Appendix 1†††† Uniform Government Reporting

Key Issues

       The estimated Net Operating Balance for 2021-22 is a deficit of $689.8 million for the General Government Sector, a deficit of $46.6 million for the Public Non-Financial Corporations Sector, a deficit of $736.4 million for the Total Non-Financial Public Sector, a deficit of $96.2 million for the Public Financial Corporations Sector and a deficit of $832.5 million for the Total State Sector.

       The estimated Fiscal Balance for 2021-22 is a deficit of $1 041.2 million for the GGS, a deficit of $455.9 million for the PNFC Sector, a deficit of $1 497.1 million for the TNFP Sector, a deficit of $97.6 million for the PFC Sector and a deficit of $1 594.7 million for the Total State Sector.

       Further information about the GGS Budget and Forward Estimates is included in chapter 4 of this Budget Paper. †


 

Introduction

The financial information in this appendix has been prepared in accordance with the Uniform Presentation Framework. This appendix provides Income Statement, Balance Sheet and Cash Flow Statement estimates for the:

       General Government Sector;

       Public Non‑Financial Corporations Sector;

       Total Non-Financial Public Sector;

       Public Financial Corporations Sector; and

       Total State Sector.

General Government Sector information for 2020‑21 is based on the preliminary outcomes presented in the Preliminary Outcomes Report 2020-21, released on 30 July 2021. Financial information for this Report is provided by Government entities to Treasury in early July for publication by the end of July. Due to the short timeframe for the preparation of the Report, estimation methods are applied using AASB 134 Interim Financial Reporting. The data is unaudited and preliminary in nature.

2020-21 information for PNFC and PFC sectors is based on the Estimated Outcome information provided by Government Businesses. These estimates were provided prior to the end of the financial year and therefore the data is an estimate of the 2020-21 outcome.

TNFPS and State Sector information for 2020-21 is an Estimated Outcome as it represents a consolidation of Preliminary Outcome information for the GGS and Estimated Outcome information for all other sectors.

Final audited outcomes for 2020-21 will be released in the Treasurerís Annual Financial Report, published by 31 October 2021.


 

Government Financial Estimates

Tables A1.1 to A1.15 provide details of the Income Statements, Balance Sheets and Cash Flow Statements for the GGS, PNFC Sector, TNFP Sector, PFC Sector and Total State Sector respectively.

Table A1.1:†††††† General Government Income Statement

 

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 transactions

 

 

 

 

 

 

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 expenses

3 051.7 

†3 036.0 

†3 202.0 

†3 244.2 

†3 400.7 

†3 550.3 

Superannuation

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 expense

161.8 

† 161.8 

† 129.5 

† 129.6 

† 129.4 

† 128.8 

Borrowing costs

29.3 

† 21.7 

† 48.2 

† 80.6 

† 106.4 

† 114.4 

Grant and subsidy expenses

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 A1.1:†††††† 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 sectors

148.3 

† 183.2 

(181.2)

(117.7)

(160.3)

(2.2)

Movements in superannuation liability

(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 assets

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)

 

 

 

 

 

 

 

 


 

Table A1.2:†††††† 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 

Investments

420.3 

† 202.9 

† 311.0 

† 360.8 

† 233.9 

† 200.9 

Equity investment 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 buildings

7 470.8 

†7 468.6 

†7 771.9 

†8 031.2 

†8 374.4 

†8 645.6 

Infrastructure

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 assets

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 liabilities

422.1 

† 318.9 

† 285.4 

† 251.8 

† 234.8 

† 193.7 

Superannuation

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 

 

 

 

 

 

 

 

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 

Table A1.2:†††††† 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 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

KEY FISCAL AGGREGATES

 

 

 

NET WORTH1

6 012.7 

†9 382.8 

†7 927.6 

†8 013.0 

†8 231.4 

†8 718.6 

 

 

 

 

 

 

 

NET FINANCIAL WORTH2

(9 159.2)

(5 401.3)

(7 517.1)

(8 182.7)

(8 872.4)

(9 200.9)

 

 

 

 

 

 

 

NET FINANCIAL LIABILITIES3

13 881.0 

†10 276.0 

†12 445.7 

†13 260.1 

†13 917.7 

†14 274.2 

 

 

 

 

 

 

 

NET DEBT4

1 854.8 

† 459.1 

†1 704.4 

†2 519.1 

†3 059.5 

†3 478.6 

 

 

 

 

 

 

 

GFS NET DEBT5

1 432.8 

† 140.2 

†1 419.0 

†2 267.3 

†2 824.7 

†3 284.9 

 

 

 

Notes:

1.    Net Worth represents Total Assets less Total Liabilities.

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

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

4.    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.

5.    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.


 

Table A1.3:†††††† 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 

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)

 

 

 

 

 

 

 

 

Table A1.3:†††††† † 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 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)

 

 

 

 

 

 

 

 


 

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

2020-21 

2020-21 

2021-22 

2022-23 

2023-24 

2024-25 

 

Estimated 

 

Forward 

Forward 

Forward 

Budget 

Outcome 

Budget 

Estimate 

Estimate 

Estimate 

$m 

$m 

$m 

$m 

$m 

$m 

 

 

 

 

 

 

Revenue from transactions

 

 

 

 

 

 

Grants

† 194.5 

† 202.4 

† 209.0 

† 177.1 

† 179.9 

† 181.6 

Sales of goods and services

†3 086.0 

†2 931.0 

†2 825.0 

†2 841.9 

†2 911.2 

†2 999.3 

Interest income

† 4.3 

† 2.8 

† 2.2 

† 2.3 

† 2.3 

† 2.4 

Other revenue

† 32.0 

† 40.6 

† 40.9 

† 39.9 

† 40.4 

† 41.6 

†3 316.8 

†3 176.8 

†3 077.2 

†3 061.1 

†3 133.9 

†3 224.8 

 

 

 

 

 

 

Less Expenses from transactions

 

 

 

 

 

 

Employee expenses

† 429.0 

† 414.2 

† 428.5 

† 434.4 

† 445.6 

† 457.0 

Superannuation

† 63.2 

† 60.6 

† 66.2 

† 67.4 

† 69.1 

† 70.9 

Depreciation

† 351.9 

† 350.0 

† 368.0 

† 366.9 

† 370.5 

† 377.3 

Supplies and consumables

†2 054.9 

†1 896.7 

†1 846.7 

†1 857.9 

†1 895.4 

†1 928.1 

Nominal superannuation interest expense

† 13.0 

† 13.0 

† 9.4 

† 9.4 

† 9.4 

† 9.4 

Borrowing costs

† 107.5 

† 107.7 

† 101.5 

† 110.3 

† 127.0 

† 129.1 

Dividend and income tax equivalent expenses

† 264.4 

† 261.3 

† 218.0 

† 153.9 

† 123.3 

† 137.2 

Grant and subsidy expenses

† 41.8 

† 48.6 

† 48.6 

† 48.6 

† 48.6 

† 48.6 

Other expenses

† 28.7 

† 63.1 

† 36.9 

† 36.1 

† 35.2 

† 34.2 

†3 354.4 

†3 215.3 

†3 123.8 

†3 085.0 

†3 124.2 

†3 191.7 

 

 

 

 

 

 

Equals NET OPERATING BALANCE

(37.7)

(38.5)

(46.6)

(23.9)

† 9.7 

† 33.1 

 

 

 

 

 

 

Plus Other economic flows ‑ included in Operating Result

 

 

 

 

 

 

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

.... 

.... 

4.0 

.... 

.... 

.... 

Other gains/(losses)

(111.9)

(0.8)

(89.8)

(65.6)

(135.9)

(67.7)

(111.9)

(0.8)

(85.8)

(65.6)

(135.9)

(67.7)

 

 

 

 

 

 

Equals Operating Result

(149.6)

(39.3)

(132.4)

(89.5)

(126.3)

(34.6)

 

 


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

2020-21 

2020-21 

2021-22 

2022-23 

2023-24 

2024-25 

 

Estimated 

 

Forward 

Forward 

Forward 

Budget 

Outcome 

Budget 

Estimate 

Estimate 

Estimate 

$m 

$m 

$m 

$m 

$m 

$m 

 

 

Plus Other economic flows ‑ other movements in Equity

 

 

Revaluations of non‑financial assets

† 15.4 

(39.6)

† 21.4 

† 22.9 

† 34.9 

† 56.9 

Movements in superannuation liability

.... 

† 100.8 

.... 

.... 

.... 

.... 

Other non‑owner movements in Equity

† 336.2 

† 116.2 

† 1.0 

† 20.1 

† 5.0 

† 60.3 

† 351.6 

† 177.4 

† 22.4 

† 43.0 

† 39.8 

† 117.2 

 

 

 

 

 

 

Equals Comprehensive Result

† 202.0 

† 138.1 

(110.0)

(46.5)

(86.4)

† 82.6 

 

 

 

 

 

 

KEY FISCAL AGGREGATES

 

 

 

 

 

 

 

 

 

 

 

 

NET OPERATING BALANCE

(37.7)

(38.5)

(46.6)

(23.9)

† 9.7 

† 33.1 

Less Net acquisition of non‑financial assets

 

 

 

 

 

 

Purchases of non‑financial assets

† 613.3 

† 709.9 

† 782.5 

†1 049.1 

† 962.2 

† 663.6 

Less Sales of non‑financial assets

† 1.3 

†0.2 

† 5.2 

† 3.5 

† 11.3 

† 11.3 

Less Depreciation

† 351.9 

† 350.0 

† 368.0 

† 366.9 

† 370.5 

† 377.3 

† 260.1 

† 359.6 

† 409.3 

† 678.6 

† 580.4 

† 275.0 

 

 

 

 

 

 

Equals FISCAL BALANCE

(297.7)

(398.1)

(455.9)

(702.5)

(570.8)

(241.9)

 

 

 

 

 

 

 

 


 

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

2021 

2021 

2022 

2023 

2024 

2025 

 

Estimated 

 

Forward 

Forward 

Forward 

Budget 

Outcome 

Budget 

Estimate 

Estimate 

Estimate 

$m 

$m 

$m 

$m 

$m 

$m 

Assets

 

 

 

 

 

 

Financial assets

 

 

 

 

 

 

Cash and deposits

† 150.1 

† 224.5 

† 179.2 

† 115.5 

† 124.4 

† 140.1 

Investments

† 58.2 

† 11.8 

† 11.3 

† 11.3 

† 11.3 

† 11.3 

Other equity investments

† 72.4 

† 76.0 

† 76.6 

† 77.3 

† 78.3 

† 75.5 

Receivables

† 635.1 

† 649.3 

† 635.7 

† 636.7 

† 627.5 

† 624.7 

Other financial assets

† 865.0 

† 876.2 

† 884.4 

† 889.7 

† 891.1 

† 888.1 

†1 780.7 

†1 837.8 

†1 787.2 

†1 730.6 

†1 732.7 

†1 739.7 

Non‑financial assets

 

 

 

 

 

 

Land and buildings

† 266.1 

† 265.9 

† 313.8 

† 367.6 

† 425.4 

† 437.6 

Infrastructure

†7 672.8 

†7 257.4 

†7 450.1 

†7 972.9 

†8 345.3 

†8 618.3 

Plant and equipment

† 406.9 

† 407.6 

† 477.3 

† 521.2 

† 523.0 

† 508.3 

Biological assets

† 180.4 

† 189.3 

† 192.2 

† 196.1 

† 200.1 

† 203.8 

Intangibles

† 132.8 

† 129.5 

† 133.0 

† 135.0 

† 136.7 

† 140.1 

Assets held for sale

† 6.8 

† 6.6 

† 6.6 

† 6.6 

† 6.6 

† 6.6 

Lease - right‑of‑use assets

† 54.5 

† 61.5 

† 61.8 

† 55.6 

† 51.9 

† 49.8 

Other non‑financial assets

† 128.3 

† 152.4 

† 161.1 

† 165.6 

† 173.2 

† 173.8 

†8 848.6 

†8 470.2 

†8 796.0 

†9 420.7 

†9 862.1 

†10 138.3 

 

 

 

 

 

 

Total Assets

†10 629.2 

†10 308.1 

†10 583.2 

†11 151.2 

†11 594.7 

†11 878.0 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

Borrowings

†2 937.3 

†2 874.5 

†3 101.9 

†3 470.0 

†3 910.0 

†4 083.5 

Lease liabilities

† 60.1 

† 54.1 

† 45.5 

† 36.3 

† 25.6 

† 20.3 

Superannuation

† 824.9 

† 718.6 

† 710.3 

† 706.1 

† 700.7 

† 693.3 

Employee entitlements

† 112.7 

† 127.0 

† 127.9 

† 130.2 

† 132.1 

† 134.7 

Payables

† 575.2 

† 579.7 

† 545.8 

† 526.2 

† 517.0 

† 518.8 

Other liabilities

†2 425.0 

†2 253.3 

†2 225.7 

†2 236.3 

†2 221.6 

†2 226.6 

Total Liabilities

†6 935.2 

†6 607.1 

†6 757.1 

†7 105.2 

†7 507.0 

†7 677.3 

 

 

 

 

 

 

Net Assets

†3 694.1 

†3 701.0 

†3 826.1 

†4 046.0 

†4 087.8 

†4 200.6 

 

 

 

 

 

 

Equity

 

 

 

 

 

 

Accumulated funds

† 297.7 

(292.6)

(420.0)

(500.9)

(590.3)

(575.7)

Asset revaluation reserve

† 996.1 

† 943.4 

† 964.8 

† 987.7 

†1 022.6 

†1 079.5 

Other reserves

(164.7)

† 296.2 

† 296.2 

† 295.5 

† 295.7 

† 295.2 

Other equity

†2 565.0 

†2 753.9 

†2 985.0 

†3 263.7 

†3 359.8 

†3 401.7 

Total Equity

†3 694.1 

†3 701.0 

†3 826.1 

†4 046.0 

†4 087.8 

†4 200.6 


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

2021 

2021 

2022 

2023 

2024 

2025 

 

Estimated 

 

Forward 

Forward 

Forward 

Budget 

Outcome 

Budget 

Estimate 

Estimate 

Estimate 

$m 

$m 

$m 

$m 

$m 

$m 

 

 

KEY FISCAL AGGREGATES

 

 

 

NET WORTH1

†3 694.1 

†3 701.0 

†3 826.1 

†4 046.0 

†4 087.8 

†4 200.6 

 

 

 

 

 

 

 

NET FINANCIAL WORTH2

(5 154.5)

(4 769.3)

(4 969.9)

(5 374.7)

(5 774.3)

(5 937.7)

 

 

 

 

 

 

 

NET FINANCIAL LIABILITIES3

†5 154.5 

†4 769.3 

†4 969.9 

†5 374.7 

†5 774.3 

†5 937.7 

 

 

 

 

 

 

 

NET DEBT4

†2 789.2 

†2 692.2 

†2 956.9 

†3 379.6 

†3 799.9 

†3 952.4 

 

 

 

 

 

 

 

GFS NET DEBT5

†2 729.1 

†2 638.2 

†2 911.4 

†3 343.2 

†3 774.3 

†3 932.1 

 

 

 

Notes:

1.    Net Worth represents Total Assets less Total Liabilities.

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

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

4.    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.

5.    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.

 

 


 

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

2020-21 

2020-21 

2021-22 

2022-23 

2023-24 

2024-25 

 

Estimated 

 

Forward 

Forward 

Forward 

Budget 

Outcome 

Budget 

Estimate 

Estimate 

Estimate 

$m 

$m 

$m 

$m 

$m 

$m 

 

 

 

 

 

 

Cash flows from operating activities

 

 

 

 

 

 

Cash received from operating activities

 

 

 

 

 

 

Grants received

† 190.5 

† 202.4 

† 205.0 

† 177.1 

† 179.9 

† 181.6 

Sales of goods and services

†3 001.7 

†2 972.8 

†2 806.5 

†2 833.5 

†2 897.3 

†2 983.5 

Interest received

† 3.0 

† 2.2 

† 1.8 

† 1.8 

† 1.7 

† 1.7 

Other receipts

† 120.2 

† 143.5 

† 146.7 

† 144.2 

† 144.1 

† 149.5 

†3 315.4 

†3 320.9 

†3 160.1 

†3 156.6 

†3 223.0 

†3 316.3 

 

 

 

 

 

 

Cash payments for operating activities

 

 

 

 

 

 

Employee entitlements

(450.1)

(436.2)

(447.4)

(456.8)

(467.9)

(479.5)

Superannuation

(51.6)

(50.9)

(52.8)

(53.5)

(56.6)

(57.4)

Supplies and consumables

(2 098.6)

(1 985.8)

(1 882.6)

(1 868.4)

(1 904.9)

(1 918.4)

Borrowing costs

(100.5)

(99.5)

(100.9)

(102.7)

(106.2)

(104.0)

Grants and subsidies paid

(41.8)

(48.6)

(48.6)

(48.6)

(48.6)

(48.6)

Other payments

(121.0)

(153.7)

(136.6)

(133.1)

(119.4)

(123.3)

(2 863.7)

(2 774.7)

(2 669.0)

(2 663.1)

(2 703.6)

(2 731.2)

 

 

 

 

 

 

Net cash flows from operating activities

† 451.7 

† 546.2 

† 491.2 

† 493.5 

† 519.4 

† 585.1 

 

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

 

 

Net cash flows from non‑financial assets

 

 

 

 

 

 

Purchases of non‑financial assets

(613.3)

(709.9)

(782.5)

(1 049.1)

(962.2)

(663.6)

Sales of non‑financial assets

† 1.3 

† 0.2 

† 5.2 

† 3.5 

† 11.3 

† 11.3 

(612.0)

(709.7)

(777.3)

(1 045.5)

(950.9)

(652.2)

 

 

 

 

 

 

Net cash flows from financial assets
(policy purposes)

 

 

 

 

 

 

Equity injections

† 16.4 

† 132.7 

† 235.1 

† 266.4 

† 128.2 

† 30.2 

† 16.4 

† 132.7 

† 235.1 

† 266.4 

† 128.2 

† 30.2 

 

 

 

 

 

 

Net cash flows from financial assets (liquidity management purposes)

 

 

 

 

 

 

Net (purchase)/sale of investments

(28.4)

† 21.9 

† 5.5 

† 5.7 

(0.1)

† 4.1 

(28.4)

† 21.9 

† 5.5 

† 5.7 

(0.1)

† 4.1 

 

 

 

 

 

 

Net cash flows from investing activities

(624.0)

(555.1)

(536.7)

(773.4)

(822.8)

(617.8)

 

 

 

 

 

 

 


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

2020-21 

2020-21 

2021-22 

2022-23 

2023-24 

2024-25 

 

Estimated

 

Forward 

Forward 

Forward 

Budget 

Outcome 

Budget 

Estimate 

Estimate 

Estimate 

$m 

$m 

$m 

$m 

$m 

$m 

Net cash flows from financing activities

 

 

 

 

 

 

Net borrowing

† 250.6 

† 175.3 

† 217.7 

† 359.1 

† 431.2 

† 167.9 

Dividends and tax equivalents paid

(278.1)

(289.3)

(217.4)

(142.8)

(118.9)

(119.4)

(27.5)

(114.1)

† 0.2 

† 216.3 

† 312.3 

† 48.4 

 

 

 

 

 

 

Net increase/(decrease) in cash held

(199.7)

(122.9)

(45.3)

(63.6)

† 8.9 

† 15.7 

 

 

 

 

 

 

Cash at beginning of the year

† 349.8 

† 347.4 

† 224.5 

† 179.2 

† 115.5 

† 124.4 

Cash at end of the year

† 150.1 

† 224.5 

† 179.2 

† 115.5 

† 124.4 

† 140.1 

 

 

 

 

 

 

KEY FISCAL AGGREGATES

 

 

 

 

 

 

 

 

 

 

 

 

Net cash flows from operating activities

† 451.7 

† 546.2 

† 491.2 

† 493.5 

† 519.4 

† 585.1 

Plus Net cash flows from non‑financial assets

(612.0)

(709.7)

(777.3)

(1 045.5)

(950.9)

(652.2)

Plus Dividends and tax equivalents paid

(278.1)

(289.3)

(217.4)

(142.8)

(118.9)

(119.4)

Equals CASH SURPLUS/(DEFICIT)

(438.4)

(452.8)

(503.5)

(694.9)

(550.5)

(186.5)

 

 

 

 

 

 

 

 


 

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

 

2020-21 

2020-21 

2021-22 

2022-23 

2023-24 

2024-25 

 

 

Estimated 

 

Forward 

Forward 

Forward 

 

Budget 

Outcome 

Budget 

Estimate 

Estimate 

Estimate 

 

$m 

$m 

$m 

$m 

$m 

$m 

Revenue from transactions

 

 

 

 

 

 

Grants

†4 066.1 

†4 300.9 

†4 653.2 

†4 922.3 

†5 094.5 

†5 258.2 

Taxation

†1 178.8 

†1 295.8 

†1 408.0 

†1 488.2 

†1 560.8 

†1 632.6 

Sales of goods and services

†3 484.9 

†3 336.1 

†3 234.6 

†3 267.1 

†3 348.0 

†3 446.3 

Fines and regulatory fees

† 102.2 

† 100.4 

† 107.2 

† 108.3 

† 109.7 

† 111.0 

Interest income

† 19.2 

† 10.8 

† 10.2 

† 14.4 

† 20.7 

† 25.3 

Dividend, tax and rate equivalent income

† 148.7 

† 142.4 

† 165.9 

† 162.1 

† 162.8 

† 170.8 

Other revenue

† 209.8 

† 303.5 

† 256.2 

† 234.9 

† 230.2 

† 228.2 

 

†9 209.7 

†9 489.9 

†9 835.2 

†10 197.3 

†10 526.8 

†10 872.4 

 

 

 

 

 

 

 

Less Expenses from transactions

 

 

 

 

 

 

Employee expenses

†3 480.7 

†3 450.2 

†3 630.4 

†3 678.6 

†3 846.2 

†4 007.3 

Superannuation

† 437.0 

† 440.9 

† 476.5 

† 486.5 

† 504.3 

† 528.3 

Depreciation

† 740.0 

† 719.3 

† 780.5 

† 797.3 

† 825.5 

† 852.9 

Supplies and consumables

†3 752.2 

†3 461.9 

†3 538.3 

†3 378.1 

†3 437.0 

†3 508.1 

Nominal superannuation interest expense

† 174.8 

† 174.8 

† 138.9 

† 139.0 

† 138.8 

† 138.2 

Borrowing costs

† 122.6 

† 115.3 

† 136.3 

† 175.8 

† 213.7 

† 220.0 

Grant and subsidy expenses

†1 618.2 

†1 494.9 

†1 818.4 

†1 603.1 

†1 466.9 

†1 411.9 

Other expenses

† 39.8 

† 82.5 

† 52.1 

† 49.2 

† 45.3 

† 45.9 

 

†10 365.3 

†9 939.8 

†10 571.6 

†10 307.6 

†10 477.7 

†10 712.5 

 

 

 

 

 

 

 

Equals NET OPERATING BALANCE

(1 155.6)

(450.0)

(736.4)

(110.3)

† 49.1 

† 159.9 

 

 

 

 

 

 

 

Plus Other economic flows - included in
Operating Result

 

 

 

 

 

 

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

† 16.6 

(6.7)

† 17.7 

† 34.3 

† 33.0 

† 41.6 

Other gains/(losses)

(31.0)

† 147.7 

(101.7)

(92.4)

(147.1)

(64.0)

 

(14.5)

† 140.9 

(83.9)

(58.1)

(114.1)

(22.4)

 

 

 

 

 

 

 

Equals Operating Result

(1 170.1)

(309.0)

(820.3)

(168.5)

(65.0)

† 137.5 

 


 

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

 

2020-21 

2020-21 

2021-22 

2022-23 

2023-24 

2024-25 

 

 

Estimated 

 

Forward 

Forward 

Forward 

 

Budget 

Outcome 

Budget 

Estimate 

Estimate 

Estimate 

 

$m 

$m 

$m 

$m 

$m 

$m 

Plus Other economic flows - other movements in Equity

 

 

 

 

 

 

Revaluations of non-financial assets

† 233.3 

† 297.4 

† 301.8 

† 305.0 

† 352.2 

† 374.3 

Revaluation of equity investment in PFC sector

(53.6)

† 45.1 

(71.2)

(71.2)

(73.8)

(84.8)

Movements in superannuation liability

(1 198.2)

†1 332.0 

(866.4)

.... 

.... 

.... 

Other non-owner movements in Equity

† 338.5 

† 154.5 

† 1.0 

† 20.1 

† 4.9 

† 60.3 

 

(680.0)

†1 829.0 

(634.9)

† 253.9 

† 283.4 

† 349.8 

 

 

 

 

 

 

 

Equals Comprehensive Result

(1 850.1)

†1 520.0 

(1 455.2)

† 85.4 

† 218.3 

† 487.3 

 

 

 

 

 

 

 

KEY FISCAL AGGREGATES

 

 

 

 

 

 

 

 

 

 

 

 

 

NET OPERATING BALANCE

(1 155.6)

(450.0)

(736.4)

(110.3)

† 49.1 

† 159.9 

Less Net acquisition of non-financial assets

 

 

 

 

 

 

Purchase of non-financial assets

†1 698.7 

†1 289.6 

†1 578.3 

†1 946.9 

†1 986.0 

†1 641.1 

Less Sales of non-financial assets

† 37.0 

† 25.4 

† 37.1 

† 56.0 

† 62.5 

† 71.1 

Less Depreciation

† 740.0 

† 719.3 

† 780.5 

† 797.3 

† 825.5 

† 852.9 

 

† 921.8 

† 544.9 

† 760.7 

†1 093.5 

†1 098.0 

† 717.1 

 

 

 

 

 

 

 

Equals FISCAL BALANCE

(2 077.4)

(994.9)

(1 497.1)

(1 203.9)

(1 048.9)

(557.3)

 

 


 

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

 

2021 

2021 

2022 

2023 

2024 

2025 

 

 

Estimated 

 

Forward 

Forward 

Forward 

 

Budget 

Outcome 

Budget 

Estimate 

Estimate 

Estimate 

 

$m 

$m 

$m 

$m 

$m 

$m 

Assets

 

 

 

 

 

 

Financial assets

 

 

 

 

 

 

Cash and deposits

†1 310.5 

†1 692.6 

†1 323.2 

†1 268.0 

†1 515.2 

†1 585.0 

Investments

† 478.4 

† 214.7 

† 322.3 

† 372.1 

† 245.2 

† 212.2 

Equity investment in PFC sector

†1 027.7 

†1 173.7 

†1 102.5 

†1 031.3 

† 957.5 

† 872.7 

Other equity investments

† 197.2 

† 166.4 

† 217.5 

† 278.7 

† 335.2 

† 337.9 

Receivables

† 961.6 

† 997.6 

† 981.2 

† 978.9 

† 966.9 

† 961.4 

Other financial assets

† 900.3 

† 945.6 

† 899.5 

† 910.7 

† 923.7 

† 939.9 

 

†4 875.7 

†5 190.6 

†4 846.2 

†4 839.7 

†4 943.7 

†4 909.0 

 

 

 

 

 

 

 

Non-financial assets

 

 

 

 

 

 

Land and buildings

†7 736.9 

†7 734.6 

†8 085.7 

†8 398.8 

†8 799.7 

†9 083.2 

Infrastructure

†14 077.8 

†13 364.6 

†13 905.0 

†14 902.9 

†15 806.3 

†16 629.2 

Plant and equipment

† 698.8 

† 692.8 

† 791.1 

† 855.2 

† 869.4 

† 857.1 

Heritage and cultural assets

† 452.0 

† 439.9 

† 452.2 

† 464.5 

† 476.8 

† 489.1 

Biological assets

† 180.4 

† 189.3 

† 192.2 

† 196.1 

† 200.1 

† 203.8 

Investment property

† 3.3 

† 3.4 

† 3.3 

† 3.3 

† 3.3 

† 3.3 

Intangibles

† 204.6 

† 193.3 

† 205.6 

† 222.5 

† 244.3 

† 260.0 

Assets held for sale

† 23.5 

† 12.3 

† 7.7 

† 6.6 

† 6.6 

† 6.6 

Lease - right-of-use assets

† 466.6 

† 371.9 

† 337.0 

† 299.6 

† 283.8 

† 247.9 

Other non-financial assets

† 176.5 

† 252.3 

† 260.9 

† 267.0 

† 275.5 

† 277.6 

 

†24 020.4 

†23 254.4 

†24 240.7 

†25 616.4 

†26 965.8 

†28 057.8 

 

 

 

 

 

 

 

Total Assets

†28 896.1 

†28 445.0 

†29 086.9 

†30 456.1 

†31 909.6 

†32 966.9 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

Borrowings

†5 950.8 

†4 685.6 

†5 975.9 

†7 250.5 

†8 359.4 

†9 014.1 

Lease liabilities

† 482.2 

† 373.0 

† 330.9 

† 288.2 

† 260.4 

† 214.0 

Superannuation

†12 305.9 

†9 782.9 

†10 605.2 

†10 549.7 

†10 476.1 

†10 374.7 

Employee entitlements

† 912.7 

† 941.9 

† 959.8 

† 979.9 

†1 001.3 

†1 023.7 

Payables

† 766.9 

† 769.8 

† 745.7 

† 727.3 

† 720.2 

† 723.7 

Other liabilities

†2 465.0 

†2 509.0 

†2 541.7 

†2 647.5 

†2 860.8 

†2 897.9 

Total Liabilities

†22 883.5 

†19 062.2 

†21 159.3 

†22 443.1 

†23 678.2 

†24 248.2 

 

 

 

 

 

 

 

Net Assets

†6 012.7 

†9 382.8 

†7 927.6 

†8 013.0 

†8 231.4 

†8 718.6 

 


 

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

 

2021 

2021 

2022 

2023 

2024 

2025 

 

 

Estimated 

 

Forward 

Forward 

Forward 

 

Budget 

Outcome 

Budget 

Estimate 

Estimate 

Estimate 

 

$m 

$m 

$m 

$m 

$m 

$m 

Equity

 

 

 

 

 

 

Accumulated funds

(140.8)

†2 841.6 

†1 883.9 

†1 665.1 

†1 531.0 

†1 644.5 

Asset revaluation reserve

†6 292.4 

†6 244.9 

†5 747.5 

†6 052.4 

†6 404.7 

†6 778.9 

Other reserves

(138.9)

† 296.2 

† 296.2 

† 295.5 

† 295.7 

† 295.2 

Total Equity

†6 012.7 

†9 382.8 

†7 927.6 

†8 013.0 

†8 231.4 

†8 718.6 

 

 

 

 

 

 

 

KEY FISCAL AGGREGATES

 

 

 

 

 

 

 

 

 

 

 

 

 

NET WORTH1

†6 012.7 

†9 382.8 

†7 927.6 

†8 013.0 

†8 231.4 

†8 718.6 

 

 

 

 

 

 

 

NET FINANCIAL WORTH2

(18 007.8)

(13 871.6)

(16 313.1)

(17 603.4)

(18 734.5)

(19 339.2)

 

 

 

 

 

 

 

NET FINANCIAL LIABILITIES3

†19 035.5 

†15 045.3 

†17 415.6 

†18 634.7 

†19 692.0 

†20 211.9 

 

 

 

 

 

 

 

NET DEBT4

†4 644.0 

†3 151.4 

†4 661.3 

†5 898.7 

†6 859.4 

†7 431.0 

 

 

 

 

 

 

 

GFS NET DEBT5

†4 161.8 

†2 778.4 

†4 330.4 

†5 610.5 

†6 599.0 

†7 217.0 

 

 

 

 

 

 

 

Notes:

1.    Net Worth represents Total Assets less Total Liabilities.

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

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

4.    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.

5.    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.

 

 


 

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

 

2020-21 

2020-21 

2021-22 

2022-23 

2023-24 

2024-25 

 

 

Estimated 

 

Forward 

Forward 

Forward 

 

Budget 

Outcome 

Budget 

Estimate 

Estimate 

Estimate 

 

$m 

$m 

$m 

$m 

$m 

$m 

Cash flows from operating activities

 

Cash received from operating activities

 

 

 

 

 

 

Grants received

†3 962.0 

†4 388.6 

†4 693.6 

†5 018.8 

†5 326.1 

†5 302.7 

Taxation

†1 177.0 

†1 298.3 

†1 408.0 

†1 488.3 

†1 561.0 

†1 632.8 

Sales of goods and services

†3 399.2 

†3 365.4 

†3 211.3 

†3 254.0 

†3 328.8 

†3 425.0 

Fines and regulatory fees

† 102.2 

† 102.1 

† 107.2 

† 108.2 

† 109.6 

† 110.9 

Interest received

† 16.9 

† 10.3 

† 9.8 

† 13.7 

† 20.0 

† 24.4 

Dividend, tax and rate equivalents

† 136.3 

† 138.5 

† 234.3 

† 148.9 

† 149.9 

† 168.6 

Other receipts

† 524.5 

† 759.0 

† 593.8 

† 572.2 

† 568.0 

† 572.5 

 

†9 318.2 

†10 062.1 

†10 258.1 

†10 604.1 

†11 063.4 

†11 236.8 

Cash payments for operating activities

 

 

 

 

 

 

Employee entitlements

(3 473.2)

(3 451.1)

(3 629.3)

(3 682.1)

(3 847.9)

(4 009.1)

Superannuation

(580.2)

(579.0)

(630.4)

(652.1)

(687.8)

(736.2)

Supplies and consumables

(3 801.8)

(3 559.4)

(3 584.1)

(3 399.3)

(3 457.2)

(3 508.4)

Borrowing costs

(115.8)

(99.6)

(131.5)

(166.6)

(192.0)

(195.1)

Grants and subsidies paid

(1 618.1)

(1 612.0)

(1 818.3)

(1 603.0)

(1 466.8)

(1 411.8)

Other payments

(360.9)

(449.6)

(386.1)

(381.5)

(366.0)

(373.8)

 

(9 949.9)

(9 750.5)

(10 179.8)

(9 884.6)

(10 017.6)

(10 234.3)

 

 

 

 

 

 

 

Net cash flows from operating activities

(631.8)

† 311.6 

† 78.3 

† 719.5 

†1 045.8 

†1 002.5 

 

 

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

 

 

Net cash flows from non-financial assets

 

 

 

 

 

 

Purchase of non-financial assets

(1 686.5)

(1 289.6)

(1 558.7)

(1 936.4)

(1 976.2)

(1 631.4)

Sales of non-financial assets

† 34.0 

† 25.4 

† 41.5 

† 52.2 

† 58.7 

† 67.3 

 

(1 652.5)

(1 264.2)

(1 517.2)

(1 884.2)

(1 917.6)

(1 564.1)

Net cash flows from financial assets (policy purposes)

 

 

 

 

 

 

Equity injections

(55.7)

(27.8)

(50.5)

(60.5)

(55.5)

(5.5)

Net advances paid

(81.7)

(12.0)

(129.4)

(90.9)

† 126.9 

† 33.0 

Equity disposals

† 3.6 

† 5.2 

† 3.6 

† 3.6 

† 3.6 

† 3.6 

 

(133.8)

(34.6)

(176.3)

(147.8)

† 75.0 

† 31.1 

Net cash flows from financial assets (liquidity management purposes)

 

 

 

 

 

 

Net (purchase)/sale of investments

(150.4)

† 42.1 

† 26.7 

† 46.9 

(0.1)

† 4.1 

 

(150.4)

† 42.1 

† 26.7 

† 46.9 

(0.1)

† 4.1 

Net cash flows from investing activities

(1 936.7)

(1 256.7)

(1 666.8)

(1 985.1)

(1 842.7)

(1 528.9)

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

 

2020-21 

2020-21 

2021-22 

2022-23 

2023-24 

2024-25 

 

 

Estimated 

 

Forward 

Forward 

Forward 

 

Budget 

Outcome 

Budget 

Estimate 

Estimate 

Estimate 

 

$m 

$m 

$m 

$m 

$m 

$m 

Net cash flows from financing activities

 

 

 

 

 

 

Net borrowing

†2 348.2 

†1 109.8 

†1 219.1 

†1 210.4 

†1 044.1 

† 596.1 

Other financing

† 0.3 

(2.6)

.... 

.... 

.... 

.... 

†2 348.5 

†1 107.2 

†1 219.1 

†1 210.4 

†1 044.1 

† 596.1 

 

 

 

 

 

 

 

Net increase/(decrease) in cash held

(220.0)

† 162.1 

(369.3)

(55.2)

† 247.2 

† 69.8 

 

 

 

 

 

 

 

Cash at beginning of the year

†1 530.5 

†1 530.5 

†1 692.6 

†1 323.2 

†1 268.0 

†1 515.2 

Cash at end of the year

†1 310.5 

†1 692.6 

†1 323.2 

†1 268.0 

†1 515.2 

†1 585.0 

 

 

 

 

 

 

 

KEY FISCAL AGGREGATES

 

 

 

 

 

 

 

 

 

 

 

 

 

Net cash flows from operating activities

(631.8)

† 311.6 

† 78.3 

† 719.5 

†1 045.8 

†1 002.5 

Plus Net cash flows from non-financial assets

(1 652.5)

(1 264.2)

(1 517.2)

(1 884.2)

(1 917.6)

(1 564.1)

Equals CASH SURPLUS/(DEFICIT)

(2 284.2)

(952.7)

(1 438.9)

(1 164.7)

(871.8)

(561.6)

 

 

 

 

 

 

 

 


 

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

 

2020-21 

2020-21 

2021-22 

2022-23 

2023-24 

2024-25 

 

 

Estimated 

 

Forward 

Forward 

Forward 

 

Budget 

Outcome 

Budget 

Estimate 

Estimate 

Estimate 

 

$m 

$m 

$m 

$m 

$m 

$m 

 

 

 

 

 

 

 

Revenue from transactions

 

 

 

 

 

 

Sales of goods and services

† 142.1 

† 143.1 

† 142.7 

† 147.0 

† 155.0 

† 163.6 

Interest income

† 274.9 

† 220.9 

† 227.7 

† 256.5 

† 276.3 

† 281.0 

Dividend income

† 52.2 

† 53.7 

† 57.7 

† 58.3 

† 60.4 

† 62.5 

Other revenue

† 4.9 

† 8.9 

† 4.5 

† 4.6 

† 4.7 

† 4.9 

 

† 474.1 

† 426.6 

† 432.6 

† 466.4 

† 496.4 

† 512.0 

Less Expenses from transactions

 

 

 

 

 

 

Employee expenses

† 7.4 

† 7.0 

† 7.1 

† 7.3 

† 7.5 

† 7.7 

Superannuation

† 1.2 

† 1.2 

† 1.3 

† 1.3 

† 1.4 

† 1.5 

Depreciation

† 0.2 

† 0.2 

† 0.2 

† 0.2 

† 0.2 

† 0.2 

Supplies and consumables

† 165.6 

† 160.1 

† 145.2 

† 149.2 

† 161.0 

† 174.0 

Borrowing costs

† 249.7 

† 191.9 

† 203.4 

† 232.8 

† 253.0 

† 257.7 

Dividend and income tax equivalent expenses

† 149.6 

† 142.4 

† 165.9 

† 162.1 

† 162.8 

† 170.8 

Grant and subsidy expenses

† 5.2 

† 5.2 

† 5.4 

† 5.6 

† 5.7 

† 5.9 

Other expenses

† 0.4 

† 0.3 

† 0.3 

†0.3 

† 0.3 

† 0.3 

 

† 579.2 

† 508.3 

† 528.8 

† 558.9 

† 591.9 

† 618.0 

 

 

 

 

 

 

 

Equals NET OPERATING BALANCE

(105.1)

(81.7)

(96.2)

(92.4)

(95.4)

(106.0)

 

 

 

 

 

 

 

Plus Other economic flows ‑ included in Operating Result

 

 

 

 

 

 

Other gains/(losses)

† 54.7 

† 181.3 

† 20.6 

† 20.8 

† 21.8 

† 22.5 

 

† 54.7 

† 181.3 

† 20.6 

† 20.8 

† 21.8 

† 22.5 

 

 

 

 

 

 

 

Equals Operating Result

(50.4)

† 99.6 

(75.6)

(71.6)

(73.7)

(83.5)

 

 

 

 

 

 

 

Plus Other economic flows ‑ other movements in Equity

 

 

 

 

 

 

Revaluations of non-financial assets

† 0.2 

.... 

.... 

.... 

.... 

.... 

Other non-owner movements in Equity

† 4.0 

† 0.2 

† 4.4 

† 0.5 

(0.1)

(1.4)

 

† 4.2 

† 0.2 

† 4.4 

† 0.5 

(0.1)

(1.4)

 

 

 

 

 

 

 

Equals Comprehensive Result

(46.2)

† 99.8 

(71.2)

(71.2)

(73.8)

(84.8)

 

 

 

 

 

 

 

 


 

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

 

2020-21 

2020-21 

2021-22 

2022-23 

2023-24 

2024-25 

 

 

Estimated 

 

Forward 

Forward 

Forward 

 

Budget 

Outcome 

Budget 

Estimate 

Estimate 

Estimate 

 

$m 

$m 

$m 

$m 

$m 

$m 

 

 

 

 

 

 

 

KEY FISCAL AGGREGATES

 

 

 

 

 

 

 

 

 

 

 

 

 

NET OPERATING BALANCE

(105.1)

(81.7)

(96.2)

(92.4)

(95.4)

(106.0)

Less Net acquisition of non‑financial assets

 

 

 

 

 

 

Purchases of non‑financial assets

† 1.2 

† 1.1 

† 1.7 

† 1.7 

† 1.7 

† 1.7 

Less Sales of non‑financial assets

† 5.6 

.... 

.... 

.... 

† .... 

.... 

Less Depreciation

† 0.2 

† 0.2 

† 0.2 

† 0.2 

† 0.2 

† 0.2 

 

(4.6)

† 0.9 

† 1.5 

† 1.4 

† 1.4 

† 1.4 

 

 

 

 

 

 

 

Equals FISCAL BALANCE

(100.5)

(82.6)

(97.6)

(93.9)

(96.9)

(107.4)

 

 

 

 

 

 

 

 


 

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

 

2021 

2021 

2022 

2023 

2024 

2025 

 

 

Estimated 

 

Forward 

Forward 

Forward 

 

Budget 

Outcome 

Budget 

Estimate 

Estimate 

Estimate 

 

$m 

$m 

$m 

$m 

$m 

$m 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

Financial assets

 

 

 

 

 

 

Cash and deposits

† 5.0 

† 5.0 

† 5.0 

† 5.1 

† 5.1 

† 5.2 

Investments

†13 256.1 

†12 838.0 

†13 173.0 

†13 956.4 

†14 225.4 

†15 172.6 

Receivables

† 14.8 

† 18.0 

† 18.9 

† 19.8 

† 20.8 

† 21.9 

Other financial assets

† 361.0 

† 373.0 

† 394.5 

† 383.4 

† 374.5 

† 374.5 

 

13 636.9 

†13 234.0 

†13 591.4 

†14 364.7 

†14 625.8 

†15 574.2 

 

 

 

 

 

 

 

Non‑financial assets

 

 

 

 

 

 

Land and buildings

† 17.9 

† 17.6 

† 18.1 

† 18.5 

† 19.0 

† 19.4 

Plant and equipment

† 1.0 

† 1.0 

† 1.3 

† 1.6 

† 1.9 

† 2.1 

Intangibles

† 0.5 

†0.5 

†0.6 

†0.7 

†0.8 

† 1.0 

Other non-financial assets

† 0.2 

† 0.2 

.... 

.... 

† 0.5 

† 0.5 

 

† 19.5 

† 19.4 

† 20.1 

† 20.8 

† 22.2 

† 23.1 

 

 

 

 

 

 

 

Total Assets

13 656.4 

†13 253.4 

†13 611.5 

†14 385.5 

†14 648.0 

†15 597.3 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

Borrowings

†10 904.2 

†10 416.4 

†10 853.8 

†11 655.3 

†11 939.5 

†12 911.5 

Superannuation

† 8.6 

† 8.6 

† 9.1 

† 9.7 

† 10.3 

† 10.9 

Employee entitlements

† 1.4 

† 1.4 

† 1.4 

† 1.5 

† 1.5 

† 1.6 

Payables

† 2.3 

† 2.3 

† 2.3 

† 2.3 

† 2.4 

† 2.4 

Other liabilities

†1 712.3 

†1 651.1 

†1 642.4 

†1 685.4 

†1 736.8 

†1 798.2 

Total Liabilities

12 628.9 

†12 079.7 

†12 508.9 

†13 354.2 

†13 690.5 

†14 724.6 

 

 

 

 

 

 

 

Net Assets

†1 027.5 

†1 173.7 

†1 102.5 

†1 031.3 

† 957.5 

† 872.7 

 

 

 

 

 

 

 

Equity

 

 

 

 

 

 

Accumulated funds

† 545.0 

† 690.2 

† 699.0 

† 711.8 

† 727.0 

† 736.2 

Asset revaluation reserve

† 5.7 

† 5.5 

† 5.5 

† 5.5 

† 5.5 

† 5.5 

Other revaluation reserves

† 10.0 

† 10.0 

† 10.0 

† 10.0 

† 10.0 

† 10.0 

Other equity

† 466.8 

† 468.0 

† 388.0 

† 304.0 

† 215.0 

† 121.0 

Total Equity

†1 027.5 

†1 173.7 

†1 102.5 

†1 031.3 

† 957.5 

† 872.7 

 

 

 

 

 

 

 

 


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

 

2021 

2021 

2022 

2023 

2024 

2025 

 

 

Estimated 

 

Forward 

Forward 

Forward 

 

Budget 

Outcome 

Budget 

Estimate 

Estimate 

Estimate 

 

$m 

$m 

$m 

$m 

$m 

$m 

 

 

 

 

 

 

 

KEY FISCAL AGGREGATES

 

 

 

 

 

 

 

 

 

 

 

 

 

NET WORTH1

†1 027.5 

†1 173.7 

†1 102.5 

†1 031.3 

† 957.5 

† 872.7 

 

 

 

 

 

 

 

NET FINANCIAL WORTH2

†1 008.0 

†1 154.3 

†1 082.4 

†1 010.5 

† 935.3 

† 849.6 

 

 

 

 

 

 

 

NET FINANCIAL LIABILITIES3

(1 008.0)

(1 154.3)

(1 082.4)

(1 010.5)

(935.3)

(849.6)

 

 

 

 

 

 

 

NET DEBT4

(2 356.8)

(2 426.6)

(2 324.2)

(2 306.2)

(2 291.0)

(2 266.3)

 

 

 

 

 

 

 

GFS NET DEBT5

(2 356.8)

(2 426.6)

(2 324.2)

(2 306.2)

(2 291.0)

(2 266.3)

 

 

 

 

 

 

 

Notes:

1.    Net Worth represents Total Assets less Total Liabilities.

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

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

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

5.    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.

 

 


 

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

 

2020-21 

2020-21 

2021-22 

2022-23 

2023-24 

2024-25 

 

 

Estimated 

 

Forward 

Forward 

Forward 

 

Budget 

Outcome 

Budget 

Estimate 

Estimate 

Estimate 

 

$m 

$m 

$m 

$m 

$m 

$m 

Cash flows from operating activities

 

 

 

 

 

 

Cash received from operating activities

 

 

 

 

 

 

Sales of goods and services

† 164.0 

† 167.2 

† 159.4 

† 166.7 

† 176.0 

† 185.7 

Interest received

† 274.9 

† 220.9 

† 227.8 

† 256.5 

† 276.3 

† 281.0 

Dividends received

† 52.2 

† 53.7 

† 57.7 

† 58.3 

† 60.4 

† 62.5 

Other receipts

† 2.3 

† 2.5 

† 2.5 

† 2.5 

† 2.5 

† 2.5 

 

† 493.4 

† 444.3 

† 447.4 

† 484.0 

† 515.2 

† 531.8 

Cash payments for operating activities

 

 

 

 

 

 

Employee entitlements

(7.3)

(7.0)

(7.0)

(7.2)

(7.4)

(7.6)

Superannuation

(0.7)

(0.7)

(0.7)

(0.8)

(0.8)

(0.8)

Supplies and consumables

(121.7)

(108.8)

(124.5)

(127.1)

(133.7)

(136.0)

Borrowing costs

(246.0)

(190.6)

(201.6)

(231.3)

(251.5)

(256.7)

Grants and subsidies paid

(5.8)

(5.8)

(6.0)

(6.2)

(6.3)

(6.5)

Other payments

(10.1)

(8.8)

(7.9)

(8.0)

(8.4)

(8.3)

 

(391.5)

(321.6)

(347.7)

(380.6)

(408.1)

(416.0)

 

 

 

 

 

 

 

Net cash flows from operating activities

† 101.9 

† 122.7 

† 99.7 

† 103.4 

† 107.1 

† 115.8 

 

 

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

 

 

Net cash flows from non‑financial assets

 

 

 

 

 

 

Purchases of non‑financial assets

(1.2)

(1.1)

(1.7)

(1.7)

(1.7)

(1.7)

Sales of non‑financial assets

† 5.6 

.... 

.... 

.... 

.... 

.... 

 

† 4.4 

(1.1)

(1.7)

(1.6)

(1.6)

(1.6)

Net cash flows from financial assets (liquidity management purposes)

 

 

 

 

 

 

Net (purchase)/sale of investments

(2 601.1)

(895.6)

(301.2)

(754.4)

(239.3)

(917.5)

 

(2 601.1)

(895.6)

(301.2)

(754.4)

(239.3)

(917.5)

 

 

 

 

 

 

 

Net cash flows from investing activities

(2 596.6)

(896.7)

(302.8)

(756.0)

(240.9)

(919.2)

 

 

 

 

 

 

 

 

 


 

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

 

2020-21 

2020-21 

2021-22 

2022-23 

2023-24 

2024-25 

 

 

Estimated 

 

Forward 

Forward 

Forward 

 

Budget 

Outcome 

Budget 

Estimate 

Estimate 

Estimate 

 

$m 

$m 

$m 

$m 

$m 

$m 

 

 

 

 

 

 

 

Net cash flows from financing activities

 

 

 

 

 

 

Net borrowing

†2 631.0 

† 905.0 

† 437.5 

† 801.6 

† 283.8 

† 972.0 

Dividends and tax equivalents paid

(136.3)

(131.5)

(234.3)

(148.9)

(149.9)

(168.6)

†2 494.8 

† 773.4 

† 203.2 

† 652.7 

† 133.9 

† 803.4 

 

 

 

 

 

 

 

Net increase/(decrease) in cash held

† 0.1 

†(0.5)

† 0.1 

† .... 

† .... 

.... 

 

 

 

 

 

 

 

Cash and cash equivalents at beginning of the year

† 778.5 

† 5.5 

† 5.0 

† 5.0 

† 5.1 

† 5.1 

Cash and cash equivalents at end of the year

† 778.6 

† 5.0 

† 5.0 

† 5.1 

† 5.1 

† 5.2 

 

 

 

 

 

 

 

KEY FISCAL AGGREGATES

 

 

 

 

 

 

 

 

 

 

 

 

 

Net cash flows from operating activities

† 101.9 

† 122.7 

† 99.7 

† 103.4 

† 107.1 

† 115.8 

Plus Net cash flows from non‑financial assets

† 4.4 

(1.1)

(1.7)

(1.6)

(1.6)

(1.6)

Plus Dividends and tax equivalents paid

(136.3)

(131.5)

(234.3)

(148.9)

(149.9)

(168.6)

Equals CASH SURPLUS/(DEFICIT)

(29.9)

(9.9)

(136.3)

(47.1)

(44.4)

(54.4)

 

 

 

 

 

 

 

 

 


 

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

 

2020-21 

2020-21 

2021-22 

2022-23 

2023-24 

2024-25 

 

 

Estimated 

 

Forward 

Forward 

Forward 

 

Budget 

Outcome 

Budget 

Estimate 

Estimate 

Estimate 

 

$m 

$m 

$m 

$m 

$m 

$m 

 

 

 

 

 

 

 

Revenue from transactions

 

 

 

 

 

 

Grants

†4 066.1 

†4 300.9 

†4 653.2 

†4 922.3 

†5 094.5 

†5 258.2 

Taxation

†1 178.4 

†1 295.5 

†1 407.7 

†1 487.9 

†1 560.5 

†1 632.4 

Sales of goods and services

†3 627.0 

†3 479.2 

†3 377.3 

†3 414.2 

†3 503.1 

†3 609.9 

Fines and regulatory fees

† 102.2 

† 100.4 

† 107.2 

† 108.3 

† 109.7 

† 111.0 

Interest income

† 177.2 

† 130.6 

† 116.4 

† 105.7 

† 87.6 

† 86.0 

Dividend, tax and rate equivalent income

† 51.4 

† 53.6 

† 57.7 

† 58.3 

† 60.4 

† 62.5 

Other revenue

† 214.7 

† 312.4 

† 260.7 

† 239.4 

† 235.0 

† 233.1 

 

†9 417.1 

†9 672.7 

†9 980.1 

†10 336.1 

†10 650.8 

†10 993.0 

Less Expenses from transactions

 

 

 

 

 

 

Employee expenses

†3 488.0 

†3 457.2 

†3 637.5 

†3 685.9 

†3 853.7 

†4 014.9 

Superannuation

† 438.3 

† 442.1 

† 477.8 

† 487.8 

† 505.7 

† 529.8 

Depreciation

† 740.2 

† 719.5 

† 780.7 

† 797.5 

† 825.7 

† 853.1 

Supplies and consumables

†3 917.8 

†3 622.0 

†3 683.6 

†3 527.3 

†3 598.0 

†3 682.1 

Nominal superannuation interest expense

† 174.8 

† 174.8 

† 138.9 

† 139.0 

† 138.8 

† 138.2 

Borrowing costs

† 255.5 

† 206.1 

† 218.2 

† 243.4 

† 257.3 

† 257.4 

Grant and subsidy expenses

†1 623.4 

†1 500.1 

†1 823.8 

†1 608.7 

†1 472.5 

†1 417.8 

Other expenses

† 39.8 

† 82.5 

† 52.1 

† 49.2 

† 45.3 

† 45.9 

 

†10 677.8 

†10 204.3 

†10 812.7 

†10 538.9 

†10 697.1 

†10 939.2 

 

 

 

 

 

 

 

Equals NET OPERATING BALANCE

(1 260.7)

(531.7)

(832.5)

(202.8)

(46.3)

† 53.9 

 

 

 

 

 

 

 

Plus Other economic flows ‑ included in Operating Result

 

 

 

 

 

 

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

† 16.6 

(6.7)

† 17.7 

† 34.3 

† 33.0 

† 41.6 

Other gains/(losses)

† 32.2 

† 406.6 

(72.2)

(62.6)

(116.2)

(32.0)

 

† 48.8 

† 399.9 

(54.4)

(28.3)

(83.2)

† 9.5 

 

 

 

 

 

 

 

Equals Operating Result

(1 211.9)

(131.8)

(887.0)

(231.1)

(129.5)

† 63.4 

 

 

 

 

 

 

 

Plus Other economic flows ‑ other movements in Equity

 

 

 

 

 

 

Revaluations of non‑financial assets

† 233.5 

† 297.4 

† 301.8 

† 305.0 

† 352.2 

† 374.3 

Movements in superannuation liability

(1 198.2)

†1 332.0 

(866.4)

.... 

.... 

.... 

Other non-owner movements in Equity

† 326.6 

† 22.3 

(3.6)

† 11.5 

(4.3)

† 49.6 

 

(638.1)

†1 651.8 

(568.2)

† 316.5 

† 347.9 

† 423.9 

 

 

 

 

 

 

 

Equals Comprehensive Result

(1 850.1)

†1 520.0 

(1 455.2)

† 85.4 

† 218.3 

† 487.3 

 


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

 

2020-21 

2020-21 

2021-22 

2022-23 

2023-24 

2024-25 

 

 

Estimated 

 

Forward 

Forward 

Forward 

 

Budget 

Outcome 

Budget 

Estimate 

Estimate 

Estimate 

 

$m 

$m 

$m 

$m 

$m 

$m 

 

 

 

 

 

 

 

KEY FISCAL AGGREGATES

 

 

 

 

 

 

 

 

 

 

 

 

 

NET OPERATING BALANCE

(1 260.7)

(531.7)

(832.5)

(202.8)

(46.3)

† 53.9 

Less Net acquisition of non-financial assets

 

 

 

 

 

 

Purchase of non-financial assets

†1 699.9 

†1 290.7 

†1 580.0 

†1 948.5 

†1 987.6 

†1 642.7 

Less Sale of non-financial assets

† 42.6 

† 25.4 

† 37.1 

† 56.0 

† 62.5 

† 71.1 

Less Depreciation

† 740.2 

† 719.5 

† 780.7 

† 797.5 

† 825.7 

† 853.1 

 

† 917.1 

† 545.8 

† 762.2 

†1 095.0 

†1 099.4 

† 718.5 

 

 

 

 

 

 

 

Equals FISCAL BALANCE

(2 177.8)

(1 077.5)

(1 594.7)

(1 297.7)

(1 145.8)

(664.7)

 

 

 

 

 

 

 

 

 


 

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

 

2021 

2021 

2022 

2023 

2024 

2025 

 

 

Estimated 

 

Forward 

Forward 

Forward 

 

Budget 

Outcome 

Budget 

Estimate 

Estimate 

Estimate 

 

$m 

$m 

$m 

$m 

$m 

$m 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

Financial assets

 

 

 

 

 

 

Cash and deposits

† 154.5 

†1 265.5 

† 929.1 

† 869.5 

† 878.3 

† 894.1 

Investments

†7 155.8 

†6 891.8 

†6 272.9 

†6 131.5 

†5 307.9 

†5 446.4 

Other equity investments

† 197.2 

† 166.4 

† 217.5 

† 278.7 

† 335.2 

† 337.9 

Receivables

† 976.4 

†1 015.6 

†1 000.1 

† 998.7 

† 987.7 

† 983.4 

Other financial assets

†1 238.9 

†1 233.4 

†1 247.4 

†1 236.9 

†1 228.7 

†1 229.4 

 

†9 722.8 

†10 572.7 

†9 666.9 

†9 515.3 

†8 737.9 

†8 891.3 

Non-financial assets

 

 

 

 

 

 

Land and buildings

†7 754.9 

†7 752.2 

†8 103.7 

†8 417.3 

†8 818.7 

†9 102.7 

Infrastructure

†14 077.8 

†13 364.6 

†13 905.0 

†14 902.9 

†15 806.3 

†16 629.2 

Plant and equipment

† 699.8 

† 693.8 

† 792.5 

† 856.8 

† 871.3 

† 859.2 

Heritage and cultural assets

† 452.0 

† 439.9 

† 452.2 

† 464.5 

† 476.8 

† 489.1 

Biological assets

† 180.4 

† 189.3 

† 192.2 

† 196.1 

† 200.1 

† 203.8 

Investment property

† 3.3 

† 3.4 

† 3.3 

† 3.3 

† 3.3 

† 3.3 

Intangibles

† 205.2 

† 193.9 

† 206.2 

† 223.2 

† 245.1 

† 261.0 

Assets held for sale

† 23.5 

† 12.3 

† 7.7 

† 6.6 

† 6.6 

† 6.6 

Lease - right‑of‑use assets

† 466.8 

† 371.9 

† 337.0 

† 299.6 

† 283.8 

† 247.9 

Other non-financial assets

† 176.5 

† 252.5 

† 261.0 

† 267.0 

† 276.0 

† 278.1 

 

†24 040.1 

†23 273.8 

†24 260.7 

†25 637.2 

†26 988.0 

†28 080.9 

 

 

 

 

 

 

 

Total Assets

†33 762.9 

†33 846.5 

†33 927.7 

†35 152.5 

†35 725.9 

†36 972.1 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

Borrowings

9 115.3 

†8 509.1 

†9 208.2 

†10 305.2 

†10 494.2 

†11 291.2 

Lease liabilities

† 482.2 

† 373.0 

† 330.9 

† 288.2 

† 260.4 

† 214.0 

Superannuation

†12 314.6 

†9 791.5 

†10 614.4 

†10 559.4 

†10 486.4 

†10 385.6 

Employee entitlements

† 914.1 

† 943.2 

† 961.2 

† 981.4 

†1 002.8 

†1 025.3 

Payables

† 769.2 

† 772.1 

† 748.0 

† 729.6 

† 722.5 

† 726.1 

Other liabilities

†4 154.9 

†4 074.8 

†4 137.4 

†4 275.7 

†4 528.1 

†4 611.2 

Total Liabilities

†27 750.3 

†24 463.7 

†26 000.1 

†27 139.5 

†27 494.5 

†28 253.5 

 

 

 

 

 

 

 

Net Assets

†6 012.7 

†9 382.8 

†7 927.6 

†8 013.0 

†8 231.4 

†8 718.6 

 

 

 

 

 

 

 

 


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

 

2021 

2021 

2022 

2023 

2024 

2025 

 

 

Estimated 

 

Forward 

Forward 

Forward 

 

Budget 

Outcome 

Budget 

Estimate 

Estimate 

Estimate 

 

$m 

$m 

$m 

$m 

$m 

$m 

 

 

 

 

 

 

 

Equity

 

 

 

 

 

 

Accumulated funds

(156.5)

†2 826.1 

†1 868.4 

†1 649.6 

†1 515.5 

†1 629.0 

Asset revaluation reserve

†6 298.1 

†6 250.4 

†5 753.0 

†6 057.9 

†6 410.1 

†6 784.4 

Other revaluation reserves

(128.9)

† 306.2 

† 306.2 

† 305.5 

† 305.7 

† 305.2 

Total Equity

†6 012.7 

†9 382.8 

†7 927.6 

†8 013.0 

†8 231.4 

†8 718.7 

 

 

 

 

 

 

 

KEY FISCAL AGGREGATES

 

 

 

 

 

 

 

 

 

 

 

 

 

NET WORTH1

†6 012.7 

†9 382.8 

†7 927.6 

†8 013.0 

†8 231.4 

†8 718.6 

 

 

 

 

 

 

 

NET FINANCIAL WORTH2

(18 027.5)

(13 891.0)

(16 333.1)

(17 624.2)

(18 756.7)

(19 362.2)

 

 

 

 

 

 

 

NET FINANCIAL LIABILITIES3

†18 027.5 

†13 891.0 

†16 333.1 

†17 624.2 

†18 756.7 

†19 362.3 

 

 

 

 

 

 

 

NET DEBT4

†2 287.2 

† 724.8 

†2 337.1 

†3 592.4 

†4 568.4 

†5 164.7 

 

 

 

 

 

 

 

GFS NET DEBT5

†1 805.1 

† 351.8 

†2 006.2 

†3 304.2 

†4 308.0 

†4 950.7 

 

 

 

 

 

 

 

Notes:

1.    Net Worth represents Total Assets less Total Liabilities.

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

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

4.    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.

5.    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.


 

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

 

2020-21 

2020-21 

2021-22 

2022-23 

2023-24 

2024-25 

 

 

Estimated 

 

Forward 

Forward 

Forward 

 

Budget 

Outcome 

Budget 

Estimate 

Estimate 

Estimate 

 

$m 

$m 

$m 

$m 

$m 

$m 

 

 

 

 

 

 

 

Cash flows from operating activities

 

 

 

 

 

 

Cash received from operating activities

 

 

 

 

 

 

Grants received

†3 962.0 

†4 388.6 

†4 693.6 

†5 018.8 

†5 326.1 

†5 302.7 

Taxation

†1 176.6 

†1 298.0 

†1 407.8 

†1 488.0 

†1 560.7 

†1 632.5 

Sales of goods and services

†3 559.7 

†3 529.0 

†3 367.0 

†3 416.9 

†3 500.8 

†3 606.6 

Fines and regulatory fees

† 102.2 

† 102.1 

† 107.2 

† 108.2 

† 109.6 

† 110.9 

Interest received

† 175.0 

† 130.1 

† 116.0 

† 105.1 

† 87.0 

† 85.1 

Dividend, tax and rate equivalents

† 52.2 

† 60.7 

† 57.7 

† 58.3 

† 60.4 

† 62.5 

Other receipts

† 526.8 

† 761.4 

† 596.3 

† 574.7 

† 570.5 

† 575.0 

 

†9 554.6 

†10 269.9 

†10 345.6 

†10 769.9 

†11 215.1 

†11 375.3 

Cash payments for operating activities

 

 

 

 

 

 

Employee entitlements

(3 480.4)

(3 458.0)

(3 636.3)

(3 689.4)

(3 855.3)

(4 016.6)

Superannuation

(580.9)

(579.6)

(631.2)

(652.9)

(688.6)

(737.0)

Supplies and consumables

(3 920.0)

(3 664.6)

(3 704.9)

(3 522.7)

(3 586.9)

(3 640.3)

Borrowing costs

(244.9)

(189.1)

(211.7)

(232.7)

(234.2)

(231.5)

Grants and subsidies paid

(1 623.9)

(1 617.7)

(1 824.2)

(1 609.2)

(1 473.0)

(1 418.3)

Other payments

(370.6)

(458.1)

(393.7)

(389.2)

(374.1)

(381.8)

 

(10 220.7)

(9 967.2)

(10 402.0)

(10 096.0)

(10 212.1)

(10 425.6)

 

 

 

 

 

 

 

Net cash flows from operating activities

(666.1)

† 302.7 

(56.4)

† 674.0 

†1 003.0 

† 949.7 

 

 

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

 

 

Net cash flows from non-financial assets

 

 

 

 

 

 

Purchase of non-financial assets

(1 687.6)

(1 290.7)

(1 560.4)

(1 938.1)

(1 977.9)

(1 633.0)

Sales of non-financial assets

† 39.6 

† 25.4 

† 41.5 

† 52.2 

† 58.7 

† 67.3 

 

(1 648.0)

(1 265.3)

(1 518.8)

(1 885.8)

(1 919.2)

(1 565.7)

 

 

 

 

 

 

 

Net cash flows from financial assets (policy purposes)

 

 

 

 

 

 

Equity injections

(55.7)

(27.8)

(50.5)

(60.5)

(55.5)

(5.5)

Net advances paid

(81.7)

(12.0)

(129.4)

(90.9)

† 126.9 

† 33.0 

Equity disposals

† 3.6 

† 5.2 

† 3.6 

† 3.6 

† 3.6 

† 3.6 

 

(133.8)

(34.6)

(176.3)

(147.8)

† 75.0 

† 31.1 

Net cash flows from financial assets (liquidity management purposes)

 

 

 

 

 

 

Net (purchase)/sale of investments

† 220.8 

† 453.4 

† 715.1 

† 202.2 

† 660.2 

(197.1)

 

† 220.8 

† 453.4 

† 715.1 

† 202.2 

† 660.2 

(197.1)

 

 

 

 

 

 

 

Net cash flows from investing activities

(1 561.0)

(846.5)

(980.0)

(1 831.4)

(1 184.0)

(1 731.7)


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

 

2020-21 

2020-21 

2021-22 

2022-23 

2023-24 

2024-25 

 

 

Estimated 

 

Forward 

Forward 

Forward 

 

Budget 

Outcome 

Budget 

Estimate 

Estimate 

Estimate 

 

$m 

$m 

$m 

$m 

$m 

$m 

 

 

 

 

 

 

 

Net cash flows from financing activities

 

 

 

 

 

 

Net borrowing

†2 039.7 

†1 470.0 

† 700.0 

†1 097.9 

† 189.9 

† 797.7 

Other financing

† 13.5 

(2.6)

.... 

.... 

.... 

.... 

 

†2 053.2 

†1 467.4 

† 699.9 

†1 097.8 

† 189.9 

† 797.7 

 

 

 

 

 

 

 

Net increase/(decrease) in cash held

(173.9)

† 923.6 

(336.4)

(59.6)

† 8.9 

† 15.8 

 

 

 

 

 

 

 

Cash and cash equivalents at beginning of the year

†1 117.3 

† 341.9 

†1 265.5 

† 929.1 

† 869.5 

† 878.3 

Cash and cash equivalents at end of the
year

† 943.5 

†1 265.5 

† 929.1 

† 869.5 

† 878.3 

† 894.1 

 

 

 

 

 

 

 

KEY FISCAL AGGREGATES

 

 

 

 

 

 

 

 

 

 

 

 

 

Net cash flows from operating activities

(666.1)

† 302.7 

(56.4)

† 674.0 

†1 003.0 

† 949.7 

Plus Net cash flows from non-financial assets

(1 648.0)

(1 265.3)

(1 518.8)

(1 885.8)

(1 919.2)

(1 565.7)

Equals CASH SURPLUS/(DEFICIT)

(2 314.1)

(962.6)

(1 575.2)

(1 211.8)

(916.2)

(616.0)

 

 

 

 

 

 

 

 

 


 

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

 

2020-21 

2020-21 

2021-22 

2022-23 

2023-24 

2024-25 

 

Preliminary 

 

Forward 

Forward 

Forward