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.

 


 

Introduction

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.


 

Government Financial Estimates

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.

Table A1.1:       General Government Income Statement

 

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 

 

 

 

 

 

 

 

 

Table A1.1:       General Government Income Statement (continued)

 

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 

 

 

 

 

 

 

 


 

Table A1.2:       General Government Balance Sheet as at 30 June

 

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 

Table A1.2:       General Government Balance Sheet as at 30 June (continued)

 

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.

 

 

Table A1.3:       General Government Cash Flow Statement

 

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)

 

Table A1.3:         General Government Cash Flow Statement (continued)

 

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 

 

 

 

 

 

 

 

 

 


 

Table A1.4:       Public Non-Financial Corporations Sector Income Statement

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)

 

 

 


Table A1.4:       Public Non‑Financial Corporations Sector Income Statement (continued)

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.

 


 

Table A1.5:       Public Non-Financial Corporations Sector Balance Sheet as at 30 June

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 


Table A1.5:       Public Non‑Financial Corporations Sector Balance Sheet as at 30 June (continued)

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

 4 130.3 

 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.

 

 


 

Table A1.6:       Public Non-Financial Corporations Sector Cash Flow Statement

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
(policy purposes)

 

 

 

 

 

 

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)

 

 

 

 

 

 

 

 


Table A1.6:       Public Non‑Financial Corporations Sector Cash Flow Statement (continued)

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)

 

 

 

 

 

 

 

 


 

Table A1.7:       Total Non-Financial Public Sector Income Statement

 

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
Operating Result

 

 

 

 

 

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 

 


 

Table A1.7:       Total Non‑Financial Public Sector Income Statement (continued)

 

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)

 

 


 

Table A1.8:       Total Non-Financial Public Sector Balance Sheet as at 30 June

 

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 

 


 

Table A1.8:       Total Non‑Financial Public Sector Balance Sheet as at 30 June (continued)

 

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.

 

 


 

Table A1.9:       Total Non-Financial Public Sector Cash Flow Statement

 

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)

Table A1.9:       Total Non‑Financial Public Sector Cash Flow Statement (continued)

 

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)

 

 

 

 

 

 

 

 


 

Table A1.10:     Public Financial Corporations Sector Income Statement

 

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)

 

 

 

 

 

 

 

 


 

Table A1.10:     Public Financial Corporations Sector Income Statement (continued)

 

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)

 

 

 

 

 

 

 

 


 

Table A1.11:     Public Financial Corporations Sector Balance Sheet as at 30 June

 

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 

 

 

 

 

 

 

 

 


Table A1.11:     Public Financial Corporations Sector Balance Sheet as at 30 June (continued)

 

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.

 

 


 

Table A1.12:     Public Financial Corporations Sector Cash Flow Statement

 

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 

 

 

 

 

 

 

 

 

 


 

Table A1.12:     Public Financial Corporations Sector Cash Flow Statement (continued)

 

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 

 

 

 

 

 

 

 

 

 


 

Table A1.13:     Total State Sector Income Statement

 

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 

 


Table A1.13:     Total State Sector Income Statement (continued)

 

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)

 

 

 

 

 

 

 

 

 


 

Table A1.14:     Total State Sector Balance Sheet as at 30 June

 

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 

 

 

 

 

 

 

 

 


Table A1.14:     Total State Sector Balance Sheet as at 30 June (continued)

 

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

 4 880.0 

 5 098.9 

 4 640.2 

 4 641.4 

 4 691.3 

 4 852.4 

Asset revaluation reserve

 6 703.3 

 7 304.3 

 7 639.5 

 7 995.2 

 8 355.3 

 8 719.8 

Other equity

  10.0 

  11.2 

  51.0 

  51.0 

  51.0 

  51.0 

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

(10 489.3)

(10 143.0)

(11 496.9)

(11 996.5)

(12 366.0)

(13 273.7)

 

 

 

 

 

 

 

NET FINANCIAL LIABILITIES4

 10 489.3 

 10 143.0 

 11 496.9 

 11 996.5 

 12 366.0 

 13 273.7 

 

 

 

 

 

 

 

NET DEBT5

  76.4 

(392.5)

  774.9 

 1 227.3 

 1 494.9 

 2 346.6 

 

 

 

 

 

 

 

GFS NET DEBT6

  76.4 

(392.5)

  387.0 

  853.9 

 1 145.8 

 2 025.1 

 

 

 

 

 

 

 

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.


 

Table A1.15:     Total State Sector Cash Flow Statement

 

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)


Table A1.15:     Total State Sector Cash Flow Statement (continued)

 

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)

 

 

 

 

 

 

 

 

 


 

Table A1.16:     General Government Expenses from Transactions by Purpose

 

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.