income |
114.5 |
137.5 |
108.7 |
120.4 |
111.9 |
|
Dividend, Tax and Rate Equivalent Income |
57.2 |
60.2 |
62.7 |
66.1 |
70.0 |
|
Other Revenue |
227.9 |
219.8 |
221.1 |
226.7 |
226.1 |
|
|
8 235.2 |
8 482.3 |
8 480.1 |
8 734.2 |
8 927.1 |
|
Less Expenses from Transactions |
|
|
|
|
|
|
Employee Expenses |
2 626.0 |
2 677.0 |
2 707.1 |
2 735.5 |
2 788.1 |
|
Superannuation |
364.5 |
340.4 |
338.7 |
331.2 |
330.5 |
|
Depreciation |
584.7 |
572.2 |
587.8 |
592.6 |
612.2 |
|
Supplies and Consumables |
3 155.6 |
3 111.8 |
3 229.9 |
3 352.8 |
3 468.6 |
|
Nominal Superannuation Interest Expense |
286.2 |
317.5 |
324.1 |
329.9 |
335.0 |
|
Borrowing Costs |
208.0 |
226.4 |
196.7 |
208.3 |
201.7 |
|
Grant Expenses |
1 051.4 |
1 071.4 |
1 076.7 |
1 139.2 |
1 098.0 |
|
Other Expenses |
96.2 |
79.8 |
80.5 |
69.8 |
61.2 |
|
|
8 372.5 |
8 396.7 |
8 541.4 |
8 759.3 |
8 895.2 |
|
|
|
|
|
|
|
|
Equals NET OPERATING BALANCE |
(137.3) |
85.6 |
(61.3) |
(25.1) |
31.8 |
|
|
|
|
|
|
|
|
Plus Other Economic Flows ‑ Included in Operating Result |
|
|
|
|
|
|
Gain/(Loss) on Sale of Non‑Financial Assets |
12.9 |
10.6 |
10.6 |
10.6 |
10.6 |
|
Movement in Superannuation Liability |
1 217.3 |
.... |
.... |
.... |
.... |
|
Other Gains/(Losses) |
(8.9) |
(43.5) |
(19.4) |
(96.5) |
15.1 |
|
|
1 221.3 |
(32.9) |
(8.8) |
(85.9) |
25.7 |
|
|
|
|
|
|
|
|
Equals Operating Result |
1 084.0 |
52.7 |
(70.1) |
(111.0) |
57.5 |
|
|
|
|
|
|
|
|
Plus Other Economic Flows ‑ Other Movements in Equity |
|
|
|
|
|
|
Revaluations of Non‑Financial Assets |
286.6 |
307.4 |
329.2 |
349.6 |
381.6 |
|
Other Flows |
(77.3) |
(18.5) |
(8.5) |
(8.3) |
(9.7) |
|
|
209.3 |
288.9 |
320.6 |
341.3 |
371.9 |
|
|
|
|
|
|
|
|
Equals Comprehensive Result |
1 293.3 |
341.6 |
250.5 |
230.3 |
429.4 |
Table A1.11: Total State Sector Income Statement (continued)
|
|
2015-16 |
2016-17 |
2017-18 |
2018-19 |
2019-20 |
|
|
Estimated |
|
Forward |
Forward |
Forward |
|
|
Outcome |
Budget |
Estimate |
Estimate |
Estimate |
|
|
$m |
$m |
$m |
$m |
$m |
|
|
|
|
|
|
|
|
KEY FISCAL AGGREGATES |
|
|
|
|
|
|
|
|
|
|
|
|
|
NET OPERATING BALANCE |
(137.3) |
85.6 |
(61.3) |
(25.1) |
31.8 |
|
Less Net Acquisition of Non‑Financial Assets |
|
|
|
|
|
|
Purchases of Non‑Financial Assets |
796.1 |
1 061.0 |
946.4 |
788.5 |
658.0 |
|
Less Sale of Non‑Financial Assets |
35.8 |
115.1 |
28.5 |
29.5 |
28.8 |
|
Less Depreciation |
584.7 |
572.2 |
587.8 |
592.6 |
612.2 |
|
|
175.7 |
373.6 |
330.1 |
166.4 |
17.1 |
|
|
|
|
|
|
|
|
Equals FISCAL BALANCE |
(313.0) |
(288.0) |
(391.4) |
(191.5) |
14.8 |
|
|
|
|
|
|
|
Table A1.12: Total State Sector Balance Sheet as at 30 June
|
|
2016 |
2017 |
2018 |
2019 |
2020 |
|
|
Estimated |
|
Forward |
Forward |
Forward |
|
|
Outcome |
Budget |
Estimate |
Estimate |
Estimate |
|
|
$m |
$m |
$m |
$m |
$m |
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
Financial Assets |
|
|
|
|
|
|
Cash and Deposits |
74.4 |
76.6 |
80.6 |
85.3 |
90.3 |
|
Investments |
4 919.8 |
5 210.4 |
4 316.0 |
4 561.5 |
4 554.6 |
|
Other Equity Investments |
102.1 |
104.7 |
107.3 |
108.4 |
108.6 |
|
Receivables |
821.8 |
806.9 |
784.5 |
781.7 |
778.2 |
|
Other Financial Assets |
954.4 |
936.9 |
952.8 |
948.5 |
952.2 |
|
|
6 872.4 |
7 135.6 |
6 241.2 |
6 485.4 |
6 483.9 |
|
|
|
|
|
|
|
|
Non‑Financial Assets |
|
|
|
|
|
|
Land and Buildings |
6 072.0 |
6 308.4 |
6 621.7 |
6 821.4 |
6 909.1 |
|
Infrastructure |
11 981.5 |
12 465.7 |
12 779.0 |
12 987.1 |
13 330.9 |
|
Plant and Equipment |
580.0 |
594.4 |
579.6 |
571.2 |
560.0 |
|
Heritage and Cultural Assets |
490.2 |
502.4 |
514.6 |
526.9 |
539.2 |
|
Biological Assets |
155.4 |
72.8 |
75.1 |
76.0 |
76.0 |
|
Investment Property |
17.4 |
17.7 |
17.9 |
18.2 |
18.5 |
|
Intangibles |
99.4 |
108.0 |
110.0 |
112.4 |
101.5 |
|
Assets Held for Sale |
5.7 |
4.7 |
3.8 |
3.1 |
2.9 |
|
Other Non‑Financial Assets |
171.2 |
169.7 |
124.8 |
125.0 |
120.5 |
|
|
19 572.8 |
20 243.8 |
20 826.5 |
21 241.3 |
21 658.6 |
|
|
|
|
|
|
|
|
Total Assets |
26 445.2 |
27 379.3 |
27 067.7 |
27 726.7 |
28 142.5 |
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
Borrowings |
5 775.6 |
6 164.1 |
5 418.0 |
5 660.1 |
5 448.0 |
|
Superannuation |
6 849.4 |
6 992.2 |
7 121.0 |
7 233.8 |
7 331.4 |
|
Employee Entitlements |
682.0 |
694.6 |
701.8 |
712.4 |
736.3 |
|
Payables |
464.6 |
457.2 |
447.0 |
449.6 |
447.9 |
|
Other Liabilities |
2 766.1 |
2 821.9 |
2 880.2 |
2 940.9 |
3 019.4 |
|
Total Liabilities |
16 537.6 |
17 130.1 |
16 568.0 |
16 996.8 |
16 983.1 |
|
|
|
|
|
|
|
|
NET ASSETS |
9 907.6 |
10 249.2 |
10 499.7 |
10 730.0 |
11 159.4 |
|
|
|
|
|
|
|
Table A1.12: Total State Sector Balance Sheet as at 30 June (continued)
|
|
2016 |
2017 |
2018 |
2019 |
2020 |
|
|
Estimated |
|
Forward |
Forward |
Forward |
|
|
Outcome |
Budget |
Estimate |
Estimate |
Estimate |
|
|
$m |
$m |
$m |
$m |
$m |
|
|
|
|
|
|
|
|
Equity |
|
|
|
|
|
|
Accumulated Funds |
4 354.4 |
4 397.1 |
4 316.9 |
4 194.5 |
4 248.8 |
|
Asset Revaluation Reserve |
5 511.3 |
5 818.7 |
6 147.9 |
6 497.4 |
6 879.0 |
|
Other Equity |
42.0 |
33.4 |
34.9 |
38.1 |
31.5 |
|
Total Equity |
9 907.6 |
10 249.2 |
10 499.7 |
10 730.0 |
11 159.4 |
|
|
|
|
|
|
|
|
KEY FISCAL AGGREGATES |
|
|
|
|
|
|
|
|
|
|
|
|
|
NET WORTH1 |
9 907.6 |
10 249.2 |
10 499.7 |
10 730.0 |
11 159.4 |
|
NET FINANCIAL WORTH2 |
(9 665.2) |
(9 994.5) |
(10 326.8) |
(10 511.4) |
(10 499.2) |
|
NET FINANCIAL LIABILITIES3 |
9 665.2 |
9 994.5 |
10 326.8 |
10 511.4 |
10 499.2 |
|
NET DEBT4 |
781.4 |
877.1 |
1 021.4 |
1 013.3 |
803.1 |
|
|
|
|
|
|
|
Notes:
1. Net Worth represents Total Assets (both Financial and Non‑Financial) less Total Liabilities.
2. Net Financial Worth represents Total Financial Assets less Total Liabilities.
3. Net Financial Liabilities represents Total Liabilities less Financial Assets. For the Total State Sector this is equivalent to negative Net Financial Worth.
4. Net Debt represents Borrowings less the sum of Cash and Deposits and Investments.
Table A1.13: Total State Sector Cash Flow Statement
|
|
2015-16 |
2016-17 |
2017-18 |
2018-19 |
2019-20 |
|
|
Estimated |
|
Forward |
Forward |
Forward |
|
|
Outcome |
Budget |
Estimate |
Estimate |
Estimate |
|
|
$m |
$m |
$m |
$m |
$m |
|
|
|
|
|
|
|
|
Cash Flows from Operating Activities |
|
|
|
|
|
|
Cash Receipts from Operating Activities |
|
|
|
|
|
|
Grants Received |
3 439.9 |
3 634.6 |
3 537.7 |
3 563.5 |
3 639.2 |
|
Taxation |
1 008.6 |
1 002.4 |
1 030.9 |
1 060.5 |
1 091.2 |
|
Sales of Goods and Services |
3 273.7 |
3 329.5 |
3 452.0 |
3 633.9 |
3 727.8 |
|
Fines and Regulatory Fees |
95.8 |
96.5 |
91.0 |
85.9 |
86.5 |
|
Interest Received |
114.2 |
137.4 |
111.1 |
123.0 |
114.5 |
|
Dividend, Tax and Rate Equivalents |
57.2 |
60.2 |
62.7 |
66.1 |
70.0 |
|
Other Receipts |
475.9 |
475.6 |
473.8 |
467.0 |
418.4 |
|
|
8 465.3 |
8 736.2 |
8 759.2 |
8 999.8 |
9 147.6 |
|
Cash Payments for Operating Activities |
|
|
|
|
|
|
Employee Entitlements |
(2 693.0) |
(2 682.3) |
(2 720.1) |
(2 741.6) |
(2 781.5) |
|
Superannuation |
(518.2) |
(528.2) |
(545.2) |
(557.9) |
(575.0) |
|
Supplies and Consumables |
(3 104.3) |
(3 032.5) |
(3 113.7) |
(3 280.1) |
(3 370.9) |
|
Borrowing Costs |
(192.7) |
(214.2) |
(194.5) |
(206.3) |
(198.9) |
|
Grants and Subsidies Paid |
(1 053.5) |
(1 071.9) |
(1 077.1) |
(1 139.7) |
(1 098.5) |
|
Other Payments |
(403.5) |
(339.2) |
(346.1) |
(319.0) |
(297.7) |
|
|
(7 965.3) |
(7 868.3) |
(7 996.8) |
(8 244.5) |
(8 322.5) |
|
Net Cash Flows from Operating Activities |
500.0 |
868.0 |
762.5 |
755.3 |
825.1 |
|
|
|
|
|
|
|
|
Cash Flows from Investing Activities |
|
|
|
|
|
|
Net Cash Flows from Non‑Financial Assets |
|
|
|
|
|
|
Purchases of Non‑Financial Assets |
(795.2) |
(1 054.9) |
(939.4) |
(781.5) |
(651.5) |
|
Sales of Non‑Financial Assets |
35.8 |
115.1 |
28.5 |
29.5 |
28.8 |
|
|
(759.4) |
(939.9) |
(910.9) |
(752.0) |
(622.7) |
|
|
|
|
|
|
|
|
Net Cash Flows from Financial Assets (Policy Purposes) |
|
|
|
|
|
|
Equity Injections |
(6.1) |
(4.6) |
(3.9) |
(2.1) |
(0.6) |
|
Net Advances Paid |
3.0 |
.... |
(2.0) |
(2.1) |
(2.1) |
|
Equity Disposals |
1.0 |
0.7 |
0.7 |
0.7 |
0.2 |
|
|
(2.1) |
(3.9) |
(5.2) |
(3.4) |
(2.4) |
|
|
|
|
|
|
|
|
Net Cash Flows from Financial Assets (Liquidity Purposes) |
|
|
|
|
|
|
Net Purchase of Investments |
(436.1) |
(310.5) |
903.7 |
(237.3) |
17.1 |
|
|
(436.1) |
(310.5) |
903.7 |
(237.3) |
17.1 |
|
|
|
|
|
|
|
|
Net Cash Flows from Investing Activities |
(1 197.6) |
(1 254.3) |
(12.4) |
(992.7) |
(608.0) |
Table A1.13: Total State Sector Cash Flow Statement (continued)
|
|
2015-16 |
2016-17 |
2017-18 |
2018-19 |
2019-20 |
|
|
Estimated |
|
Forward |
Forward |
Forward |
|
|
Outcome |
Budget |
Estimate |
Estimate |
Estimate |
|
|
$m |
$m |
$m |
$m |
$m |
|
|
|
|
|
|
|
|
Cash Flows from Financing Activities |
|
|
|
|
|
|
Net Borrowings |
250.3 |
388.5 |
(746.2) |
242.1 |
(212.0) |
|
Net Cash Flows from Financing Activities |
250.3 |
388.5 |
(746.2) |
242.1 |
(212.0) |
|
|
|
|
|
|
|
|
Net Increase/(Decrease) in Cash Held |
(447.3) |
2.2 |
4.0 |
4.7 |
5.1 |
|
|
|
|
|
|
|
|
Cash at Beginning of the Year |
521.7 |
74.4 |
76.6 |
80.6 |
85.3 |
|
Cash at End of the Year |
74.4 |
76.6 |
80.6 |
85.3 |
90.3 |
|
|
|
|
|
|
|
|
KEY FISCAL AGGREGATES |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Cash Flows from Operating Activities |
500.0 |
868.0 |
762.5 |
755.3 |
825.1 |
|
Plus Net Cash Flows from Non‑Financial Assets |
(759.4) |
(939.9) |
(910.9) |
(752.0) |
(622.7) |
|
Equals CASH SURPLUS/(DEFICIT) |
(259.4) |
(71.9) |
(148.4) |
3.3 |
202.4 |
|
|
|
|
|
|
|
Table A1.14: General Government Expenses from Transactions by Purpose
|
|
2015-16 |
2016-17 |
2017-18 |
2018-19 |
2019-20 |
|
|
Estimated |
|
Forward |
Forward |
Forward |
|
|
Outcome |
Budget |
Estimate |
Estimate |
Estimate |
|
|
$m |
$m |
$m |
$m |
$m |
|
|
|
|
|
|
|
|
General Public Services |
222.2 |
218.4 |
215.0 |
204.4 |
203.8 |
|
Public Order and Safety |
518.4 |
514.0 |
521.0 |
520.1 |
517.3 |
|
Education |
1 455.2 |
1 488.7 |
1 519.2 |
1 534.5 |
1 566.2 |
|
Health |
1 644.3 |
1 591.5 |
1 590.6 |
1 599.1 |
1 646.6 |
|
Social Security and Welfare |
411.1 |
441.0 |
455.3 |
512.5 |
467.2 |
|
Housing and Community Amenities |
181.7 |
182.1 |
176.4 |
177.3 |
176.2 |
|
Recreation and Culture |
188.7 |
174.8 |
174.6 |
172.8 |
173.4 |
|
Fuel and Energy |
2.2 |
3.7 |
1.9 |
1.9 |
1.9 |
|
Agriculture, Forestry, Fishing and Hunting |
86.8 |
91.1 |
78.3 |
72.1 |
72.6 |
|
Mining and Mineral Resources |
6.2 |
7.7 |
7.9 |
6.7 |
6.8 |
|
Transport and Communications |
284.5 |
278.3 |
248.0 |
242.4 |
239.3 |
|
Other Economic Affairs |
133.6 |
132.5 |
120.6 |
113.8 |
100.2 |
|
Nominal Interest on Superannuation |
259.4 |
288.2 |
294.1 |
299.3 |
304.0 |
|
Other Purposes |
49.8 |
84.4 |
86.7 |
89.4 |
91.2 |
|
|
|
|
|
|
|
|
|
5 444.0 |
5 496.3 |
5 489.4 |
5 546.2 |
5 566.6 |
|
|
|
|
|
|
|
Table A1.14 presents General Government Expenses from Transactions classified by purpose. This is presented in accordance with the Government Purpose Classification, which is based on the ABS classifications used as part of the Government Finance Statistics reporting framework. The GPC provides a standard framework to allocate Government expenditure according to functions. Disclosure of this information can assist users in identifying the resources committed to particular functions and the costs of service delivery that are attributable to those functions.