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 2020‑21 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.
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.
Tables 4.1 to 4.3 detail the Income Statement, Balance Sheet and Cash Flow Statement for the General Government Sector.
|
|
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 |
|
|
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.
|
|
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 |
|
|
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.
|
|
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 |
|
|
|
|
|
|
|
|
|
|
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) |
||||
|
|
|
|
|
|
|
|
||||
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.
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.
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.
|
|
|
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.
|
|
|
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) |
|
|
|
|
|
|
|
|
|
|
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) |
.... |
|
|
|
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 |
.... |
|
|
|
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 |
|
|
|
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 |
|
|
|
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 |
.... |
|||
|
|
|
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 |
|||
|
|
|
|
|
|
|
|||
|
|
|
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 |
|
|
|
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) |
.... |
|
|
|
|
|
|
|
|
|
|
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.
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.
|
|
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 |
|
|
|
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
|
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.
|
|
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 |
|
|
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 |
|
|
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.