Appendix 1 Uniform Government Reporting
|
Key Issues · The estimated Net Operating Balance for 2019-20 is a surplus of $57.4 million for the General Government Sector, a deficit of $51.1 million for the Public Non‑Financial Corporations Sector, a surplus of $6.3 million for the Total Non‑Financial Public Sector, a deficit of $162.3 million for the Public Financial Corporations Sector and a deficit of $156 million for the Total State Sector. · The estimated Fiscal Balance for 2019-20 is a deficit of $248.4 million for the GGS, a deficit of $310.9 million for the PNFC Sector, a deficit of $559.2 million for the TNFP Sector, a deficit of $164.1 million for the PFC Sector and a deficit of $723.4 million for the Total State Sector. Whilst the GGS Fiscal Balance steadily improves to a surplus of $3 million over the Forward Estimates period, due to increased investment in infrastructure as well as the purchase by TT‑Line Company Pty Ltd of two new vessels, the Fiscal Balance of the other sectors remains in deficit. · To enable comparisons with the 2018‑19 Budget and Estimated Outcome this Appendix also includes GFS Net Debt for the GGS, PNFC, TNFP and PFC Sectors. GFS Net Debt is the equivalent to Net Debt based on the Australian Bureau of Statistics Uniform Presentation Framework. · Further information about the GGS Budget and Forward Estimates is included in chapter 4 of this Budget Paper. Details of the GGS 2018-19 Estimated Outcome are included in appendix 2 of this Budget Paper. |
The financial information in this appendix has been prepared in accordance with the Uniform Presentation Framework. This appendix provides Income Statement, Balance Sheet and Cash Flow Statement estimates for the:
· General Government Sector;
· Public Non‑Financial Corporations Sector;
· Total Non‑Financial Public Sector;
· Public Financial Corporations Sector; and
· Total State Sector.
The statements present the 2018-19 Original Budget, 2018-19 Estimated Outcome, 2019‑20 Budget Estimates and Forward Estimates for the period 2020-21 to 2022‑23. 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 2018‑19 will be released in the Treasurer’s Annual Financial Report 2018‑19. The Report will be publicly released by no later than 31 October 2019.
Tables A1.1 to A1.15 provide details of the Income Statements, Balance Sheets and Cash Flow Statements for the GGS, PNFC Sector, TNFP Sector, PFC Sector and Total State Sector respectively.
|
|
2018-19 |
2018-19 |
2019-20 |
2020-21 |
2021-22 |
2022-23 |
|
|
|
Estimated |
|
Forward |
Forward |
Forward |
|
|
Budget |
Outcome |
Budget |
Estimate |
Estimate |
Estimate |
|
|
$m |
$m |
$m |
$m |
$m |
$m |
|
Revenue from transactions |
|
|
|
|
|
|
|
Grants |
3 893.9 |
4 018.9 |
3 973.3 |
4 075.4 |
4 220.2 |
4 435.5 |
|
Taxation |
1 215.2 |
1 195.2 |
1 215.5 |
1 251.6 |
1 283.7 |
1 315.6 |
|
Sales of goods and services |
417.6 |
424.6 |
416.0 |
421.3 |
427.4 |
428.9 |
|
Fines and regulatory fees |
98.6 |
98.6 |
103.1 |
104.3 |
105.1 |
106.2 |
|
Interest income |
17.8 |
24.7 |
16.8 |
16.6 |
18.0 |
23.1 |
|
Dividend, tax and rate equivalent income |
409.7 |
451.1 |
524.1 |
375.4 |
365.8 |
337.1 |
|
Other revenue |
164.6 |
167.9 |
157.9 |
153.0 |
149.8 |
153.3 |
|
|
6 217.3 |
6 381.0 |
6 406.7 |
6 397.6 |
6 570.0 |
6 799.7 |
|
|
|
|
|
|
|
|
|
Less Expenses from transactions |
|
|
|
|
|
|
|
Employee expenses |
2 531.5 |
2 665.8 |
2 675.1 |
2 712.9 |
2 762.6 |
2 845.5 |
|
Superannuation |
294.1 |
328.7 |
305.1 |
303.3 |
302.2 |
302.1 |
|
Depreciation |
264.1 |
273.0 |
329.4 |
352.0 |
384.2 |
394.1 |
|
Supplies and consumables |
1 232.7 |
1 269.4 |
1 293.8 |
1 277.4 |
1 359.2 |
1 393.0 |
|
Nominal superannuation interest expense |
270.9 |
243.3 |
271.3 |
274.4 |
277.0 |
279.6 |
|
Borrowing costs |
9.5 |
9.4 |
14.1 |
23.7 |
29.7 |
35.4 |
|
Grant and subsidy expenses |
1 393.1 |
1 511.9 |
1 461.2 |
1 424.6 |
1 387.0 |
1 405.8 |
|
Other expenses |
59.5 |
38.2 |
(0.7) |
(55.8) |
(106.2) |
(106.3) |
|
|
6 055.4 |
6 339.7 |
6 349.3 |
6 312.5 |
6 395.5 |
6 549.2 |
|
|
|
|
|
|
|
|
|
Equals NET OPERATING BALANCE |
161.9 |
41.3 |
57.4 |
85.1 |
174.5 |
250.6 |
|
|
|
|
|
|
|
|
|
Plus Other economic flows - included in Operating Result |
|
|
|
|
|
|
|
Gain/(loss) on sale of non‑financial assets |
12.2 |
18.1 |
16.7 |
16.7 |
17.3 |
17.2 |
|
Revaluation of equity investment in PNFC and PFC sectors |
(93.7) |
121.9 |
(227.6) |
(38.2) |
(75.2) |
(40.7) |
|
Movements in superannuation liability |
.... |
1 415.6 |
.... |
.... |
.... |
.... |
|
Other gains/(losses) |
(4.2) |
42.8 |
(2.0) |
(7.7) |
(9.5) |
(6.2) |
|
|
(85.7) |
1 598.4 |
(212.9) |
(29.1) |
(67.3) |
(29.7) |
|
|
|
|
|
|
|
|
|
Equals Operating Result |
76.2 |
1 639.7 |
(155.6) |
56.0 |
107.2 |
220.9 |
|
|
|
|
|
|
|
|
|
|
2018-19 |
2018-19 |
2019-20 |
2020-21 |
2021-22 |
2022-23 |
|
|
|
Estimated |
|
Forward |
Forward |
Forward |
|
|
Budget |
Outcome |
Budget |
Estimate |
Estimate |
Estimate |
|
|
$m |
$m |
$m |
$m |
$m |
$m |
|
Plus Other economic flows ‑ other movements in Equity |
|
|
|
|
|
|
|
Revaluations of non‑financial assets |
268.4 |
274.3 |
282.7 |
300.9 |
302.8 |
304.7 |
|
Other non‑owner movements in Equity |
3.8 |
.... |
(210.8) |
.... |
.... |
.... |
|
|
272.2 |
274.3 |
71.9 |
300.9 |
302.8 |
304.7 |
|
|
|
|
|
|
|
|
|
Equals Comprehensive Result |
348.4 |
1 914.0 |
(83.6) |
356.8 |
410.0 |
525.6 |
|
|
|
|
|
|
|
|
|
KEY FISCAL AGGREGATES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET OPERATING BALANCE |
161.9 |
41.3 |
57.4 |
85.1 |
174.5 |
250.6 |
|
|
|
|
|
|
|
|
|
Less Net acquisition of non‑financial assets |
|
|
|
|
|
|
|
Purchases of non‑financial assets |
741.0 |
707.5 |
700.1 |
718.6 |
613.9 |
677.0 |
|
Less Sales of non‑financial assets |
30.4 |
36.3 |
65.0 |
55.9 |
35.5 |
35.4 |
|
Less Depreciation |
264.1 |
273.0 |
329.4 |
352.0 |
384.2 |
394.1 |
|
|
446.5 |
398.2 |
305.7 |
310.8 |
194.2 |
247.6 |
|
|
|
|
|
|
|
|
|
Equals FISCAL BALANCE |
(284.6) |
(356.9) |
(248.4) |
(225.7) |
(19.8) |
3.0 |
|
|
|
|
|
|
|
|
|
|
2019 |
2019 |
2020 |
2021 |
2022 |
2023 |
|
|
|
Estimated |
|
Forward |
Forward |
Forward |
|
|
Budget |
Outcome |
Budget |
Estimate |
Estimate |
Estimate |
|
|
$m |
$m |
$m |
$m |
$m |
$m |
|
Assets |
|
|
|
|
|
|
|
Financial assets |
|
|
|
|
|
|
|
Cash and deposits |
938.7 |
1 098.5 |
926.6 |
894.7 |
910.8 |
922.6 |
|
Investments |
139.8 |
107.9 |
158.8 |
191.7 |
206.1 |
51.4 |
|
Equity investment in PNFC and PFC sectors |
5 398.3 |
5 587.7 |
5 451.5 |
5 503.1 |
5 602.8 |
5 850.7 |
|
Other equity investments |
47.9 |
46.0 |
71.5 |
127.0 |
182.5 |
248.0 |
|
Receivables |
316.9 |
310.0 |
307.8 |
303.8 |
298.4 |
294.3 |
|
Other financial assets |
802.9 |
804.3 |
822.9 |
843.5 |
851.7 |
861.8 |
|
|
7 644.5 |
7 954.4 |
7 739.1 |
7 863.8 |
8 052.4 |
8 228.7 |
|
|
|
|
|
|
|
|
|
Non‑financial assets |
|
|
|
|
|
|
|
Land and buildings |
6 635.1 |
6 672.4 |
6 953.3 |
7 195.7 |
7 398.3 |
7 518.0 |
|
Infrastructure |
5 259.9 |
5 783.8 |
6 115.9 |
6 494.8 |
6 820.3 |
7 283.1 |
|
Plant and equipment |
255.9 |
259.2 |
270.9 |
291.8 |
295.2 |
298.9 |
|
Heritage and cultural assets |
486.0 |
474.3 |
486.5 |
498.7 |
511.1 |
523.4 |
|
Investment property |
4.0 |
3.9 |
4.1 |
4.4 |
4.7 |
5.1 |
|
Intangibles |
54.5 |
52.9 |
51.4 |
48.9 |
44.3 |
40.5 |
|
Assets held for sale |
9.4 |
11.3 |
6.6 |
5.6 |
5.6 |
5.6 |
|
Lease - right‑of‑use assets1 |
.... |
.... |
333.4 |
321.6 |
301.5 |
279.4 |
|
Other non‑financial assets |
43.6 |
41.3 |
41.6 |
38.0 |
37.8 |
37.5 |
|
|
12 748.4 |
13 299.1 |
14 263.7 |
14 899.6 |
15 418.8 |
15 991.4 |
|
|
|
|
|
|
|
|
|
Total Assets |
20 392.9 |
21 253.6 |
22 002.7 |
22 763.4 |
23 471.3 |
24 220.1 |
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
Borrowings |
748.9 |
671.2 |
1 035.0 |
1 407.4 |
1 637.2 |
1 813.7 |
|
Lease liabilities1 |
.... |
.... |
334.9 |
322.1 |
299.8 |
274.3 |
|
Superannuation |
6 868.1 |
6 939.1 |
7 007.8 |
7 071.7 |
7 121.9 |
7 160.6 |
|
Employee entitlements |
648.3 |
683.8 |
665.2 |
679.4 |
697.5 |
719.8 |
|
Payables |
135.8 |
162.0 |
164.7 |
166.9 |
168.5 |
170.3 |
|
Other liabilities |
398.4 |
383.1 |
464.4 |
428.3 |
448.7 |
458.2 |
|
Total Liabilities |
8 799.6 |
8 839.2 |
9 671.9 |
10 075.8 |
10 373.7 |
10 597.0 |
|
|
|
|
|
|
|
|
|
NET ASSETS |
11 593.3 |
12 414.4 |
12 330.8 |
12 687.6 |
13 097.6 |
13 623.1 |
|
|
|
|
|
|
|
|
|
Equity |
|
|
|
|
|
|
|
Accumulated funds |
6 098.7 |
6 197.0 |
5 830.6 |
5 886.6 |
5 993.7 |
6 214.6 |
|
Asset revaluation reserve |
5 494.6 |
6 217.5 |
6 500.2 |
6 801.0 |
7 103.9 |
7 408.5 |
|
Total Equity |
11 593.3 |
12 414.4 |
12 330.8 |
12 687.6 |
13 097.6 |
13 623.1 |
|
|
2019 |
2019 |
2020 |
2021 |
2022 |
2023 |
||||||
|
|
|
Estimated |
|
Forward |
Forward |
Forward |
||||||
|
|
Budget |
Outcome |
Budget |
Estimate |
Estimate |
Estimate |
||||||
|
|
$m |
$m |
$m |
$m |
$m |
$m |
||||||
|
KEY FISCAL AGGREGATES |
|
|
||||||||||
|
|
|
|
|
|
|
|||||||
|
NET WORTH2 |
11 593.3 |
12 414.4 |
12 330.8 |
12 687.6 |
13 097.6 |
13 623.1 |
||||||
|
|
|
|
|
|
|
|
||||||
|
NET FINANCIAL WORTH3 |
(1 155.1) |
(884.7) |
(1 932.9) |
(2 212.0) |
(2 321.3) |
(2 368.2) |
||||||
|
|
|
|
|
|
|
|
||||||
|
NET FINANCIAL LIABILITIES4 |
6 553.4 |
6 472.5 |
7 384.4 |
7 715.0 |
7 924.0 |
8 218.9 |
||||||
|
|
|
|
|
|
|
|
||||||
|
NET DEBT5 |
(329.6) |
(535.2) |
284.5 |
643.1 |
820.0 |
1 114.1 |
||||||
|
|
|
|
|
|
|
|
||||||
|
GFS NET DEBT6 |
(329.6) |
(535.2) |
(50.4) |
321.0 |
520.2 |
839.8 |
||||||
|
|
|
|
||||||||||
Notes:
1. As a result of the new Australian Accounting Standard AASB 16 Leases, all leases are recognised on the Balance Sheet as a liability and right‑of‑use asset from 2019‑20. Refer to appendix 1.2 to chapter 1 of this Budget Paper for more detail on this change.
2. Net Worth represents Total Assets (both Financial and Non‑financial) less Total Liabilities.
3. Net Financial Worth represents Total Financial assets less Total Liabilities.
4. Net Financial Liabilities represents Total Liabilities less Financial assets, excluding Equity investment in PNFC and PFC Sectors.
5. Net Debt represents Borrowings plus Lease liabilities, less the sum of Cash and deposits and Investments. This measure incorporates the impact of recognising Lease liabilities on the Balance Sheet as a result of the changes under AASB 16 which is effective from 2019-20.
6. GFS Net Debt represents Borrowings less the sum of Cash and deposits and Investments. This is equivalent to Net Debt based on the Australian Bureau of Statistics Government Finance Statistics reporting framework.
|
|
2018-19 |
2018-19 |
2019-20 |
2020-21 |
2021-22 |
2022-23 |
|
|
|
Estimated |
|
Forward |
Forward |
Forward |
|
|
Budget |
Outcome |
Budget |
Estimate |
Estimate |
Estimate |
|
|
$m |
$m |
$m |
$m |
$m |
$m |
|
Cash flows from operating activities |
|
|
|
|
|
|
|
Cash received from operating activities |
|
|
|
|
|
|
|
Grants received |
3 893.9 |
4 019.0 |
3 838.7 |
4 036.1 |
4 219.6 |
4 423.7 |
|
Taxation |
1 213.6 |
1 192.6 |
1 213.1 |
1 249.7 |
1 281.2 |
1 313.1 |
|
Sales of goods and services |
417.0 |
424.1 |
414.7 |
420.9 |
425.3 |
426.8 |
|
Fines and regulatory fees |
98.6 |
98.7 |
103.0 |
104.3 |
105.1 |
106.2 |
|
Interest received |
17.8 |
23.6 |
17.2 |
15.7 |
18.4 |
22.4 |
|
Dividend, tax and rate equivalents |
412.0 |
495.5 |
511.5 |
356.5 |
357.1 |
329.7 |
|
Other receipts |
355.2 |
358.5 |
331.5 |
321.8 |
319.1 |
322.8 |
|
|
6 407.9 |
6 611.9 |
6 429.8 |
6 505.0 |
6 725.8 |
6 944.7 |
|
|
|
|
|
|
|
|
|
Cash payments for operating activities |
|
|
|
|
|
|
|
Employee entitlements |
(2 521.3) |
(2 655.5) |
(2 688.5) |
(2 696.6) |
(2 741.1) |
(2 819.9) |
|
Superannuation |
(481.8) |
(492.7) |
(509.7) |
(513.0) |
(527.5) |
(541.7) |
|
Supplies and consumables |
(1 244.5) |
(1 279.3) |
(1 296.8) |
(1 276.3) |
(1 343.8) |
(1 376.8) |
|
Borrowing costs |
(9.5) |
(9.5) |
(14.3) |
(23.9) |
(30.0) |
(35.4) |
|
Grants and subsidies paid |
(1 393.1) |
(1 511.9) |
(1 461.2) |
(1 424.5) |
(1 386.9) |
(1 405.7) |
|
Other payments |
(252.1) |
(230.7) |
(172.7) |
(114.4) |
(64.4) |
(64.5) |
|
|
(5 902.3) |
(6 179.7) |
(6 143.2) |
(6 048.8) |
(6 093.6) |
(6 244.0) |
|
|
|
|
|
|
|
|
|
Net cash flows from operating activities |
505.6 |
432.2 |
286.7 |
456.2 |
632.1 |
700.7 |
|
|
|
|
|
|
|
|
|
Cash flows from investing activities |
|
|
|
|
|
|
|
Net cash flows from non‑financial assets |
|
|
|
|
|
|
|
Purchases of non‑financial assets |
(731.8) |
(699.1) |
(688.4) |
(706.5) |
(601.9) |
(665.0) |
|
Sales of non‑financial assets |
30.4 |
32.4 |
61.2 |
52.7 |
31.7 |
31.6 |
|
|
(701.4) |
(666.6) |
(627.3) |
(653.8) |
(570.2) |
(633.4) |
|
Net cash flows from financial assets (policy purposes) |
|
|
|
|
|
|
|
Equity injections |
(98.7) |
(97.9) |
(116.9) |
(145.2) |
(230.3) |
(354.2) |
|
Net advances paid |
(27.6) |
(3.0) |
4.1 |
6.6 |
2.5 |
2.5 |
|
Equity disposals |
1.1 |
3.6 |
3.6 |
3.6 |
3.6 |
3.6 |
|
(125.1) |
(97.3) |
(109.2) |
(135.1) |
(224.2) |
(348.1) |
|
|
Net cash flows from financial assets (liquidity management purposes) |
|
|
|
|
|
|
|
Net (purchase)/sale of investments |
(40.5) |
(40.6) |
(54.9) |
(39.5) |
(16.9) |
152.2 |
|
|
(40.5) |
(40.6) |
(54.9) |
(39.5) |
(16.9) |
152.2 |
|
|
|
|
|
|
|
|
|
Net cash flows from investing activities |
(866.9) |
(804.5) |
(791.4) |
(828.4) |
(811.4) |
(829.3) |
|
|
2018-19 |
2018-19 |
2019-20 |
2020-21 |
2021-22 |
2022-23 |
|
|
|
Estimated |
|
Forward |
Forward |
Forward |
|
|
Budget |
Outcome |
Budget |
Estimate |
Estimate |
Estimate |
|
|
$m |
$m |
$m |
$m |
$m |
$m |
|
Cash flows from financing activities |
|
|
|
|
|
|
|
Net borrowing |
170.0 |
178.0 |
332.8 |
340.3 |
195.4 |
140.3 |
|
Net cash flows from financing activities |
170.0 |
178.0 |
332.8 |
340.3 |
195.4 |
140.3 |
|
|
|
|
|
|
|
|
|
Net increase/(decrease) in cash held |
(191.3) |
(194.2) |
(171.9) |
(31.9) |
16.1 |
11.7 |
|
|
|
|
|
|
|
|
|
Cash at the beginning of the year |
1 130.0 |
1 292.7 |
1 098.5 |
926.6 |
894.7 |
910.8 |
|
Cash at the end of the year |
938.7 |
1 098.5 |
926.6 |
894.7 |
910.8 |
922.6 |
|
|
|
|
|
|
|
|
|
KEY FISCAL AGGREGATES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash flows from operating activities |
505.6 |
432.2 |
286.7 |
456.2 |
632.1 |
700.7 |
|
Plus Net cash flows from non‑financial assets |
(701.4) |
(666.6) |
(627.3) |
(653.8) |
(570.2) |
(633.4) |
|
Equals CASH SURPLUS/(DEFICIT) |
(195.7) |
(234.4) |
(340.6) |
(197.6) |
61.9 |
67.3 |
|
|
|
|
|
|
|
|
|
2018-19 |
2018-19 |
2019-20 |
2020-21 |
2021-22 |
2022-23 |
|
|
|
Estimated |
|
Forward |
Forward |
Forward |
|
|
Budget |
Outcome |
Budget |
Estimate |
Estimate |
Estimate |
|
|
$m |
$m |
$m |
$m |
$m |
$m |
|
|
|
|
|
|
|
|
|
|
Revenue from transactions |
|
|
|
|
|
|
|
Grants |
149.5 |
165.7 |
159.9 |
165.1 |
167.1 |
169.5 |
|
Sales of goods and services |
3 209.2 |
3 165.2 |
3 322.7 |
3 279.3 |
3 253.7 |
3 341.9 |
|
Interest income |
5.4 |
5.9 |
4.6 |
3.7 |
3.9 |
3.4 |
|
Other revenue |
38.6 |
43.0 |
43.0 |
44.6 |
46.6 |
47.6 |
|
3 402.7 |
3 379.8 |
3 530.3 |
3 492.7 |
3 471.4 |
3 562.4 |
|
|
|
|
|
|
|
|
|
|
Less Expenses from transactions |
|
|
|
|
|
|
|
Employee expenses |
418.6 |
414.6 |
428.6 |
438.9 |
446.5 |
455.4 |
|
Superannuation |
46.5 |
49.3 |
49.2 |
50.3 |
51.1 |
51.9 |
|
Depreciation |
351.7 |
340.8 |
364.4 |
386.3 |
403.9 |
410.0 |
|
Supplies and consumables1 |
2 135.8 |
2 028.9 |
2 243.0 |
2 187.0 |
2 160.3 |
2 199.2 |
|
Nominal superannuation interest expense |
21.0 |
20.2 |
20.9 |
21.1 |
21.3 |
21.6 |
|
Borrowing costs |
119.4 |
121.4 |
124.7 |
127.8 |
134.5 |
159.5 |
|
Dividend and income tax equivalent expenses |
263.7 |
307.4 |
281.6 |
229.3 |
219.8 |
195.2 |
|
Grant and subsidy expenses |
41.5 |
50.0 |
42.3 |
42.3 |
42.4 |
42.8 |
|
Other expenses |
25.4 |
26.2 |
26.8 |
27.6 |
28.1 |
28.6 |
|
3 423.6 |
3 359.0 |
3 581.4 |
3 510.6 |
3 508.0 |
3 564.2 |
|
|
|
|
|
|
|
|
|
|
Equals NET OPERATING BALANCE |
(20.9) |
20.8 |
(51.1) |
(17.8) |
(36.6) |
(1.8) |
|
|
|
|
|
|
|
|
|
Plus Other economic flows ‑ included in Operating Result |
|
|
|
|
|
|
|
Movements in superannuation liability |
.... |
239.5 |
.... |
.... |
.... |
.... |
|
Other gains/(losses) |
(58.4) |
(46.8) |
(69.5) |
(13.5) |
(38.0) |
(50.2) |
|
|
(58.4) |
192.7 |
(69.5) |
(13.5) |
(38.0) |
(50.2) |
|
|
|
|
|
|
|
|
|
Equals Operating Result |
(79.3) |
213.5 |
(120.6) |
(31.3) |
(74.6) |
(52.0) |
|
|
|
|
|
2018-19 |
2018-19 |
2019-20 |
2020-21 |
2021-22 |
2022-23 |
|
|
|
Estimated |
|
Forward |
Forward |
Forward |
|
|
Budget |
Outcome |
Budget |
Estimate |
Estimate |
Estimate |
|
|
$m |
$m |
$m |
$m |
$m |
$m |
|
|
|
|
|||||
|
Plus Other economic flows ‑ other movements in Equity |
|
|
||||
|
Revaluations of non‑financial assets |
50.4 |
57.9 |
52.6 |
54.8 |
57.2 |
59.8 |
|
Other non‑owner movements in Equity |
(7.0) |
(72.8) |
(5.8) |
(5.2) |
(3.8) |
(2.5) |
|
|
43.5 |
(14.9) |
46.8 |
49.6 |
53.4 |
57.3 |
|
|
|
|
|
|
|
|
|
Equals Comprehensive Result |
(35.9) |
198.6 |
(73.7) |
18.3 |
(21.1) |
5.3 |
|
|
|
|
|
|
|
|
|
KEY FISCAL AGGREGATES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET OPERATING BALANCE |
(20.9) |
20.8 |
(51.1) |
(17.8) |
(36.6) |
(1.8) |
|
Less Net acquisition of non‑financial assets |
|
|
|
|
|
|
|
Purchases of non‑financial assets |
553.2 |
718.6 |
624.6 |
598.1 |
702.2 |
1 325.8 |
|
Less Sales of non‑financial assets |
0.2 |
0.6 |
0.4 |
6.2 |
0.1 |
4.4 |
|
Less Depreciation |
351.7 |
340.8 |
364.4 |
386.3 |
403.9 |
410.0 |
|
|
201.3 |
377.2 |
259.8 |
205.6 |
298.3 |
911.3 |
|
|
|
|
|
|
|
|
|
Equals FISCAL BALANCE |
(222.2) |
(356.5) |
(310.9) |
(223.5) |
(334.9) |
(913.1) |
|
|
|
|
|
|
|
|
Note:
1. The increase in Supplies and consumables in 2019-20 reflects the additional costs attributed to the higher Sales of goods and services primarily by the electricity entities. There is also an increase in TT‑Line expenses due to increased fuel costs as a result of new fuel regulations which come into force from 1 January 2020.
|
2019 |
2019 |
2020 |
2021 |
2022 |
2023 |
|
|
|
Estimated |
|
Forward |
Forward |
Forward |
|
|
Budget |
Outcome |
Budget |
Estimate |
Estimate |
Estimate |
|
|
$m |
$m |
$m |
$m |
$m |
$m |
|
|
Assets |
|
|
|
|
|
|
|
Financial assets |
|
|
|
|
|
|
|
Cash and deposits |
108.5 |
235.1 |
116.5 |
103.8 |
145.3 |
112.3 |
|
Investments |
19.6 |
96.3 |
29.9 |
22.0 |
23.1 |
25.7 |
|
Other equity investments |
72.0 |
70.6 |
71.2 |
71.9 |
72.4 |
73.1 |
|
Receivables |
491.4 |
491.3 |
478.1 |
482.8 |
482.2 |
487.9 |
|
Other financial assets |
1 178.0 |
842.4 |
840.9 |
842.1 |
849.3 |
849.3 |
|
1 869.4 |
1 735.8 |
1 536.5 |
1 522.6 |
1 572.3 |
1 548.3 |
|
|
|
|
|
|
|
|
|
|
Non‑financial assets |
|
|
|
|
|
|
|
Land and buildings |
252.6 |
240.7 |
252.5 |
256.8 |
260.7 |
263.0 |
|
Infrastructure |
8 367.2 |
8 280.0 |
8 475.8 |
8 671.2 |
8 923.8 |
9 777.9 |
|
Plant and equipment |
377.1 |
364.0 |
381.2 |
391.9 |
386.4 |
383.7 |
|
Biological assets |
93.7 |
125.1 |
134.2 |
137.6 |
141.2 |
145.0 |
|
Intangibles |
132.5 |
134.7 |
139.6 |
144.0 |
149.0 |
152.6 |
|
Assets held for sale |
13.4 |
16.0 |
16.0 |
16.0 |
16.0 |
16.0 |
|
Lease - right‑of‑use assets1 |
.... |
.... |
50.2 |
48.2 |
46.0 |
43.8 |
|
Other non‑financial assets |
79.3 |
79.8 |
94.5 |
98.4 |
100.6 |
101.9 |
|
9 315.7 |
9 240.3 |
9 544.1 |
9 764.0 |
10 023.7 |
10 883.8 |
|
|
|
|
|
|
|
|
|
|
Total Assets |
11 185.1 |
10 976.0 |
11 080.6 |
11 286.6 |
11 596.0 |
12 432.1 |
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
Borrowings2 |
2 724.1 |
2 839.0 |
2 877.4 |
2 981.3 |
3 133.7 |
3 685.6 |
|
Lease liabilities1 |
.... |
.... |
53.0 |
51.3 |
49.3 |
47.1 |
|
Superannuation |
526.3 |
527.3 |
532.4 |
537.0 |
540.6 |
543.3 |
|
Employee entitlements |
108.1 |
114.6 |
117.6 |
118.5 |
117.9 |
119.1 |
|
Payables |
445.4 |
404.1 |
420.2 |
419.0 |
427.0 |
422.7 |
|
Other liabilities |
3 250.8 |
2 760.5 |
2 731.9 |
2 723.2 |
2 717.5 |
2 710.3 |
|
Total Liabilities |
7 054.8 |
6 645.5 |
6 732.4 |
6 830.4 |
6 986.0 |
7 528.1 |
|
|
|
|
|
|
|
|
|
NET ASSETS |
4 130.3 |
4 330.5 |
4 348.2 |
4 456.3 |
4 610.0 |
4 904.0 |
|
|
|
|
|
|
|
|
|
Equity |
|
|
|
|
|
|
|
Accumulated funds |
549.5 |
741.4 |
623.9 |
626.4 |
602.1 |
633.0 |
|
Asset revaluation reserve |
1 208.7 |
1 086.8 |
1 139.4 |
1 194.2 |
1 251.4 |
1 311.3 |
|
Other equity |
2 372.0 |
2 502.3 |
2 584.9 |
2 635.7 |
2 756.4 |
2 959.7 |
|
Total Equity |
4 130.3 |
4 330.5 |
4 348.2 |
4 456.3 |
4 610.0 |
4 904.0 |
|
2019 |
2019 |
2020 |
2021 |
2022 |
2023 |
|
|
|
Estimated |
|
Forward |
Forward |
Forward |
|
|
Budget |
Outcome |
Budget |
Estimate |
Estimate |
Estimate |
|
|
$m |
$m |
$m |
$m |
$m |
$m |
|
|
|
|
|||||
|
KEY FISCAL AGGREGATES |
|
|
||||
|
|
|
|
|
|
|
|
|
NET WORTH3 |
4 330.5 |
4 348.2 |
4 456.3 |
4 610.0 |
4 904.0 |
|
|
|
|
|
|
|
|
|
|
NET FINANCIAL WORTH4 |
(5 185.4) |
(4 909.7) |
(5 195.9) |
(5 307.8) |
(5 413.8) |
(5 979.9) |
|
|
|
|
|
|
|
|
|
NET FINANCIAL LIABILITIES5 |
5 185.4 |
4 909.7 |
5 195.9 |
5 307.8 |
5 413.8 |
5 979.9 |
|
|
|
|
|
|
|
|
|
NET DEBT6 |
2 596.0 |
2 507.6 |
2 784.1 |
2 906.7 |
3 014.6 |
3 594.8 |
|
|
|
|
|
|
|
|
|
GFS NET DEBT7 |
2 596.0 |
2 507.6 |
2 731.1 |
2 855.5 |
2 965.3 |
3 547.6 |
|
|
|
|
Notes:
1. As a result of the new Australian Accounting Standard AASB 16 Leases, all leases are recognised on the Balance Sheet as a liability and right‑of‑use asset from 2019-20. Refer to appendix 1.2 to chapter 1 of this Budget Paper for more detail on this change.
2. The increase in Borrowings as at 30 June 2023 primarily reflects the additional borrowings required by TT‑Line Company Pty Ltd to fund the purchase of the two new Spirit of Tasmania vessels.
3. Net Worth represents Total Assets (both Financial and Non‑financial) less Total Liabilities.
4. Net Financial Worth represents Total Financial assets less Total Liabilities.
5. Net Financial Liabilities represents Total Liabilities less Financial assets. For the PNFC Sector, this is equivalent to negative Net Financial Worth.
6. Net Debt represents Borrowings plus Lease liabilities, less the sum of Cash and deposits and Investments. This measure incorporates the impact of recognising Lease liabilities on the Balance Sheet as a result of the changes under AASB 16 which is effective from 2019-20.
7. GFS Net Debt represents Borrowings less the sum of Cash and deposits and Investments. This is equivalent to Net Debt based on the Australian Bureau of Statistics Government Finance Statistics reporting framework.
|
2018-19 |
2018-19 |
2019-20 |
2020-21 |
2021-22 |
2022-23 |
|
|
|
Estimated |
|
Forward |
Forward |
Forward |
|
|
Budget |
Outcome |
Budget |
Estimate |
Estimate |
Estimate |
|
|
$m |
$m |
$m |
$m |
$m |
$m |
|
|
|
|
|
|
|
|
|
|
Cash flows from operating activities |
|
|
|
|
|
|
|
Cash received from operating activities |
|
|
|
|
|
|
|
Grants received |
150.7 |
168.0 |
161.9 |
167.1 |
169.2 |
171.6 |
|
Sales of goods and services |
3 257.5 |
3 243.9 |
3 363.0 |
3 334.4 |
3 356.9 |
3 427.2 |
|
Interest received |
5.4 |
5.9 |
4.7 |
3.4 |
3.0 |
3.0 |
|
Other receipts |
128.1 |
123.9 |
135.2 |
131.5 |
132.0 |
134.1 |
|
3 541.8 |
3 541.7 |
3 664.7 |
3 636.4 |
3 661.1 |
3 735.9 |
|
|
|
|
|
|
|
|
|
|
Cash payments for operating activities |
|
|
|
|
|
|
|
Employee entitlements |
(441.6) |
(434.8) |
(451.3) |
(458.9) |
(478.7) |
(475.1) |
|
Superannuation |
(45.6) |
(45.4) |
(46.2) |
(47.7) |
(49.7) |
(51.2) |
|
Supplies and consumables |
(2 163.6) |
(2 005.0) |
(2 294.0) |
(2 236.1) |
(2 196.2) |
(2 255.1) |
|
Borrowing costs |
(127.0) |
(130.1) |
(123.9) |
(127.5) |
(133.9) |
(139.1) |
|
Grants and subsidies paid |
(41.5) |
(50.0) |
(42.3) |
(42.3) |
(42.4) |
(42.8) |
|
Other payments |
(129.5) |
(140.9) |
(121.9) |
(125.2) |
(123.1) |
(130.5) |
|
(2 948.9) |
(2 806.3) |
(3 079.7) |
(3 037.7) |
(3 024.1) |
(3 093.8) |
|
|
|
|
|
|
|
|
|
|
Net cash flows from operating activities |
592.9 |
735.4 |
585.1 |
598.7 |
637.0 |
642.1 |
|
|
|
|
|
|
|
|
|
Cash flows from investing activities |
|
|
|
|
|
|
|
Net cash flows from non‑financial assets |
|
|
|
|
|
|
|
Purchases of non‑financial assets |
(553.2) |
(718.6) |
(624.6) |
(598.1) |
(702.2) |
(1 325.8) |
|
Sales of non‑financial assets |
0.2 |
0.6 |
0.4 |
6.2 |
0.1 |
4.4 |
|
|
(552.9) |
(718.0) |
(624.1) |
(591.9) |
(702.2) |
(1 321.3) |
|
|
|
|
|
|
|
|
|
Net cash flows from financial assets |
|
|
|
|
|
|
|
Equity injections |
75.2 |
72.4 |
91.4 |
89.8 |
174.9 |
288.7 |
|
75.2 |
72.4 |
91.4 |
89.8 |
174.9 |
288.7 |
|
|
|
|
|
|
|
|
|
|
Net cash flows from financial assets (liquidity management purposes) |
|
|
|
|
|
|
|
Net (purchase)/sale of investments |
(1.8) |
(44.0) |
65.9 |
7.2 |
(1.6) |
(3.3) |
|
|
(1.8) |
(44.0) |
65.9 |
7.2 |
(1.6) |
(3.3) |
|
|
|
|
|
|
|
|
|
Net cash flows from investing activities |
(479.5) |
(689.6) |
(466.9) |
(495.0) |
(529.0) |
(1 035.9) |
|
|
|
|
|
|
|
|
|
2018-19 |
2018-19 |
2019-20 |
2020-21 |
2021-22 |
2022-23 |
|
|
|
Estimated |
|
Forward |
Forward |
Forward |
|
|
Budget |
Outcome |
Budget |
Estimate |
Estimate |
Estimate |
|
|
$m |
$m |
$m |
$m |
$m |
$m |
|
|
Cash flows from financing activities |
|
|
|
|
|
|
|
Net borrowing |
43.2 |
106.8 |
39.3 |
103.0 |
151.2 |
550.7 |
|
Dividends and tax equivalents paid |
(268.2) |
(331.2) |
(276.1) |
(219.3) |
(217.8) |
(189.8) |
|
Net cash flows from financing activities |
(225.0) |
(224.4) |
(236.8) |
(116.3) |
(66.6) |
360.8 |
|
|
|
|
|
|
|
|
|
Net increase/(decrease) in cash held |
(111.6) |
(178.7) |
(118.6) |
(12.6) |
41.4 |
(33.0) |
|
|
|
|
|
|
|
|
|
Cash at the beginning of the year |
220.1 |
413.7 |
235.1 |
116.5 |
103.8 |
145.3 |
|
Cash at the end of the year |
108.5 |
235.1 |
116.5 |
103.8 |
145.3 |
112.3 |
|
|
|
|
|
|
|
|
|
KEY FISCAL AGGREGATES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash flows from operating activities |
592.9 |
735.4 |
585.1 |
598.7 |
637.0 |
642.1 |
|
Plus Net cash flows from non‑financial assets |
(552.9) |
(718.0) |
(624.1) |
(591.9) |
(702.2) |
(1 321.3) |
|
Plus Dividends and tax equivalents paid |
(268.2) |
(331.2) |
(276.1) |
(219.3) |
(217.8) |
(189.8) |
|
Equals CASH SURPLUS/(DEFICIT) |
(228.2) |
(313.9) |
(315.1) |
(212.6) |
(283.0) |
(869.1) |
|
|
|
|
|
|
|
|
|
2018-19 |
2018-19 |
2019-20 |
2020-21 |
2021-22 |
2022-23 |
|
|
|
Estimated |
|
Forward |
Forward |
Forward |
|
|
Budget |
Outcome |
Budget |
Estimate |
Estimate |
Estimate |
|
|
$m |
$m |
$m |
$m |
$m |
$m |
|
Revenue from transactions |
|
|
|
|
|
|
|
Grants |
3 893.9 |
4 018.9 |
3 973.3 |
4 075.4 |
4 220.2 |
4 435.5 |
|
Taxation |
1 175.1 |
1 153.0 |
1 172.6 |
1 209.0 |
1 239.3 |
1 269.7 |
|
Sales of goods and services |
3 587.7 |
3 551.3 |
3 701.0 |
3 662.9 |
3 643.5 |
3 733.1 |
|
Fines and regulatory fees |
98.6 |
98.6 |
103.1 |
104.3 |
105.1 |
106.2 |
|
Interest income |
23.1 |
30.6 |
21.5 |
20.3 |
21.9 |
26.6 |
|
Dividend, tax and rate equivalent income |
146.1 |
143.7 |
242.5 |
146.1 |
145.9 |
141.9 |
|
Other revenue |
203.2 |
210.9 |
201.0 |
197.6 |
196.4 |
200.9 |
|
|
9 127.7 |
9 207.0 |
9 414.9 |
9 415.6 |
9 572.4 |
9 913.9 |
|
|
|
|
|
|
|
|
|
Less Expenses from transactions |
|
|
|
|
|
|
|
Employee expenses |
2 950.1 |
3 080.4 |
3 103.6 |
3 151.8 |
3 209.1 |
3 301.0 |
|
Superannuation |
340.7 |
378.0 |
354.4 |
353.6 |
353.3 |
354.1 |
|
Depreciation |
615.7 |
613.8 |
693.8 |
738.2 |
788.1 |
804.1 |
|
Supplies and consumables |
3 329.5 |
3 259.7 |
3 499.1 |
3 426.7 |
3 481.8 |
3 554.5 |
|
Nominal superannuation interest expense |
291.9 |
263.5 |
292.2 |
295.5 |
298.3 |
301.2 |
|
Borrowing costs |
113.3 |
114.1 |
122.2 |
135.8 |
147.3 |
177.0 |
|
Grant and subsidy expenses |
1 285.1 |
1 396.3 |
1 343.6 |
1 301.8 |
1 262.3 |
1 279.0 |
|
Other expenses |
60.3 |
39.1 |
(0.2) |
(55.1) |
(105.6) |
(105.7) |
|
|
8 986.7 |
9 144.9 |
9 408.6 |
9 348.4 |
9 434.5 |
9 665.1 |
|
|
|
|
|
|
|
|
|
Equals NET OPERATING BALANCE |
141.0 |
62.1 |
6.3 |
67.2 |
137.9 |
248.8 |
|
|
|
|
|
|
|
|
|
Plus Other economic flows - included in |
|
|
|
|
|
|
|
Gain/(loss) on sale of non-financial assets |
12.2 |
18.2 |
16.7 |
22.7 |
17.3 |
21.0 |
|
Revaluation of equity investment in PFC sector |
(57.9) |
(76.8) |
(153.9) |
(56.5) |
(54.0) |
(46.1) |
|
Movements in superannuation liability |
.... |
1 655.1 |
.... |
.... |
.... |
.... |
|
Other gains/(losses) |
(62.6) |
(4.0) |
(71.4) |
(27.1) |
(47.4) |
(60.1) |
|
|
(108.3) |
1 592.5 |
(208.6) |
(60.9) |
(84.2) |
(85.2) |
|
|
|
|
|
|
|
|
|
Equals Operating Result |
32.7 |
1 654.6 |
(202.4) |
6.3 |
53.7 |
163.6 |
|
|
2018-19 |
2018-19 |
2019-20 |
2020-21 |
2021-22 |
2022-23 |
|
|
|
Estimated |
|
Forward |
Forward |
Forward |
|
|
Budget |
Outcome |
Budget |
Estimate |
Estimate |
Estimate |
|
|
$m |
$m |
$m |
$m |
$m |
$m |
|
Plus Other economic flows - other movements in Equity |
|
|
|
|
|
|
|
Revaluations of non-financial assets |
318.8 |
332.2 |
335.3 |
355.7 |
360.1 |
364.5 |
|
Other non-owner movements in Equity |
(3.2) |
(72.8) |
(216.5) |
(5.2) |
(3.8) |
(2.5) |
|
|
315.7 |
259.4 |
118.7 |
350.5 |
356.3 |
362.0 |
|
|
|
|
|
|
|
|
|
Equals Comprehensive Result |
348.4 |
1 914.0 |
(83.6) |
356.8 |
410.0 |
525.6 |
|
|
|
|
|
|
|
|
|
KEY FISCAL AGGREGATES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET OPERATING BALANCE |
141.0 |
62.1 |
6.3 |
67.2 |
137.9 |
248.8 |
|
Less Net acquisition of non-financial assets |
|
|
|
|
|
|
|
Purchase of non-financial assets |
1 294.1 |
1 426.2 |
1 324.7 |
1 316.7 |
1 316.1 |
2 002.7 |
|
Less Sales of non-financial assets |
30.6 |
36.9 |
65.4 |
62.1 |
35.5 |
39.8 |
|
Less Depreciation |
615.7 |
613.8 |
693.8 |
738.2 |
788.1 |
804.1 |
|
|
647.8 |
775.5 |
565.5 |
516.4 |
492.6 |
1 158.9 |
|
|
|
|
|
|
|
|
|
Equals FISCAL BALANCE |
(506.8) |
(713.4) |
(559.2) |
(449.2) |
(354.7) |
(910.1) |
|
|
|
|
2019 |
2019 |
2020 |
2021 |
2022 |
2023 |
|
|
|
Estimated |
|
Forward |
Forward |
Forward |
|
|
Budget |
Outcome |
Budget |
Estimate |
Estimate |
Estimate |
|
|
$m |
$m |
$m |
$m |
$m |
$m |
|
Assets |
|
|
|
|
|
|
|
Financial assets |
|
|
|
|
|
|
|
Cash and deposits |
1 047.1 |
1 333.6 |
1 043.1 |
998.6 |
1 056.1 |
1 034.9 |
|
Investments |
158.8 |
203.7 |
188.0 |
213.1 |
228.6 |
76.5 |
|
Equity investment in PFC sector |
1 268.0 |
1 257.2 |
1 103.3 |
1 046.8 |
992.8 |
946.7 |
|
Other equity investments |
119.8 |
116.6 |
142.7 |
198.9 |
255.0 |
321.2 |
|
Receivables |
808.3 |
801.3 |
785.9 |
786.6 |
780.6 |
782.2 |
|
Other financial assets |
1 169.4 |
806.0 |
809.1 |
817.3 |
830.8 |
839.5 |
|
|
4 571.6 |
4 518.4 |
4 072.0 |
4 061.4 |
4 143.9 |
4 000.9 |
|
|
|
|
|
|
|
|
|
Non-financial assets |
|
|
|
|
|
|
|
Land and buildings |
6 887.7 |
6 913.0 |
7 205.8 |
7 452.5 |
7 659.0 |
7 781.0 |
|
Infrastructure |
13 627.1 |
14 063.8 |
14 591.7 |
15 166.0 |
15 744.2 |
17 061.0 |
|
Plant and equipment |
633.0 |
623.2 |
652.1 |
683.6 |
681.5 |
682.6 |
|
Heritage and cultural assets |
486.0 |
474.3 |
486.5 |
498.7 |
511.1 |
523.4 |
|
Biological assets |
93.7 |
125.1 |
134.2 |
137.6 |
141.2 |
145.0 |
|
Investment property |
4.0 |
3.9 |
4.1 |
4.4 |
4.7 |
5.1 |
|
Intangibles |
187.0 |
187.7 |
191.1 |
192.9 |
193.3 |
193.1 |
|
Assets held for sale |
22.8 |
27.3 |
22.6 |
21.5 |
21.5 |
21.5 |
|
Lease - right-of-use assets1 |
.... |
.... |
383.6 |
369.8 |
347.6 |
323.2 |
|
Other non-financial assets |
122.9 |
121.1 |
136.1 |
136.5 |
138.4 |
139.4 |
|
|
22 064.0 |
22 539.4 |
23 807.7 |
24 663.6 |
25 442.6 |
26 875.2 |
|
|
|
|
|
|
|
|
|
Total Assets |
26 635.6 |
27 057.8 |
27 879.7 |
28 725.0 |
29 586.5 |
30 876.1 |
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
Borrowings |
3 472.5 |
3 509.6 |
3 911.8 |
4 388.1 |
4 770.3 |
5 498.7 |
|
Lease liabilities1 |
.... |
.... |
387.9 |
373.4 |
349.1 |
321.5 |
|
Superannuation |
7 394.4 |
7 466.4 |
7 540.1 |
7 608.7 |
7 662.6 |
7 703.9 |
|
Employee entitlements |
756.4 |
798.4 |
782.8 |
797.9 |
815.4 |
838.9 |
|
Payables |
581.3 |
566.2 |
584.9 |
586.0 |
595.5 |
592.9 |
|
Other liabilities |
2 837.8 |
2 302.9 |
2 341.5 |
2 283.3 |
2 296.0 |
2 297.0 |
|
Total Liabilities |
15 042.3 |
14 643.4 |
15 549.0 |
16 037.4 |
16 488.9 |
17 253.0 |
|
|
|
|
|
|
|
|
|
NET ASSETS |
11 593.3 |
12 414.4 |
12 330.8 |
12 687.6 |
13 097.6 |
13 623.1 |
|
|
2019 |
2019 |
2020 |
2021 |
2022 |
2023 |
|
|
|
Estimated |
|
Forward |
Forward |
Forward |
|
|
Budget |
Outcome |
Budget |
Estimate |
Estimate |
Estimate |
|
|
$m |
$m |
$m |
$m |
$m |
$m |
|
Equity |
|
|
|
|
|
|
|
Accumulated funds |
4 890.0 |
5 108.9 |
4 691.2 |
4 692.4 |
4 742.3 |
4 903.4 |
|
Asset revaluation reserve |
6 703.3 |
7 305.5 |
7 639.5 |
7 995.2 |
8 355.3 |
8 719.8 |
|
Total Equity |
11 593.3 |
12 414.4 |
12 330.8 |
12 687.6 |
13 097.6 |
13 623.1 |
|
|
|
|
|
|
|
|
|
KEY FISCAL AGGREGATES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET WORTH2 |
11 593.3 |
12 414.4 |
12 330.8 |
12 687.6 |
13 097.6 |
13 623.1 |
|
|
|
|
|
|
|
|
|
NET FINANCIAL WORTH3 |
(10 470.8) |
(10 125.0) |
(11 476.9) |
(11 976.0) |
(12 345.0) |
(13 252.1) |
|
|
|
|
|
|
|
|
|
NET FINANCIAL LIABILITIES4 |
11 738.8 |
11 382.2 |
12 580.3 |
13 022.8 |
13 337.8 |
14 198.8 |
|
|
|
|
|
|
|
|
|
NET DEBT5 |
2 266.5 |
1 972.3 |
3 068.6 |
3 549.8 |
3 834.6 |
4 708.8 |
|
|
|
|
|
|
|
|
|
GFS NET DEBT6 |
2 266.5 |
1 972.3 |
2 680.7 |
3 176.4 |
3 485.6 |
4 387.4 |
|
|
|
|
|
|
|
|
Notes:
1. As a result of the new Australian Accounting Standard AASB 16 Leases, all leases are recognised on the Balance Sheet as a liability and right‑of‑use asset from 2019-20. Refer to appendix 1.2 to chapter 1 of this Budget Paper for more detail on this change.
2. Net Worth represents Total Assets (both Financial and Non‑financial) less Total Liabilities.
3. Net Financial Worth represents Total Financial assets less Total Liabilities.
4. Net Financial Liabilities represents Total Liabilities less Financial assets, excluding Equity Investment in the PFC Sector.
5. Net Debt represents Borrowings plus Lease liabilities, less the sum of Cash and deposits and Investments. This measure incorporates the impact of recognising Lease liabilities on the Balance Sheet as a result of the changes under AASB 16 which is effective from 2019-20.
6. GFS Net Debt represents Borrowings less the sum of Cash and deposits and Investments. This is equivalent to Net Debt based on the Australian Bureau of Statistics Government Finance Statistics reporting framework.
|
|
2018-19 |
2018-19 |
2019-20 |
2020-21 |
2021-22 |
2022-23 |
|
|
|
Estimated |
|
Forward |
Forward |
Forward |
|
|
Budget |
Outcome |
Budget |
Estimate |
Estimate |
Estimate |
|
|
$m |
$m |
$m |
$m |
$m |
$m |
|
Cash flows from operating activities |
|
|||||
|
Cash receipts from operating activities |
|
|
|
|
|
|
|
Grants received |
3 895.1 |
4 021.3 |
3 840.8 |
4 038.1 |
4 221.7 |
4 425.8 |
|
Taxation |
1 173.5 |
1 150.5 |
1 170.2 |
1 207.0 |
1 236.9 |
1 267.2 |
|
Sales of goods and services |
3 635.6 |
3 629.4 |
3 740.1 |
3 717.6 |
3 744.5 |
3 816.4 |
|
Fines and regulatory fees |
98.6 |
98.7 |
103.0 |
104.3 |
105.1 |
106.2 |
|
Interest received |
23.1 |
29.4 |
21.9 |
19.1 |
21.4 |
25.3 |
|
Dividend, tax and rate equivalents |
143.8 |
164.3 |
235.5 |
137.2 |
139.3 |
139.9 |
|
Other receipts |
483.3 |
482.4 |
466.6 |
453.3 |
451.1 |
456.9 |
|
|
9 453.0 |
9 576.0 |
9 578.1 |
9 676.6 |
9 920.0 |
10 237.7 |
|
Cash payments for operating activities |
|
|
|
|
|
|
|
Employee entitlements |
(2 963.0) |
(3 090.3) |
(3 139.8) |
(3 155.5) |
(3 219.8) |
(3 295.1) |
|
Superannuation |
(527.4) |
(538.1) |
(555.9) |
(560.7) |
(577.3) |
(592.8) |
|
Supplies and consumables |
(3 369.0) |
(3 245.7) |
(3 553.1) |
(3 474.7) |
(3 502.4) |
(3 594.2) |
|
Borrowing costs |
(121.0) |
(122.9) |
(121.7) |
(135.7) |
(147.0) |
(156.6) |
|
Grants and subsidies paid |
(1 285.1) |
(1 396.3) |
(1 343.6) |
(1 301.8) |
(1 262.2) |
(1 279.0) |
|
Other payments |
(357.1) |
(346.3) |
(268.3) |
(212.7) |
(160.0) |
(167.1) |
|
|
(8 622.6) |
(8 739.6) |
(8 982.4) |
(8 841.1) |
(8 868.6) |
(9 084.7) |
|
|
|
|
|
|
|
|
|
Net cash flows from operating activities |
830.3 |
836.4 |
595.7 |
835.6 |
1 051.4 |
1 153.0 |
|
|
|
|
|
|
|
|
|
Cash flows from investing activities |
|
|
|
|
|
|
|
Net cash flows from non-financial assets |
|
|
|
|
|
|
|
Purchase of non-financial assets |
(1 284.9) |
(1 417.7) |
(1 313.0) |
(1 304.6) |
(1 304.2) |
(1 990.8) |
|
Sales of non-financial assets |
30.6 |
33.0 |
61.6 |
58.9 |
31.7 |
36.0 |
|
|
(1 254.3) |
(1 384.6) |
(1 251.4) |
(1 245.8) |
(1 272.4) |
(1 954.8) |
|
|
|
|
|
|
|
|
|
Net cash flows from financial assets (policy purposes) |
|
|
|
|
|
|
|
Equity injections |
(23.5) |
(25.5) |
(25.5) |
(55.5) |
(55.5) |
(65.5) |
|
Net advances paid |
(27.6) |
(3.0) |
4.1 |
6.6 |
2.5 |
2.5 |
|
Equity disposals |
1.1 |
3.6 |
3.6 |
3.6 |
3.6 |
3.6 |
|
|
(49.9) |
(24.9) |
(17.8) |
(45.3) |
(49.4) |
(59.4) |
|
Net cash flows from financial assets (liquidity management purposes) |
|
|
|
|
|
|
|
Net (purchase)/sale of investments |
(42.3) |
(84.6) |
10.9 |
(32.4) |
(18.6) |
149.0 |
|
|
(42.3) |
(84.6) |
10.9 |
(32.4) |
(18.6) |
149.0 |
|
|
|
|
|
|
|
|
|
Net cash flows from investing activities |
(1 346.5) |
(1 494.1) |
(1 258.3) |
(1 323.4) |
(1 340.4) |
(1 865.2) |
|
|
2018-19 |
2018-19 |
2019-20 |
2020-21 |
2021-22 |
2022-23 |
|
|
|
Estimated |
|
Forward |
Forward |
Forward |
|
|
Budget |
Outcome |
Budget |
Estimate |
Estimate |
Estimate |
|
|
$m |
$m |
$m |
$m |
$m |
$m |
|
Cash flows from financing activities |
|
|
|
|
|
|
|
Net borrowing |
213.2 |
284.8 |
372.1 |
443.4 |
346.6 |
690.9 |
|
Net cash flows from financing activities |
213.2 |
284.8 |
372.1 |
443.4 |
346.6 |
690.9 |
|
|
|
|
|
|
|
|
|
Net increase/(decrease) in cash held |
(302.9) |
(372.9) |
(290.5) |
(44.5) |
57.5 |
(21.2) |
|
|
|
|
|
|
|
|
|
Cash at the beginning of the year |
1 350.1 |
1 706.5 |
1 333.6 |
1 043.1 |
998.6 |
1 056.1 |
|
Cash at the end of the year |
1 047.1 |
1 333.6 |
1 043.1 |
998.6 |
1 056.1 |
1 034.9 |
|
|
|
|
|
|
|
|
|
KEY FISCAL AGGREGATES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash flows from operating activities |
830.3 |
836.4 |
595.7 |
835.6 |
1 051.4 |
1 153.0 |
|
Plus Net cash flows from non-financial assets |
(1 254.3) |
(1 384.6) |
(1 251.4) |
(1 245.8) |
(1 272.4) |
(1 954.8) |
|
Equals CASH SURPLUS/(DEFICIT) |
(424.0) |
(548.3) |
(655.8) |
(410.2) |
(221.1) |
(801.8) |
|
|
|
|
|
|
|
|
|
|
2018-19 |
2018-19 |
2019-20 |
2020-21 |
2021-22 |
2022-23 |
|
|
|
Estimated |
|
Forward |
Forward |
Forward |
|
|
Budget |
Outcome |
Budget |
Estimate |
Estimate |
Estimate |
|
|
$m |
$m |
$m |
$m |
$m |
$m |
|
|
|
|
|
|
|
|
|
Revenue from transactions |
|
|
|
|
|
|
|
Sales of goods and services |
138.8 |
138.0 |
142.7 |
149.7 |
157.3 |
165.2 |
|
Interest income |
238.8 |
272.9 |
259.5 |
249.5 |
256.0 |
260.9 |
|
Dividend income |
60.8 |
61.4 |
64.0 |
67.4 |
70.9 |
74.4 |
|
Other revenue |
4.5 |
8.0 |
5.2 |
5.1 |
5.1 |
5.2 |
|
|
443.0 |
480.3 |
471.4 |
471.7 |
489.2 |
505.7 |
|
Less Expenses from transactions |
|
|
|
|
|
|
|
Employee expenses |
6.6 |
6.7 |
7.1 |
7.1 |
7.3 |
7.4 |
|
Superannuation |
1.1 |
1.0 |
1.1 |
1.1 |
1.2 |
1.2 |
|
Depreciation |
0.2 |
0.2 |
0.2 |
0.2 |
0.2 |
0.2 |
|
Supplies and consumables |
160.7 |
185.7 |
169.0 |
174.8 |
179.4 |
188.3 |
|
Borrowing costs |
187.3 |
216.6 |
208.1 |
203.0 |
214.0 |
217.2 |
|
Dividend and income tax equivalent expenses |
146.1 |
143.7 |
242.5 |
146.1 |
145.9 |
141.9 |
|
Grant and subsidy expenses |
5.2 |
5.1 |
5.2 |
5.4 |
5.5 |
5.7 |
|
Other expenses |
0.4 |
0.4 |
0.4 |
0.4 |
0.4 |
0.4 |
|
|
507.5 |
559.4 |
633.7 |
538.1 |
553.8 |
562.4 |
|
|
|
|
|
|
|
|
|
Equals NET OPERATING BALANCE |
(64.5) |
(79.1) |
(162.3) |
(66.4) |
(64.6) |
(56.6) |
|
|
|
|
|
|
|
|
|
Plus Other economic flows ‑ included in Operating Result |
|
|
|
|
|
|
|
Other gains/(losses) |
25.4 |
28.0 |
26.1 |
27.1 |
28.7 |
30.1 |
|
|
25.4 |
28.0 |
26.1 |
27.1 |
28.7 |
30.1 |
|
|
|
|
|
|
|
|
|
Equals Operating Result |
(39.1) |
(51.1) |
(136.2) |
(39.3) |
(35.9) |
(26.6) |
|
|
|
|
|
|
|
|
|
Plus Other economic flows ‑ other movements in Equity |
|
|
|
|
|
|
|
Other non-owner movements in Equity |
(19.3) |
(25.7) |
(17.7) |
(17.2) |
(18.1) |
(19.5) |
|
|
(19.3) |
(25.7) |
(17.7) |
(17.2) |
(18.1) |
(19.5) |
|
|
|
|
|
|
|
|
|
Equals Comprehensive Result |
(58.4) |
(76.8) |
(153.9) |
(56.5) |
(54.0) |
(46.1) |
|
|
|
|
|
|
|
|
|
|
2018-19 |
2018-19 |
2019-20 |
2020-21 |
2021-22 |
2022-23 |
|
|
|
Estimated |
|
Forward |
Forward |
Forward |
|
|
Budget |
Outcome |
Budget |
Estimate |
Estimate |
Estimate |
|
|
$m |
$m |
$m |
$m |
$m |
$m |
|
|
|
|
|
|
|
|
|
KEY FISCAL AGGREGATES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET OPERATING BALANCE |
(64.5) |
(79.1) |
(162.3) |
(66.4) |
(64.6) |
(56.6) |
|
Less Net acquisition of non‑financial assets |
|
|
|
|
|
|
|
Purchases of non‑financial assets |
0.7 |
0.9 |
2.1 |
0.8 |
0.8 |
0.8 |
|
Less Sales of non‑financial assets |
0.1 |
.... |
.... |
.... |
.... |
.... |
|
Less Depreciation |
0.2 |
0.2 |
0.2 |
0.2 |
0.2 |
0.2 |
|
|
0.4 |
0.7 |
1.9 |
0.6 |
0.6 |
0.6 |
|
|
|
|
|
|
|
|
|
Equals FISCAL BALANCE |
(64.9) |
(79.8) |
(164.1) |
(67.1) |
(65.2) |
(57.3) |
|
|
|
|
|
|
|
|
|
|
2019 |
2019 |
2020 |
2021 |
2022 |
2023 |
|
|
|
Estimated |
|
Forward |
Forward |
Forward |
|
|
Budget |
Outcome |
Budget |
Estimate |
Estimate |
Estimate |
|
|
$m |
$m |
$m |
$m |
$m |
$m |
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
Financial assets |
|
|
|
|
|
|
|
Cash and deposits |
6.4 |
145.2 |
145.3 |
145.3 |
145.3 |
145.4 |
|
Investments |
8 260.9 |
9 445.6 |
9 159.1 |
9 175.3 |
9 591.4 |
9 595.3 |
|
Receivables |
22.2 |
32.7 |
24.9 |
16.6 |
16.8 |
18.5 |
|
Other financial assets |
267.9 |
243.8 |
236.3 |
227.4 |
227.3 |
227.3 |
|
|
8 557.3 |
9 867.4 |
9 565.7 |
9 564.6 |
9 980.9 |
9 986.4 |
|
|
|
|
|
|
|
|
|
Non‑financial assets |
|
|
|
|
|
|
|
Plant and equipment |
1.3 |
0.4 |
1.0 |
1.6 |
2.1 |
2.7 |
|
Investment property |
16.5 |
17.1 |
18.5 |
18.5 |
18.5 |
18.5 |
|
Intangibles |
0.8 |
0.6 |
0.6 |
0.4 |
0.4 |
0.4 |
|
|
18.6 |
18.1 |
20.0 |
20.5 |
21.0 |
21.6 |
|
|
|
|
|
|
|
|
|
Total Assets |
8 575.9 |
9 885.5 |
9 585.6 |
9 585.1 |
10 001.9 |
10 008.1 |
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
Borrowings |
6 077.2 |
7 226.1 |
7 010.7 |
6 998.2 |
7 397.0 |
7 378.4 |
|
Superannuation |
6.5 |
6.8 |
7.2 |
7.7 |
8.2 |
8.7 |
|
Employee entitlements |
1.4 |
1.5 |
1.6 |
1.6 |
1.7 |
1.7 |
|
Payables |
2.9 |
142.3 |
142.3 |
142.3 |
142.3 |
142.3 |
|
Other liabilities |
1 219.9 |
1 251.7 |
1 320.5 |
1 388.5 |
1 459.9 |
1 530.2 |
|
Total Liabilities |
7 307.8 |
8 628.3 |
8 482.3 |
8 538.3 |
9 009.1 |
9 061.4 |
|
|
|
|
|
|
|
|
|
NET ASSETS |
1 268.1 |
1 257.2 |
1 103.3 |
1 046.8 |
992.8 |
946.7 |
|
|
|
|
|
|
|
|
|
Equity |
|
|
|
|
|
|
|
Accumulated funds |
648.8 |
640.3 |
551.1 |
564.5 |
585.2 |
618.9 |
|
Other equity |
619.3 |
616.9 |
552.2 |
482.3 |
407.6 |
327.8 |
|
Total Equity |
1 268.1 |
1 257.2 |
1 103.3 |
1 046.8 |
992.8 |
946.7 |
|
|
|
|
|
|
|
|
|
|
2019 |
2019 |
2020 |
2021 |
2022 |
2023 |
|
|
|
Estimated |
|
Forward |
Forward |
Forward |
|
|
Budget |
Outcome |
Budget |
Estimate |
Estimate |
Estimate |
|
|
$m |
$m |
$m |
$m |
$m |
$m |
|
|
|
|
|
|
|
|
|
KEY FISCAL AGGREGATES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET WORTH1 |
1 268.1 |
1 257.2 |
1 103.3 |
1 046.8 |
992.8 |
946.7 |
|
|
|
|
|
|
|
|
|
NET FINANCIAL WORTH2 |
1 249.5 |
1 239.1 |
1 083.3 |
1 026.3 |
971.8 |
925.1 |
|
|
|
|
|
|
|
|
|
NET FINANCIAL LIABILITIES3 |
(1 249.5) |
(1 239.1) |
(1 083.3) |
(1 026.3) |
(971.8) |
(925.1) |
|
|
|
|
|
|
|
|
|
NET DEBT4 |
(2 190.1) |
(2 364.8) |
(2 293.7) |
(2 322.5) |
(2 339.7) |
(2 362.3) |
|
|
|
|
|
|
|
|
|
GFS NET DEBT5 |
(2 190.1) |
(2 364.8) |
(2 293.7) |
(2 322.5) |
(2 339.7) |
(2 362.3) |
|
|
|
|
|
|
|
|
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 plus Lease liabilities (which are nil for the PFC Sector) less the sum of Cash and deposits and Investments.
5. GFS Net Debt represents Borrowings less the sum of Cash and deposits and Investments. As the PFC Sector has no Lease liabilities, GFS Net Debt will equal the Net Debt measure.
|
|
2018-19 |
2018-19 |
2019-20 |
2020-21 |
2021-22 |
2022-23 |
|
|
|
Estimated |
|
Forward |
Forward |
Forward |
|
|
Budget |
Outcome |
Budget |
Estimate |
Estimate |
Estimate |
|
|
$m |
$m |
$m |
$m |
$m |
$m |
|
Cash flows from operating activities |
|
|
|
|
|
|
|
Cash received from operating activities |
|
|
|
|
|
|
|
Sales of goods and services |
163.9 |
162.5 |
170.7 |
179.3 |
179.1 |
186.8 |
|
Interest received |
238.9 |
273.0 |
259.6 |
249.6 |
256.0 |
261.0 |
|
Dividends received |
60.8 |
61.4 |
64.0 |
67.4 |
70.9 |
74.4 |
|
Other receipts |
2.1 |
2.4 |
2.4 |
2.4 |
2.4 |
2.4 |
|
|
465.7 |
499.2 |
496.7 |
498.7 |
508.4 |
524.6 |
|
Cash payments for operating activities |
|
|
|
|
|
|
|
Employee entitlements |
(6.5) |
(6.6) |
(7.0) |
(7.1) |
(7.2) |
(7.4) |
|
Superannuation |
(0.9) |
(0.9) |
(0.9) |
(0.9) |
(0.9) |
(1.0) |
|
Supplies and consumables |
(116.2) |
(110.9) |
(123.7) |
(130.9) |
(139.7) |
(144.9) |
|
Borrowing costs |
(185.9) |
(215.5) |
(206.0) |
(200.2) |
(210.0) |
(215.4) |
|
Grants and subsidies paid |
(5.7) |
(5.6) |
(5.8) |
(6.0) |
(6.1) |
(6.3) |
|
Other payments |
(6.3) |
(6.6) |
(6.3) |
(6.6) |
(6.9) |
(7.3) |
|
|
(321.3) |
(346.1) |
(349.6) |
(351.6) |
(370.9) |
(382.2) |
|
|
|
|
|
|
|
|
|
Net cash flows from operating activities |
144.4 |
153.1 |
147.0 |
147.0 |
137.5 |
142.4 |
|
|
|
|
|
|
|
|
|
Cash flows from investing activities |
|
|
|
|
|
|
|
Net cash flows from non‑financial assets |
|
|
|
|
|
|
|
Purchases of non‑financial assets |
(0.7) |
(0.9) |
(2.1) |
(0.8) |
(0.8) |
(0.8) |
|
Sales of non‑financial assets |
0.1 |
.... |
.... |
.... |
.... |
.... |
|
|
(0.6) |
(0.9) |
(2.1) |
(0.8) |
(0.8) |
(0.8) |
|
Net cash flows from financial assets |
|
|
|
|
|
|
|
(liquidity management purposes) |
|
|
|
|
|
|
|
Net (purchase)/sale of investments |
21.1 |
(50.3) |
305.9 |
3.6 |
(396.2) |
16.9 |
|
|
21.1 |
(50.3) |
305.9 |
3.6 |
(396.2) |
16.9 |
|
|
|
|
|
|
|
|
|
Net cash flows from investing activities |
20.5 |
(51.1) |
303.9 |
2.8 |
(397.0) |
16.1 |
|
|
|
|
|
|
|
|
|
|
2018-19 |
2018-19 |
2019-20 |
2020-21 |
2021-22 |
2022-23 |
|
|
|
Estimated |
|
Forward |
Forward |
Forward |
|
|
Budget |
Outcome |
Budget |
Estimate |
Estimate |
Estimate |
|
|
$m |
$m |
$m |
$m |
$m |
$m |
|
|
|
|
|
|
|
|
|
Cash flows from financing activities |
|
|
|
|
|
|
|
Net borrowing |
(21.1) |
59.6 |
(215.4) |
(12.5) |
398.8 |
(18.6) |
|
Dividends and tax equivalents paid |
(143.8) |
(164.3) |
(235.5) |
(137.2) |
(139.3) |
(139.9) |
|
Net cash flows from financing activities |
(164.8) |
(104.6) |
(450.8) |
(149.7) |
259.5 |
(158.5) |
|
|
|
|
|
|
|
|
|
Net increase/(decrease) in cash held |
.... |
(2.6) |
.... |
.... |
.... |
.... |
|
|
|
|
|
|
|
|
|
Cash at beginning of the year |
6.4 |
147.9 |
145.2 |
145.3 |
145.3 |
145.3 |
|
Cash at end of the year |
6.4 |
145.2 |
145.3 |
145.3 |
145.3 |
145.4 |
|
|
|
|
|
|
|
|
|
KEY FISCAL AGGREGATES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash flows from operating activities |
144.4 |
153.1 |
147.0 |
147.0 |
137.5 |
142.4 |
|
Plus Net cash flows from non‑financial assets |
(0.6) |
(0.9) |
(2.1) |
(0.8) |
(0.8) |
(0.8) |
|
Plus Dividends and tax equivalents paid |
(143.8) |
(164.3) |
(235.5) |
(137.2) |
(139.3) |
(139.9) |
|
Equals CASH SURPLUS/(DEFICIT) |
.... |
(12.0) |
(90.5) |
9.0 |
(2.6) |
1.7 |
|
|
|
|
|
|
|
|
|
|
2018-19 |
2018-19 |
2019-20 |
2020-21 |
2021-22 |
2022-23 |
|
|
|
Estimated |
|
Forward |
Forward |
Forward |
|
|
Budget |
Outcome |
Budget |
Estimate |
Estimate |
Estimate |
|
|
$m |
$m |
$m |
$m |
$m |
$m |
|
|
|
|
|
|
|
|
|
Revenue from transactions |
|
|
|
|
|
|
|
Grants |
3 893.9 |
4 018.9 |
3 973.3 |
4 075.4 |
4 220.2 |
4 435.5 |
|
Taxation |
1 174.8 |
1 152.7 |
1 172.2 |
1 208.6 |
1 238.9 |
1 269.3 |
|
Sales of goods and services |
3 726.6 |
3 689.3 |
3 843.7 |
3 812.6 |
3 800.8 |
3 898.3 |
|
Fines and regulatory fees |
98.6 |
98.6 |
103.1 |
104.3 |
105.1 |
106.2 |
|
Interest income |
150.5 |
183.8 |
162.3 |
138.7 |
133.6 |
108.9 |
|
Dividend, tax and rate equivalent income |
60.8 |
61.4 |
64.0 |
67.4 |
70.9 |
74.4 |
|
Other revenue |
207.8 |
218.8 |
206.1 |
202.7 |
201.5 |
206.1 |
|
|
9 312.9 |
9 423.5 |
9 524.7 |
9 609.8 |
9 771.0 |
10 098.7 |
|
Less Expenses from transactions |
|
|
|
|
|
|
|
Employee expenses |
2 956.8 |
3 087.1 |
3 110.7 |
3 158.9 |
3 216.4 |
3 308.4 |
|
Superannuation |
341.8 |
379.0 |
355.5 |
354.7 |
354.5 |
355.3 |
|
Depreciation |
615.9 |
614.0 |
694.0 |
738.4 |
788.2 |
804.3 |
|
Supplies and consumables |
3 490.2 |
3 445.4 |
3 668.1 |
3 601.5 |
3 661.2 |
3 742.8 |
|
Nominal superannuation interest expense |
291.9 |
263.5 |
292.2 |
295.5 |
298.3 |
301.2 |
|
Borrowing costs |
189.2 |
211.0 |
211.7 |
207.7 |
217.0 |
215.6 |
|
Grant and subsidy expenses |
1 290.3 |
1 401.4 |
1 348.8 |
1 307.3 |
1 267.8 |
1 284.7 |
|
Other expenses |
60.3 |
39.1 |
(0.2) |
(55.1) |
(105.6) |
(105.7) |
|
|
9 236.4 |
9 440.5 |
9 680.7 |
9 609.0 |
9 697.8 |
9 906.6 |
|
|
|
|
|
|
|
|
|
Equals NET OPERATING BALANCE |
76.5 |
(17.0) |
(156.0) |
0.8 |
73.3 |
192.1 |
|
|
|
|
|
|
|
|
|
Plus Other economic flows ‑ included in Operating Result |
|
|
|
|
|
|
|
Gain/(loss) on sale of non-financial assets |
12.2 |
18.2 |
16.7 |
22.7 |
17.3 |
21.0 |
|
Movements in superannuation liability |
.... |
1 655.1 |
.... |
.... |
.... |
.... |
|
Other gains/(losses) |
(42.6) |
17.7 |
(49.8) |
(4.4) |
(23.6) |
(35.1) |
|
|
(30.4) |
1 691.0 |
(33.2) |
18.3 |
(6.3) |
(14.1) |
|
|
|
|
|
|
|
|
|
Equals Operating Result |
46.1 |
1 674.0 |
(189.2) |
19.1 |
67.0 |
178.0 |
|
|
|
|
|
|
|
|
|
Plus Other economic flows ‑ other movements in Equity |
|
|
|
|
|
|
|
Revaluations of non‑financial assets |
318.8 |
332.2 |
335.3 |
355.7 |
360.1 |
364.5 |
|
Other non-owner movements in Equity |
(16.6) |
(92.2) |
(229.8) |
(17.9) |
(17.1) |
(16.9) |
|
|
302.3 |
240.0 |
105.5 |
337.7 |
343.0 |
347.6 |
|
|
|
|
|
|
|
|
|
Equals Comprehensive Result |
348.4 |
1 914.0 |
(83.6) |
356.8 |
410.0 |
525.6 |
|
|
2018-19 |
2018-19 |
2019-20 |
2020-21 |
2021-22 |
2022-23 |
|
|
|
Estimated |
|
Forward |
Forward |
Forward |
|
|
Budget |
Outcome |
Budget |
Estimate |
Estimate |
Estimate |
|
|
$m |
$m |
$m |
$m |
$m |
$m |
|
|
|
|
|
|
|
|
|
KEY FISCAL AGGREGATES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET OPERATING BALANCE |
76.5 |
(17.0) |
(156.0) |
0.8 |
73.3 |
192.1 |
|
Less Net acquisition of non-financial assets |
|
|
|
|
|
|
|
Purchase of non-financial assets |
1 294.8 |
1 427.1 |
1 326.7 |
1 317.5 |
1 316.9 |
2 003.5 |
|
Less Sale of non-financial assets |
30.7 |
36.9 |
65.4 |
62.1 |
35.6 |
39.8 |
|
Less Depreciation |
615.9 |
614.0 |
694.0 |
738.4 |
788.2 |
804.3 |
|
|
648.2 |
776.2 |
567.3 |
517.0 |
493.1 |
1 159.5 |
|
|
|
|
|
|
|
|
|
Equals FISCAL BALANCE |
(571.7) |
(793.2) |
(723.4) |
(516.2) |
(419.9) |
(967.4) |
|
|
|
|
|
|
|
|
|
|
2019 |
2019 |
2020 |
2021 |
2022 |
2023 |
|
|
|
Estimated |
|
Forward |
Forward |
Forward |
|
|
Budget |
Outcome |
Budget |
Estimate |
Estimate |
Estimate |
|
|
$m |
$m |
$m |
$m |
$m |
$m |
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
Financial assets |
|
|
|
|
|
|
|
Cash and deposits |
72.7 |
380.3 |
261.7 |
249.2 |
290.6 |
257.7 |
|
Investments |
5 042.9 |
6 032.0 |
5 484.4 |
5 027.9 |
5 008.7 |
4 309.4 |
|
Other equity investments |
119.8 |
116.6 |
142.7 |
198.9 |
255.0 |
321.2 |
|
Receivables |
830.4 |
834.0 |
810.8 |
803.2 |
797.4 |
800.7 |
|
Other financial assets |
1 401.4 |
1 024.4 |
1 012.4 |
1 003.7 |
1 004.0 |
1 004.3 |
|
|
7 467.4 |
8 387.4 |
7 712.1 |
7 282.9 |
7 355.8 |
6 693.2 |
|
|
|
|
|
|
|
|
|
Non-financial assets |
|
|
|
|
|
|
|
Land and buildings |
6 887.7 |
6 913.0 |
7 205.8 |
7 452.5 |
7 659.0 |
7 781.0 |
|
Infrastructure |
13 627.1 |
14 063.8 |
14 591.7 |
15 166.0 |
15 744.2 |
17 061.0 |
|
Plant and equipment |
634.3 |
623.7 |
653.1 |
685.2 |
683.7 |
685.3 |
|
Heritage and cultural assets |
486.0 |
474.3 |
486.5 |
498.7 |
511.1 |
523.4 |
|
Biological assets |
93.7 |
125.1 |
134.2 |
137.6 |
141.2 |
145.0 |
|
Investment property |
20.5 |
20.9 |
22.5 |
22.9 |
23.2 |
23.5 |
|
Intangibles |
187.8 |
188.2 |
191.6 |
193.4 |
193.8 |
193.5 |
|
Assets held for sale |
22.8 |
27.3 |
22.6 |
21.5 |
21.5 |
21.5 |
|
Lease - right‑of‑use assets1 |
.... |
.... |
383.6 |
369.8 |
347.6 |
323.2 |
|
Other non-financial assets |
122.9 |
121.1 |
136.1 |
136.5 |
138.4 |
139.4 |
|
|
22 082.6 |
22 557.5 |
23 827.7 |
24 684.1 |
25 463.6 |
26 896.8 |
|
|
|
|
|
|
|
|
|
Total Assets |
29 550.0 |
30 944.8 |
31 539.8 |
31 966.9 |
32 819.4 |
33 590.0 |
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
Borrowings |
5 192.0 |
6 019.9 |
6 133.2 |
6 131.0 |
6 445.2 |
6 592.2 |
|
Lease liabilities1 |
.... |
.... |
387.9 |
373.4 |
349.1 |
321.5 |
|
Superannuation |
7 400.8 |
7 473.1 |
7 547.4 |
7 616.4 |
7 670.7 |
7 712.6 |
|
Employee entitlements |
757.8 |
799.8 |
784.4 |
799.5 |
817.1 |
840.6 |
|
Payables |
584.2 |
708.5 |
727.2 |
728.3 |
737.8 |
735.2 |
|
Other liabilities |
4 021.8 |
3 529.1 |
3 629.1 |
3 630.8 |
3 701.8 |
3 764.7 |
|
Total Liabilities |
17 956.7 |
18 530.4 |
19 209.0 |
19 279.4 |
19 721.8 |
19 966.9 |
|
|
|
|
|
|
|
|
|
NET ASSETS |
11 593.3 |
12 414.4 |
12 330.8 |
12 687.6 |
13 097.6 |
13 623.1 |
|
|
|
|
|
|
|
|
Notes:
1. As a result of the new Australian Accounting Standard AASB 16 Leases, all leases are recognised on the Balance Sheet as a liability and right‑of‑use asset from 2019-20. Refer to appendix 1.2 to chapter 1 of this Budget Paper for more detail on this change.
2. Net Worth represents Total Assets (both Financial and Non‑financial) less Total Liabilities.
3. Net Financial Worth represents Total Financial assets less Total Liabilities.
4. Net Financial Liabilities represents Total Liabilities less Financial assets. For the Total State Sector, this is equivalent to negative Net Financial Worth.
5. Net Debt represents Borrowings plus Lease liabilities, less the sum of Cash and deposits and Investments. This measure incorporates the impact of recognising Lease liabilities on the Balance Sheet as a result of the changes under AASB 16 which is effective from 2019-20.
6. GFS Net Debt represents Borrowings less the sum of Cash and deposits and Investments. This is equivalent to Net Debt based on the Australian Bureau of Statistics Government Finance Statistics reporting framework.
|
|
2018-19 |
2018-19 |
2019-20 |
2020-21 |
2021-22 |
2022-23 |
|
|
|
Estimated |
|
Forward |
Forward |
Forward |
|
|
Budget |
Outcome |
Budget |
Estimate |
Estimate |
Estimate |
|
|
$m |
$m |
$m |
$m |
$m |
$m |
|
|
|
|
|
|
|
|
|
Cash flows from operating activities |
|
|
|
|
|
|
|
Cash receipts from operating activities |
|
|
|
|
|
|
|
Grants received |
3 895.1 |
4 021.3 |
3 840.8 |
4 038.1 |
4 221.7 |
4 425.8 |
|
Taxation |
1 173.2 |
1 150.1 |
1 169.8 |
1 206.6 |
1 236.4 |
1 266.8 |
|
Sales of goods and services |
3 796.0 |
3 788.5 |
3 907.3 |
3 893.2 |
3 919.9 |
3 999.3 |
|
Fines and regulatory fees |
98.6 |
98.7 |
103.0 |
104.3 |
105.1 |
106.2 |
|
Interest received |
150.5 |
182.7 |
162.8 |
137.6 |
133.2 |
107.8 |
|
Dividend, tax and rate equivalents |
60.8 |
61.4 |
64.0 |
67.4 |
70.9 |
74.4 |
|
Other receipts |
485.4 |
484.8 |
469.0 |
455.7 |
453.5 |
459.3 |
|
|
9 659.6 |
9 787.5 |
9 716.7 |
9 902.9 |
10 140.7 |
10 439.6 |
|
Cash payments for operating activities |
|
|
|
|
|
|
|
Employee entitlements |
(2 969.4) |
(3 096.9) |
(3 146.8) |
(3 162.6) |
(3 227.0) |
(3 302.4) |
|
Superannuation |
(528.3) |
(539.0) |
(556.8) |
(561.6) |
(578.2) |
(593.8) |
|
Supplies and consumables |
(3 481.8) |
(3 353.3) |
(3 673.3) |
(3 602.0) |
(3 638.4) |
(3 735.2) |
|
Borrowing costs |
(195.4) |
(218.7) |
(209.0) |
(204.8) |
(212.7) |
(193.5) |
|
Grants and subsidies paid |
(1 290.8) |
(1 401.9) |
(1 349.4) |
(1 307.7) |
(1 268.2) |
(1 285.2) |
|
Other payments |
(363.0) |
(352.5) |
(274.2) |
(219.0) |
(166.5) |
(173.9) |
|
|
(8 828.7) |
(8 962.2) |
(9 209.5) |
(9 057.6) |
(9 091.1) |
(9 284.1) |
|
|
|
|
|
|
|
|
|
Net cash flows from operating activities |
831.0 |
825.3 |
507.2 |
845.4 |
1 049.6 |
1 155.5 |
|
|
|
|
|
|
|
|
|
Cash flows from investing activities |
|
|
|
|
|
|
|
Net cash flows from non-financial assets |
|
|
|
|
|
|
|
Purchase of non-financial assets |
(1 285.6) |
(1 418.6) |
(1 315.1) |
(1 305.4) |
(1 305.0) |
(1 991.6) |
|
Sales of non-financial assets |
30.7 |
33.0 |
61.6 |
58.9 |
31.8 |
36.0 |
|
|
(1 254.9) |
(1 385.5) |
(1 253.5) |
(1 246.6) |
(1 273.2) |
(1 955.6) |
|
|
|
|
|
|
|
|
|
Net cash flows from financial assets (policy purposes) |
|
|
|
|
|
|
|
Equity injections |
(23.5) |
(25.5) |
(25.5) |
(55.5) |
(55.5) |
(65.5) |
|
Net advances paid |
(27.6) |
(3.0) |
4.1 |
6.6 |
2.5 |
2.5 |
|
Equity disposals |
1.1 |
3.6 |
3.6 |
3.6 |
3.6 |
3.6 |
|
|
(49.9) |
(24.9) |
(17.8) |
(45.3) |
(49.4) |
(59.4) |
|
Net cash flows from financial assets (liquidity management purposes) |
|
|
|
|
|
|
|
Net (purchase)/sale of investments |
241.0 |
407.9 |
562.3 |
454.6 |
11.6 |
689.4 |
|
|
241.0 |
407.9 |
562.3 |
454.6 |
11.6 |
689.4 |
|
|
|
|
|
|
|
|
|
Net cash flows from investing activities |
(1 063.8) |
(1 002.5) |
(709.0) |
(837.3) |
(1 311.0) |
(1 325.6) |
|
|
2018-19 |
2018-19 |
2019-20 |
2020-21 |
2021-22 |
2022-23 |
|
|
|
Estimated |
|
Forward |
Forward |
Forward |
|
|
Budget |
Outcome |
Budget |
Estimate |
Estimate |
Estimate |
|
|
$m |
$m |
$m |
$m |
$m |
$m |
|
|
|
|
|
|
|
|
|
Cash flows from financing activities |
|
|
|
|
|
|
|
Net borrowing |
220.6 |
(65.7) |
83.2 |
(20.7) |
302.9 |
137.1 |
|
Net cash flows from financing activities |
220.6 |
(65.7) |
83.2 |
(20.7) |
302.9 |
137.1 |
|
|
|
|
|
|
|
|
|
Net increase/(decrease) in cash held |
(12.3) |
(242.9) |
(118.6) |
(12.6) |
41.5 |
(33.0) |
|
|
|
|
|
|
|
|
|
Cash at the beginning of the year |
85.0 |
623.3 |
380.3 |
261.7 |
249.2 |
290.6 |
|
Cash at the end of the year |
72.7 |
380.3 |
261.7 |
249.2 |
290.6 |
257.7 |
|
|
|
|
|
|
|
|
|
KEY FISCAL AGGREGATES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash flows from operating activities |
831.0 |
825.3 |
507.2 |
845.4 |
1 049.6 |
1 155.5 |
|
Plus Net cash flows from non-financial assets |
(1 254.9) |
(1 385.5) |
(1 253.5) |
(1 246.6) |
(1 273.2) |
(1 955.6) |
|
Equals CASH SURPLUS/(DEFICIT) |
(423.9) |
(560.2) |
(746.3) |
(401.2) |
(223.6) |
(800.1) |
|
|
|
|
|
|
|
|
|
|
2018-19 |
2018-19 |
2019-20 |
2020-21 |
2021-22 |
2022-23 |
|
|
Estimated |
|
Forward |
Forward |
Forward |
|
|
|
Budget |
Outcome |
Budget |
Estimate |
Estimate |
Estimate |
|
$m |
$m |
$m |
$m |
$m |
$m |
|
|
|
|
|
|
|
|
|
|
General public services1 |
291.9 |
334.3 |
270.3 |
236.9 |
184.5 |
198.3 |
|
Public order and safety |
590.6 |
650.0 |
615.7 |
611.2 |
627.6 |
627.4 |
|
Economic affairs |
295.7 |
290.8 |
319.7 |
290.4 |
269.4 |
252.6 |
|
Environmental protection |
95.4 |
98.2 |
98.1 |
99.1 |
97.6 |
97.0 |
|
Housing and community amenities |
164.4 |
181.0 |
169.2 |
163.3 |
153.9 |
154.8 |
|
Health |
1 806.1 |
1 950.9 |
1 961.6 |
1 966.6 |
2 044.9 |
2 121.6 |
|
Recreation, culture and religion |
149.7 |
143.2 |
155.7 |
140.4 |
135.0 |
132.7 |
|
Education |
1 602.1 |
1 630.7 |
1 676.9 |
1 747.0 |
1 809.5 |
1 870.1 |
|
Social protection |
526.3 |
555.1 |
519.4 |
489.1 |
489.9 |
502.1 |
|
Transport |
262.3 |
262.2 |
291.4 |
294.2 |
306.3 |
312.8 |
|
Nominal interest on superannuation |
270.9 |
243.3 |
271.3 |
274.4 |
277.0 |
279.6 |
|
|
|
|
|
|
|
|
|
6 055.4 |
6 339.7 |
6 349.3 |
6 312.5 |
6 395.5 |
6 549.2 |
|
|
|
|
|
|
|
|
|
Note:
1. The decrease in General public services expenditure primarily reflects the inclusion of Budget Savings of $50 million in 2019-20, $100 million in 2020-21 and $150 million in 2021-22 and 2022-23.
Table A1.16 presents General Government Expenses from Transactions classified by purpose. This is presented in accordance with the Classification of the Functions of Government - Australia. The COFOG‑A is the classification framework which was introduced by the Australian Bureau of Statistics from 1 July 2017. The COFOG‑A replaced the Government Purpose Classification.