Appendix 1†††† Uniform Government Reporting

Key Issues

       The estimated Net Operating Balance for 2020-21 is a deficit of $1 118 million for the General Government Sector, a deficit of $37.7 million for the Public Non-Financial Corporations Sector, a deficit of $1 155.6 million for the Total Non-Financial Public Sector, a deficit of $105.1 million for the Public Financial Corporations Sector and a deficit of $1 260.7 million for the Total State Sector.

       Over the term of the 2020‑21 Budget and Forward Estimates, the General Government Sector Net Operating Balance is expected to return to a modest surplus position (in 2022‑23 and 2023‑24). The Total State Sector Net Operating Balance also improves significantly over the term of the Forward Estimates with a deficit of $18.5 million estimated for 2023-24.

       The estimated Fiscal Balance for 2020-21 is a deficit of $1 779.7 million for the GGS, a deficit of $297.7 million for the PNFC Sector, a deficit of $2 077.4 million for the TNFP Sector, a deficit of $100.5 million for the PFC Sector and a deficit of $2 177.8 million for the Total State Sector.

       To enable comparisons with the 2019‑20 Budget and prior year information, 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.

 


 

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.

In accordance with the UPF, the final end of year results for 2019-20 have been released in the Treasurerís Annual Financial Report 2019‑20. This information has been included as 2019-20 Actual information in this Appendix.

The statements present the 2019-20 Original Budget, 2019-20 Actual, 2020‑21 Budget Estimates and Forward Estimates for the period 2021-22 to 2023-24. For taxation information required under the UPF, refer to chapter 5 of this Budget Paper.


 

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

 

2019-20 

2019-20 

2020-21 

2021-22 

2022-23 

2023-24 

 

 

Forward 

Forward 

Forward 

 

Budget 

Actual 

Budget 

Estimate 

Estimate 

Estimate 

 

$m 

$m 

$m 

$m 

$m 

$m 

Revenue from transactions

 

 

 

 

 

 

Grants

3 973.3 

3 898.7 

4 066.1 

4 411.7 

4 688.6 

4 929.1 

Taxation

1 215.5 

1 271.0 

1 220.6 

1 297.1 

1 338.8 

1 375.3 

Sales of goods and services

416.0 

†382.8 

433.4 

459.2 

468.0 

475.4 

Fines and regulatory fees

103.1 

†92.9 

102.2 

108.1 

109.4 

110.8 

Interest income

16.8 

†9.8 

14.9 

15.4 

16.8 

11.9 

Dividend, tax and rate equivalent income

524.1 

†541.9 

413.1 

348.2 

296.0 

257.4 

Other revenue

157.9 

†216.9 

177.9 

172.8 

177.0 

175.4 

 

6 406.7 

6 413.9 

6 428.1 

6 812.4 

7 094.6 

7 335.2 

 

 

 

 

 

 

 

Less Expenses from transactions

 

 

 

 

 

 

Employee expenses

2 675.1 

2 916.4 

3 051.7 

3 124.2 

3 151.3 

3 259.6 

Superannuation

305.1 

†389.4 

373.8 

390.7 

378.4 

379.2 

Depreciation

329.4 

†361.1 

388.1 

415.3 

430.7 

446.2 

Supplies and consumables

1 293.8 

1 289.1 

1 731.8 

1 386.3 

1 387.0 

1 474.7 

Nominal superannuation interest expense

271.3 

†180.1 

161.8 

94.5 

94.5 

94.7 

Borrowing costs

14.1 

†9.3 

29.3 

53.1 

62.8 

70.2 

Grant and subsidy expenses

1 461.2 

1 537.6 

1 771.0 

1 597.6 

1 544.9 

1 565.4 

Other expenses

(0.7)

†68.5 

38.7 

32.2 

31.3 

28.0 

 

6 349.3 

6 751.6 

7 546.1 

7 093.9 

7 080.7 

7 318.0 

 

 

 

 

 

 

 

Equals NET OPERATING BALANCE

57.4 

(337.7)

(1 118.0)

(281.5)

13.9 

17.2 

 

 

 

 

 

 

 

Plus Other economic flows - included in Operating Result

 

 

 

 

 

 

Gain/(loss) on sale of non‑financial assets

16.7 

.... 

16.6 

25.0 

17.9 

17.3 

Revaluation of equity investment in PNFC and PFC sectors

(227.6)

.... 

.... 

.... 

.... 

.... 

Other gains/(losses)

(2.0)

†56.3 

80.9 

16.2 

(31.5)

1.9 

 

(212.9)

†56.3 

97.5 

41.2 

(13.6)

19.2 

 

 

 

 

 

 

 

Equals Operating Result

(155.6)

(281.3)

(1 020.5)

(240.3)

0.3 

36.5 

 

 

 

 

 

 

 

 

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

 

2019-20 

2019-20 

2020-21 

2021-22 

2022-23 

2023-24 

 

 

Forward 

Forward 

Forward 

 

Budget 

Actual 

Budget 

Estimate 

Estimate 

Estimate 

 

$m 

$m 

$m 

$m 

$m 

$m 

Plus Other economic flows ‑ other movements in Equity

 

 

 

 

 

 

Revaluations of non-financial assets

282.7 

(62.1)

220.2 

280.4 

282.0 

317.4 

Revaluation of equity investment in PNFC and PFC sectors

.... 

(572.4)

148.3 

(94.3)

(26.1)

26.0 

Movements in superannuation liability

.... 

(43.3)

(1 198.2)

.... 

.... 

.... 

Other non-owner movements in Equity

(210.8)

(61.2)

.... 

.... 

.... 

.... 

71.9 

(738.9)

(829.6)

186.1 

255.9 

343.3 

 

 

 

 

 

 

 

Equals Comprehensive Result

(83.6)

(1 020.2)

(1 850.1)

(54.2)

256.2 

379.8 

 

 

 

 

 

 

 

KEY FISCAL AGGREGATES

 

 

 

 

 

 

 

 

 

 

 

 

 

NET OPERATING BALANCE

57.4 

(337.7)

(1 118.0)

(281.5)

13.9 

17.2 

 

 

 

 

 

 

 

Less Net acquisition of non‑financial assets

 

 

 

 

 

 

Purchases of non‑financial assets

700.1 

†508.7 

1 085.5 

922.9 

819.0 

936.8 

Less Sales of non‑financial assets

65.0 

†58.4 

35.7 

43.1 

36.1 

35.5 

Less Depreciation

329.4 

†361.1 

388.1 

415.3 

430.7 

446.2 

 

305.7 

†89.3 

661.7 

464.4 

352.2 

455.1 

 

 

 

 

 

 

 

Equals FISCAL BALANCE

(248.4)

(426.9)

(1 779.7)

(745.9)

(338.3)

(437.9)

 

 

 

 

 

 

 

 


 

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

 

2020 

2020 

2021 

2022 

2023 

2024 

 

 

Forward 

Forward 

Forward 

 

Budget 

Actual 

Budget 

Estimate 

Estimate 

Estimate 

 

$m 

$m 

$m 

$m 

$m 

$m 

Assets

 

 

 

 

 

 

Financial assets

 

 

 

 

 

 

Cash and deposits

926.6 

1 180.5 

1 160.4 

1 138.6 

913.3 

911.1 

Investments

158.8 

†218.3 

420.3 

457.1 

252.7 

241.3 

Equity investment in PNFC and PFC sectors

5 451.5 

4 556.8 

4 721.8 

4 759.4 

5 082.0 

5 190.1 

Other equity investments

71.5 

†69.3 

124.8 

180.3 

245.8 

251.3 

Receivables

307.8 

†331.3 

326.5 

323.9 

321.1 

318.4 

Other financial assets

822.9 

†492.4 

585.3 

620.8 

631.3 

679.1 

 

7 739.1 

6 848.7 

7 339.1 

7 480.1 

7 446.1 

7 591.2 

 

 

 

 

 

 

 

Non‑financial assets

 

 

 

 

 

 

Land and buildings

6 953.3 

7 150.2 

7 470.8 

7 737.3 

7 839.7 

7 980.3 

Infrastructure

6 115.9 

5 833.8 

6 405.0 

6 922.6 

7 482.8 

8 157.3 

Plant and equipment

270.9 

†270.3 

291.9 

289.9 

291.0 

290.2 

Heritage and cultural assets

486.5 

†439.7 

452.0 

464.3 

476.6 

488.9 

Investment property

4.1 

†3.0 

3.3 

3.7 

4.0 

4.3 

Intangibles

51.4 

†63.1 

71.9 

97.0 

116.2 

121.4 

Assets held for sale

6.6 

†13.6 

16.7 

15.0 

15.7 

14.6 

Lease - right‑of‑use assets1

333.4 

†348.4 

412.1 

375.6 

344.7 

316.9 

Other non‑financial assets

41.6 

†55.4 

48.2 

48.0 

47.8 

47.6 

 

14 263.7 

14 177.5 

15 171.9 

15 953.3 

16 618.4 

17 421.5 

 

 

 

 

 

 

 

Total Assets

22 002.7 

21 026.1 

22 510.9 

23 433.4 

24 064.5 

25 012.7 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

Borrowings

1 035.0 

†867.8 

3 013.5 

4 061.9 

4 535.9 

5 201.2 

Lease liabilities1

334.9 

†355.5 

422.1 

388.2 

359.1 

331.7 

Superannuation

7 007.8 

10 280.3 

11 481.0 

11 426.9 

11 350.1 

11 252.3 

Employee entitlements

665.2 

†775.2 

800.0 

818.6 

837.3 

856.4 

Payables

164.7 

†194.3 

191.7 

194.2 

195.9 

197.5 

Other liabilities

464.4 

†690.2 

590.0 

585.2 

571.5 

579.1 

Total Liabilities

9 671.9 

13 163.3 

16 498.3 

17 475.0 

17 849.8 

18 418.2 

 

 

 

 

 

 

 

NET ASSETS

12 330.8 

7 862.8 

6 012.7 

5 958.4 

6 214.7 

6 594.5 

 

 

 

 

 

 

 

Equity

 

 

 

 

 

 

Accumulated funds

5 830.6 

3 769.1 

1 550.5 

1 310.2 

1 310.4 

1 346.9 

Asset revaluation reserve

6 500.2 

5 076.1 

5 296.3 

5 576.7 

5 858.7 

6 176.1 

Other revaluation reserves

.... 

(982.4)

(834.1)

(928.4)

(954.5)

(928.5)

Total Equity

12 330.8 

7 862.8 

6 012.7 

5 958.4 

6 214.7 

6 594.5 

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

 

2020 

2020 

2021 

2022 

2023 

2024 

 

 

 

Forward 

Forward 

Forward 

 

Budget 

Actual 

Budget 

Estimate 

Estimate 

Estimate 

 

$m 

$m 

$m 

$m 

$m 

$m 

KEY FISCAL AGGREGATES

 

 

 

NET WORTH2

12 330.8 

7 862.8 

6 012.7 

5 958.4 

6 214.7 

6 594.5 

 

 

 

 

 

 

 

NET FINANCIAL WORTH3

(1 932.9)

(6 314.7)

(9 159.2)

(9 994.9)

(10 403.7)

(10 827.0)

 

 

 

 

 

 

 

NET FINANCIAL LIABILITIES4

7 384.4 

10 871.4 

13 881.0 

14 754.2 

15 485.7 

16 017.2 

 

 

 

 

 

 

 

NET DEBT5

284.5 

(175.5)

1 854.8 

2 854.4 

3 729.1 

4 380.5 

 

 

 

 

 

 

 

GFS NET DEBT6

(50.4)

(531.1)

1 432.8 

2 466.2 

3 370.0 

4 048.8 

 

 

 

Notes:

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.

Net Worth represents Total Assets (both Financial and Non‑financial) less Total Liabilities.

Net Financial Worth represents Total Financial assets less Total Liabilities.

Net Financial Liabilities represents Total Liabilities less Financial assets, excluding Equity investment in PNFC and PFC Sectors.

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 was effective from 2019-20.

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

 

2019-20

2019-20 

2020-21 

2021-22 

2022-23 

2023-24 

 

 

 

 

Forward 

Forward 

Forward 

 

Budget 

Actual 

Budget 

Estimate 

Estimate 

Estimate 

 

$m 

$m 

$m 

$m 

$m 

$m 

Cash flows from operating activities

 

 

 

 

 

 

Cash received from operating activities

 

 

 

 

 

 

Grants received

3 838.7 

3 893.6 

3 966.0 

4 386.3 

4 654.1 

4 918.2 

Taxation

1 213.1 

1 276.4 

1 218.7 

1 294.4 

1 336.2 

1 372.7 

Sales of goods and services

414.7 

†368.9 

432.0 

457.5 

466.8 

473.2 

Fines and regulatory fees

103.0 

†99.5 

102.2 

108.0 

109.4 

110.8 

Interest received

17.2 

†11.3 

14.0 

15.7 

16.0 

11.9 

Dividend, tax and rate equivalents

511.5 

†595.5 

414.4 

344.4 

286.2 

246.9 

Other receipts

331.5 

†461.7 

404.3 

404.5 

408.5 

408.9 

 

6 429.8 

6 706.9 

6 551.6 

7 010.8 

7 277.3 

7 542.5 

 

 

 

 

 

 

 

Cash payments for operating activities

 

 

 

 

 

 

Employee entitlements

(2 688.5)

(2 864.6)

(3 023.1)

(3 104.5)

(3 131.4)

(3 239.5)

Superannuation

(509.7)

(508.9)

(528.5)

(538.0)

(548.2)

(570.2)

Supplies and consumables

(1 296.8)

(1 377.9)

(1 737.6)

(1 377.6)

(1 378.4)

(1 468.0)

Borrowing costs

(14.3)

(6.9)

(29.4)

(53.1)

(62.6)

(70.3)

Grants and subsidies paid

(1 461.2)

(1 509.8)

(1 770.9)

(1 597.5)

(1 544.8)

(1 565.3)

Other payments

(172.7)

(259.9)

(267.5)

(266.5)

(265.2)

(264.1)

 

(6 143.2)

(6 528.0)

(7 357.0)

(6 937.3)

(6 930.6)

(7 177.5)

 

 

 

 

 

 

 

Net cash flows from operating activities

286.7 

†178.8 

(805.3)

73.6 

346.7 

365.1 

 

 

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

 

 

Net cash flows from non‑financial assets

 

 

 

 

 

 

Purchases of non‑financial assets

(688.4)

(508.7)

(1 073.2)

(910.7)

(807.0)

(924.9)

Sales of non‑financial assets

61.2 

†58.4 

32.7 

39.4 

32.3 

31.7 

 

(627.3)

(450.4)

(1 040.5)

(871.4)

(774.8)

(893.2)

Net cash flows from financial assets (policy purposes)

 

 

 

 

 

 

Equity injections

(116.9)

(109.2)

(72.2)

(187.4)

(414.3)

(87.6)

Net advances paid

4.1 

(56.4)

(81.7)

(38.2)

(23.6)

(13.8)

Equity disposals

3.6 

†3.0 

† 3.6 

† 3.6 

† 3.6 

† 3.6 

(109.2)

†(162.6)

(150.3)

(222.0)

(434.3)

(97.8)

Net cash flows from financial assets (liquidity management purposes)

 

 

 

 

 

 

Net (purchase)/sale of investments

(54.9)

(38.5)

(121.6)

(2.2)

206.3 

.... 

 

(54.9)

(38.5)

(121.6)

(2.2)

206.3 

.... 

 

 

 

 

 

 

 

Net cash flows from investing activities

(791.4)

(651.5)

(1 312.3)

(1 095.5)

(1 002.7)

(991.0)

 

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

 

2019-20

2019-20 

2020-21 

2021-22 

2022-23 

2023-24 

 

 

 

Forward 

Forward 

Forward 

 

Budget 

Actual 

Budget 

Estimate 

Estimate 

Estimate 

 

$m 

$m 

$m 

$m 

$m 

$m 

Cash flows from financing activities

 

 

 

 

 

 

Net borrowing

332.8 

†400.5 

2 097.6 

1 000.2 

430.7 

623.7 

Other Financing

.... 

†6.4 

.... 

.... 

.... 

.... 

332.8 

†406.9 

2 097.6 

1 000.2 

430.7 

623.7 

 

 

 

 

 

 

 

Net increase/(decrease) in cash held

(171.9)

†(65.8)

(20.1)

(21.8)

(225.4)

(2.2)

 

 

 

 

 

 

Cash at the beginning of the year

1 098.5 

1 246.3 

1 180.5 

1 160.4 

1 138.6 

913.3 

Cash at the end of the year

926.6 

1 180.5 

1 160.4 

1 138.6 

913.3 

911.1 

 

 

 

 

 

 

 

KEY FISCAL AGGREGATES

 

 

 

 

 

 

 

 

 

 

 

 

 

Net cash flows from operating activities

286.7 

†178.8 

(805.3)

73.6 

346.7 

365.1 

Plus Net cash flows from non‑financial assets

(627.3)

(450.4)

(1 040.5)

(871.4)

(774.8)

(893.2)

Equals CASH SURPLUS/(DEFICIT)

(340.6)

(271.5)

(1 845.8)

(797.8)

(428.1)

(528.1)

 

 

 

 

 

 

 

 


 

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

2019-20 

2019-20 

2020-21 

2021-22 

2022-23 

2023-24 

 

 

 

Forward 

Forward 

Forward 

Budget 

Actual 

Budget 

Estimate 

Estimate 

Estimate 

$m 

$m 

$m 

$m 

$m 

$m 

 

 

 

 

 

 

Revenue from transactions

 

 

 

 

 

 

Grants

† 159.9 

† 175.7 

† 194.5 

† 161.6 

† 164.3 

† 166.0 

Sales of goods and services

†3 322.7 

†3 371.6 

†3 086.0 

†3 002.4 

†2 997.3 

†3 098.7 

Interest income

† 4.6 

† 8.2 

† 4.3 

† 4.8 

† 3.2 

† 2.4 

Other revenue

† 43.0 

†34.5 

† 32.0 

† 33.9 

† 36.6 

† 38.4 

†3 530.3 

3 590.0 †

†3 316.8 

†3 202.8 

†3 201.4 

†3 305.4 

 

 

 

 

 

 

Less Expenses from transactions

 

 

 

 

 

 

Employee expenses

† 428.6 

† 454.9 

† 429.0 

† 437.4 

† 450.3 

† 460.3 

Superannuation

† 49.2 

† 58.5 

† 63.2 

† 69.9 

† 71.1 

† 72.4 

Depreciation

† 364.4 

† 313.4 

† 351.9 

† 371.6 

† 384.0 

† 386.7 

Supplies and consumables

†2 243.0 

†2 201.6 

†2 054.9 

†1 964.9 

†1 956.2 

†2 020.2 

Nominal superannuation interest expense

† 20.9 

† 13.8 

† 13.0 

† 6.8 

† 6.9 

† 6.9 

Borrowing costs

† 124.7 

† 118.5 

† 107.5 

† 105.8 

† 127.6 

† 120.5 

Dividend and income tax equivalent expenses

† 281.6 

† 302.5 

† 264.4 

† 203.8 

† 150.6 

† 111.3 

Grant and subsidy expenses

† 42.3 

† 41.8 

† 41.8 

† 41.8 

† 41.8 

† 41.8 

Other expenses

† 26.8 

† 59.7 

† 28.7 

† 29.3 

† 29.8 

† 30.3 

†3 581.4 

†3 564.7 

†3 354.4 

†3 231.2 

†3 218.4 

†3 250.4 

 

 

 

 

 

 

Equals NET OPERATING BALANCE

(51.1)

25.3 

(37.7)

(28.4)

(17.0)

† 55.1 

 

 

 

 

 

 

Plus Other economic flows ‑ included in Operating Result

 

 

 

 

 

 

Other gains/(losses)

(69.5)

(876.3)

(111.9)

(42.9)

(63.0)

(42.2)

(69.5)

(876.3)

(111.9)

(42.9)

(63.0)

(42.2)

 

 

 

 

 

 

Equals Operating Result

(120.6)

(851.0)

(149.6)

(71.3)

(79.9)

† 12.8 

 

 


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

2019-20 

2019-20 

2020-21 

2021-22 

2022-23 

2023-24 

 

 

 

Forward 

Forward 

Forward 

Budget 

Actual 

Budget 

Estimate 

Estimate 

Estimate 

$m 

$m 

$m 

$m 

$m 

$m 

 

 

Plus Other economic flows ‑ other movements in Equity

 

 

Revaluations of non‑financial assets

† 52.6 

(69.0)

† 15.4 

† 60.7 

† 56.2 

† 57.9 

Movements in superannuation liability

.... 

† 5.7 

.... 

.... 

.... 

.... 

Other non‑owner movements in Equity

(5.8)

† 536.2 

† 336.2 

(13.7)

† 60.4 

† 16.6 

† 46.8 

† 472.9 

† 351.6 

† 47.0 

† 116.6 

† 74.6 

 

 

 

 

 

 

Equals Comprehensive Result

(73.7)

(378.2)

† 202.0 

(24.3)

† 36.6 

† 87.4 

 

 

 

 

 

 

KEY FISCAL AGGREGATES

 

 

 

 

 

 

 

 

 

 

 

 

NET OPERATING BALANCE

(51.1)

25.3 

(37.7)

(28.4)

(17.0)

† 55.1 

Less Net acquisition of non‑financial assets

 

 

 

 

 

 

Purchases of non‑financial assets

† 624.6 

555.3 

† 613.3 

† 557.3 

†1 285.1 

† 594.2 

Less Sales of non‑financial assets

† 0.4 

3.4 

† 1.3 

† 5.5 

† 4.6 

† 1.0 

Less Depreciation

† 364.4 

313.4 

† 351.9 

† 371.6 

† 384.0 

† 386.7 

† 259.8 

238.4 

† 260.1 

† 180.2 

† 896.5 

† 206.5 

 

 

 

 

 

 

Equals FISCAL BALANCE

(310.9)

(213.2)

(297.7)

(208.6)

(913.5)

(151.4)

 

 

 

 

 

 

 


 

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

2020 

2020 

2021 

2022 

2023 

2024 

 

 

 

Forward 

Forward 

Forward 

Budget 

Actual 

Budget 

Estimate 

Estimate 

Estimate 

$m 

$m 

$m 

$m 

$m 

$m 

Assets

 

 

 

 

 

 

Financial assets

 

 

 

 

 

 

Cash and deposits

† 116.5 

† 347.4 

† 150.1 

† 155.1 

† 76.9 

† 87.5 

Investments

† 29.9 

† 30.1 

† 58.2 

† 36.5 

† 38.9 

† 39.6 

Other equity investments

† 71.2 

† 73.1 

† 72.4 

† 73.0 

† 73.6 

† 74.6 

Receivables

† 478.1 

† 549.2 

† 635.1 

† 644.1 

† 650.5 

† 627.0 

Other financial assets

† 840.9 

† 852.6 

† 865.0 

† 870.8 

† 907.7 

† 904.2 

†1 536.5 

†1 852.3 

†1 780.7 

†1 779.6 

†1 747.7 

†1 732.7 

Non‑financial assets

 

 

 

 

 

 

Land and buildings

† 252.5 

† 336.0 

† 266.1 

† 268.1 

† 272.4 

† 274.6 

Infrastructure

†8 475.8 

†6 953.1 

†7 672.8 

†7 821.9 

†8 735.8 

†8 941.6 

Plant and equipment

† 381.2 

† 316.3 

† 406.9 

† 446.5 

† 446.9 

† 445.2 

Biological assets

† 134.2 

† 175.7 

† 180.4 

† 184.1 

† 188.0 

† 192.0 

Intangibles

† 139.6 

†212.6 

† 132.8 

† 135.7 

† 138.4 

† 143.0 

Assets held for sale

† 16.0 

† 0.1 

† 6.8 

† 6.8 

† 6.8 

† 6.8 

Lease - right‑of‑use assets

† 50.2 

† 62.0 

† 54.5 

† 51.9 

† 49.3 

† 46.8 

Other non‑financial assets

† 94.5 

† 119.3 

† 128.3 

† 141.3 

† 147.8 

† 152.3 

†9 544.1 

†8 175.1 

†8 848.6 

†9 056.4 

†9 985.4 

†10 202.4 

 

 

 

 

 

Total Assets

†11 080.6 

†10 027.4 

†10 629.2 

†10 836.0 

†11 733.0 

†11 935.1 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

Borrowings1

†2 877.4 

†2 695.4 

†2 937.3 

†3 056.1 

†3 539.4 

†3 582.6 

Lease liabilities

† 53.0 

† 64.2 

† 60.1 

† 51.3 

† 41.5 

† 29.8 

Superannuation

† 532.4 

† 816.5 

† 824.9 

† 820.5 

† 814.6 

† 807.1 

Employee entitlements

† 117.6 

† 119.4 

† 112.7 

† 112.8 

† 119.2 

† 120.3 

Payables

† 420.2 

† 497.1 

† 575.2 

† 553.3 

† 552.0 

† 567.8 

Other liabilities

†2 731.9 

†2 351.9 

†2 425.0 

†2 440.3 

†2 479.4 

†2 471.1 

Total Liabilities

†6 732.4 

†6 544.5 

†6 935.2 

†7 034.3 

†7 546.0 

†7 578.6 

 

 

 

 

 

 

NET ASSETS

†4 348.2 

†3 482.9 

†3 694.1 

†3 801.7 

†4 187.0 

†4 356.5 

 

 

 

 

 

 

Equity

 

 

 

 

 

 

Accumulated funds

† 623.9 

†(369)

† 297.7 

† 248.9 

† 218.7 

† 229.3 

Asset revaluation reserve

†1 139.4 

983.0 

† 996.1 

†1 056.8 

†1 113.0 

†1 170.9 

Other revaluation reserves

.... 

280.1 

(164.7)

(164.3)

(180.5)

(180.5)

Other equity

†2 584.9 

†2 588.8 

†2 565.0 

†2 660.3 

†3 035.9 

†3 136.8 

Total Equity

†4 348.2 

3 482.9 

†3 694.1 

†3 801.7 

†4 187.0 

†4 356.5 


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

2020 

2020 

2021 

2022 

2023 

2024 

 

 

 

Forward 

Forward 

Forward 

Budget 

Actual 

Budget 

Estimate 

Estimate 

Estimate 

$m 

$m 

$m 

$m 

$m 

$m 

 

 

KEY FISCAL AGGREGATES

 

 

 

NET WORTH2

†4 348.2 

†3 482.9 

†3 694.1 

†3 801.7 

†4 187.0 

†4 356.5 

 

 

 

 

 

 

 

NET FINANCIAL WORTH3

(5 195.9)

(4 692.2)

(5 154.5)

(5 254.7)

(5 798.3)

(5 845.9)

 

 

 

 

 

 

 

NET FINANCIAL LIABILITIES4

†5 195.9 

†4 692.2 

†5 154.5 

†5 254.7 

†5 798.3 

†5 845.9 

 

 

 

 

 

 

 

NET DEBT5

†2 784.1 

†2 382.1 

†2 789.2 

†2 915.7 

†3 465.0 

†3 485.3 

 

 

 

 

 

 

 

GFS NET DEBT6

†2 731.1 

†2 317.9 

†2 729.1 

†2 864.4 

†3 423.5 

†3 455.5 

 

 

 

Notes:

1.    The increase in Borrowings as at 30 June 2023 primarily reflects the planned additional borrowings required by TT‑Line Company Pty Ltd to fund the purchase of the two new Spirit of Tasmania vessels.

Net Worth represents Total Assets (both Financial and Non‑financial) less Total Liabilities.

Net Financial Worth represents Total Financial assets less Total Liabilities.

Net Financial Liabilities represents Total Liabilities less Financial assets. For the PNFC Sector, this is equivalent to negative Net Financial Worth.

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 was effective from 2019-20.

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

2019-20 

2019-20 

2020-21 

2021-22 

2022-23 

2023-24 

 

 

 

Forward 

Forward 

Forward 

Budget 

Actual 

Budget 

Estimate 

Estimate 

Estimate 

$m 

$m 

$m 

$m 

$m 

$m 

 

 

 

 

 

 

Cash flows from operating activities

 

 

 

 

 

 

Cash received from operating activities

 

 

 

 

 

 

Grants received

† 161.9 

176.0 

† 190.5 

† 159.0 

† 164.5 

† 165.7 

Sales of goods and services

†3 363.0 

3 678.2 

†3 001.7 

†2 933.8 

†3 068.1 

†3 187.8 

Interest received

† 4.7 

6.2 

† 3.0 

† 3.1 

† 2.0 

† 2.2 

Other receipts

† 135.2 

172.9 

† 120.2 

† 117.8 

† 120.8 

† 116.2 

†3 664.7 

4 033.3 

†3 315.4 

†3 213.7 

†3 355.3 

†3 472.0 

 

 

 

 

 

 

Cash payments for operating activities

 

 

 

 

 

 

Employee entitlements

(451.3)

(225.6)

(450.1)

(456.4)

(465.8)

(476.8)

Superannuation

(46.2)

(57.9)

(51.6)

(51.3)

(52.6)

(53.7)

Supplies and consumables

(2 294.0)

(2 749.4)

(2 098.6)

(1 965.7)

(2 060.3)

(2 098.6)

Borrowing costs

(123.9)

(112.7)

(100.5)

(105.5)

(107.8)

(101.8)

Grants and subsidies paid

(42.3)

(41.8)

(41.8)

(41.8)

(41.8)

(41.8)

Other payments

(121.9)

(167.4)

(121.0)

(112.0)

(113.6)

(109.8)

(3 079.7)

(3 354.8)

(2 863.7)

(2 732.7)

(2 841.9)

(2 882.5)

 

 

 

 

 

 

Net cash flows from operating activities

† 585.1 

678.5 

† 451.7 

† 481.0 

† 513.4 

† 589.4 

 

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

 

 

Net cash flows from non‑financial assets

 

 

 

 

 

 

Purchases of non‑financial assets

(624.6)

(555.3)

(613.3)

(557.3)

(1 285.1)

(594.2)

Sales of non‑financial assets

† 0.4 

† 3.4 

† 1.3 

† 5.5 

† 4.6 

† 1.0 

(624.1)

(551.9)

(612.0)

(551.8)

(1 280.5)

(593.2)

 

 

 

 

 

 

Net cash flows from financial assets
(policy purposes)

 

 

 

 

 

 

Equity injections

† 91.4 

† 80.0 

† 16.4 

† 131.9 

† 348.8 

† 82.1 

† 91.4 

† 80.0 

† 16.4 

† 131.9 

† 348.8 

† 82.1 

 

 

 

 

 

 

Net cash flows from financial assets (liquidity management purposes)

 

 

 

 

 

 

Net (purchase)/sale of investments

† 65.9 

2.9 

(28.4)

† 36.2 

† 18.0 

† 11.2 

† 65.9 

2.9 

(28.4)

† 36.2 

† 18.0 

† 11.2 

 

 

 

 

 

 

Net cash flows from investing activities

(466.9)

(469.0)

(624.0)

(383.7)

(913.8)

(499.9)

 

 

 

 

 

 

 


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

2019-20 

2019-20 

2020-21 

2021-22 

2022-23 

2023-24 

 

 

 

Forward 

Forward 

Forward 

Budget 

Actual 

Budget 

Estimate 

Estimate 

Estimate 

$m 

$m 

$m 

$m 

$m 

$m 

Cash flows from financing activities

 

 

 

 

 

 

Net borrowing

† 39.3 

49.8 

† 250.6 

† 116.5 

† 478.0 

† 34.0 

Dividends and tax equivalents paid

(276.1)

(348.1)

(278.1)

(208.7)

(155.8)

(113.0)

Net cash flows from financing activities

(236.8)

(298.3)

(27.5)

(92.2)

† 322.1 

(79.0)

 

 

 

 

 

 

Net increase/(decrease) in cash held

(118.6)

(88.8)

(199.7)

† 5.1 

(78.2)

† 10.5 

 

 

 

 

 

 

Cash and cash equivalents at beginning of the year

† 235.1 

438.6

† 349.8 

† 150.1 

† 155.1 

† 76.9 

Cash and cash equivalents at end of the year

† 116.5 

349.8

† 150.1 

† 155.1 

† 76.9 

† 87.5 

 

 

 

 

 

 

KEY FISCAL AGGREGATES

 

 

 

 

 

 

 

 

 

 

 

 

Net cash flows from operating activities

† 585.1 

† 678.5 

† 451.7 

† 481.0 

† 513.4 

† 589.4 

Plus Net cash flows from non‑financial assets

(624.1)

(551.9)

(612.0)

(551.8)

(1 280.5)

(593.2)

Plus Dividends and tax equivalents paid

(276.1)

(348.1)

(278.1)

(208.7)

(155.8)

(113.0)

Equals CASH SURPLUS/(DEFICIT)

(315.1)

(221.5)

(438.4)

(279.5)

(922.9)

(116.8)

 

 

 

 

 

 

 

 


 

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

 

2019-20 

2019-20 

2020-21 

2021-22 

2022-23 

2023-24 

 

 

 

Forward 

Forward 

Forward 

 

Budget 

Actual 

Budget 

Estimate 

Estimate 

Estimate 

 

$m 

$m 

$m 

$m 

$m 

$m 

Revenue from transactions

 

 

 

 

 

 

Grants

†3 973.3 

†3 908.3 

†4 066.1 

†4 411.7 

†4 688.6 

†4 929.1 

Taxation

†1 172.6 

†1 231.2 

†1 178.8 

†1 254.8 

†1 292.6 

†1 328.0 

Sales of goods and services

†3 701.0 

†3 717.1 

†3 484.9 

†3 426.8 

†3 429.5 

†3 538.4 

Fines and regulatory fees

† 103.1 

† 87.6 

† 102.2 

† 108.1 

† 109.4 

† 110.8 

Interest income

† 21.5 

† 17.8 

† 19.2 

† 20.2 

† 20.0 

† 14.3 

Dividend, tax and rate equivalent income

† 242.5 

† 240.6 

† 148.7 

† 144.4 

† 145.4 

† 146.1 

Other revenue

† 201.0 

† 246.5 

† 209.8 

† 206.8 

† 213.6 

† 213.8 

 

†9 414.9 

†9 449.2 

†9 209.7 

†9 572.8 

†9 899.1 

†10 280.4 

 

 

 

 

 

 

 

Less Expenses from transactions

 

 

 

 

 

 

Employee expenses

†3 103.6 

†3 371.3 

†3 480.7 

†3 561.5 

†3 601.6 

†3 719.9 

Superannuation

† 354.4 

† 447.9 

† 437.0 

† 460.7 

† 449.5 

† 451.6 

Depreciation

† 693.8 

† 674.5 

† 740.0 

† 786.9 

† 814.8 

† 832.9 

Supplies and consumables

†3 499.1 

†3 444.3 

†3 752.2 

†3 316.4 

†3 307.5 

†3 459.2 

Nominal superannuation interest expense

† 292.2 

† 193.9 

† 174.8 

† 101.3 

† 101.3 

† 101.6 

Borrowing costs

† 122.2 

† 113.6 

† 122.6 

† 144.6 

† 173.0 

† 172.8 

Grant and subsidy expenses

†1 343.6 

†1 413.3 

†1 618.2 

†1 477.7 

†1 422.4 

†1 441.2 

Other expenses

† (0.2)

† 102.7 

† 39.8 

† 33.5 

† 32.3 

† 28.9 

 

†9 408.6 

†9 761.6 

†10 365.3 

†9 882.7 

†9 902.3 

†10 208.1 

 

 

 

 

 

 

 

Equals NET OPERATING BALANCE

† 6.3 

(312.4)

(1 155.6)

(309.9)

(3.1)

† 72.3 

 

 

 

 

 

 

 

Plus Other economic flows - included in
Operating Result

 

 

 

 

 

 

Gain/(loss) on sale of non-financial assets

† 16.7 

.... 

† 16.6 

† 25.0 

† 17.7 

† 17.3 

Revaluation of equity investment in PFC sector

(153.9)

.... 

.... 

.... 

.... 

.... 

Other gains/(losses)

(71.4)

(1 009.1)

(31.0)

(26.7)

(94.2)

(40.3)

 

(208.6)

(1 009.1)

(14.5)

(1.7)

(76.5)

(23.0)

 

 

 

 

 

 

 

Equals Operating Result

(202.4)

(1 321.5)

(1 170.1)

(311.6)

(79.7)

† 49.3 

 


 

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

 

2019-20 

2019-20 

2020-21 

2021-22 

2022-23 

2023-24 

 

 

 

Forward 

Forward 

Forward 

 

Budget 

Actual 

Budget 

Estimate 

Estimate 

Estimate 

 

$m 

$m 

$m 

$m 

$m 

$m 

Plus Other economic flows - other movements in Equity

 

 

 

 

 

 

Revaluations of non-financial assets

† 335.3 

(131.0)

† 233.3 

† 341.1 

† 338.2 

† 375.3 

Revaluation of equity investment in PFC sector

† .... 

† 194.2 

(53.6)

(70.0)

(62.7)

(61.4)

Movements in superannuation liability

.... 

(37.7)

(1 198.2)

.... 

.... 

.... 

Other non-owner movements in Equity

(216.5)

† 275.8 

† 338.5 

(13.7)

† 60.4 

† 16.6 

 

† 118.7 

† 301.3 

(680.0)

† 257.4 

† 335.9 

† 330.5 

 

 

 

 

 

 

 

Equals Comprehensive Result

(83.6)

(1 020.2)

(1 850.1)

(54.2)

† 256.2 

† 379.8 

 

 

 

 

 

 

 

KEY FISCAL AGGREGATES

 

 

 

 

 

 

 

 

 

 

 

 

 

NET OPERATING BALANCE

† 6.3 

(312.4)

(1 155.6)

(309.9)

(3.1)

† 72.3 

Less Net acquisition of non-financial assets

 

 

 

 

 

 

Purchase of non-financial assets

†1 324.7 

†1 064.0 

†1 698.7 

†1 480.1 

†2 104.1 

†1 531.0 

Less Sales of non-financial assets

† 65.4 

† 61.7 

† 37.0 

† 48.7 

† 40.7 

† 36.5 

Less Depreciation

† 693.8 

† 674.5 

† 740.0 

† 786.9 

† 814.8 

† 832.9 

 

† 565.5 

† 327.7 

† 921.8 

† 644.5 

†1 248.7 

† 661.6 

 

 

 

 

 

 

 

Equals FISCAL BALANCE

(559.2)

(640.1)

(2 077.4)

(954.5)

(1 251.8)

(589.3)

 

 


 

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

 

2020 

2020 

2021 

2022 

2023 

2024 

 

 

 

Forward 

Forward 

Forward 

 

Budget 

Actual 

Budget 

Estimate 

Estimate 

Estimate 

 

$m 

$m 

$m 

$m 

$m 

$m 

Assets

 

 

 

 

 

 

Financial assets

 

 

 

 

 

 

Cash and deposits

†1 043.1 

†1 530.5 

†1 310.5 

†1 293.8 

† 990.2 

† 998.5 

Investments

† 188.0 

† 248.4 

† 478.4 

† 493.6 

† 291.5 

† 280.8 

Equity investment in PFC sector

†1 103.3 

†1 073.9 

†1 027.7 

† 957.7 

† 895.0 

† 833.6 

Other equity investments

† 142.7 

† 142.4 

† 197.2 

† 253.3 

† 319.4 

† 325.9 

Receivables

† 785.9 

† 876.9 

† 961.6 

† 968.0 

† 971.6 

† 945.3 

Other financial assets

† 809.1 

† 855.1 

† 900.3 

† 910.4 

† 943.5 

† 980.7 

 

†4 072.0 

†4 727.1 

†4 875.7 

†4 876.7 

†4 411.2 

†4 364.8 

 

 

 

 

 

 

 

Non-financial assets

 

 

 

 

 

 

Land and buildings

†7 205.8 

†7 486.2 

†7 736.9 

†8 005.4 

†8 112.2 

†8 254.9 

Infrastructure

†14 591.7 

†12 787.0 

†14 077.8 

†14 744.5 

†16 218.6 

†17 098.9 

Plant and equipment

† 652.1 

† 572.4 

† 698.8 

† 736.5 

† 738.0 

† 735.4 

Heritage and cultural assets

† 486.5 

† 454.0 

† 452.0 

† 464.3 

† 476.6 

† 488.9 

Biological assets

† 134.2 

† 175.7 

† 180.4 

† 184.1 

† 188.0 

† 192.0 

Investment property

† 4.1 

† 3.0 

† 3.3 

† 3.7 

† 4.0 

† 4.3 

Intangibles

† 191.1 

† 275.7 

† 204.6 

† 232.7 

† 254.5 

† 264.4 

Assets held for sale

† 22.6 

† 13.6 

† 23.5 

† 21.7 

† 22.4 

† 21.3 

Lease - right-of-use assets1

† 383.6 

† 408.0 

† 466.6 

† 427.5 

† 394.0 

† 363.8 

Other non-financial assets

† 136.1 

† 174.6 

† 176.5 

† 189.3 

† 195.6 

† 199.9 

 

†23 807.7 

†22 350.2 

†24 020.4 

†25 009.7 

†26 603.7 

†27 623.9 

 

 

 

 

 

 

 

Total Assets

†27 879.7 

†27 077.3 

†28 896.1 

†29 886.4 

†31 014.9 

†31 988.7 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

Borrowings

†3 911.8 

†3 563.2 

†5 950.8 

†7 118.0 

†8 075.3 

†8 783.7 

Lease liabilities1

† 387.9 

† 416.8 

† 482.2 

† 439.5 

† 400.6 

† 361.4 

Superannuation

†7 540.1 

†11 096.8 

†12 305.9 

†12 247.4 

†12 164.7 

†12 059.4 

Employee entitlements

† 782.8 

† 894.6 

† 912.7 

† 931.4 

† 956.5 

† 976.7 

Payables

† 584.9 

† 687.8 

† 766.9 

† 747.5 

† 747.9 

† 765.4 

Other liabilities

†2 341.5 

†2 555.3 

†2 465.0 

†2 444.2 

†2 455.3 

†2 447.6 

Total Liabilities

†15 549.0 

†19 214.5 

†22 883.5 

†23 928.0 

†24 800.3 

†25 394.3 

 

 

 

 

 

 

 

NET ASSETS

†12 330.8 

†7 862.8 

†6 012.7 

†5 958.4 

†6 214.7 

†6 594.5 

 


 

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

 

2020 

2020 

2021 

2022 

2023 

2024 

 

 

 

Forward 

Forward 

Forward 

 

Budget 

Actual 

Budget 

Estimate 

Estimate 

Estimate 

 

$m 

$m 

$m 

$m 

$m 

$m 

Equity

 

 

 

 

 

 

Accumulated funds

†4 691.2 

†1 783.7 

(140.8)

(417.9)

(494.2)

(603.1)

Asset revaluation reserve

†7 639.5 

†6 059.1 

†6 292.4 

†6 633.5 

†6 971.7 

†7 347.0 

Other revaluation reserve

.... 

20.0 

(138.9)

(257.2)

(262.8)

(149.5)

Total Equity

†12 330.8 

7 862.8 

†6 012.7 

†5 958.4 

†6 214.7 

†6 594.5 

 

 

 

 

 

 

 

KEY FISCAL AGGREGATES

 

 

 

 

 

 

 

 

 

 

 

 

 

NET WORTH2

†12 330.8 

†7 862.8 

†6 012.7 

†5 958.4 

†6 214.7 

†6 594.5 

 

 

 

 

 

 

 

NET FINANCIAL WORTH3

(11 476.9)

(14 487.4)

(18 007.8)

(19 051.3)

(20 389.1)

(21 029.4)

 

 

 

 

 

 

 

NET FINANCIAL LIABILITIES4

†12 580.3 

†15 561.3 

†19 035.5 

†20 009.0 

†21 284.1 

†21 863.0 

 

 

 

 

 

 

 

NET DEBT5

†3 068.6 

†2 201.2 

†4 644.0 

†5 770.2 

†7 194.1 

†7 865.8 

 

 

 

 

 

 

 

GFS NET DEBT6

†2 680.7 

†1 784.4 

†4 161.8 

†5 330.6 

†6 793.5 

†7 504.4 

 

 

 

 

 

 

 

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.

Net Worth represents Total Assets (both Financial and Non‑financial) less Total Liabilities.

Net Financial Worth represents Total Financial assets less Total Liabilities.

Net Financial Liabilities represents Total Liabilities less Financial assets, excluding Equity Investment in the PFC Sector.

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 was effective from 2019-20.

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

 

2019-20 

2019-20 

2020-21 

2021-22 

2022-23 

2023-24 

 

 

 

Forward 

Forward 

Forward 

 

Budget 

Actual 

Budget 

Estimate 

Estimate 

Estimate 

 

$m 

$m 

$m 

$m 

$m 

$m 

Cash flows from operating activities

 

Cash receipts from operating activities

 

 

 

 

 

 

Grants received

†3 840.8 

†3 913.7 

†3 962.0 

†4 383.6 

†4 654.3 

†4 917.9 

Taxation

†1 170.2 

†1 244.3 

†1 177.0 

†1 252.1 

†1 290.0 

†1 325.4 

Sales of goods and services

†3 740.1 

†4 013.0 

†3 399.2 

†3 356.6 

†3 499.1 

†3 625.4 

Fines and regulatory fees

† 103.0 

† 94.4 

† 102.2 

† 108.0 

† 109.4 

† 110.8 

Interest received

† 21.9 

† 17.5 

† 16.9 

† 18.8 

† 18.0 

† 14.0 

Dividend, tax and rate equivalents

† 235.5 

† 248.0 

† 136.3 

† 135.7 

† 130.4 

† 133.9 

Other receipts

† 466.6 

† 633.7 

† 524.5 

† 522.3 

† 529.3 

† 525.1 

 

†9 578.1 

†10 164.5 

†9 318.2 

†9 777.2 

†10 230.5 

†10 652.6 

Cash payments for operating activities

 

 

 

 

 

 

Employee entitlements

(3 139.8)

(3 090.2)

(3 473.2)

(3 561.0)

(3 597.2)

(3 716.4)

Superannuation

(555.9)

(566.7)

(580.2)

(589.2)

(600.7)

(623.9)

Supplies and consumables

(3 553.1)

(4 087.9)

(3 801.8)

(3 308.6)

(3 403.0)

(3 531.0)

Borrowing costs

(121.7)

(105.1)

(115.8)

(144.4)

(153.1)

(154.2)

Grants and subsidies paid

(1 343.6)

(1 395.7)

(1 618.1)

(1 477.7)

(1 422.3)

(1 441.1)

Other payments

(268.3)

(409.6)

(360.9)

(350.5)

(350.0)

(344.5)

 

(8 982.4)

(9 655.2)

(9 949.9)

(9 431.3)

(9 526.2)

(9 811.1)

 

 

 

 

 

 

 

Net cash flows from operating activities

† 595.7 

† 509.3 

(631.8)

† 345.8 

† 704.3 

† 841.5 

 

 

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

 

 

Net cash flows from non-financial assets

 

 

 

 

 

 

Purchase of non-financial assets

(1 313.0)

(1 064.0)

(1 686.5)

(1 468.0)

(2 092.2)

(1 519.1)

Sales of non-financial assets

† 61.6 

† 61.7 

† 34.0 

† 44.9 

† 36.9 

† 32.7 

 

(1 251.4)

(1 002.2)

(1 652.5)

(1 423.1)

(2 055.3)

(1 486.4)

 

 

 

 

 

 

 

Net cash flows from financial assets (policy purposes)

 

 

 

 

 

 

Equity injections

(25.5)

(29.3)

(55.7)

(55.5)

(65.5)

(5.5)

Net advances paid

† 4.1 

(56.4)

(81.7)

(38.2)

(23.6)

(13.8)

Equity disposals

† 3.6 

† 3.0 

† 3.6 

† 3.6 

† 3.6 

† 3.6 

 

(17.8)

(82.7)

(133.8)

(90.0)

(85.5)

(15.7)

Net cash flows from financial assets (liquidity management purposes)

 

 

 

 

 

 

Net (purchase)/sale of investments

† 10.9 

(35.6)

(150.4)

† 34.0 

† 224.3 

† 11.2 

 

† 10.9 

(35.6)

(150.4)

† 34.0 

† 224.3 

† 11.2 

 

 

 

 

 

 

 

Net cash flows from investing activities

(1 258.3)

(1 120.6)

(1 936.7)

(1 479.2)

(1 916.5)

(1 490.9)

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

 

2019-20 

2019-20 

2020-21 

2021-22 

2022-23 

2023-24 

 

 

 

Forward 

Forward 

Forward 

 

Budget 

Actual 

Budget 

Estimate 

Estimate 

Estimate 

 

$m 

$m 

$m 

$m 

$m 

$m 

Cash flows from financing activities

 

 

 

 

 

 

Net borrowing

† 372.1 

† 450.3 

†2 348.2 

†1 116.6 

† 908.6 

† 657.8 

Other financing

.... 

† 7.2 

† 0.3 

.... 

.... 

.... 

Net cash flows from financing activities

† 372.1 

† 457.5 

†2 348.5 

†1 116.6 

† 908.6 

† 657.8 

 

 

 

 

 

 

 

Net increase/(decrease) in cash held

(290.5)

(153.8)

(220.0)

(16.7)

(303.6)

† 8.3 

 

 

 

 

 

 

 

Cash and cash equivalents at beginning of the year

†1 333.6 

†1 684.3 

†1 530.5 

†1 310.5 

†1 293.8 

† 990.2 

Cash and cash equivalents at end of the year

†1 043.1 

†1 530.5 

†1 310.5 

†1 293.8 

† 990.2 

† 998.5 

 

 

 

 

 

 

 

KEY FISCAL AGGREGATES

 

 

 

 

 

 

 

 

 

 

 

 

 

Net cash flows from operating activities

† 595.7 

† 509.3 

(631.8)

† 345.8 

† 704.3 

† 841.5 

Plus Net cash flows from non-financial assets

(1 251.4)

(1 002.2)

(1 652.5)

(1 423.1)

(2 055.3)

(1 486.4)

Equals CASH SURPLUS/(DEFICIT)

(655.8)

(493.0)

(2 284.2)

(1 077.3)

(1 351.0)

(644.9)

 

 

 

 

 

 

 

 


 

Table A1.10:†††† Public Financial Corporations Sector Income Statement

 

2019-20 

2019-20 

2020-21 

2021-22 

2022-23 

2023-24 

 

 

 

Forward 

Forward 

Forward 

 

Budget 

Actual 

Budget 

Estimate 

Estimate 

Estimate 

 

$m 

$m 

$m 

$m 

$m 

$m 

 

 

 

 

 

 

 

Revenue from transactions

 

 

 

 

 

 

Sales of goods and services

† 142.7 

† 143.8 

† 142.1 

† 140.2 

† 145.8 

† 152.1 

Interest income

† 259.5 

† 195.6 

† 274.9 

† 272.8 

† 297.4 

† 300.4 

Dividend income

† 64.0 

† 48.3 

† 52.2 

† 55.4 

† 57.6 

† 60.2 

Other revenue

† 5.2 

.... 

† 4.9 

† 5.2 

† 5.3 

† 5.4 

 

† 471.4 

† 387.7 

† 474.1 

† 473.6 

† 506.2 

† 518.2 

Less Expenses from transactions

 

 

 

 

 

 

Employee expenses

† 7.1 

† 7.2 

† 7.4 

† 7.4 

† 7.7 

† 8.0 

Superannuation

† 1.1 

† 0.7 

† 1.2 

† 1.3 

† 1.4 

† 1.5 

Depreciation

† 0.2 

† 0.6 

† 0.2 

† 0.2 

† 0.2 

† 0.2 

Supplies and consumables

† 169.0 

† 170.1 

† 165.6 

† 164.8 

† 169.8 

† 175.5 

Borrowing costs

† 208.1 

† 153.4 

† 249.7 

† 244.2 

† 271.3 

† 274.0 

Dividend and income tax equivalent expenses

† 242.5 

† 239.5 

† 149.6 

† 147.1 

† 142.0 

† 143.7 

Grant and subsidy expenses

† 5.2 

† 4.6 

† 5.2 

† 5.4 

† 5.5 

† 5.7 

Other expenses

† 0.4 

† 0.2 

† 0.4 

† 0.4 

† 0.4 

† 0.3 

 

† 633.7 

† 576.4 

† 579.2 

† 570.8 

† 598.2 

† 608.9 

 

 

 

 

 

 

 

Equals NET OPERATING BALANCE

(162.3)

(188.7)

(105.1)

(97.2)

(92.0)

(90.7)

 

 

 

 

 

 

 

Plus Other economic flows ‑ included in Operating Result

 

 

 

 

 

 

Other gains/(losses)

† 26.1 

(5.9)

† 54.7 

† 29.3 

† 31.1 

† 32.9 

 

† 26.1 

(5.9)

† 54.7 

† 29.3 

† 31.1 

† 32.9 

 

 

 

 

 

 

 

Equals Operating Result

(136.2)

(194.6)

(50.4)

(68.0)

(61.0)

(57.8)

 

 

 

 

 

 

 

Plus Other economic flows ‑ other movements in Equity

 

 

 

 

 

 

Movement in superannuation liability

.... 

(1.5)

.... 

.... 

.... 

.... 

Revaluations of non-financial assets

.... 

(0.9)

† 0.2 

† 0.2 

† 0.2 

† 0.2 

Other non-owner movements in Equity

(17.7)

† 2.8 

† 4.0 

(2.2)

(2.0)

(3.8)

 

(17.7)

†0.4 

† 4.2 

(2.0)

(1.7)

(3.6)

 

 

 

 

 

 

 

Equals Comprehensive Result

(153.9)

(194.2)

(46.2)

(70.0)

(62.7)

(61.4)

 

 

 

 

 

 

 

 


 

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

 

2019-20 

2019-20 

2020-21 

2021-22 

2022-23 

2023-24 

 

 

 

Forward 

Forward 

Forward 

 

Budget 

Actual 

Budget 

Estimate 

Estimate 

Estimate 

 

$m 

$m 

$m 

$m 

$m 

$m 

 

 

 

 

 

 

 

KEY FISCAL AGGREGATES

 

 

 

 

 

 

 

 

 

 

 

 

 

NET OPERATING BALANCE

(162.3)

(188.7)

(105.1)

(97.2)

(92.0)

(90.7)

Less Net acquisition of non‑financial assets

 

 

 

 

 

 

Purchases of non‑financial assets

† 2.1 

† 2.5 

† 1.2 

† 1.5 

† 1.5 

† 1.5 

Less Sales of non‑financial assets

.... 

†.... 

† 5.6 

(4.0)

†.... 

†.... 

Less Depreciation

† 0.2 

† 0.6 

† 0.2 

† 0.2 

† 0.2 

† 0.2 

 

† 1.9 

† 1.9 

(4.6)

† 5.3 

† 1.3 

† 1.3 

 

 

 

 

 

 

 

Equals FISCAL BALANCE

(164.1)

(190.6)

(100.5)

(102.6)

(93.3)

(92.0)

 

 

 

 

 

 

 

 


 

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

 

2020 

2020 

2021 

2022 

2023 

2024 

 

 

 

Forward 

Forward 

Forward 

 

Budget 

Actual 

Budget 

Estimate 

Estimate 

Estimate 

 

$m 

$m 

$m 

$m 

$m 

$m 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

Financial assets

 

 

 

 

 

 

Cash and deposits

† 145.3 

† 5.5 

† 5.0 

† 5.0 

† 5.1 

† 5.1 

Investments

†9 159.1 

†10 588.3 

†13 256.1 

†13 000.3 

†13 653.9 

†13 888.8 

Receivables

† 24.9 

† 23.6 

† 14.8 

† 20.6 

† 18.1 

† 19.8 

Other financial assets

† 236.3 

† 364.5 

† 361.0 

† 361.0 

† 361.0 

† 361.0 

 

†9 565.7 

†10 982.0 

13 636.9 

13 386.9 

14 038.0 

14 274.7 

 

 

 

 

 

 

 

Non‑financial assets

 

 

 

 

 

 

Land and buildings

.... 

† 17.7 

† 17.9 

† 18.7 

† 19.4 

† 20.2 

Plant and equipment

† 1.0 

† 0.7 

† 1.0 

† 1.3 

† 1.6 

† 1.9 

Investment property

† 18.5 

.... 

.... 

.... 

.... 

.... 

Intangibles

† 0.6 

† 0.4 

† 0.5 

† 0.6 

† 0.7 

† 0.8 

Lease - right-of-use-assets

†.... 

† 0.3 

† 0.2 

†.... 

.... 

† 0.5 

 

† 20.0 

† 19.1 

† 19.5 

† 20.6 

† 21.7 

† 23.4 

 

 

 

 

 

 

 

Total Assets

†9 585.6 

11 001.0 

13 656.4 

13 407.5 

14 059.7 

14 298.1 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

Borrowings

†7 010.7 

†8 272.5 

†10 904.2 

†10 661.1 

†11 309.6 

†11 542.8 

Lease liabilities

.... 

† 0.3 

.... 

.... 

.... 

.... 

Superannuation

† 7.2 

† 11.4 

† 8.6 

† 9.2 

† 9.8 

† 10.5 

Employee entitlements

† 1.6 

† 1.4 

† 1.4 

† 1.5 

† 1.6 

† 1.6 

Payables

† 142.3 

† 5.0 

† 2.3 

† 2.3 

† 2.3 

† 2.4 

Other liabilities

†1 320.5 

†1 636.7 

†1 712.3 

†1 775.7 

†1 841.5 

†1 907.2 

Total Liabilities

†8 482.3 

9 927.2 

12 628.9 

12 449.8 

13 164.8 

13 464.5 

 

 

 

 

 

 

 

NET ASSETS

†1 103.3 

†1 073.9 

†1 027.5 

† 957.7 

† 895.0 

† 833.6 

 

 

 

 

 

 

 

Equity

 

 

 

 

 

 

Accumulated funds

† 551.1 

† 512.2 

† 545.0 

† 554.8 

† 577.9 

† 608.3 

Asset revaluation reserve

.... 

† 5.5 

† 5.7 

† 5.9 

† 6.1 

† 6.3 

Other revaluation reserves

.... 

† 10.0 

† 10.0 

† 10.0 

† 10.0 

† 10.0 

Other equity

† 552.2 

† 546.2 

† 466.8 

† 387.0 

† 301.0 

† 209.0 

Total Equity

†1 103.3 

†1 073.9 

†1 027.5 

† 957.7 

† 895.0 

† 833.6 

 

 

 

 

 

 

 

 


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

 

2020 

2020 

2021 

2022 

2023 

2024 

 

 

 

Forward 

Forward 

Forward 

 

Budget 

Actual 

Budget 

Estimate 

Estimate 

Estimate 

 

$m 

$m 

$m 

$m 

$m 

$m 

 

 

 

 

 

 

 

KEY FISCAL AGGREGATES

 

 

 

 

 

 

 

 

 

 

 

 

 

NET WORTH1

†1 103.3 

†1 073.9 

†1 027.5 

† 957.7 

† 895.0 

† 833.6 

 

 

 

 

 

 

 

NET FINANCIAL WORTH2

†1 083.3 

†1 054.8 

†1 008.0 

† 937.0 

† 873.3 

† 810.2 

 

 

 

 

 

 

 

NET FINANCIAL LIABILITIES3

(1 083.3)

(1 054.8)

(1 008.0)

(937.0)

(873.3)

(810.2)

 

 

 

 

 

 

 

NET DEBT4

(2 293.7)

(2 321.1)

(2 356.8)

(2 344.2)

(2 349.3)

(2 351.1)

 

 

 

 

 

 

 

GFS NET DEBT5

(2 293.7)

(2 321.4)

(2 356.8)

(2 344.2)

(2 349.3)

(2 351.1)

 

 

 

 

 

 

 

Notes:

1.    Net Worth represents Total Assets (both Financial and Non‑financial) less Total Liabilities.

Net Financial Worth represents Total Financial assets less Total Liabilities.

Net Financial Liabilities represents Total Liabilities less Financial assets. For the PFC Sector, this is equivalent to negative Net Financial Worth.

Net Debt represents Borrowings plus Lease liabilities less the sum of Cash and deposits and Investments.

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

 

2019-20 

2019-20 

2020-21 

2021-22 

2022-23 

2023-24 

 

 

 

Forward 

Forward 

Forward 

 

Budget 

Actual 

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

† 170.7 

† 158.0 

† 164.0 

† 158.1 

† 164.5 

† 171.9 

Interest received

† 259.6 

† 198.3 

† 274.9 

† 272.8 

† 297.5 

† 300.5 

Dividends received

† 64.0 

† 49.2 

† 52.2 

† 55.4 

† 57.6 

† 60.2 

Other receipts

† 2.4 

† 14.2 

† 2.3 

† 2.5 

† 2.5 

† 2.5 

 

† 496.7 

† 419.7 

† 493.4 

† 488.8 

† 522.1 

† 535.1 

Cash payments for operating activities

 

 

 

 

 

 

Employee entitlements

(7.0)

(3.4)

(7.3)

(7.4)

(7.6)

(7.9)

Superannuation

(0.9)

(0.3)

(0.7)

(0.7)

(0.8)

(0.8)

Supplies and consumables

(123.7)

(106.7)

(121.7)

(120.8)

(126.4)

(132.2)

Borrowing costs

(206.0)

(169.8)

(246.0)

(242.7)

(269.3)

(272.7)

Grants and subsidies paid

(5.8)

(5.0)

(5.8)

(6.0)

(6.1)

(6.3)

Other payments

(6.3)

(7.0)

(10.1)

(7.8)

(8.4)

(7.8)

 

(349.6)

(292.3)

(391.5)

(385.4)

(418.6)

(427.8)

 

 

 

 

 

 

 

Net cash flows from operating activities

† 147.0 

† 127.3 

† 101.9 

† 103.5 

† 103.4 

† 107.3 

 

 

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

 

 

Net cash flows from non‑financial assets

 

 

 

 

 

 

Purchases of non‑financial assets

(2.1)

(2.5)

(1.2)

(1.5)

(1.5)

(1.5)

Sales of non‑financial assets

.... 

†.... 

† 5.6 

(4.0)

†.... 

†.... 

 

(2.1)

(2.5)

† 4.4 

(5.5)

(1.5)

(1.5)

Net cash flows from financial assets (liquidity management purposes)

 

 

 

 

 

 

Net (purchase)/sale of investments

† 305.9 

(264.3)

(2 601.1)

† 280.8 

(620.0)

(204.7)

 

† 305.9 

(264.3)

(2 601.1)

† 280.8 

(620.0)

(204.7)

 

 

 

 

 

 

 

Net cash flows from investing activities

† 303.9 

(266.8)

(2 596.6)

† 275.3 

(621.5)

(206.1)

 

 

 

 

 

 

 

 

 


 

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

 

2019-20 

2019-20 

2020-21 

2021-22 

2022-23 

2023-24 

 

 

 

Forward 

Forward 

Forward 

 

Budget 

Actual 

Budget 

Estimate 

Estimate 

Estimate 

 

$m 

$m 

$m 

$m 

$m 

$m 

 

 

 

 

 

 

 

Cash flows from financing activities

 

 

 

 

 

 

Net borrowing

(215.4)

† 347.1 

†2 631.0 

(243.0)

† 648.5 

† 232.7 

Dividends and tax equivalents paid

(235.5)

(248.0)

(136.3)

(135.7)

(130.4)

(133.9)

Net cash flows from financing activities

(450.8)

† 99.2 

†2 494.8 

(378.7)

† 518.1 

† 98.9 

 

 

 

 

 

 

 

Net increase/(decrease) in cash held

.... 

(40.4)

† 0.1 

† 0.1 

† 0.1 

† 0.1 

 

 

 

 

 

 

 

Cash and cash equivalents at beginning of the year

† 145.2 

† 818.9 

† 778.5 

† 778.6 

† 778.6 

† 778.7 

Cash and cash equivalents at end of the year

† 145.3 

† 778.5 

† 778.6 

† 778.6 

† 778.7 

† 778.7 

 

 

 

 

 

 

 

KEY FISCAL AGGREGATES

 

 

 

 

 

 

 

 

 

 

 

 

 

Net cash flows from operating activities

† 147.0 

† 127.3 

† 101.9 

† 103.5 

† 103.4 

† 107.3 

Plus Net cash flows from non‑financial assets

(2.1)

(2.5)

† 4.4 

(5.5)

(1.5)

(1.5)

Plus Dividends and tax equivalents paid

(235.5)

(248.0)

(136.3)

(135.7)

(130.4)

(133.9)

Equals CASH SURPLUS/(DEFICIT)

(90.5)

(123.1)

(29.9)

(37.8)

(28.4)

(28.0)

 

 

 

 

 

 

 

 

 


 

Table A1.13:†††† Total State Sector Income Statement

 

2019-20 

2019-20 

2020-21 

2021-22 

2022-23 

2023-24 

 

 

 

 

Forward 

Forward 

Forward 

 

Budget 

Actual 

Budget 

Estimate 

Estimate 

Estimate 

 

$m 

$m 

$m 

$m 

$m 

$m 

 

 

 

 

 

 

 

Revenue from transactions

 

 

 

 

 

 

Grants

†3 973.3 

†3 904.4 

†4 066.1 

†4 411.7 

†4 688.6 

†4 929.1 

Taxation

†1 172.2 

†1 231.2 

†1 178.4 

†1 254.4 

†1 292.2 

†1 327.7 

Sales of goods and services

†3 843.7 

†3 858.3 

†3 627.0 

†3 567.1 

†3 575.4 

†3 690.5 

Fines and regulatory fees

† 103.1 

† 87.6 

† 102.2 

† 108.1 

† 109.4 

† 110.8 

Interest income

† 162.3 

† 108.5 

† 177.2 

† 153.2 

† 149.4 

† 152.6 

Dividend, tax and rate equivalent income

† 64.0 

† 49.5 

† 51.4 

† 52.7 

† 61.0 

† 62.5 

Other revenue

† 206.1 

† 246.4 

† 214.7 

† 212.0 

† 218.9 

† 219.2 

 

†9 524.7 

†9 485.9 

†9 417.1 

†9 759.1 

†10 094.9 

†10 492.4 

Less Expenses from transactions

 

 

 

 

 

 

Employee expenses

†3 110.7 

†3 378.5 

†3 488.0 

†3 568.9 

†3 609.3 

†3 727.9 

Superannuation

† 355.5 

† 448.6 

† 438.3 

† 462.0 

† 450.9 

† 453.1 

Depreciation

† 694.0 

† 675.1 

† 740.2 

† 787.1 

† 815.0 

† 833.1 

Supplies and consumables

†3 668.1 

†3 611.7 

†3 917.8 

†3 481.2 

†3 477.2 

†3 634.7 

Nominal superannuation interest expense

† 292.2 

† 194.1 

† 174.8 

† 101.3 

† 101.3 

† 101.6 

Borrowing costs

† 211.7 

† 162.0 

† 255.5 

† 249.0 

† 276.3 

† 284.7 

Grant and subsidy expenses

†1 348.8 

†1 414.0 

†1 623.4 

†1 483.2 

†1 427.9 

†1 446.9 

Other expenses

† (0.2)

† 102.8 

† 39.8 

† 33.5 

† 32.3 

† 28.9 

 

†9 680.7 

†9 986.9 

†10 677.8 

†10 166.2 

†10 190.1 

†10 510.9 

 

 

 

 

 

 

 

Equals NET OPERATING BALANCE

(156.0)

(501.1)

(1 260.7)

(407.2)

(95.2)

(18.5)

 

 

 

 

 

 

 

Plus Other economic flows ‑ included in Operating Result

 

 

 

 

 

 

Gain/(loss) on sale of non-financial assets

† 16.7 

.... 

† 16.6 

† 25.0 

† 17.7 

† 17.3 

Other gains/(losses)

(49.8)

(1 015.0)

† 32.2 

† 3.9 

(62.4)

(7.0)

 

(33.2)

(1 015.0)

† 48.8 

† 28.9 

(44.7)

† 10.3 

 

 

 

 

 

 

 

Equals Operating Result

(189.2)

(1 516.1)

(1 211.9)

(378.3)

(139.9)

(8.1)

 

 

 

 

 

 

 

Plus Other economic flows ‑ other movements in Equity

 

 

 

 

 

 

Revaluations of non‑financial assets

† 335.3 

(131.9)

† 233.5 

† 341.3 

† 338.4 

† 375.5 

Movements in superannuation liability

.... 

(36.1)

(1 198.2)

.... 

.... 

.... 

Other non-owner movements in Equity

(229.8)

† 663.9 

† 326.6 

(17.3)

† 57.7 

† 12.4 

 

† 105.5 

† 495.9 

(638.1)

† 324.0 

† 396.1 

† 387.9 

 

 

 

 

 

 

 

Equals Comprehensive Result

(83.6)

(1 020.2)

(1 850.1)

(54.2)

† 256.2 

† 379.8 

 


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

 

2019-20 

2019-20 

2020-21 

2021-22 

2022-23 

2023-24 

 

 

 

 

Forward 

Forward 

Forward 

 

Budget 

Actual 

Budget 

Estimate 

Estimate 

Estimate 

 

$m 

$m 

$m 

$m 

$m 

$m 

 

 

 

 

 

 

 

KEY FISCAL AGGREGATES

 

 

 

 

 

 

 

 

 

 

 

 

 

NET OPERATING BALANCE

(156.0)

(501.1)

(1 260.7)

(407.2)

(95.2)

(18.5)

Less Net acquisition of non-financial assets

 

 

 

 

 

 

Purchase of non-financial assets

†1 326.7 

†1 066.5 

†1 699.9 

†1 481.6 

†2 105.6 

†1 532.5 

Less Sale of non-financial assets

† 65.4 

† 61.7 

† 42.6 

† 44.6 

† 40.7 

† 36.5 

Less Depreciation

† 694.0 

† 675.1 

† 740.2 

† 787.1 

† 815.0 

† 833.1 

 

† 567.3 

† 329.6 

† 917.1 

† 649.9 

†1 249.9 

† 662.9 

 

 

 

 

 

 

 

Equals FISCAL BALANCE

(723.4)

(830.7)

(2 177.8)

(1 057.0)

(1 345.1)

(681.3)

 

 

 

 

 

 

 

 

 


 

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

 

2020 

2020 

2021 

2022 

2023 

2024 

 

 

 

 

Forward 

Forward 

Forward 

 

Budget 

Actual 

Budget 

Estimate 

Estimate 

Estimate 

 

$m 

$m 

$m 

$m 

$m 

$m 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

Financial assets

 

 

 

 

 

 

Cash and deposits

† 261.7 

† 341.9 

† 154.5 

† 159.6 

† 81.5 

† 92.0 

Investments

†5 484.4 

†7 200.3 

†7 155.8 

†5 920.3 

†5 690.7 

†5 200.1 

Other equity investments

† 142.7 

† 142.4 

† 197.2 

† 253.3 

† 319.4 

† 325.9 

Receivables

† 810.8 

† 899.5 

† 976.4 

† 984.5 

† 989.7 

† 965.1 

Other financial assets

†1 012.4 

†1 213.1 

†1 238.9 

†1 242.8 

†1 260.1 

†1 285.6 

 

†7 712.1 

†9 797.1 

†9 722.8 

†8 560.5 

†8 341.4 

†7 868.7 

Non-financial assets

 

 

 

 

 

 

Land and buildings

†7 205.8 

†7 503.9 

†7 754.9 

†8 024.1 

†8 131.6 

†8 275.1 

Infrastructure

†14 591.7 

†12 787.0 

†14 077.8 

†14 744.5 

†16 218.6 

†17 098.9 

Plant and equipment

† 653.1 

† 573.1 

† 699.8 

† 737.8 

† 739.6 

† 737.3 

Heritage and cultural assets

† 486.5 

† 454.0 

† 452.0 

† 464.3 

† 476.6 

† 488.9 

Biological assets

† 134.2 

† 175.7 

† 180.4 

† 184.1 

† 188.0 

† 192.0 

Investment property

† 22.5 

† 3.0 

† 3.3 

† 3.7 

† 4.0 

† 4.3 

Intangibles

† 191.6 

† 276.1 

† 205.2 

† 233.3 

† 255.2 

† 265.2 

Assets held for sale

† 22.6 

† 13.6 

† 23.5 

† 21.7 

† 22.4 

† 21.3 

Lease - right‑of‑use assets1

† 383.6 

† 408.3 

† 466.8 

† 427.6 

† 394.0 

† 364.3 

Other non-financial assets

† 136.1 

† 174.6 

† 176.5 

† 189.3 

† 195.6 

† 199.9 

 

†23 827.7 

†22 369.3 

†24 040.1 

†25 030.4 

†26 625.5 

†27 647.3 

 

 

 

 

 

 

 

Total Assets

†31 539.8 

†32 166.5 

†33 762.9 

†33 590.8 

†34 966.8 

†35 516.0 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

Borrowings

†6 133.2 

†7 039.1 

†9 115.3 

†9 066.3 

†10 216.3 

†10 445.3 

Lease liabilities1

† 387.9 

† 417.1 

† 482.2 

† 439.5 

† 400.6 

† 361.4 

Superannuation

†7 547.4 

†11 108.2 

†12 314.6 

†12 256.6 

†12 174.5 

†12 069.9 

Employee entitlements

† 784.4 

† 896.0 

† 914.1 

† 932.9 

† 958.1 

† 978.4 

Payables

† 727.2 

† 657.9 

† 769.2 

† 749.8 

† 750.3 

† 767.7 

Other liabilities

†3 629.1 

†4 185.4 

†4 154.9 

†4 187.2 

†4 252.4 

†4 298.8 

Total Liabilities

†19 209.0 

†24 303.7 

†27 750.3 

†27 632.4 

†28 752.2 

†28 921.5 

 

 

 

 

 

 

 

NET ASSETS

†12 330.8 

†7 862.8 

†6 012.7 

†5 958.4 

†6 214.7 

†6 594.5 

 

 

 

 

 

 

 

 


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

 

2020 

2020 

2021 

2022 

2023 

2024 

 

 

 

 

Forward 

Forward 

Forward 

 

Budget 

Actual 

Budget 

Estimate 

Estimate 

Estimate 

 

$m 

$m 

$m 

$m 

$m 

$m 

 

 

 

 

 

 

 

Equity

 

 

 

 

 

 

Accumulated funds

†4 640.2 

†1 508.1 

(156.5)

(433.8)

(510.3)

(619.4)

Asset revaluation reserve

†7 639.5 

†6 064.6 

†6 298.1 

†6 639.4 

†6 977.8 

†7 353.4 

Other revaluation reserves

51.0 

† 290.1 

(128.9)

(247.2)

(252.8)

(139.5)

Total Equity

†12 330.8 

†7 862.8 

†6 012.7 

†5 958.4 

†6 214.7 

†6 594.5 

 

 

 

 

 

 

 

KEY FISCAL AGGREGATES

 

 

 

 

 

 

 

 

 

 

 

 

 

NET WORTH2

†12 330.8 

†7 862.8 

†6 012.7 

†5 958.4 

†6 214.7 

†6 594.5 

 

 

 

 

 

 

 

NET FINANCIAL WORTH3

(11 496.9)

(14 506.5)

(18 027.5)

(19 071.9)

(20 410.8)

(21 052.8)

 

 

 

 

 

 

 

NET FINANCIAL LIABILITIES4

†11 496.9 

†14 506.5 

†18 027.5 

†19 071.9 

†20 410.8 

†21 052.8 

 

 

 

 

 

 

 

NET DEBT5

† 774.9 

(86.0)

†2 287.2 

†3 426.0 

†4 844.8 

†5 514.7 

 

 

 

 

 

 

 

GFS NET DEBT6

† 387.0 

(503.1)

†1 805.1 

†2 986.5 

†4 444.2 

†5 153.3 

 

 

 

 

 

 

 

Notes:

1.    As a result of the 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.

Net Worth represents Total Assets (both Financial and Non‑financial) less Total Liabilities.

Net Financial Worth represents Total Financial assets less Total Liabilities.

Net Financial Liabilities represents Total Liabilities less Financial assets. For the Total State Sector, this is equivalent to negative Net Financial Worth.

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 was effective from 2019-20.

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

 

2019-20 

2019-20 

2020-21 

2021-22 

2022-23 

2023-24 

 

 

 

 

Forward 

Forward 

Forward 

 

Budget 

Actual 

Budget 

Estimate 

Estimate 

Estimate 

 

$m 

$m 

$m 

$m 

$m 

$m 

 

 

 

 

 

 

 

Cash flows from operating activities

 

 

 

 

 

 

Cash receipts from operating activities

 

 

 

 

 

 

Grants received

†3 840.8 

†3 909.4 

†3 962.0 

†4 383.6 

†4 654.3 

†4 917.9 

Taxation

†1 169.8 

†1 244.3 

†1 176.6 

†1 251.8 

†1 289.6 

†1 325.1 

Sales of goods and services

†3 907.3 

†4 168.2 

†3 559.7 

†3 511.1 

†3 659.8 

†3 793.4 

Fines and regulatory fees

† 103.0 

† 94.4 

† 102.2 

† 108.0 

† 109.4 

† 110.8 

Interest received

† 162.8 

† 112.8 

† 175.0 

† 151.8 

† 147.5 

† 152.4 

Dividend, tax and rate equivalents

† 64.0 

† 49.2 

† 52.2 

† 55.4 

† 57.6 

† 60.2 

Other receipts

† 469.0 

† 647.8 

† 526.8 

† 524.8 

† 531.8 

† 527.6 

 

†9 716.7 

†10 226.0 

†9 554.6 

†9 986.5 

†10 450.0 

†10 887.5 

Cash payments for operating activities

 

 

 

 

 

 

Employee entitlements

(3 146.8)

(3 093.6)

(3 480.4)

(3 568.3)

(3 604.8)

(3 724.3)

Superannuation

(556.8)

(567.1)

(580.9)

(590.0)

(601.5)

(624.7)

Supplies and consumables

(3 673.3)

(4 191.9)

(3 920.0)

(3 425.8)

(3 525.6)

(3 659.3)

Borrowing costs

(209.0)

(172.0)

(244.9)

(247.3)

(254.3)

(264.9)

Grants and subsidies paid

(1 349.4)

(1 396.4)

(1 623.9)

(1 483.6)

(1 428.3)

(1 447.4)

Other payments

(274.2)

(416.4)

(370.6)

(357.9)

(358.0)

(352.0)

 

(9 209.5)

(9 837.4)

(10 220.7)

(9 672.9)

(9 772.7)

(10 072.6)

 

 

 

 

 

 

 

Net cash flows from operating activities

† 507.2 

† 388.6 

(666.1)

† 313.6 

† 677.4 

† 814.9 

 

 

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

 

 

Net cash flows from non-financial assets

 

 

 

 

 

 

Purchase of non-financial assets

(1 315.1)

(1 066.5)

(1 687.6)

(1 469.5)

(2 093.7)

(1 520.6)

Sales of non-financial assets

† 61.6 

† 61.7 

† 39.6 

† 40.8 

† 36.9 

† 32.7 

 

(1 253.5)

(1 004.8)

(1 648.0)

(1 428.7)

(2 056.8)

(1 487.9)

 

 

 

 

 

 

 

Net cash flows from financial assets (policy purposes)

 

 

 

 

 

 

Equity injections

(25.5)

(29.3)

(55.7)

(55.5)

(65.5)

(5.5)

Net advances paid

† 4.1 

(579.0)

(81.7)

(38.2)

(23.6)

(13.8)

Equity disposals

† 3.6 

† 3.0 

† 3.6 

† 3.6 

† 3.6 

† 3.6 

 

(17.8)

(605.3)

(133.8)

(90.0)

(85.5)

(15.7)

Net cash flows from financial assets (liquidity management purposes)

 

 

 

 

 

 

Net (purchase)/sale of investments

† 562.3 

400.9 

† 220.8 

†1 309.7 

† 285.4 

† 521.4 

 

† 562.3 

† 400.9 

† 220.8 

†1 309.7 

† 285.4 

† 521.4 

 

 

 

 

 

 

 

Net cash flows from investing activities

(709.0)

(1 209.1)

(1 561.0)

(209.0)

(1 856.9)

(982.2)


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

 

2019-20 

2019-20 

2020-21 

2021-22 

2022-23 

2023-24 

 

 

 

 

Forward 

Forward 

Forward 

 

Budget 

Actual 

Budget 

Estimate 

Estimate 

Estimate 

 

$m 

$m 

$m 

$m 

$m 

$m 

 

 

 

 

 

 

 

Cash flows from financing activities

 

 

 

 

 

 

Net borrowing

† 83.2 

† 782.8 

†2 039.7 

(99.5)

†1 101.4 

† 177.8 

Other financing

.... 

† 6.4 

† 13.5 

† 6.5 

† 4.5 

† 2.5 

Net cash flows from financing activities

† 83.2 

† 789.2 

†2 053.2 

(93.0)

†1 105.9 

† 180.4 

 

 

 

 

 

 

 

Net increase/(decrease) in cash held

(118.6)

† (31.3)

(173.9)

† 11.6 

(73.6)

† 13.1 

 

 

 

 

 

 

 

Cash and cash equivalents at beginning of the year

† 380.3 

† 1 148.7 

†1 117.3 

943.5 

955.1

881.5 

Cash and cash equivalents at end of the year

† 261.7 

†1 117.3 

† 943.5 

955.1

881.5 

† 894.6 

 

 

 

 

 

 

 

KEY FISCAL AGGREGATES

 

 

 

 

 

 

 

 

 

 

 

 

 

Net cash flows from operating activities

† 507.2 

† 388.6 

(666.1)

† 313.6 

† 677.4 

† 814.9 

Plus Net cash flows from non-financial assets

(1 253.5)

(1 004.8)

(1 648.0)

(1 428.7)

(2 056.8)

(1 487.9)

Equals CASH SURPLUS/(DEFICIT)

(746.3)

(616.1)

(2 314.1)

(1 115.1)

(1 379.4)

(672.9)

 

 

 

 

 

 

 

 

 


 

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

 

2019-20 

2019-20 

2020-21 

2021-22 

2022-23 

2023-24 

 

 

Forward 

Forward 

Forward 

 

Budget 

Actual 

Budget 

Estimate 

Estimate 

Estimate 

$m 

$m 

$m 

$m 

$m 

$m 

 

 

 

 

 

 

General public services

†270.3 

† 281.0 

† 648.7 

† 384.3 

† 312.4 

† 328.9 

Public order and safety

†615.7 

† 672.5 

† 800.7 

† 799.9 

† 799.3 

† 815.2 

Economic affairs

†319.7 

† 276.9 

† 334.4 

† 270.1 

† 246.2 

† 219.9 

Environmental protection

†98.1 

† 149.4 

† 98.1 

† 103.6 

† 99.9 

† 101.5 

Housing and community amenities

†169.2 

† 244.1 

† 227.3 

† 240.7 

† 207.7 

† 219.1 

Health

1 961.6 

†2 180.1 

†2 456.3 

†2 373.8 

†2 406.4 

†2 553.4 

Recreation, culture and religion

†155.7 

† 154.1 

† 163.5 

† 141.7 

† 138.3 

† 139.3 

Education

1 676.9 

†1 679.8 

†1 788.2 

†1 850.4 

†1 910.6 

†1 978.8 

Social protection

†519.4 

† 552.3 

† 551.7 

† 509.0 

† 514.6 

† 526.2 

Transport

†291.4 

† 290.3 

† 315.5 

† 326.0 

† 350.8 

† 341.1 

Nominal interest on superannuation

†271.3 

† 271.3 

† 161.8 

† 94.5 

† 94.5 

† 94.7 

 

 

 

 

 

 

 

6 349.3 

†6 751.6 

†7 546.1 

†7 093.9 

†7 080.7 

†7 318.0 

 

 

 

 

 

 

 

 

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.