Appendix 1 Uniform Government Reporting

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.


Introduction

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.

Loan Council Allocation

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.


Government Financial Estimates

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

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

175.3 

179.3 

145.9 

143.4 

145.8 

Sales of Goods and Services

2 820.3 

2 861.1 

2 949.9 

3 119.5 

3 201.3 

Interest Income

7.8 

7.5 

7.6 

7.9 

8.2 

Other Revenue

69.4 

62.9 

64.9 

67.3 

68.6 

3 072.9 

3 110.8 

3 168.3 

3 338.1 

3 424.0 

 

 

 

 

 

Less Expenses from Transactions

 

 

 

 

 

Employee Expenses

347.0 

360.6 

368.4 

376.5 

384.0 

Superannuation

58.2 

54.9 

55.7 

55.7 

55.9 

Depreciation

322.6 

307.4 

317.6 

330.1 

340.2 

Supplies and Consumables

1 949.6 

1 864.8 

1 984.9 

2 107.0 

2 210.4 

Nominal Superannuation Interest Expense

26.8 

29.4 

30.0 

30.5 

31.0 

Borrowing Costs

165.7 

153.1 

151.3 

148.1 

150.2 

Dividend and Income Tax Equivalent Expenses

154.8 

204.2 

204.2 

144.2 

148.6 

Grant Expenses

38.5 

39.3 

40.1 

40.9 

41.7 

Other Expenses

87.6 

76.2 

75.5 

69.5 

62.1 

3 150.7 

3 090.0 

3 227.7 

3 302.5 

3 424.2 

 

 

 

 

 

Equals NET OPERATING BALANCE

(77.8)

20.8 

(59.4)

35.6 

(0.2)

 

 

 

 

 

Plus Other Economic Flows ‑ Included in Operating Result

 

 

 

 

 

Movement in Superannuation Liability

148.3 

.... 

.... 

.... 

.... 

Other Gains/(Losses)

(50.0)

(6.7)

(31.2)

(101.8)

17.6 

98.3 

(6.7)

(31.2)

(101.8)

17.6 

 

 

 

 

 

Equals Operating Result

20.5 

14.1 

(90.6)

(66.2)

17.5 

 

 


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.