4     2021-22 Budget and Forward Estimates

Key Issues

·       The Net Operating Balance is estimated to be a deficit of $689.8 million for 2021-22, improving over the Forward Estimates period to an estimated surplus of $126.8 million in 2024-25.

·       The Fiscal Balance remains in deficit over the 2021-22 Budget and Forward Estimates period, with an estimated deficit of $1 041.2 million in 2021-22 improving to an estimated deficit of $315.4 million in 2024-25.

·       Net Debt (including the impact of Leases under AASB 16) is estimated to be $1 704.4 million as at 30 June 2022 increasing to $3 478.6 million as at 30 June 2025.

·       Information on variations between 2020‑21 Budget estimates and actual preliminary outcomes for 202021 is provided in the Preliminary Outcomes Report 2020-21 that was recently released.

·       This chapter includes the Policy and Parameter Statement, which provides a reconciliation of the major movements in the Net Operating Balance and the Fiscal Balance between the Budget and Forward Estimates presented in the 2020-21 Budget Papers and those presented in these Budget Papers. Detailed information on 2021-22 Budget election commitments and other initiatives can be found in Government Services Budget Paper No 2.


 

Overview

This chapter includes the General Government Sector Financial Statements for the 2021‑22 Budget and Forward Estimates period and the preliminary outcome results for 2020‑21. It also incorporates the Policy and Parameter Statement, which reflects changes between the Budget and Forward Estimates reported in the 2020‑21 Budget Papers and the 2021‑22 Budget Papers.

In addition, this chapter includes the Public Account Budget and Forward Estimates together with Specific Purpose Account Estimated Receipts and Expenditure for 2021‑22. These reports are prepared to meet requirements under the Financial Management Act 2016.

The financial statements in this chapter have been prepared in accordance with the Uniform Presentation Framework (UPF). The statements present information for the 2020‑21 Budget and for the 2021‑22 Budget and Forward Estimates. Taxation information, required under the UPF, is provided in chapter 5 of this Budget Paper.

In accordance with the UPF, the final end of year results for the General Government Sector for 2021-22 will be presented in the Treasurer’s Annual Financial Report 2021-22, which is required to be released by no later than 31 October 2022.

 


 

Government Financial Estimates

Tables 4.1 to 4.3 detail the Income Statement, Balance Sheet and Cash Flow Statement for the General Government Sector.

Table 4.1:         General Government Income Statement

 

2020‑21 

2020‑21 

2021‑22 

2022‑23 

2023‑24 

2024‑25 

 

 

Preliminary 

 

Forward 

Forward 

Forward 

 

Budget 

Outcome 

Budget 

Estimate 

Estimate 

Estimate 

 

$m 

$m 

$m 

$m 

$m 

$m 

 

 

 

 

 

 

 

Revenue from transactions1

 

 

 

 

 

 

Grants

4 066.1 

4 300.9 

4 653.2 

4 922.3 

5 094.5 

5 258.2 

Taxation

1 220.6 

1 336.0 

1 448.3 

1 530.6 

1 608.5 

1 684.6 

Sales of goods and services

433.4 

 440.9 

441.7 

458.5 

469.8 

479.9 

Fines and regulatory fees

102.2 

100.4 

107.2 

108.3 

109.7 

111.0 

Interest income

14.9 

8.0 

7.9 

12.1 

18.3 

22.9 

Dividend, tax and rate equivalent income

413.1 

403.6 

383.8 

316.1 

286.1 

308.0 

Other revenue

177.9 

262.9 

215.3 

194.9 

189.8 

186.6 

 

6 428.1 

 6 852.7 

7 257.5 

7 542.7 

7 776.8 

8 051.3 

 

 

 

 

 

 

 

Less Expenses from transactions

 

 

 

 

 

 

Employee expenses2

3 051.7 

3 036.0 

3 202.0 

3 244.2 

3 400.7 

3 550.3 

Superannuation3

373.8 

380.3 

410.3 

419.1 

435.1 

457.4 

Depreciation

388.1 

369.3 

412.5 

430.4 

455.0 

475.6 

Supplies and consumables

1 731.8 

1 601.0 

1 723.8 

1 553.4 

1 574.6 

1 612.9 

Nominal superannuation interest expense4

161.8 

161.8 

129.5 

129.6 

129.4 

128.8 

Borrowing costs5

29.3 

21.7 

48.2 

80.6 

106.4 

114.4 

Grant and subsidy expenses6

1 771.0 

1 648.7 

1 978.8 

1 731.5 

1 598.1 

1 544.8 

Other expenses

38.7 

45.5 

42.2 

40.2 

38.0 

40.3 

 

7 546.1 

7 264.1 

7 947.2 

7 629.2 

7 737.4 

7 924.5 

 

 

 

 

 

 

 

Equals NET OPERATING BALANCE

(1 118.0)

(411.5)

(689.8)

(86.4)

39.4 

126.8 

 

 

 

 

 

 

 

Plus Other economic flows - included in Operating Result

 

 

 

 

 

 

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

16.6 

(6.7)

13.7 

34.3 

33.0 

41.6 

Other gains/(losses)

80.9 

148.4 

(11.9)

(26.8)

(11.2)

3.7 

 

97.5 

141.7 

1.8 

7.5 

21.8 

45.3 

 

 

 

 

 

 

 

Equals Operating Result

(1 020.5)

(269.8)

(687.9)

(78.9)

61.2 

172.1 


 

Table 4.1:         General Government Income Statement (continued)

 

2020‑21 

2020‑21 

2021‑22 

2022‑23 

2023‑24 

2024‑25 

 

 

Preliminary 

 

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

220.2 

337.0 

280.4 

282.0 

317.4 

317.4 

Revaluation of equity investment in PNFC and PFC sectors7

148.3 

183.2 

(181.2)

(117.7)

(160.3)

(2.2)

Movements in superannuation liability8

(1 198.2)

1 231.2 

(866.4)

.... 

.... 

.... 

Other non-owner movements in Equity

.... 

38.3 

.... 

.... 

.... 

.... 

 

(829.6)

1 789.8 

(767.3)

164.4 

157.1 

315.2 

 

 

 

 

 

 

 

Equals Comprehensive Result

(1 850.1)

1 520.0 

(1 455.2)

85.4 

218.3 

487.3 

 

 

 

 

 

 

 

KEY FISCAL AGGREGATES

 

 

 

 

 

 

 

 

 

 

 

 

 

NET OPERATING BALANCE

(1 118.0)

(411.5)

(689.8)

(86.4)

39.4 

126.8 

 

 

 

 

 

 

 

Less Net acquisition of non-financial assets

 

 

 

 

 

 

Purchases of non-financial assets9

1 085.5 

579.7 

795.8 

897.8 

1 023.8 

977.5 

Less Sales of non-financial assets

35.7 

25.1 

31.9 

52.5 

51.2 

59.7 

Less Depreciation

388.1 

369.3 

412.5 

430.4 

455.0 

475.6 

 

661.7 

185.3 

351.4 

414.9 

517.6 

442.1 

 

 

 

 

 

 

 

Equals FISCAL BALANCE

(1 779.7)

(596.7)

(1 041.2)

(501.3)

(478.1)

(315.4)

 

 

 

 

 

 

 

Notes:

1.    Detailed information on revenue estimates is provided in chapter 5 of this Budget Paper.

2.    The increase in Employee expenses in 2021-22 primarily reflects the impact of the Government’s 2021 election commitments and other initiatives.

3.    The change in Superannuation reflects increases to the Superannuation Guarantee Charge together with the latest actuarial advice provided by the State’s Actuary. Further information on the Superannuation liability is provided in chapter 7 of this Budget Paper.

4.    The decrease in Nominal superannuation interest expense in 2021-22 reflects the latest actuarial advice provided by the State’s Actuary and includes a change in the discount rate from 1.0 per cent in 2020‑21 to 1.5 per cent in 2021‑22.

5.    The increase in Borrowing costs from 2021-22 primarily reflects anticipated increases in the estimated General Government Sector cash deficit together with the impact of a higher projected borrowings rate.

6.    The increase in Grant and subsidy expenses in 2021-22 primarily reflects the impact of the Government’s 2021 election commitments and other initiatives which are partially offset by a reduction in COVID-19 pandemic related expenditure compared with 2020-21.

7.    Revaluation of equity investment in PNFC and PFC sectors reflects changes in the net assets of the Public Non‑Financial Corporations and Public Financial Corporation sectors. Refer to appendix 1 of this Budget Paper for more information on the PNFC and PFC sectors.

8.    The change in the Movements in superannuation liability reflects the latest actuarial advice provided by the State’s Actuary. Further information on the Superannuation liability is provided in chapter 7 of this Budget Paper.

9.    Detailed information on infrastructure investment is provided in chapter 6 of this Budget Paper.


 

Table 4.2:         General Government Balance Sheet as at 30 June

 

2021 

2021 

2022 

2023 

2024 

2025 

 

 

Preliminary 

 

Forward 

Forward 

Forward 

 

Budget 

Outcome 

Budget 

Estimate 

Estimate 

Estimate 

 

$m 

$m 

$m 

$m 

$m 

$m 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

Financial assets

 

 

 

 

 

 

Cash and deposits

1 160.4 

1 468.1 

1 144.0 

1 152.5 

1 390.8 

1 444.9 

Investments1

420.3 

202.9 

311.0 

360.8 

233.9 

200.9 

Equity investments in PNFC and PFC sectors

4 721.8 

4 874.7 

4 928.6 

5 077.3 

5 045.3 

5 073.4 

Other equity investments

124.8 

90.4 

140.9 

201.4 

256.9 

262.4 

Receivables

326.5 

348.3 

345.4 

342.2 

339.3 

336.7 

Other financial assets

585.3 

516.9 

442.6 

450.5 

466.3 

498.4 

 

7 339.1 

7 501.2 

7 312.6 

7 584.6 

7 732.5 

7 816.7 

 

 

 

 

 

 

 

Non-financial assets

 

 

 

 

 

 

Land and buildings2

7 470.8 

7 468.6 

7 771.9 

8 031.2 

8 374.4 

8 645.6 

Infrastructure3

6 405.0 

6 107.2 

6 454.9 

6 930.0 

7 461.0 

8 010.9 

Plant and equipment

291.9 

285.3 

313.8 

334.0 

346.5 

348.8 

Heritage and cultural assets

452.0 

 439.9 

452.2 

464.5 

476.8 

489.1 

Investment property

3.3 

3.4 

3.3 

3.3 

3.3 

3.3 

Intangibles

71.9 

63.9 

72.6 

87.5 

107.6 

120.0 

Assets held for sale

16.7 

5.7 

1.1 

.... 

.... 

.... 

Lease - right-of-use-assets4

412.1 

310.4 

275.2 

243.9 

231.9 

198.1 

Other non-financial assets

48.2 

99.9 

99.8 

101.4 

102.3 

103.8 

 

15 171.9 

14 784.1 

15 444.7 

16 195.8 

17 103.8 

17 919.5 

 

 

 

 

 

 

 

Total Assets

22 510.9 

22 285.4 

22 757.3 

23 780.4 

24 836.3 

25 736.2 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

Borrowings

3 013.5 

1 811.2 

2 874.1 

3 780.5 

4 449.4 

4 930.6 

Lease liabilities4

422.1 

318.9 

285.4 

251.8 

234.8 

193.7 

Superannuation5

11 481.0 

 9 064.3 

9 895.0 

9 843.6 

9 775.4 

9 681.4 

Employee entitlements

800.0 

814.9 

831.8 

849.7 

869.2 

889.0 

Payables

191.7 

190.1 

199.9 

201.1 

203.2 

204.9 

Other liabilities

590.0 

703.2 

743.5 

840.6 

1 072.9 

1 118.0 

Total Liabilities

16 498.3 

12 902.6 

14 829.7 

15 767.3 

16 604.9 

17 017.5 

 

 

 

 

 

 

 

Net Assets

6 012.7 

9 382.8 

7 927.6 

8 013.0 

8 231.4 

8 718.6 

 


 

Table 4.2:         General Government Balance Sheet as at 30 June (continued)

 

2021 

2021 

2022 

2023 

2024 

2025 

 

 

Preliminary 

 

Forward 

Forward 

Forward 

 

Budget 

Outcome 

Budget 

Estimate 

Estimate 

Estimate 

 

$m 

$m 

$m 

$m 

$m 

$m 

 

 

 

 

 

 

 

Equity

 

 

 

 

 

 

Accumulated funds

1 550.5 

4 880.5 

3 326.2 

3 247.3 

3 308.5 

3 480.6 

Asset revaluation reserve

5 296.3 

5 301.5 

5 581.9 

5 863.9 

6 181.3 

6 498.6 

Other revaluation reserves

(834.1)

(799.2)

(980.4)

(1 098.1)

(1 258.4)

(1 260.6)

Total Equity

6 012.7 

9 382.8 

7 927.6 

8 013.0 

8 231.4 

8 718.6 

 

 

 

 

 

 

 

KEY FISCAL AGGREGATES

 

 

 

 

 

 

 

 

 

 

 

 

 

NET WORTH6

6 012.7 

9 382.8 

7 927.6 

8 013.0 

8 231.4 

8 718.6 

 

 

 

 

 

 

 

NET FINANCIAL WORTH7

(9 159.2)

(5 401.3)

(7 517.1)

(8 182.7)

(8 872.4)

(9 200.9)

 

 

 

 

 

 

 

NET FINANCIAL LIABILITIES8

13 881.0 

10 276.0 

12 445.7 

13 260.1 

13 917.7 

14 274.2 

 

 

 

 

 

 

 

NET DEBT9

1 854.8 

459.1 

1 704.4 

2 519.1 

3 059.5 

3 478.6 

 

 

 

 

 

 

 

GFS NET DEBT10

1 432.8 

140.2 

1 419.0 

2 267.3 

2 824.7 

3 284.9 

 

 

 

 

 

 

 

Notes:

1.    Variations from 2021-22 primarily reflect the timing of loan advances by the Department of State Growth.  In 2021‑22 and 2022‑23, it also reflects the drawdown of the TT-Line Vessel Replacement Fund.

2.    The increase in Land and buildings reflects the implementation of the Government’s infrastructure program including increased capital funding for schools, housing, prison infrastructure and hospital redevelopment projects. Further information on infrastructure investment is provided in chapter 6 of this Budget Paper.

3.    The increase in Infrastructure primarily reflects additional expenditure on Roads through the Government’s infrastructure investment program. Further information on infrastructure investment is provided in chapter 6 of this Budget Paper.

4.    The decrease in Lease right‑of‑use‑assets and Lease liabilities in 2022 primarily reflects revised estimates based on 30 June 2020 actuals.

5.    The decrease in Superannuation reflects the latest actuarial advice provided by the State’s Actuary and includes a change in the discount rate from 1.0 per cent in 2020‑21 to 1.5 per cent in 2021‑22. Further information on the Superannuation liability is provided in chapter 7 of this Budget Paper.

6.    Net Worth represents Total Assets less Total Liabilities.

7.    Net Financial Worth represents Financial assets less Total Liabilities.

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

9.    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.

10.  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, and excludes the impact of Lease liabilities.


11.   

Table 4.3:         General Government Cash Flow Statement

 

2020‑21 

2020‑21 

2021‑22 

2022‑23 

2023‑24 

2024‑25 

 

 

Preliminary 

 

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

3 966.0 

4 388.6 

4 697.6 

5 018.8 

5 326.1 

5 302.7 

Taxation

1 218.7 

1 338.5 

1 448.3 

1 530.7 

1 608.7 

1 684.8 

Sales of goods and services

432.0 

428.4 

436.9 

453.7 

464.5 

474.4 

Fines and regulatory fees

102.2 

102.1 

107.2 

108.2 

109.6 

110.9 

Interest received

14.0 

8.1 

8.0 

12.0 

18.3 

22.6 

Dividend, tax and rate equivalents

414.4 

427.8 

451.7 

291.7 

268.8 

288.0 

Other receipts

404.3 

615.5 

447.1 

427.9 

423.9 

423.0 

 

6 551.6 

7 308.8 

7 596.8 

7 843.0 

8 219.9 

8 306.4 

 

 

 

 

 

 

 

Cash payments for operating activities

 

 

 

 

 

 

Employee entitlements

(3 023.1)

(3 014.8)

(3 181.9)

(3 225.3)

(3 380.0)

(3 529.5)

Superannuation

(528.5)

(528.1)

(577.6)

(598.6)

(631.2)

(678.8)

Supplies and consumables

(1 737.6)

(1 609.3)

(1 733.7)

(1 564.2)

(1 585.2)

(1 622.9)

Borrowing costs

(29.4)

(14.2)

(44.0)

(79.0)

(105.6)

(114.6)

Grants and subsidies paid

(1 770.9)

(1 765.7)

(1 978.7)

(1 731.5)

(1 598.0)

(1 544.8)

Other payments

(267.5)

(321.9)

(276.4)

(275.6)

(274.5)

(279.0)

 

(7 357.0)

(7 254.1)

(7 792.3)

(7 474.2)

(7 574.6)

(7 769.6)

 

 

 

 

 

 

 

Net cash flows from operating activities

(805.3)

54.7 

(195.5)

368.8 

645.3 

536.8 

 

 

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

 

 

Net cash flows from non-financial assets

 

 

 

 

 

 

Purchases of non-financial assets

(1 073.2)

(579.7)

(776.2)

(887.3)

(1 014.0)

(967.8)

Sales of non-financial assets

32.7 

25.1 

36.3 

48.6 

47.4 

55.9 

 

(1 040.5)

(554.6)

(739.9)

(838.7)

(966.7)

(911.9)

 

 

 

 

 

 

 

Net cash flows from financial assets (policy purposes)

 

 

 

 

 

 

Equity injections

(72.2)

(241.5)

(285.6)

(326.9)

(183.7)

(35.7)

Net advances paid

(81.7)

(12.0)

(129.4)

(90.9)

126.9 

33.0 

Equity disposals

3.6 

86.2 

3.6 

3.6 

3.6 

3.6 

 

(150.3)

(167.3)

(411.4)

(414.2)

(53.2)

0.9 

 

 

 

 

 

 

 


 

Table 4.3:         General Government Cash Flow Statement (continued)

 

2020‑21 

2020‑21 

2021‑22 

2022‑23 

2023‑24 

2024‑25 

 

 

Preliminary 

 

Forward 

Forward 

Forward 

 

Budget 

Outcome 

Budget 

Estimate 

Estimate 

Estimate 

 

$m 

$m 

$m 

$m 

$m 

$m 

 

 

 

 

 

 

 

Net cash flows from financial assets (liquidity management purposes)

 

 

 

 

 

 

Net (purchase)/sale of investments

(121.6)

20.2 

21.2 

41.2 

.... 

.... 

 

(121.6)

20.2 

21.2 

41.2 

.... 

.... 

 

 

 

 

 

 

 

Net cash flows from investing activities

(1 312.3)

(701.7)

(1 130.1)

(1 211.7)

(1 019.9)

(911.0)

 

 

 

 

 

 

 

Net cash flows from financing activities

 

 

 

 

 

 

Net borrowing

2 097.6 

934.5 

1 001.5 

851.3 

612.9 

428.3 

 

2 097.6 

934.5 

1 001.5 

851.3 

612.9 

428.3 

 

 

 

 

 

 

 

Net increase/(decrease) in cash held

(20.1)

287.6 

(324.1)

8.4 

238.4 

54.1 

 

 

 

 

 

 

 

Cash at the beginning of the year

1 180.5 

1 180.5 

1 468.1 

1 144.0 

1 152.5 

1 390.8 

Cash at the end of the year

1 160.4 

1 468.1 

1 144.0 

1 152.5 

1 390.8 

1 444.9 

 

 

 

 

 

 

 

KEY FISCAL AGGREGATES

 

 

 

 

 

 

 

 

 

 

 

 

 

Net cash flows from operating activities

(805.3)

54.7 

(195.5)

368.8 

645.3 

536.8 

Plus Net cash flows from non-financial assets

(1 040.5)

(554.6)

(739.9)

(838.7)

(966.7)

(911.9)

Equals CASH SURPLUS/(DEFICIT)

(1 845.8)

(499.9)

(935.4)

(469.9)

(321.3)

(375.1)

 

 

 

 

 

 

 


 

Policy and Parameter Statement

Introduction

The Policy and Parameter Statement is a reconciliation of the major changes in the Net Operating Balance and the Fiscal Balance between two points in time.

The changes in the PPS are classified as revenue, expense or net acquisition of non‑financial assets and then further categorised as a policy or parameter change. The classification of a variation as a policy or parameter change is a matter of judgement and it is recognised that there may be some instances where part of a Government initiative may have both policy and parameter components. In exercising judgement, Treasury aims to ensure that Government decisions are made transparent.

Policy Variation

For the purpose of the PPS, a policy variation reflects a specific decision by the Government that has an impact on the Budget and Forward Estimates and is related to a new policy or represents a change in the Government’s existing policy position since the previous Budget. A decision to change a Budget or Forward Estimate item, which is consistent with an existing policy, is not a policy decision.

Parameter Variation

A parameter variation reflects changes to the Budget and Forward Estimates due to the economic environment, the agency operating environment or the timing of a transaction.

Parameter variations will reflect the impact of changes in taxes, grants or other income that do not arise because of a Government decision; and demand and cost variations in agency service delivery, including the provision of indexation. Variations resulting from the rollover of a new Forward Estimate year and changes in accounting policies, such as a change in an agency depreciation policy or the impact on estimates of a change in an Australian Accounting Standard, are classified as parameter variations.

Table 4.4 provides a summary of the policy and parameter changes detailed in Table 4.5 that have impacted on the formulation of the 2021‑22 Budget since the 2020‑21 Budget.


 

Table 4.4:         Summary Policy and Parameter Statement, 2021‑22 to 2024‑25

 

 

2021‑22 

2022‑23 

2023‑24 

2024‑25 

 

 

 

Forward 

Forward 

Forward 

 

 

Budget 

Estimate 

Estimate 

Estimate1 

 

 

$m 

$m 

$m 

$m 

 

 

 

 

 

 

Forward Estimates (Net Operating Balance) as per the 2020‑21 Budget (A)

 

(281.5)

13.9 

17.2 

.... 

 

 

 

 

 

 

Forward Estimates (Fiscal Balance) as per the 2020‑21 Budget (B)

 

(745.9)

(338.3)

(437.9)

.... 

 

 

 

 

 

 

REVENUE

 

 

 

 

 

Policy Decisions

 

(28.3)

(20.3)

(18.2)

(18.1)

Parameter Adjustments

 

473.3 

468.4 

459.8 

.... 

TOTAL REVENUE ADJUSTMENTS (C)

 

445.1 

448.1 

441.6 

.... 

 

 

 

 

 

 

EXPENSES

 

 

 

 

 

Policy Decisions

 

683.7 

415.9 

337.9 

404.7 

Parameter Adjustments

 

169.6 

132.5 

81.3 

.... 

TOTAL EXPENSE ADJUSTMENTS (D)

 

853.3 

548.4 

419.4 

.... 

 

 

 

 

 

 

NET OPERATING BALANCE (A+C-D)

 

(689.8)

(86.4)

39.4 

126.8 

 

 

 

 

 

 

Less NET ACQUISITION OF NON-FINANCIAL ASSETS

 

 

 

 

 

Purchases of non-financial assets

 

 

 

 

 

Policy Decisions

 

69.4 

95.4 

230.4 

284.0 

Parameter Adjustments

 

(196.5)

(16.6)

(143.4)

.... 

 

 

(127.0)

78.8 

87.0 

.... 

 

 

 

 

 

 

Less Sale of non-financial assets

 

 

 

 

 

Policy Decisions

 

.... 

.... 

.... 

.... 

Parameter Adjustments

 

(11.3)

16.4 

15.7 

.... 

 

 

(11.3)

16.4 

15.7 

.... 

 

 

 

 

 

 

Less Depreciation - Total Parameter Adjustments

 

(2.8)

(0.3)

8.8 

.... 

TOTAL NET ACQUISITION OF NON-FINANCIAL ASSETS ADJUSTMENTS (E)

 

(113.0)

62.7 

62.4 

.... 

 

 

 

 

 

 

FISCAL BALANCE (B+C-D-E)

 

(1 041.2)

(501.3)

(478.1)

(315.4)

 

 

 

 

 

 

Note:

1.    Parameter adjustments for 2024‑25 are not reflected in the Table as the 2024‑25 Forward Estimate was not published in the 2020‑21 Budget. However, policy adjustments are reflected to show their full impact on the Budget and Forward Estimates.


 

Table 4.5:         Policy and Parameter Statement, 2021‑22 to 2024‑25

 

 

2021‑22 

2022‑23 

2023‑24 

2024‑25 

 

 

 

Forward 

Forward 

Forward 

 

 

Budget 

Estimate 

Estimate 

Estimate1 

 

 

$m 

$m 

$m 

$m 

 

 

 

 

 

 

Forward Estimates (Net Operating Balance) as per the 2020‑21 Budget (A)

 

(281.5)

13.9 

17.2 

.... 

 

 

 

 

 

 

Forward Estimates (Fiscal Balance) as per the 2020‑21 Budget (B)

 

(745.9)

(338.3)

(437.9)

.... 

 

 

 

 

 

 

Revenue from transactions

 

 

 

 

 

Policy Decisions

 

 

 

 

 

Agency Revenue

 

 

 

 

 

Election commitments

 

 

 

 

 

Shellfish Levy - Oyster Industry Levy Relief

 

(0.4)

.... 

.... 

.... 

Other initiatives

 

 

 

 

 

Extension of waiver of Liquor Licence Fees

 

(0.1)

(0.1)

(0.1)

(0.1)

 

 

(0.5)

(0.1)

(0.1)

(0.1)

Taxation

 

 

 

 

 

Duties2

 

 

 

 

 

Election commitments

 

 

 

 

 

Quarterly Motor Vehicle Registration Payments

 

(3.5)

(3.5)

(3.5)

(3.5)

Stamp Duty Waiver for Electric Vehicles

 

(0.8)

(1.6)

.... 

.... 

Other initiatives

 

 

 

 

 

Duty concessions for First Home Buyers and Pensioners Downsizing

 

(6.8)

.... 

.... 

.... 

Land Tax3

 

 

 

 

 

Election commitments

 

 

 

 

 

Land Tax Threshold Modernisation

 

(14.1)

(14.1)

(14.1)

(14.1)

Motor Tax4

 

 

 

 

 

Election commitments

 

 

 

 

 

Quarterly Motor Vehicle Registration Payments

 

(0.6)

.... 

.... 

.... 

Vehicle Registration Fees4

 

 

 

 

 

Election commitments

 

 

 

 

 

Electric Vehicle - Car Rental - Registration Waiver

 

(0.5)

(0.5)

.... 

.... 

Quarterly Motor Vehicle Registration Payments

 

(1.1)

.... 

.... 

.... 

Premium Interest Rate Reduction5

 

(0.5)

(0.5)

(0.5)

(0.5)

 

 

(27.9)

(20.2)

(18.1)

(18.1)

 

 

 

 

 

 

Total Policy Decisions

 

(28.3)

(20.3)

(18.2)

(18.1)

 

 

 

 

 

 


 

Table 4.5:         Policy and Parameter Statement, 2021‑22 to 2024‑25 (continued)

 

 

2021‑22 

2022‑23 

2023‑24 

2024‑25 

 

 

 

Forward 

Forward 

Forward 

 

 

Budget 

Estimate 

Estimate 

Estimate1 

 

 

$m 

$m 

$m 

$m 

Parameter Adjustments

 

 

 

 

 

Taxation

 

 

 

 

 

Annual Wagering Levy6

 

.... 

.... 

.... 

.... 

Casino Tax and Licence Fees

 

1.0 

1.0 

1.0 

.... 

Duties

 

133.4 

157.0 

182.8 

.... 

Fire Service Levies

 

3.2 

3.5 

3.8 

.... 

Guarantee Fees

 

(0.9)

(2.2)

2.0 

.... 

Land Tax

 

5.5 

6.9 

8.4 

.... 

Lottery Tax

 

3.6 

4.5 

5.4 

.... 

Motor Tax

 

0.5 

1.8 

5.3 

.... 

Payroll Tax

 

29.0 

34.6 

37.1 

.... 

Point of Consumption Wagering Tax

 

1.8 

1.9 

1.9 

.... 

Vehicle Registration Fees

 

1.8 

3.0 

3.6 

.... 

 

 

179.1 

212.0 

251.3 

.... 

Dividend, tax and rate equivalent income

 

 

 

 

 

Dividend income

 

 

 

 

 

Aurora Energy Pty Ltd

 

10.8 

2.4 

2.3 

.... 

Hydro Tasmania

 

(6.2)

(4.5)

14.5 

.... 

Motor Accidents Insurance Board

 

21.1 

24.1 

25.6 

.... 

Tasmanian Networks Pty Ltd

 

10.1 

(1.8)

(3.3)

.... 

Tasmanian Ports Corporation Pty Ltd

 

.... 

(3.8)

(2.1)

.... 

Tasmanian Public Finance Corporation

 

2.6 

(3.9)

(2.9)

.... 

TT-Line Company Pty Ltd

 

.... 

2.7 

4.0 

.... 

 

 

38.4 

15.2 

38.0 

.... 

Income tax equivalents

 

 

 

 

 

Aurora Energy Pty Ltd

 

0.9 

0.5 

0.2 

.... 

Hydro Tasmania

 

(2.2)

6.9 

1.0 

.... 

Motor Accidents Insurance Board

 

(0.6)

(2.1)

(4.1)

.... 

Public Trustee

 

0.1 

.... 

.... 

.... 

Sustainable Timber Tasmania

 

0.7 

.... 

2.7 

.... 

Tasmanian Networks Pty Ltd

 

(1.0)

(2.5)

(3.8)

.... 


 

Table 4.5:         Policy and Parameter Statement, 2021‑22 to 2024‑25 (continued)

 

 

2021‑22 

2022‑23 

2023‑24 

2024‑25 

 

 

 

Forward 

Forward 

Forward 

 

 

Budget 

Estimate 

Estimate 

Estimate1 

 

 

$m 

$m 

$m 

$m 

Income tax equivalents (continued)

 

 

 

 

 

Tasmanian Ports Corporation Pty Ltd

 

(0.7)

.... 

0.8 

.... 

Tasmanian Public Finance Corporation

 

(1.7)

(1.3)

(1.9)

.... 

TT-Line Company Pty Ltd

 

1.7 

3.4 

(4.3)

.... 

 

 

(2.8)

4.9 

(9.3)

.... 

 

 

 

 

 

 

Total Dividend, tax and rate equivalent income

 

35.6 

20.1 

28.8 

.... 

 

 

 

 

 

 

Interest income

 

(7.4)

(4.7)

6.4 

.... 

 

 

 

 

 

 

Australian Government Grants

 

 

 

 

 

General Purpose Payments

 

 

 

 

 

GST Revenue

 

321.0 

293.0 

320.8 

.... 

 

 

321.0 

293.0 

320.8 

.... 

National Partnership Payments

 

 

 

 

 

Community Services (including Disability)

 

…. 

0.9 

1.8 

.... 

Education

 

(0.1)

0.2 

…. 

.... 

Environment

 

(9.2)

(10.5)

5.7 

.... 

Health

 

33.4 

8.3 

3.4 

.... 

Housing

 

33.8 

13.8 

…. 

.... 

Infrastructure

 

(129.9)

(124.6)

(216.6)

.... 

Natural Disaster Relief and Recovery Arrangements

 

(0.7)

(0.3)

1.1 

.... 

Other Services

 

(35.5)

3.3 

(2.8)

.... 

Skills and Workforce Development

 

2.4 

7.4 

2.1 

.... 

 

 

(105.9)

(101.5)

(205.3)

.... 

Specific Purpose Payments

 

 

 

 

 

National Health Reform

 

10.4 

31.5 

33.0 

.... 

National Housing and Homelessness

 

2.2 

2.3 

0.7 

.... 

National Skills and Workforce Development

 

0.2 

0.2 

0.2 

.... 

Quality Schools, Quality Outcomes

 

3.5 

2.4 

9.6 

.... 

 

 

16.3 

36.4 

43.5 

.... 

 

 

 

 

 

 

Other Australian Government Grants

 

10.1 

5.8 

6.5 

.... 

 

 

 

 

 

 

Total Australian Government Grants

 

241.6 

233.8 

165.6 

.... 


 

Table 4.5:         Policy and Parameter Statement, 2021‑22 to 2024‑25 (continued)

 

 

2021‑22 

2022‑23 

2023‑24 

2024‑25 

 

 

 

Forward 

Forward 

Forward 

 

 

Budget 

Estimate 

Estimate 

Estimate1 

 

 

$m 

$m 

$m 

$m 

Agency Revenue

 

 

 

 

 

Brand Tasmania7

 

.... 

.... 

.... 

.... 

Communities Tasmania

 

4.6 

(6.2)

(6.2)

.... 

Education

 

(0.2)

(0.2)

(0.2)

.... 

Finance-General

 

2.3 

(1.3)

(1.2)

.... 

Health

 

(1.1)

3.4 

7.4 

.... 

Inland Fisheries Service

 

.... 

.... 

(0.1)

.... 

Marine and Safety Tasmania

 

0.1 

0.1 

0.2 

.... 

Police, Fire and Emergency Management8

 

.... 

.... 

.... 

.... 

Premier and Cabinet

 

0.8 

0.8 

(0.2)

.... 

Primary Industries, Parks, Water and Environment

 

(6.6)

(5.7)

(4.6)

.... 

Royal Tasmanian Botanical Gardens

 

0.6 

2.1 

2.0 

.... 

State Fire Commission

 

(0.1)

(0.1)

.... 

.... 

State Growth9

 

21.2 

10.9 

7.2 

.... 

TasTAFE

 

1.9 

2.7 

2.8 

.... 

Treasury and Finance

 

0.9 

0.8 

0.8 

.... 

Total Agency Revenue

 

24.4 

7.3 

7.9 

.... 

Total Parameter Adjustments

 

473.3 

468.4 

459.8 

.... 

 

 

 

 

 

 

TOTAL REVENUE FROM TRANSACTIONS ADJUSTMENTS (C)

 

445.1 

448.1 

441.6 

.... 

 

 

 

 

 

 

 Expenses from transactions

 

 

 

 

 

Policy Decisions10

 

 

 

 

 

Agency Expenditure

 

 

 

 

 

Brand Tasmania

 

 

 

 

 

Initiatives

 

0.3 

0.2 

.... 

.... 

 

 

0.3 

0.2 

.... 

.... 

Communities Tasmania

 

 

 

 

 

Election Commitments

 

74.0 

30.5 

21.1 

8.3 

Other Initiatives

 

51.5 

23.9 

2.3 

2.0 

 

 

125.5 

54.4 

23.4 

10.3 


 

Table 4.5:         Policy and Parameter Statement, 2021‑22 to 2024‑25 (continued)

 

 

2021‑22 

2022‑23 

2023‑24 

2024‑25 

 

 

 

Forward 

Forward 

Forward 

 

 

Budget 

Estimate 

Estimate 

Estimate1 

 

 

$m 

$m 

$m 

$m 

Education

 

 

 

 

 

Election Commitments

 

5.4 

7.2 

8.4 

8.4 

Other Initiatives

 

0.3 

0.1 

0.1 

0.1 

 

 

5.7 

7.3 

8.5 

8.4 

Finance-General

 

 

 

 

 

Election Commitments

 

20.0 

3.5 

4.5 

4.5 

Other Initiatives

 

147.5 

47.5 

40.0 

40.0 

 

 

167.5 

51.0 

44.5 

44.5 

Health

 

 

 

 

 

Election Commitments11

 

96.5 

78.3 

71.5 

68.2 

Other Initiatives

 

68.4 

65.8 

65.5 

165.5 

 

 

164.8 

144.2 

137.0 

233.8 

Inland Fisheries Service

 

 

 

 

 

Election Commitments12

 

0.1 

0.1 

.... 

.... 

 

 

0.1 

0.1 

.... 

.... 

Integrity Commission

 

 

 

 

 

Initiatives

 

0.6 

0.6 

0.6 

0.3 

 

 

0.6 

0.6 

0.6 

0.3 

Justice

 

 

 

 

 

Election Commitments

 

6.1 

5.8 

4.8 

2.8 

Other Initiatives

 

25.2 

14.4 

11.9 

11.9 

 

 

31.4 

20.2 

16.7 

14.7 

Marine and Safety Tasmania

 

 

 

 

 

Election Commitments

 

5.0 

.... 

.... 

.... 

Other Initiatives

 

0.3 

.... 

.... 

.... 

 

 

5.3 

.... 

.... 

.... 

Office of the Director of Public Prosecutions

 

 

 

 

 

Initiatives

 

1.8 

1.8 

1.4 

1.4 

 

 

1.8 

1.8 

1.4 

1.4 

Office of the Ombudsman

 

 

 

 

 

Initiatives

 

0.5 

0.8 

1.0 

1.0 

 

 

0.5 

0.8 

1.0 

1.0 

Police, Fire and Emergency Management

 

 

 

 

 

Election Commitments

 

1.7 

3.5 

5.1 

7.6 

Other Initiatives

 

9.7 

4.9 

3.8 

2.7 

 

 

11.4 

8.4 

9.0 

10.2 


 

Table 4.5:         Policy and Parameter Statement, 2021‑22 to 2024‑25 (continued)

 

 

2021‑22 

2022‑23 

2023‑24 

2024‑25 

 

 

 

 

Forward 

Forward 

Forward 

 

 

 

Budget 

Estimate 

Estimate 

Estimate1 

 

 

 

$m 

$m 

$m 

$m 

 

Premier and Cabinet

 

 

 

 

 

Election Commitments

 

1.9 

0.9 

1.5 

1.5 

Other Initiatives

 

8.8 

14.8 

9.6 

9.6 

 

 

10.7 

15.7 

11.1 

11.1 

Primary Industries, Parks, Water and Environment

 

 

 

 

 

Election Commitments

 

9.4 

11.4 

6.8 

6.1 

Other Initiatives

 

8.0 

7.4 

2.1 

2.1 

 

 

17.4 

18.8 

8.9 

8.2 

State Fire Commission

 

 

 

 

 

Election Commitments

 

1.9 

2.2 

2.2 

2.2 

Other Initiatives

 

1.4 

.... 

.... 

.... 

 

 

3.2 

2.2 

2.2 

2.2 

State Growth

 

 

 

 

 

Election Commitments

 

63.1 

42.8 

40.0 

31.1 

Other Initiatives

 

60.7 

17.3 

7.0 

2.0 

 

 

123.8 

60.0 

47.0 

33.1 

TasTAFE

 

 

 

 

 

Election Commitments

 

8.3 

18.0 

11.8 

15.5 

 

 

8.3 

18.0 

11.8 

15.5 

Tourism Tasmania

 

 

 

 

 

Election Commitments

 

1.2 

4.5 

7.0 

7.0 

 

 

1.2 

4.5 

7.0 

7.0 

Treasury and Finance

 

 

 

 

 

Initiatives

 

1.0 

2.0 

2.0 

2.0 

 

 

1.0 

2.0 

2.0 

2.0 

 Borrowing Costs

 

 

 

 

 

State Growth

 

 

 

 

 

Election Commitments

 

2.1 

4.6 

4.6 

1.1 

Other Initiatives

 

1.2 

1.2 

1.2 

.... 

 

 

3.3 

5.8 

5.8 

1.1 

 

 

 

 

 

 

Total Policy Decisions

 

683.7 

415.9 

337.9 

404.7 

 

 

 

 

 

 

Parameter Adjustments

 

 

 

 

 

Borrowing costs

 

(8.1)

12.1 

30.5 

.... 

Depreciation

 

(2.8)

(0.3)

8.8 

.... 

Nominal superannuation interest expense

 

35.0 

35.1 

34.7 

.... 


 

Table 4.5:         Policy and Parameter Statement, 2021‑22 to 2024‑25 (continued)

 

 

2021‑22 

2022‑23 

2023‑24 

2024‑25 

 

 

 

 

Forward 

Forward 

Forward 

 

 

 

Budget 

Estimate 

Estimate 

Estimate1 

 

 

 

$m 

$m 

$m 

$m 

 

Agency Expenditure

 

 

 

 

 

Brand Tasmania

 

0.2 

.... 

.... 

.... 

Communities Tasmania

 

8.0 

13.6 

(26.6)

.... 

Education

 

9.8 

9.4 

19.5 

.... 

Finance-General

 

(7.7)

(4.5)

(40.6)

.... 

Health

 

26.8 

18.3 

17.3 

.... 

House of Assembly

 

.... 

0.1 

0.1 

.... 

Inland Fisheries Service

 

.... 

.... 

0.1 

.... 

Integrity Commission

 

0.1 

.... 

.... 

.... 

Justice

 

(2.7)

(0.8)

(0.3)

.... 

Legislative Council

 

0.1 

.... 

0.1 

.... 

Legislature-General

 

0.3 

.... 

.... 

.... 

Marine and Safety Tasmania

 

(0.1)

0.2 

0.3 

.... 

Ministerial and Parliamentary Support

 

0.1 

0.1 

0.2 

.... 

Office of the Director of Public Prosecutions

 

.... 

.... 

0.1 

.... 

Office of the Governor

 

0.1 

.... 

.... 

.... 

Office of the Ombudsman

 

0.3 

0.2 

0.2 

.... 

Police, Fire and Emergency Management

 

14.8 

24.2 

25.0 

.... 

Premier and Cabinet

 

(2.4)

(3.1)

(1.6)

.... 

Primary Industries, Parks, Water and Environment

 

7.9 

(1.5)

(2.3)

.... 

Royal Tasmanian Botanical Gardens

 

0.2 

1.9 

1.9 

.... 

State Fire Commission

 

(0.5)

2.9 

3.3 

.... 

State Growth

 

71.3 

23.4 

7.7 

.... 

TasTAFE

 

3.0 

0.6 

2.1 

.... 

Tourism Tasmania

 

16.4 

0.1 

0.1 

.... 

Treasury and Finance

 

3.4 

0.9 

1.1 

.... 

Other13

 

(3.9)

(0.6)

(0.5)

.... 

Total Agency Expenditure

 

145.5 

85.6 

7.3 

.... 

 

 

 

 

 

 

Total Parameter Adjustments

 

169.6 

132.5 

81.3 

.... 

 

 

 

 

 

 

TOTAL EXPENSES FROM TRANSACTIONS ADJUSTMENTS (D)

 

853.3 

548.4 

419.4 

.... 

 

 

 

 

 

 

NET OPERATING BALANCE (A+C-D)

 

(689.8)

(86.4)

39.4 

126.8 

 

 

 

 

 

 


 

Table 4.5:         Policy and Parameter Statement, 2021‑22 to 2024‑25 (continued)

 

 

2021‑22 

2022‑23 

2023‑24 

2024‑25 

 

 

 

Forward 

Forward 

Forward 

 

 

Budget 

Estimate 

Estimate 

Estimate1 

 

 

$m 

$m 

$m 

$m 

Less NET ACQUISITION OF NON-FINANCIAL ASSETS

 

 

 

 

 

Purchases of non-financial assets from transactions

 

 

 

 

 

Policy Decisions14

 

 

 

 

 

Communities Tasmania

 

 

 

 

 

Election Commitments

 

5.5 

3.0 

32.8 

65.0 

Other Initiatives

 

15.0 

.... 

.... 

.... 

 

 

20.5 

3.0 

32.8 

65.0 

Education

 

 

 

 

 

Election Commitments

 

5.8 

16.7 

43.6 

33.9 

Other Initiatives

 

0.8 

0.8 

.... 

.... 

 

 

6.6 

17.5 

43.6 

33.9 

Finance-General

 

 

 

 

 

Initiatives

 

5.0 

.... 

1.5 

10.0 

 

 

5.0 

.... 

1.5 

10.0 

Health

 

 

 

 

 

Election Commitments

 

10.9 

25.0 

80.6 

94.9 

Other Initiatives

 

5.0 

3.6 

8.5 

.... 

 

 

15.9 

28.6 

89.1 

94.9 

Inland Fisheries Service

 

 

 

 

 

Election Commitments

 

0.3 

0.3 

0.3 

0.3 

 

 

0.3 

0.3 

0.3 

0.3 

Justice

 

 

 

 

 

Election Commitments

 

.... 

1.3 

.... 

.... 

Other Initiatives

 

1.0 

12.5 

12.5 

.... 

 

 

1.0 

13.8 

12.5 

.... 

Marine and Safety Tasmania

 

 

 

 

 

Election Commitments

 

0.1 

.... 

.... 

.... 

 

 

0.1 

.... 

.... 

.... 

Office of the Governor

 

 

 

 

 

Initiatives

 

0.3 

.... 

.... 

.... 

 

 

0.3 

.... 

.... 

.... 

Police, Fire and Emergency Management

 

 

 

 

 

Election Commitments

 

.... 

0.1 

0.1 

8.8 

Other Initiatives

 

4.5 

2.1 

2.8 

.... 

 

 

4.5 

2.2 

2.9 

8.8 


 

Table 4.5:         Policy and Parameter Statement, 2021‑22 to 2024‑25 (continued)

 

 

2021‑22 

2022‑23 

2023‑24 

2024‑25 

 

 

 

Forward 

Forward 

Forward 

 

 

Budget 

Estimate 

Estimate 

Estimate1 

 

 

$m 

$m 

$m 

$m 

Primary Industries, Parks, Water and Environment

 

 

 

 

 

Election Commitments

 

1.2 

8.4 

13.8 

11.7 

Other Initiatives

 

1.0 

5.0 

4.0 

.... 

 

 

2.2 

13.4 

17.8 

11.7 

State Fire Commission

 

 

 

 

 

Election Commitments

 

0.5 

0.3 

1.0 

1.0 

 

 

0.5 

0.3 

1.0 

1.0 

State Growth

 

 

 

 

 

Election Commitments

 

1.3 

5.2 

17.8 

47.3 

 

 

1.3 

5.2 

17.8 

47.3 

TasTAFE

 

 

 

 

 

Election Commitments

 

11.3 

11.3 

11.3 

11.3 

 

 

11.3 

11.3 

11.3 

11.3 

 

 

 

 

 

 

Total Policy Decisions

 

69.4 

95.4 

230.4 

284.0 

 

 

 

 

 

 

Parameter Adjustments

 

 

 

 

 

Communities Tasmania

 

(16.1)

14.9 

17.3 

.... 

Education

 

(22.2)

(1.5)

27.7 

.... 

Finance-General

 

6.8 

2.7 

7.0 

.... 

Health

 

(1.4)

60.2 

19.5 

.... 

Inland Fisheries Service

 

(0.1)

.... 

(0.1)

.... 

Justice

 

(6.6)

(18.1)

(39.4)

.... 

Marine and Safety Tasmania

 

0.6 

.... 

0.1 

.... 

Police, Fire and Emergency Management

 

(11.8)

6.0 

42.5 

.... 

Premier and Cabinet

 

0.2 

.... 

.... 

.... 

Primary Industries, Parks, Water and Environment

 

(18.7)

8.0 

12.7 

.... 

Royal Tasmanian Botanical Gardens

 

(2.6)

2.5 

0.6 

.... 

State Fire Commission

 

1.6 

2.2 

2.5 

.... 

State Growth

 

(134.6)

(101.6)

(233.0)

.... 

Tasmanian Audit Office

 

0.2 

0.1 

.... 

.... 

TasTAFE

 

8.7 

7.0 

(1.0)

.... 

Treasury and Finance

 

(0.5)

1.2 

.... 

.... 

Total Parameter Adjustments

 

(196.5)

(16.6)

(143.4)

.... 

 

 

 

 

 

 


 

Table 4.5:         Policy and Parameter Statement, 2021‑22 to 2024‑25 (continued)

 

 

2021‑22 

2022‑23 

2023‑24 

2024‑25 

 

 

 

Forward 

Forward 

Forward 

 

 

Budget 

Estimate 

Estimate 

Estimate1 

 

 

$m 

$m 

$m 

$m 

Total Purchases of non-financial assets from transactions (E)

 

(127.0)

78.8 

87.0 

.... 

 

 

 

 

 

 

 

 

Less Total Sale of non-financial assets from transactions (F)

 

(11.3)

16.4 

15.7 

.... 

 

 

 

 

 

 

 

 

Depreciation - Total Parameter Adjustments (G)

 

(2.8)

(0.3)

8.8 

.... 

 

 

 

 

 

 

 

 

TOTAL NET ACQUISITION OF NON-FINANCIAL ASSETS FROM TRANSACTIONS ADJUSTMENTS (H) (E - F - G)

 

(113.0)

62.7 

62.4 

.... 

 

 

 

 

 

 

 

 

FISCAL BALANCE (B + C - D - H)

 

(1 041.2)

(501.3)

(478.1)

(315.4)

 

 

 

 

 

 

 

 

Notes:

1.    Parameter adjustments for 2024‑25 are not reflected in the Table as the 2024‑25 Forward Estimate was not published in the 2020‑21 Budget. However, policy adjustments are reflected to show their full impact on the Budget and Forward Estimates.

2.    The decrease in Duties reflects the Government’s decisions to increase the dutiable value threshold for the First Home Buyer Duty Concession and Pensioner Downsizing Duty Concession from $400 000 to $500 000; and cap the motor accident premium duty at $20 per annum as a result of the introduction of quarterly registration for light vehicles; and provide a two year stamp duty waiver for all new and second hand electric and hydrogen fuel cell vehicle purchases.

3.    The decrease in Land Tax reflects the Government’s decision to reform the land tax thresholds by increasing the tax‑free threshold from $24 999 to $49 999 and increasing the top tax band threshold from $350 000 to $400 000.

4.    The decrease in Motor Tax and Vehicle Registration Fees reflects the Government’s decision to introduce quarterly registration of light motor vehicles, and to waive registration for electric vehicles purchased by car rental companies and coach operators for two years.

5.    The Premium Interest Rate reduction applies across all taxation lines.

6.    Annual Wagering Levy reflects an increase of $8 000 in 2021-22; $7 000 in 2022-23; and $36 000 in 2023-24.

7.    The parameter movement for Brand Tasmania reflects an increase of $12 000 per annum from 2021-22.

8.    The parameter movement for the Department of Police, Fire and Emergency Management reflects an increase of $3 000 in 2021‑22; $2 000 in 2022-23; and $1 000 in 2023-24.

9.    The increase in 2021‑22 and over the Forward Estimates primarily reflects revised Mineral Royalty forecasts.

10.  Detailed information on 2021 election commitments and other 2021‑22 Budget initiatives is provided in Government Services Budget Paper No 2.

11.  The election commitments for the Department of Health includes commitments partly funded by the Australian Government.

12.  The election commitments for Inland Fisheries Service includes $19 000 in both 2023-24 and 2024-25.

13.  The movement in Other primarily reflects adjustments to cost estimates associated with the State’s superannuation expense and liability.

14.  Further information on Purchases of non-financial assets from transactions policy decisions is provided in chapter 6 of this Budget Paper.


 

In addition to the notes provided above, further information in relation to the 2021‑22 Budget and Forward Estimates and the variations detailed in the Policy and Parameter Statement, is provided elsewhere in the Budget Papers. In particular:

·       Chapter 5 of this Budget Paper includes background information in relation to Budget revenue estimates including in relation to GST, Australian Government funding, State Taxation and Dividend, tax and rate equivalent income;

·       Chapter 6 of this Budget Paper includes information on Government infrastructure investment; and

·       Government Services Budget Paper No 2 includes comprehensive information (including information on new funding allocations and the reasons for variations in expenditure across the Budget and Forward Estimates) on agency revenues, expenditure and investment in infrastructure.

 


 

Public Account Receipts and Expenditure Estimates

Tables 4.6 and 4.7 provide information on the total estimated Receipts and Expenditure of the Public Account for the 2021‑22 Budget and Forward Estimates period. Estimated receipts are categorised based on the source and nature of each receipt. Estimated expenditure is categorised by the relevant Authority for Expenditure from the Public Account as provided under the FMA.

These tables meet the requirements of section 19(1)(a) and 19(1)(b) of the FMA. General Government Sector financial statements required under section 19(1)(c) are published elsewhere in this chapter.

These tables reflect the gross cash receipts to, and expenditure from, the Public Account. As such, they do not include the impact of the elimination of inter‑entity transactions within the Public Account or whole‑of‑government investment and cash management activities within the Public Account. These transactions are fully reflected in General Government Statements and the key financial measures, including the Net Operating Balance, Fiscal Balance and Net Debt. Consequently the receipts and expenditures detailed in the tables will not reconcile directly with those presented in the General Government Cash Flow Statement.

Table 4.6:         Public Account Receipts

 

2020‑21 

2020‑21 

2021‑22 

2022‑23 

2023‑24 

2024‑25 

 

 

Preliminary 

 

Forward 

Forward 

Forward 

 

Budget 

Outcome 

Budget 

Estimate 

Estimate 

Estimate 

 

$m 

$m 

$m 

$m 

$m 

$m 

 

 

 

 

 

 

 

General Receipts

 

 

 

 

 

 

Australian Government Sources

2 864.9 

 3 262.7 

3 692.2 

3 878.2 

4 077.4 

4 234.3 

State Sources

1 847.3 

 2 084.2 

2 126.9 

2 010.3 

2 075.0 

2 146.4 

 

4 712.2 

 5 346.9 

5 819.1 

5 888.5 

6 152.4 

6 380.7 

 

 

 

 

 

 

 

Specific Purpose Accounts

2 956.7 

3 022.9 

2 706.3 

2 921.3 

3 016.6 

2 770.9 

 

 

 

 

 

 

 

Statutory Authorities

242.2 

  369.5 

287.3 

273.1 

275.5 

282.6 

 

 

 

 

 

 

 

Total Receipts

7 911.1 

 8 739.2 

8 812.8 

9 082.9 

9 444.5 

9 434.2 

 

 

 

 

 

 

 


 

Table 4.7:         Public Account Expenditure

 

2020‑21 

2020‑21 

2021‑22 

2022‑23 

2023‑24 

2024‑25 

 

 

Preliminary 

 

Forward 

Forward 

Forward 

 

Budget 

Outcome 

Budget 

Estimate 

Estimate 

Estimate 

 

$m 

$m 

$m 

$m 

$m 

$m 

 

 

 

 

 

 

 

Annual Appropriation

 

 

 

 

 

 

Operating Services Expenditure

5 431.6 

 5 262.3 

6 006.4 

5 780.5 

5 878.1 

5 912.6 

Capital Services Expenditure

640.9 

  370.0 

593.0 

662.4 

705.7 

599.5 

 

6 072.5 

 5 632.3 

6 599.4 

6 442.9 

6 583.7 

6 512.1 

 

 

 

 

 

 

 

Reserved by Law

560.7 

  347.4 

475.9 

358.1 

363.3 

381.8 

 

 

 

 

 

 

 

Specific Purpose Accounts

2 950.2 

 3 086.1 

2 707.6 

2 840.4 

2 776.1 

2 710.6 

 

 

 

 

 

 

 

Statutory Authorities

261.2 

  350.9 

301.2 

288.6 

277.6 

288.8 

 

 

 

 

 

 

 

Other Provisions

0.2 

.... 

(0.5)

(0.7)

(0.8)

(1.0)

 

 

 

 

 

 

 

Total Expenditure

9 844.9 

 9 416.7 

10 083.6 

9 929.2 

10 000.0 

9 892.3 

 

 

 

 

 

 

 


 

Specific Purpose Accounts Estimated Receipts and Expenditure for 2021‑22

Table 4.8 provides estimated receipts and expenditure and associated balances for each Specific Purpose Account for 2021‑22, by agency. This table meets the requirement of section 17(10) of the FMA.

Table 4.8 provides information on the gross cash receipts to and payments from Specific Purpose Accounts but it does not include the elimination of inter‑entity transactions which are reflected in General Government Statements. Revenue and expenditure amounts do not, therefore, equal amounts in General Government Statements.

No estimates for receipts or payments from Agency Trust Accounts are included in the Public Account Statements presented in this Budget Paper.

Table 4.8:         Specific Purpose Accounts Estimated Receipts and Expenditure for 2021‑22

 

Preliminary 

2021‑22 Budget 

Estimated 

 

Outcome1 

Estimates 

Balance3 

 

30 June 

 

30 June 

 

2021 

Receipts 

Expenditure 

2022 

 

$m 

$m 

$m 

$m 

Brand Tasmania

 

 

 

 

Agency Financial Management Account

 0.1 

.... 

.... 

 0.1 

Communities Tasmania

 

 

 

 

Agency Financial Management Account

 70.2 

 140.0 

 153.5 

 56.8 

Education

 

 

 

 

Agency Financial Management Account

 23.9 

 73.9 

 71.0 

 26.9 

Department of Education School Banking Account

 59.0 

 110.8 

 114.8 

 55.0 

 

 82.9 

 184.7 

 185.8 

 81.8 

Finance-General

 

 

 

 

Agency Financial Management Account

 278.3 

 53.8 

 54.9 

 277.2 

Australian Government Funding Management Account

 245.0 

 422.8 

 378.6 

 289.2 

Government Car Fleet Account

 10.8 

 33.4 

 36.8 

 7.5 

Rosetta Landslip Account

 0.6 

 0.1 

.... 

 0.7 

Tasmanian Risk Management Fund

 290.8 

 109.1 

 97.4 

 302.5 

TT-Line Vessel Replacement Fund

 62.4 

 0.4 

 21.7 

 41.1 

 

 887.8 

 619.6 

 589.3 

 918.1 

Health

 

 

 

 

Agency Financial Management Account

 161.4 

 969.9 

 974.0 

 157.2 

Private Patient Account

 18.5 

 29.7 

 29.4 

 18.8 

 

 179.9 

 999.5 

1 003.4 

 176.0 


 

Table 4.8:         Specific Purpose Accounts Estimated Receipts and Expenditure for 2021‑22 (continued)

 

Preliminary 

2021‑22 Budget 

Estimated 

 

Outcome1 

Estimates 

Balance3 

 

30 June 

 

30 June 

 

2021 

Receipts 

Expenditure 

2022 

 

$m 

$m 

$m 

$m 

House of Assembly

 

 

 

 

Agency Financial Management Account

.... 

 0.1 

 0.1 

.... 

Integrity Commission

 

 

 

 

Agency Financial Management Account

.... 

.... 

.... 

.... 

Justice

 

 

 

 

Agency Financial Management Account

 28.7 

 61.5 

 62.1 

 28.1 

Asbestos Compensation Fund

 24.6 

 7.9 

 7.7 

 24.8 

Local Government and Other Elections Account

 0.5 

 0.4 

 0.4 

 0.5 

Workers Rehabilitation and Compensation Fund

 2.4 

 9.8 

 9.9 

 2.3 

 

 56.1 

 79.5 

 80.0 

 55.6 

Legislative Council

 

 

 

 

Agency Financial Management Account

.... 

 0.1 

 0.1 

.... 

Legislature-General

 

 

 

 

Agency Financial Management Account

 0.1 

 0.7 

 0.7 

 0.1 

Ministerial and Parliamentary Support

 

 

 

 

Agency Financial Management Account

 0.4 

 1.2 

 1.2 

 0.4 

Office of the Director of Public Prosecutions

 

 

 

 

Agency Financial Management Account

 2.0 

 0.9 

 0.9 

 2.0 

Office of the Governor

 

 

 

 

Agency Financial Management Account

 0.2 

 0.2 

 0.1 

 0.3 

Office of the Ombudsman

 

 

 

 

Agency Financial Management Account

 0.4 

 0.6 

 0.6 

 0.4 

Police, Fire and Emergency Management

 

 

 

 

Agency Financial Management Account

 4.2 

 147.7 

 147.7 

 4.2 

Premier and Cabinet

 

 

 

 

Agency Financial Management Account

 15.1 

 37.7 

 36.7 

 16.1 

Primary Industries, Parks, Water and Environment

 

 

 

 

Agency Financial Management Account

 45.3 

 73.9 

 76.0 

 43.2 

Crown Lands Administration Fund

 46.3 

 6.9 

 6.3 

 46.9 

 

 91.7 

 80.7 

 82.2 

 90.1 


 

Table 4.8:         Specific Purpose Accounts Estimated Receipts and Expenditure for 2021‑22 (continued)

 

Preliminary 

2021‑22 Budget 

Estimated 

 

Outcome1 

Estimates 

Balance3 

 

30 June 

 

30 June 

 

2021 

Receipts 

Expenditure 

2022 

 

$m 

$m 

$m 

$m 

State Growth

 

 

 

 

Agency Financial Management Account

 33.2 

 386.6 

 392.1 

 27.7 

Tasmanian Forests Agreement Account

 2.3 

.... 

.... 

 2.3 

 

 35.5 

 386.6 

 392.1 

 30.0 

Tasmanian Audit Office

 

 

 

 

Agency Financial Management Account

 2.7 

 6.5 

 6.6 

 2.6 

Tourism Tasmania

 

 

 

 

Agency Financial Management Account2

 5.0 

 6.4 

 13.4 

(2.0)

Treasury and Finance

 

 

 

 

Agency Financial Management Account

 8.8 

 13.7 

 13.3 

 9.1 

 

 

 

 

 

Total Specific Purpose Accounts3

1 443.1 

2 706.3 

2 707.6 

1 441.8 

 

 

 

 

 

Notes:

1.    The Preliminary Outcome for 30 June 2021 for each SPA is based on unaudited actual data for 2020‑21.

2.    Tourism Tasmania has an approved overdraft.

3.    Discrepancies between totals and sums of components reflect rounding.