Appendix 1††††† Uniform Government Reporting

Key Issues

       The estimated Net Operating Balance for 2022‑23 is a deficit of $474.6 million for the General Government Sector, a deficit of $42.3 million for the Public Non‑Financial Corporations Sector, a deficit of $516.9 million for the Total Non‑Financial Public Sector, a deficit of $93.6 million for the Public Financial Corporations Sector and a deficit of $610.5 million for the Total State Sector.

       The estimated Fiscal Balance for 2022‑23 is a deficit of $1 135.9 million for the GGS, a deficit of $949.2 million for the PNFC Sector, a deficit of $2 085.2 million for the TNFP Sector, a deficit of $98.4 million for the PFC Sector and a deficit of $2 183.6 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.

The statements present the 2021‑22 Original Budget, 2021‑22 Estimated Outcome, 2022‑23 Budget Estimates and Forward Estimates for the period 2023‑24 to 2025‑26. For taxation information required under the UPF, refer to chapter 5 of this Budget Paper.

Final audited outcomes for 2021‑22 will be released in the Treasurerís Annual Financial Report, published by 31 October 2022.


 

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

 

2021-22 

2021-22 

2022-23 

2023-24 

2024-25 

2025-26 

 

 

Estimated 

Forward 

Forward 

Forward 

 

Budget 

Outcome 

Budget 

Estimate 

Estimate 

Estimate 

 

$m 

$m 

$m 

$m 

$m 

$m 

Revenue from transactions

 

 

 

 

 

 

Grants

†4 653.2 

5 128.9 

5 099.5 

5 398.6 

5 468.7 

5 455.7 

Taxation

†1 448.3 

1 549.9 

1 613.3 

1 715.2 

1 792.2 

1 870.7 

Sales of goods and services

† 441.7 

442.4 

451.1 

464.8 

476.8 

481.4 

Fines and regulatory fees

† 107.2 

110.9 

111.2 

116.3 

117.7 

119.2 

Interest income

† 7.9 

8.1 

29.2 

36.3 

35.5 

36.9 

Dividend, tax and rate equivalent income

† 383.8 

377.7 

336.2 

294.9 

311.2 

331.0 

Other revenue

† 215.3 

257.3 

207.8 

199.5 

196.9 

186.8 

 

†7 257.5 

7 875.2 

7 848.2 

8 225.5 

8 398.9 

8 481.7 

 

 

 

 

 

 

 

Less Expenses from transactions

 

 

 

 

 

 

Employee expenses

†3 202.0 

3 320.9 

3 393.7 

3 507.8 

3 664.9 

3 733.4 

Superannuation

† 410.3 

419.5 

411.5 

425.4 

449.9 

468.0 

Depreciation

† 412.5 

432.1 

466.4 

497.2 

517.4 

543.8 

Supplies and consumables

†1 723.8 

1 787.0 

1 768.2 

1 630.4 

1 664.5 

1 663.6 

Nominal superannuation interest expense

† 129.5 

191.3 

191.0 

191.1 

190.5 

189.7 

Borrowing costs

† 48.2 

47.1 

90.0 

138.8 

175.1 

206.0 

Grant and subsidy expenses

†1 978.8 

2 068.6 

1 962.4 

1 780.6 

1 668.3 

1 611.7 

Other expenses

† 42.2 

64.9 

39.8 

35.0 

36.1 

35.1 

 

†7 947.2 

8 331.5 

8 322.8 

8 206.4 

8 366.7 

8 451.2 

 

 

 

 

 

 

 

Equals NET OPERATING BALANCE

(689.8)

(456.3)

(474.6)

19.1 

32.2 

30.5 

 

 

 

 

 

 

 

Plus Other economic flows - included in Operating Result

 

 

 

 

 

 

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

† 13.7 

21.1 

30.5 

84.7 

79.5 

34.7 

Other gains/(losses)

(11.9)

19.8 

23.4 

(14.4)

(18.6)

(14.4)

 

† 1.8 

40.9 

53.8 

70.3 

60.9 

20.3 

 

 

 

 

 

 

 

Equals Operating Result

(687.9)

(415.3)

(420.8)

89.5 

93.1 

50.8 

 

 

 

 

 

 

 

 


 

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

 

2021-22 

2021-22 

2022-23 

2023-24 

2024-25 

2025-26 

 

 

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

† 280.4 

284.1 

282.0 

317.4 

317.4 

317.4 

Revaluation of equity investment in PNFC and PFC sectors

(181.2)

(52.2)

(51.1)

(63.8)

(45.0)

(98.0)

Movements in superannuation liability

(866.4)

654.4 

.... 

.... 

.... 

.... 

(767.3)

886.2 

230.9 

253.5 

272.4 

219.3 

 

 

 

 

 

 

 

Equals Comprehensive Result

(1 455.2)

470.9 

(189.9)

343.0 

365.5 

270.1 

 

 

 

 

 

 

 

KEY FISCAL AGGREGATES

 

 

 

 

 

 

 

 

 

 

 

 

 

NET OPERATING BALANCE

(689.8)

(456.3)

(474.6)

19.1 

32.2 

30.5 

 

 

 

 

 

 

 

Less Net acquisition of non‑financial assets

 

 

 

 

 

 

Purchases of non‑financial assets

† 795.8 

806.5 

1 176.3 

1 310.9 

1 200.5 

910.7 

Less Sales of non‑financial assets

† 31.9 

39.2 

48.6 

102.9 

97.7 

52.8 

Less Depreciation

† 412.5 

432.1 

466.4 

497.2 

517.4 

543.8 

 

† 351.4 

335.1 

661.3 

710.8 

585.4 

314.1 

 

 

 

 

 

 

 

Equals FISCAL BALANCE

(1 041.2)

(791.4)

(1 135.9)

(691.6)

(553.2)

(283.6)

 

 

 

 

 

 

 

 


 

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

 

2022 

2022 

2023 

2024 

2025 

2026 

 

 

Estimated 

Forward 

Forward 

Forward 

 

Budget 

Outcome 

Budget 

Estimate 

Estimate 

Estimate 

 

$m 

$m 

$m 

$m 

$m 

$m 

Assets

 

 

 

 

 

 

Financial assets

 

 

 

 

 

 

Cash and deposits

†1 144.0 

624.2 

624.6 

630.2 

541.6 

591.6 

Investments

† 311.0 

872.2 

867.2 

903.2 

881.5 

856.3 

Equity investment in PNFC and PFC sectors

†4 928.6 

†5 210.0 

5 445.2 

5 560.1 

5 632.5 

5 606.6 

Other equity investments

† 140.9 

140.9 

201.4 

256.9 

262.4 

267.9 

Receivables

† 345.4 

409.8 

407.3 

405.4 

403.5 

402.1 

Other financial assets

† 442.6 

578.5 

596.5 

612.0 

633.9 

640.1 

 

†7 312.6 

7 835.5 

8 142.2 

8 367.8 

8 355.5 

8 364.5 

Non‑financial assets

 

 

 

 

 

 

Land and buildings

†7 771.9 

7 953.5 

8 205.7 

8 576.9 

8 881.3 

9 096.8 

Infrastructure

†6 454.9 

6 254.7 

6 938.9 

7 643.4 

8 295.6 

8 730.0 

Plant and equipment

† 313.8 

316.8 

342.9 

371.0 

381.9 

388.0 

Heritage and cultural assets

† 452.2 

466.4 

478.7 

491.0 

503.3 

515.6 

Investment property

† 3.3 

3.1 

3.2 

3.3 

3.3 

3.3 

Intangibles

† 72.6 

83.8 

136.9 

188.4 

232.3 

277.5 

Assets held for sale

† 1.1 

2.2 

2.8 

4.1 

5.5 

3.9 

Lease - right‑of‑use assets

† 275.2 

375.4 

335.7 

314.6 

278.9 

219.5 

Other non‑financial assets

† 99.8 

912.3 

910.8 

908.9 

910.9 

908.9 

 

†15 444.7 

16 368.2 

17 355.6 

18 501.5 

19 493.0 

20 143.4 

 

 

 

 

 

 

 

Total Assets

†22 757.3 

24 203.7 

25 497.8 

26 869.3 

27 848.5 

28 508.0 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

Borrowings

†2 874.1 

2 623.3 

4 125.6 

5 150.9 

5 911.5 

6 359.4 

Lease liabilities

† 285.4 

395.1 

360.2 

341.4 

302.8 

267.5 

Superannuation

†9 895.0 

8 412.9 

8 397.6 

8 370.1 

8 314.3 

8 238.1 

Employee entitlements

† 831.8 

853.9 

871.4 

891.3 

912.4 

930.6 

Payables

† 199.9 

181.7 

182.5 

186.5 

189.7 

190.5 

Other liabilities

† 743.5 

777.1 

790.7 

816.3 

739.6 

773.5 

Total Liabilities

†14 829.7 

13 244.1 

14 728.0 

15 756.5 

16 370.3 

16 759.6 

 

 

 

 

 

 

 

Net Assets

†7 927.6 

10 959.6 

10 769.8 

11 112.8 

11 478.3 

11 748.4 

 

 

 

 

 

 

 

Equity

 

 

 

 

 

 

Accumulated funds

3 326.2 

5 766.4 

5 345.7 

5 435.2 

5 528.3 

5 579.1 

Asset revaluation reserve

5 581.9 

5 831.2 

6 113.2 

6 430.5 

6 747.9 

7 065.3 

Other revaluation reserves

(980.4)

(638.0)

(689.1)

(753.0)

(797.9)

(896.0)

Total Equity

7 927.6 

10 959.6 

10 769.8 

11 112.8 

11 478.3 

11 748.4 

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

 

2022 

2022 

2023 

2024 

2025 

2026 

 

 

 

Estimated 

 

Forward 

Forward 

Forward 

 

 

Budget 

Outcome 

Budget 

Estimate 

Estimate 

Estimate 

 

 

$m 

$m 

$m 

$m 

$m 

$m 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

KEY FISCAL AGGREGATES

 

 

 

NET WORTH1

†7 927.6 

10 959.6 

10 769.8 

11 112.8 

11 478.3 

11 748.4 

 

 

 

 

 

 

 

NET FINANCIAL WORTH2

(7 517.1)

(5 408.6)

(6 585.8)

(7 388.7)

(8 014.8)

(8 395.0)

 

 

 

 

 

 

 

NET FINANCIAL LIABILITIES3

†12 445.7 

10 618.6 

12 031.0 

12 948.8 

13 647.2 

14 001.6 

 

 

 

 

 

 

 

NET DEBT4

†1 704.4 

1 522.1 

2 994.0 

3 958.9 

4 791.1 

5 179.0 

 

 

 

 

 

 

 

GFS NET DEBT5

†1 419.0 

1 126.9 

2 633.8 

3 617.5 

4 488.3 

4 911.5 

 

 

 

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 PNFC and PFC Sectors.

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 A1.3:†††††† General Government Cash Flow Statement

 

2021-22 

2021-22 

2022-23 

2023-24 

2024-25 

2025-26 

 

 

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

†4 697.6 

5 119.1 

5 111.2 

5 421.6 

5 389.6 

5 487.9 

Taxation

†1 448.3 

1 550.4 

1 611.8 

1 712.3 

1 789.3 

1 869.8 

Sales of goods and services

† 436.9 

437.6 

446.9 

459.9 

471.5 

475.4 

Fines and regulatory fees

† 107.2 

110.8 

111.3 

116.5 

117.9 

119.4 

Interest received

† 8.0 

8.0 

28.8 

35.9 

34.9 

36.1 

Dividend  tax and rate equivalents

† 451.7 

448.7 

353.3 

279.2 

286.0 

321.9 

Other receipts

† 447.1 

494.8 

454.1 

447.8 

447.1 

437.6 

 

†7 596.8 

8 169.4 

8 117.4 

8 473.1 

8 536.2 

8 748.1 

 

 

 

 

 

 

 

Cash payments for operating activities

 

 

 

 

 

 

Employee entitlements

(3 181.9)

(3 298.8)

(3 374.1)

(3 486.8)

(3 642.9)

(3 714.1)

Superannuation

(577.6)

(612.0)

(616.4)

(642.6)

(694.7)

(732.4)

Supplies and consumables

(1 733.7)

(1 793.2)

(1 778.4)

(1 640.3)

(1 673.6)

(1 672.8)

Borrowing costs

(44.0)

(41.0)

(90.1)

(138.9)

(175.2)

(207.2)

Grants and subsidies paid

(1 978.7)

(2 067.5)

(1 962.3)

(1 780.5)

(1 668.2)

(1 611.6)

Other payments

(276.4)

(302.8)

(288.6)

(284.3)

(287.6)

(288.5)

 

(7 792.3)

(8 115.4)

(8 109.8)

(7 973.5)

(8 142.2)

(8 226.5)

 

 

 

 

 

 

 

Net cash flows from operating activities

(195.5)

54.0 

7.6 

499.7 

394.0 

521.5 

 

 

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

 

 

Net cash flows from non‑financial assets

 

 

 

 

 

 

Purchases of non‑financial assets

(776.2)

(806.8)

(1 166.4)

(1 300.2)

(1 189.8)

(900.0)

Sales of non‑financial assets

† 36.3 

42.9 

45.6 

99.1 

93.9 

49.0 

 

(739.9)

(763.8)

(1 120.8)

(1 201.1)

(1 095.9)

(851.0)

Net cash flows from financial assets (policy purposes)

 

 

 

 

 

 

Equity injections

(285.6)

(224.6)

(346.8)

(234.2)

(122.8)

(77.6)

Net advances paid

(129.4)

(90.6)

(36.0)

(36.0)

21.6 

25.2 

Equity disposals

† 3.6 

3.6 

3.6 

3.6 

3.6 

3.6 

(411.4)

(311.6)

(379.3)

(266.6)

(97.6)

(48.8)

Net cash flows from financial assets (liquidity management purposes)

 

 

 

 

 

 

Net (purchase)/sale of investments

† 21.2 

(578.7)

41.0 

.... 

.... 

.... 

 

† 21.2 

(578.7)

41.0 

.... 

.... 

.... 

 

 

 

 

 

 

 

Net cash flows from investing activities

(1 130.1)

(1 654.1)

(1 459.0)

(1 467.7)

(1 193.5)

(899.8)

 

 

 

 

 

 

 

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

 

2021-22 

2021-22 

2022-23 

2023-24 

2024-25 

2025-26 

 

 

Estimated 

 

Forward 

Forward 

Forward 

 

Budget 

Outcome 

Budget 

Estimate 

Estimate 

Estimate 

 

$m 

$m 

$m 

$m 

$m 

$m 

Cash flows from financing activities

 

 

 

 

 

 

Net borrowing

†1 001.5 

758.0 

1 451.9 

973.6 

710.9 

428.2 

†1 001.5 

758.0 

1 451.9 

973.6 

710.9 

428.2 

 

 

 

 

 

 

 

Net increase/(decrease) in cash held

(324.1)

(842.1)

0.4 

5.6 

(88.6)

49.9 

 

 

 

 

 

 

Cash at the beginning of the year

†1 468.1 

1 466.3 

624.2 

624.6 

630.2 

541.6 

Cash at the end of the year

†1 144.0 

624.2 

624.6 

630.2 

541.6 

591.6 

 

 

 

 

 

 

 

KEY FISCAL AGGREGATES

 

 

 

 

 

 

 

 

 

 

 

 

 

Net cash flows from operating activities

(195.5)

54.0 

7.6 

499.7 

394.0 

521.5 

Plus Net cash flows from non‑financial assets

(739.9)

(763.8)

(1 120.8)

(1 201.1)

(1 095.9)

(851.0)

Equals CASH SURPLUS/(DEFICIT)

(935.4)

(709.8)

(1 113.2)

(701.4)

(701.9)

(329.4)

 

 

 

 

 

 

 

 


 

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

2021-22 

2021-22 

2022-23 

2023-24 

2024-25 

2025-26 

 

Estimated 

 

Forward 

Forward 

Forward 

Budget 

Outcome 

Budget 

Estimate 

Estimate 

Estimate 

$m 

$m 

$m 

$m 

$m 

$m 

 

 

 

 

 

 

Revenue from transactions

 

 

 

 

 

 

Grants

† 209.0 

194.0 

182.4 

186.1 

184.6 

185.7 

Sales of goods and services

†2 825.0 

2 767.1 

2 794.9 

2 876.8 

3 006.4 

3 242.6 

Interest income

† 2.2 

2.1 

2.1 

1.9 

1.9 

1.9 

Other revenue

† 40.9 

46.2 

41.8 

43.4 

43.8 

44.9 

†3 077.2 

3 009.4 

3 021.2 

3 108.2 

3 236.7 

3 475.1 

 

 

 

 

 

 

Less Expenses from transactions

 

 

 

 

 

 

Employee expenses

† 428.5 

429.9 

452.6 

450.8 

454.7 

463.3 

Superannuation

† 66.2 

56.2 

58.7 

58.1 

58.8 

60.3 

Depreciation

† 368.0 

368.0 

369.4 

381.1 

390.6 

408.5 

Supplies and consumables

†1 846.7 

1 764.7 

1 793.6 

1 869.5 

1 954.9 

2 099.0 

Nominal superannuation interest expense

† 9.4 

15.3 

13.8 

13.8 

13.7 

13.7 

Borrowing costs

† 101.5 

107.1 

109.2 

132.5 

149.2 

160.1 

Dividend and income tax equivalent expenses

† 218.0 

218.6 

183.3 

146.5 

156.0 

166.7 

Grant and subsidy expenses

† 48.6 

48.6 

48.6 

48.6 

48.6 

48.6 

Other expenses

† 36.9 

36.8 

34.4 

32.9 

31.7 

28.2 

†3 123.8 

3 045.3 

3 063.5 

3 133.8 

3 258.2 

3 448.5 

 

 

 

 

 

 

Equals NET OPERATING BALANCE

(46.6)

(35.9)

(42.3)

(25.6)

(21.6)

26.6 

 

 

 

 

 

 

Plus Other economic flows ‑ included in Operating Result

 

 

 

 

 

 

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

4.0 

4.0 

.... 

.... 

.... 

.... 

Other gains/(losses)

(89.8)

(51.8)

(46.1)

(18.2)

(22.6)

(117.8)

(85.8)

(47.7)

(46.1)

(18.2)

(22.6)

(117.8)

 

 

 

 

 

 

Equals Operating Result

(132.4)

(83.7)

(88.4)

(43.7)

(44.1)

(91.2)

 

 


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

2021-22 

2021-22 

2022-23 

2023-24 

2024-25 

2025-26 

 

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

† 21.4 

0.2 

83.5 

55.7 

65.2 

72.6 

Movements in superannuation liability

.... 

123.8 

.... 

.... 

.... 

.... 

Other non‑owner movements in Equity

† 1.0 

24.0 

31.1 

0.6 

16.0 

15.5 

† 22.4 

148.0 

114.6 

56.3 

81.1 

88.2 

 

 

 

 

 

 

Equals Comprehensive Result

(110.0)

64.4 

26.2 

12.6 

37.0 

(3.0)

 

 

 

 

 

 

KEY FISCAL AGGREGATES

 

 

 

 

 

 

 

 

 

 

 

 

NET OPERATING BALANCE

(46.6)

(35.9)

(42.3)

(25.6)

(21.6)

26.6 

Less Net acquisition of non‑financial assets

 

 

 

 

 

 

Purchases of non‑financial assets

† 782.5 

673.3 

†1 277.7 

†1 281.7 

†1 284.6 

†1 012.7 

Less Sales of non‑financial assets

† 5.2 

4.6 

1.4 

4.2 

4.1 

148.8 

Less Depreciation

† 368.0 

368.0 

369.4 

381.1 

390.6 

408.5 

† 409.3 

300.7 

906.9 

896.4 

889.9 

455.4 

 

 

 

 

 

 

Equals FISCAL BALANCE

(455.9)

(336.6)

(949.2)

(921.9)

(911.4)

(428.8)

 

 

 

 

 

 

 

 


 

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

2022 

2022 

2023 

2024 

2025 

2026 

 

Estimated 

 

Forward 

Forward 

Forward 

Budget 

Outcome 

Budget 

Estimate 

Estimate 

Estimate 

$m 

$m 

$m 

$m 

$m 

$m 

Assets

 

 

 

 

 

 

Financial assets

 

 

 

 

 

 

Cash and deposits

† 179.2 

292.9 

128.4 

110.2 

97.0 

92.9 

Investments

† 11.3 

21.1 

11.1 

11.1 

11.1 

11.1 

Other equity investments

† 76.6 

89.3 

90.0 

86.2 

88.1 

88.3 

Receivables

† 635.7 

595.9 

598.6 

600.7 

603.3 

607.0 

Other financial assets

† 884.4 

960.3 

958.8 

961.8 

965.5 

966.6 

†1 787.2 

1 959.5 

1 786.8 

1 770.0 

1 765.0 

1 765.9 

Non‑financial assets

 

 

 

 

 

 

Land and buildings

† 313.8 

279.3 

385.9 

451.2 

470.1 

467.2 

Infrastructure

†7 450.1 

7 347.9 

†8 129.3 

†8 895.5 

†9 751.2 

†10 133.3 

Plant and equipment

† 477.3 

417.2 

482.5 

538.6 

589.6 

634.8 

Biological assets

† 192.2 

182.6 

188.6 

194.6 

199.0 

201.7 

Intangibles

† 133.0 

132.0 

139.3 

148.9 

163.7 

175.1 

Assets held for sale

† 6.6 

.... 

.... 

.... 

.... 

.... 

Lease - right‑of‑use assets

† 61.8 

57.1 

58.9 

53.1 

51.7 

47.5 

Other non‑financial assets

† 161.1 

158.1 

180.3 

191.1 

173.6 

175.9 

†8 796.0 

8 574.1 

†9 564.7 

†10 473.1 

†11 398.8 

†11 835.4 

 

 

 

 

 

 

Total Assets

†10 583.2 

10 533.6 

†11 351.5 

†12 243.1 

†13 163.8 

†13 601.3 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

Borrowings

†3 101.9 

2 959.2 

†3 496.6 

†4 194.7 

†4 913.8 

†5 349.5 

Lease liabilities

† 45.5 

53.9 

49.8 

37.8 

29.6 

24.7 

Superannuation

† 710.3 

598.0 

596.5 

594.1 

589.6 

583.6 

Employee entitlements

† 127.9 

123.0 

125.2 

126.3 

128.8 

129.3 

Payables

† 545.8 

556.6 

519.1 

539.4 

588.7 

551.1 

Other liabilities

†2 225.7 

2 095.5 

2 104.4 

2 099.5 

2 107.6 

2 088.3 

Total Liabilities

†6 757.1 

6 386.2 

†6 891.5 

†7 591.9 

†8 358.2 

†8 726.5 

 

 

 

 

 

 

Net Assets

†3 826.1 

4 147.4 

4 460.0 

4 651.2 

4 805.6 

4 874.8 

 

 

 

 

 

 

Equity

 

 

 

 

 

 

Accumulated funds

(420.0)

(162.0)

(240.3)

(271.4)  

(301.3)

(382.9)

Asset revaluation reserve

† 964.8 

1 011.6 

1 095.1 

1 150.8 

1 215.9 

1 288.6 

Other reserves

† 296.2 

415.1 

420.5 

414.4 

414.6 

413.8 

Other equity

†2 985.0 

2 882.7 

3 184.7 

3 357.5 

3 476.3 

3 555.3 

Total Equity

†3 826.1 

4 147.4 

4 460.0 

4 651.2 

4 805.6 

4 874.8 


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

2022 

2022 

2023 

2024 

2025 

2026 

 

Estimated 

 

Forward 

Forward 

Forward 

Budget 

Outcome 

Budget 

Estimate 

Estimate 

Estimate 

$m 

$m 

$m 

$m 

$m 

$m 

 

 

KEY FISCAL AGGREGATES

 

 

 

NET WORTH1

†3 826.1 

4 147.4 

4 460.0 

4 651.2 

4 805.6 

4 874.8 

 

 

 

 

 

 

 

NET FINANCIAL WORTH2

(4 969.9)

(4 426.8)

(5 104.7)

(5 821.8)

(6 593.2)

(6 960.6)

 

 

 

 

 

 

 

NET FINANCIAL LIABILITIES3

†4 969.9 

4 426.8 

†5 104.7 

†5 821.8 

†6 593.2 

†6 960.6 

 

 

 

 

 

 

 

NET DEBT4

†2 956.9 

2 699.1 

†3 406.9 

†4 111.2 

†4 835.3 

†5 270.2 

 

 

 

 

 

 

 

GFS NET DEBT5

†2 911.4 

2 645.2 

†3 357.1 

†4 073.4 

†4 805.7 

†5 245.5 

 

 

 

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. 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.

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

2021-22 

2021-22 

2022-23 

2023-24 

2024-25 

2025-26 

 

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

† 205.0 

194.0 

182.4 

186.1 

184.6 

185.7 

Sales of goods and services

†2 806.5 

2 753.0 

2 771.1 

2 854.4 

2 979.8 

3 187.5 

Interest received

† 1.8 

1.8 

1.7 

1.4 

1.3 

1.4 

Other receipts

† 146.7 

159.5 

185.4 

157.2 

165.1 

169.5 

†3 160.1 

3 108.2 

3 140.6 

3 199.1 

3 330.8 

3 544.0 

 

 

 

 

 

 

Cash payments for operating activities

 

 

 

 

 

 

Employee entitlements

(447.4)

(447.5)

(469.7)

(473.0)

(478.2)

(488.3)

Superannuation

(52.8)

(48.7)

(49.7)

(48.5)

(50.9)

(51.6)

Supplies and consumables

(1 882.6)

(1 755.3)

(1 883.0)

(1 871.9)

(1 930.4)

(2 171.9)

Borrowing costs

(100.9)

(99.1)

(102.6)

(114.6)

(129.3)

(146.5)

Grants and subsidies paid

(48.6)

(48.6)

(48.6)

(48.6)

(48.6)

(48.6)

Other payments

(136.6)

(134.0)

(111.8)

(111.9)

(113.1)

(113.3)

(2 669.0)

(2 533.2)

(2 665.4)

(2 668.6)

(2 750.5)

(3 020.2)

 

 

 

 

 

 

Net cash flows from operating activities

† 491.2

† 575.0 

† 475.3 

† 530.5 

† 580.3 

† 523.8 

 

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

 

 

Net cash flows from non‑financial assets

 

 

 

 

 

 

Purchases of non‑financial assets

(782.5)

(673.3)

(1 277.7)

(1 281.7)

(1 284.6)

(1 012.7)

Sales of non‑financial assets

† 5.2 

4.6 

1.4 

4.2 

4.1 

148.8 

(777.3)

(668.7)

(1 276.3)

(1 277.5)

(1 280.5)

(863.9)

 

 

 

 

 

 

Net cash flows from financial assets
(policy purposes)

 

 

 

 

 

 

Equity injections

† 235.1 

174.1 

286.4 

178.7 

117.4 

72.1 

† 235.1 

174.1 

286.4 

178.7 

117.4 

72.1 

 

 

 

 

 

 

Net cash flows from financial assets (liquidity management purposes)

 

 

 

 

 

 

Net (purchase)/sale of investments

† 5.5 

101.0 

9.3 

3.8 

(1.9)

(0.2)

† 5.5 

101.0 

9.3 

3.8 

(1.9)

(0.2)

 

 

 

 

 

 

Net cash flows from investing activities

(536.7)

(393.6)

(980.6)

(1 095.0)

(1 165.0)

(791.9)

 

 

 

 

 

 

 


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

2021-22 

2021-22 

2022-23 

2023-24 

2024-25 

2025-26 

 

Estimated

 

Forward 

Forward 

Forward 

Budget 

Outcome 

Budget 

Estimate 

Estimate 

Estimate 

$m 

$m 

$m 

$m 

$m 

$m 

Cash flows from financing activities

 

 

 

 

 

 

Net borrowing

† 217.7 

84.5 

† 533.2 

† 686.1 

† 710.9 

† 430.7 

Dividends and tax equivalents paid

(217.4)

(224.3)

(192.4)

(139.9)

(139.4)

(166.7)

Net cash flows from financing activities

† 0.2 

(139.7)

† 340.8 

† 546.3 

† 571.5 

† 264.1 

 

 

 

 

 

 

Net increase/(decrease) in cash held

(45.3)

41.7 

(164.5)

(18.3)

(13.2)

(4.1)

 

 

 

 

 

 

Cash and cash equivalents at beginning of the year

† 224.5 

251.2 

292.9 

128.4 

110.2 

97.0 

Cash and cash equivalents at end of the year

† 179.2 

292.9 

128.4 

110.2 

97.0 

92.9 

 

 

 

 

 

 

KEY FISCAL AGGREGATES

 

 

 

 

 

 

 

 

 

 

 

 

Net cash flows from operating activities

† 491.2 

575.0 

475.3 

530.5 

580.3 

523.8 

Plus Net cash flows from non‑financial assets

(777.3)

(668.7)

(1 276.3)

(1 277.5)

(1 280.5)

(863.9)

Plus Dividends and tax equivalents paid

(217.4)

(224.3)

(192.4)

(139.9)

(139.4)

(166.7)

Equals CASH SURPLUS/(DEFICIT)

(503.5)

(317.9)

(993.4)

(886.8)

(839.6)

(506.8)

 

 

 

 

 

 

 

 


 

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

 

2021-22 

2021-22 

2022-23 

2023-24 

2024-25 

2025-26 

 

 

Estimated 

 

Forward 

Forward 

Forward 

 

Budget 

Outcome 

Budget 

Estimate 

Estimate 

Estimate 

 

$m 

$m 

$m 

$m 

$m 

$m 

Revenue from transactions

 

 

 

 

 

 

Grants

†4 653.2 

5 128.9 

5 099.5 

5 398.6 

5 468.7 

5 455.7 

Taxation

†1 408.0 

1 511.3 

1 572.0 

1 668.5 

1 739.8 

1 816.3 

Sales of goods and services

†3 234.6 

3 174.9 

3 212.4 

3 307.4 

3 448.4 

3 688.6 

Fines and regulatory fees

† 107.2 

110.9 

111.2 

116.3 

117.7 

119.2 

Interest income

† 10.2 

10.2 

31.3 

38.2 

37.4 

38.8 

Dividend, tax and rate equivalent income

† 165.9 

159.1 

153.0 

148.4 

155.2 

164.3 

Other revenue

† 256.2 

303.6 

249.6 

242.9 

240.7 

231.8 

 

†9 835.2 

10 398.9 

10 428.9 

10 920.3 

11 207.8 

11 514.7 

 

 

 

 

 

 

 

Less Expenses from transactions

 

 

 

 

 

 

Employee expenses

†3 630.4 

3 750.9 

3 846.3 

3 958.7 

4 119.7 

4 196.7 

Superannuation

† 476.5 

475.7 

470.2 

483.5 

508.7 

528.3 

Depreciation

† 780.5 

800.1 

835.8 

878.3 

908.0 

952.3 

Supplies and consumables

†3 538.3 

3 517.2 

3 528.3 

3 465.7 

3 584.6 

3 727.3 

Nominal superannuation interest expense

† 138.9 

206.6 

204.7 

204.9 

204.3 

203.4 

Borrowing costs

† 136.3 

141.5 

184.3 

250.6 

298.2 

338.5 

Grant and subsidy expenses

†1 818.4 

1 923.2 

1 828.5 

1 643.1 

1 532.3 

1 474.5 

Other expenses

† 52.1 

75.7 

47.8 

41.8 

41.5 

36.6 

 

†10 571.6 

10 891.0 

10 945.9 

10 926.7 

11 197.2 

11 457.6 

 

 

 

 

 

 

 

Equals NET OPERATING BALANCE

(736.4)

(492.2)

(516.9)

(6.4)

10.6 

57.1 

 

 

 

 

 

 

 

Plus Other economic flows - included in Operating Result

 

 

 

 

 

 

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

† 17.7 

25.1 

30.5 

84.7 

79.5 

34.7 

Other gains/(losses)

(101.7)

(31.9)

(22.7)

(32.6)

(41.1)

(132.2)

 

(83.9)

(6.8)

7.8 

52.2 

38.4 

(97.5)

 

 

 

 

 

 

 

Equals Operating Result

(820.3)

(499.0)

(509.2)

45.7 

49.0 

(40.4)

 


 

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

 

2021-22 

2021-22 

2022-23 

2023-24 

2024-25 

2025-26 

 

 

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

† 301.8 

284.3 

365.5 

373.1 

382.5 

390.0 

Revaluation of equity investment in PFC sector

(71.2)

(116.5)

(77.4)

(76.4)

(82.0)

(95.0)

Movements in superannuation liability

(866.4)

778.1 

.... 

.... 

.... 

.... 

Other non-owner movements in Equity

† 1.0 

24.0 

31.1 

0.6 

16.0 

15.5 

 

(634.9)

969.8 

319.3 

297.2 

316.5 

310.5 

 

 

 

 

 

 

 

Equals Comprehensive Result

(1 455.2)

470.8 

(189.9)

343.0 

365.5 

270.1 

 

 

 

 

 

 

 

KEY FISCAL AGGREGATES

 

 

 

 

 

 

 

 

 

 

 

 

 

NET OPERATING BALANCE

(736.4)

(492.2)

(516.9)

(6.4)

10.6 

57.1 

Less Net acquisition of non-financial assets

 

 

 

 

 

 

Purchase of non-financial assets

†1 578.3 

1 479.7 

†2 454.0 

†2 592.5 

†2 485.0 

†1 923.4 

Less Sales of non-financial assets

† 37.1 

43.8 

50.0 

107.1 

101.7 

201.6 

Less Depreciation

† 780.5 

800.1 

835.8 

878.3 

908.0 

952.3 

 

† 760.7 

635.8 

†1 568.2 

†1 607.1 

†1 475.3 

† 769.5 

 

 

 

 

 

 

 

Equals FISCAL BALANCE

(1 497.1)

(1 128.0)

(2 085.2)

(1 613.5)

(1 464.6)

(712.4)

 

 


 

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

 

2022 

2022 

2023 

2024 

2025 

2026 

 

 

Estimated 

 

Forward 

Forward 

Forward 

 

Budget 

Outcome 

Budget 

Estimate 

Estimate 

Estimate 

 

$m 

$m 

$m 

$m 

$m 

$m 

Assets

 

 

 

 

 

 

Financial assets

 

 

 

 

 

 

Cash and deposits

†1 323.2 

917.1 

753.0 

740.4 

638.6 

684.4 

Investments

† 322.3 

893.3 

878.3 

914.3 

892.6 

867.4 

Equity investment in PFC sector

†1 102.5 

1 062.6 

985.3 

908.9 

826.8 

731.8 

Other equity investments

† 217.5 

230.2 

291.4 

343.1 

350.5 

356.2 

Receivables

† 981.2 

1 005.6 

1 005.9 

1 006.0 

1 006.8 

1 009.1 

Other financial assets

† 899.5 

993.6 

987.9 

997.2 

1 006.1 

1 014.4 

 

†4 846.2 

5 102.4 

4 901.7 

4 909.8 

4 721.5 

4 663.3 

 

 

 

 

 

 

 

Non-financial assets

 

 

 

 

 

 

Land and buildings

†8 085.7 

8 232.8 

8 591.6 

9 028.1 

9 351.4 

9 564.0 

Infrastructure

†13 905.0 

13 602.5 

†15 068.2 

†16 538.9 

†18 046.8 

†18 863.3 

Plant and equipment

† 791.1 

734.0 

825.3 

909.6 

971.5 

1 022.8 

Heritage and cultural assets

† 452.2 

466.4 

478.7 

491.0 

503.3 

515.6 

Biological assets

† 192.2 

182.6 

188.6 

194.6 

199.0 

201.7 

Investment property

† 3.3 

3.1 

3.2 

3.3 

3.3 

3.3 

Intangibles

† 205.6 

215.8 

276.2 

337.3 

396.0 

452.6 

Assets held for sale

† 7.7 

2.2 

2.8 

4.1 

5.5 

3.9 

Lease - right-of-use assets

† 337.0 

432.5 

394.6 

367.7 

330.6 

267.0 

Other non-financial assets

† 260.9 

1 070.4 

1 091.1 

1 100.0 

1 084.5 

1 084.8 

 

†24 240.7 

24 942.3 

†26 920.2 

†28 974.6 

†30 891.9 

†31 978.8 

 

 

 

 

 

 

 

Total Assets

†29 086.9 

30 044.8 

†31 821.9 

†33 884.4 

†35 613.4 

†36 642.2 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

Borrowings

†5 975.9 

5 582.5 

†7 622.2 

†9 345.6 

†10 825.2 

†11 708.9 

Lease liabilities

† 330.9 

449.1 

410.0 

379.2 

332.4 

292.1 

Superannuation

†10 605.2 

9 010.9 

8 994.1 

8 964.2 

8 903.9 

8 821.7 

Employee entitlements

† 959.8 

976.9 

996.6 

1 017.6 

1 041.2 

1 060.0 

Payables

† 745.7 

738.3 

701.6 

725.9 

778.4 

741.6 

Other liabilities

†2 541.7 

2 327.4 

2 327.8 

2 339.1 

2 253.9 

2 269.5 

Total Liabilities

†21 159.3 

19 085.2 

†21 052.2 

†22 771.6 

†24 135.1 

†24 893.8 

 

 

 

 

 

 

 

Net Assets

†7 927.6 

10 959.6 

10 769.8 

11 112.8 

11 478.3 

11 748.4 

 


 

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

 

2022 

2022 

2023 

2024 

2025 

2026 

 

 

Estimated 

 

Forward 

Forward 

Forward 

 

Budget 

Outcome 

Budget 

Estimate 

Estimate 

Estimate 

 

$m 

$m 

$m 

$m 

$m 

$m 

Equity

 

 

 

 

 

 

Accumulated funds

†1 883.9 

3 701.7 

3 141.0 

3 117.1 

3 099.8 

2 980.7 

Asset revaluation reserve

†5 747.5 

6 842.8 

7 208.2 

7 581.3 

7 963.8 

8 353.8 

Other reserves

† 296.2 

415.1 

420.5 

414.4 

414.6 

413.8 

Total Equity

†7 927.6 

10 959.6 

10 769.8 

11 112.8 

11 478.3 

11 748.4 

 

 

 

 

 

 

 

KEY FISCAL AGGREGATES

 

 

 

 

 

 

 

 

 

 

 

 

 

NET WORTH1

†7 927.6 

10 959.6 

10 769.8 

11 112.8 

11 478.3 

11 748.4 

 

 

 

 

 

 

 

NET FINANCIAL WORTH2

(16 313.1)

(13 982.7)

(16 150.5)

(17 861.8)

(19 413.6)

(20 230.5)

 

 

 

 

 

 

 

NET FINANCIAL LIABILITIES3

†17 415.6 

15 045.3 

†17 135.7 

†18 770.7 

†20 240.4 

†20 962.3 

 

 

 

 

 

 

 

NET DEBT4

†4 661.3 

4 221.2 

†6 400.9 

†8 070.2 

†9 626.4 

†10 449.2 

 

 

 

 

 

 

 

GFS NET DEBT5

†4 330.4 

3 772.1 

†5 990.9 

†7 690.9 

†9 294.0 

†10 157.0 

 

 

 

 

 

 

 

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.

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

 

2021-22 

2021-22 

2022-23 

2023-24 

2024-25 

2025-26 

 

 

Estimated 

 

Forward 

Forward 

Forward 

 

Budget 

Outcome 

Budget 

Estimate 

Estimate 

Estimate 

 

$m 

$m 

$m 

$m 

$m 

$m 

Cash flows from operating activities

 

Cash receipts from operating activities

 

 

 

 

 

 

Grants received

†4 693.6 

5 119.1 

5 111.2 

5 421.6 

5 389.6 

5 487.9 

Taxation

†1 408.0 

1 511.8 

1 570.5 

1 665.6 

1 736.9 

1 815.4 

Sales of goods and services

†3 211.3 

3 156.1 

3 184.5 

3 280.1 

3 416.4 

3 627.7 

Fines and regulatory fees

† 107.2 

110.8 

111.3 

116.5 

117.9 

119.4 

Interest received

† 9.8 

9.7 

30.5 

37.3 

36.3 

37.4 

Dividend  tax and rate equivalents

† 234.3 

224.5 

160.9 

139.3 

146.6 

155.2 

Other receipts

† 593.8 

654.3 

639.5 

605.0 

612.2 

607.1 

 

†10 258.1 

10 786.2 

10 808.4 

11 265.3 

11 455.9 

11 850.1 

Cash payments for operating activities

 

 

 

 

 

 

Employee entitlements

(3 629.3)

(3 746.3)

(3 843.7)

(3 959.8)

(4 121.0)

(4 202.4)

Superannuation

(630.4)

(660.7)

(666.1)

(691.1)

(745.6)

(784.0)

Supplies and consumables

(3 584.1)

(3 514.1)

(3 627.9)

(3 478.0)

(3 569.2)

(3 809.4)

Borrowing costs

(131.5)

(127.4)

(177.8)

(232.9)

(278.4)

(326.1)

Grants and subsidies paid

(1 818.3)

(1 922.2)

(1 828.4)

(1 643.0)

(1 532.2)

(1 474.5)

Other payments

(386.1)

(410.8)

(374.0)

(370.1)

(374.5)

(375.0)

 

(10 179.8)

(10 381.5)

(10 518.0)

(10 375.0)

(10 621.0)

(10 971.4)

 

 

 

 

 

 

 

Net cash flows from operating activities

† 78.3 

404.8 

290.4 

890.3 

834.9 

878.7 

 

 

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

 

 

Net cash flows from non-financial assets

 

 

 

 

 

 

Purchase of non-financial assets

(1 558.7)

(1 480.0)

(2 444.1)

(2 581.8)

(2 474.3)

(1 912.7)

Sales of non-financial assets

† 41.5 

47.5 

47.0 

103.3 

97.9 

197.8 

 

(1 517.2)

(1 432.5)

(2 397.1)

(2 478.6)

(2 376.4)

(1 714.9)

Net cash flows from financial assets (policy purposes)

 

 

 

 

 

 

Equity injections

(50.5)

(50.4)

(60.5)

(55.5)

(5.5)

(5.5)

Net advances paid

(129.4)

(90.6)

(36.0)

(36.0)

21.6 

25.2 

Equity disposals

† 3.6 

3.5 

3.6 

3.6 

3.6 

3.6 

 

(176.3)

(137.5)

(92.9)

(87.9)

19.8 

23.3 

Net cash flows from financial assets (liquidity management purposes)

 

 

 

 

 

 

Net (purchase)/sale of investments

† 26.7 

(477.7)

50.4 

3.8 

(1.9)

(0.2)

 

† 26.7 

(477.7)

50.4 

3.8 

(1.9)

(0.2)

Net cash flows from investing activities

(1 666.8)

(2 047.7)

(2 439.7)

(2 562.7)

(2 358.5)

(1 691.7)

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

 

2021-22 

2021-22 

2022-23 

2023-24 

2024-25 

2025-26 

 

 

Estimated 

 

Forward 

Forward 

Forward 

 

Budget 

Outcome 

Budget 

Estimate 

Estimate 

Estimate 

 

$m 

$m 

$m 

$m 

$m 

$m 

Cash flows from financing activities

 

 

 

 

 

 

Net borrowing

†1 219.1 

842.5 

†1 985.1 

†1 659.7 

†1 421.8 

†858.9 

Other financing

.... 

.... 

.... 

.... 

.... 

.... 

Net cash flows from financing activities

†1 219.1 

842.5 

†1 985.1 

†1 659.7 

†1 421.8 

† 858.9 

 

 

 

 

 

 

 

Net increase/(decrease) in cash held

(369.3)

(800.4)

(164.1)

(12.6)

(101.8)

45.8 

 

 

 

 

 

 

 

Cash and cash equivalents at beginning of the year

†1 692.6 

1 717.5 

917.1 

753.0 

740.4 

638.6 

Cash and cash equivalents at end of the year

†1 323.2 

917.1 

753.0 

740.4 

638.6 

684.4 

 

 

 

 

 

 

 

KEY FISCAL AGGREGATES

 

 

 

 

 

 

 

 

 

 

 

 

 

Net cash flows from operating activities

† 78.3 

404.8 

290.4 

890.3 

834.9 

878.7 

Plus Net cash flows from non-financial assets

(1 517.2)

(1 432.5)

(2 397.1)

(2 478.6)

(2 376.4)

(1 714.9)

Equals CASH SURPLUS/(DEFICIT)

(1 438.9)

(1 027.8)

(2 106.7)

(1 588.3)

(1 541.5)

(836.2)

 

 

 

 

 

 

 

 


 

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

 

2021-22 

2021-22 

2022-23 

2023-24 

2024-25 

2025-26 

 

 

Estimated 

 

Forward 

Forward 

Forward 

 

Budget 

Outcome 

Budget 

Estimate 

Estimate 

Estimate 

 

$m 

$m 

$m 

$m 

$m 

$m 

 

 

 

 

 

 

 

Revenue from transactions

 

 

 

 

 

 

Sales of goods and services

† 142.7 

142.2 

147.2 

154.7 

162.5 

170.7 

Interest income

† 227.7 

238.9 

295.3 

357.0 

420.1 

458.7 

Dividend income

† 57.7 

59.9 

67.5 

69.5 

72.1 

74.8 

Other revenue

† 4.5 

4.2 

5.1 

5.4 

5.5 

5.6 

 

† 432.6 

445.2 

515.1 

586.6 

660.2 

709.7 

Less Expenses from transactions

 

 

 

 

 

 

Employee expenses

† 7.1 

7.1 

7.7 

7.8 

8.0 

8.2 

Superannuation

† 1.3 

1.1 

1.3 

1.3 

1.4 

1.5 

Depreciation

† 0.2 

0.2 

0.2 

0.2 

0.2 

0.2 

Supplies and consumables

† 145.2 

167.8 

168.4 

185.8 

196.5 

204.8 

Borrowing costs

† 203.4 

213.3 

272.2 

333.0 

396.3 

435.5 

Dividend and income tax equivalent expenses

† 165.9 

159.1 

153.0 

148.4 

155.2 

164.3 

Grant and subsidy expenses

† 5.4 

5.4 

5.6 

5.7 

5.9 

6.0 

Other expenses

† 0.3 

0.3 

0.3 

0.3 

0.4 

0.4 

 

† 528.8 

554.3 

608.7 

682.5 

763.8 

820.8 

 

 

 

 

 

 

 

Equals NET OPERATING BALANCE

(96.2)

(109.1)

(93.6)

(95.9)

(103.6)

(111.0)

 

 

 

 

 

 

 

Plus Other economic flows ‑ included in Operating Result

 

 

 

 

 

 

Other gains/(losses)

† 20.6 

(4.9)

15.6 

16.1 

16.6 

17.2 

 

† 20.6 

(4.9)

15.6 

16.1 

16.6 

17.2 

 

 

 

 

 

 

 

Equals Operating Result

(75.6)

(113.9)

(78.0)

(79.9)

(87.0)

(93.8)

 

 

 

 

 

 

 

Plus Other economic flows ‑ other movements in Equity

 

 

 

 

 

 

Other non-owner movements in Equity

† 4.4

(2.6)

0.6 

3.5 

5.0 

(1.2)

 

† 4.4

(2.6)

0.6 

3.5 

5.0 

(1.2)

 

 

 

 

 

 

 

Equals Comprehensive Result

(71.2)

(116.6)

(77.4)

(76.4)

(82.0)

(95.0)

 

 

 

 

 

 

 

 


 

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

 

2021-22 

2021-22 

2022-23 

2023-24 

2024-25 

2025-26 

 

 

Estimated 

 

Forward 

Forward 

Forward 

 

Budget 

Outcome 

Budget 

Estimate 

Estimate 

Estimate 

 

$m 

$m 

$m 

$m 

$m 

$m 

 

 

 

 

 

 

 

KEY FISCAL AGGREGATES

 

 

 

 

 

 

 

 

 

 

 

 

 

NET OPERATING BALANCE

(96.2)

(109.1)

(93.6)

(95.9)

(103.6)

(111.0)

Less Net acquisition of non‑financial assets

 

 

 

 

 

 

Purchases of non‑financial assets

† 1.7 

2.0 

5.0 

6.0 

6.0 

6.0 

Less Sales of non‑financial assets

.... 

.... 

.... 

.... 

.... 

.... 

Less Depreciation

† 0.2 

0.2 

0.2 

0.2 

0.2 

0.2 

 

† 1.5 

1.8 

4.8 

5.8 

5.8 

5.8 

 

 

 

 

 

 

 

Equals FISCAL BALANCE

(97.6)

(110.9)

(98.4)

(101.7)

(109.4)

(116.8)

 

 

 

 

 

 

 

 


 

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

 

2022 

2022 

2023 

2024 

2025 

2026 

 

 

Estimated 

 

Forward 

Forward 

Forward 

 

Budget 

Outcome 

Budget 

Estimate 

Estimate 

Estimate 

 

$m 

$m 

$m 

$m 

$m 

$m 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

Financial assets

 

 

 

 

 

 

Cash and deposits

† 5.0 

4.9 

5.0 

5.0 

5.1 

5.1 

Investments

†13 173.0 

12 114.0 

14 231.2 

15 169.2 

17 467.7 

17 582.7 

Receivables

† 18.9 

20.4 

21.5 

22.9 

24.2 

25.6 

Other financial assets

† 394.5 

238.9 

249.1 

241.6 

234.3 

226.1 

 

†13 591.4 

12 378.3 

14 506.8 

15 438.7 

17 731.3 

17 839.5 

 

 

 

 

 

 

 

Non‑financial assets

 

 

 

 

 

 

Land and buildings

† 18.1 

20.0 

23.2 

27.4 

31.6 

35.8 

Plant and equipment

† 1.3 

1.2 

1.5 

1.8 

2.1 

2.3 

Intangibles

†0.6 

0.3 

1.2 

2.1 

3.0 

4.0 

Lease assets

.... 

.... 

.... 

0.5 

0.5 

0.5 

Other non-financial assets

.... 

0.3 

0.3 

0.3 

0.3 

0.3 

 

† 20.1 

21.9 

26.3 

32.2 

37.5 

42.9 

 

 

 

 

 

 

 

Total Assets

†13 611.5 

12 400.2 

14 533.2 

15 470.9 

17 768.8 

17 882.4 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

Borrowings

†10 853.8 

9 658.1 

11 819.2 

12 769.1 

15 081.7 

15 219.4 

Lease liabilities

.... 

.... 

.... 

0.5 

0.5 

0.5 

Superannuation

† 9.1 

8.7 

9.2 

9.7 

10.3 

10.9 

Employee entitlements

† 1.4 

1.7 

1.7 

1.8 

1.9 

2.0 

Payables

† 2.3 

2.2 

2.2 

2.2 

2.2 

2.3 

Other liabilities

†1 642.4 

1 666.9 

1 715.5 

1 778.7 

1 845.4 

1 915.6 

Total Liabilities

†12 508.9 

11 337.5 

13 547.9 

14 562.0 

16 942.0 

17 150.6 

 

 

 

 

 

 

 

Net Assets

†1 102.5 

1 062.6 

985.3 

908.9 

826.8 

731.8 

 

 

 

 

 

 

 

Equity

 

 

 

 

 

 

Accumulated funds

† 699.0 

654.0 

664.6 

677.2 

689.2 

699.2 

Asset revaluation reserve

† 5.5 

6.6 

6.6 

6.6 

6.6 

6.6 

Other revaluation reserves

† 10.0 

10.0 

10.0 

10.0 

10.0 

10.0 

Other equity

† 388.0 

392.0 

304.0 

215.0 

121.0 

16.0 

Total Equity

†1 102.5 

1 062.6 

985.3 

908.9 

826.8 

731.8 

 

 

 

 

 

 

 

 


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

 

2022 

2022 

2023 

2024 

2025 

2026 

 

 

Estimated 

 

Forward 

Forward 

Forward 

 

Budget 

Outcome 

Budget 

Estimate 

Estimate 

Estimate 

 

$m 

$m 

$m 

$m 

$m 

$m 

 

 

 

 

 

 

 

KEY FISCAL AGGREGATES

 

 

 

 

 

 

 

 

 

 

 

 

 

NET WORTH1

†1 102.5 

1 062.6 

985.3 

908.9 

826.8 

731.8 

 

 

 

 

 

 

 

NET FINANCIAL WORTH2

†1 082.4 

1 040.7 

958.9 

876.7 

789.3 

688.9 

 

 

 

 

 

 

 

NET FINANCIAL LIABILITIES3

(1 082.4)

(1 040.7)

(958.9)

(876.7)

(789.3)

(688.9)

 

 

 

 

 

 

 

NET DEBT4

(2 324.2)

(2 460.8)

(2 417.0)

(2 404.7)

(2 390.6)

(2 367.9)

 

 

 

 

 

 

 

GFS NET DEBT5

(2 324.2)

(2 460.9)

(2 417.0)

(2 405.2)

(2 391.1)

(2 368.4)

 

 

 

 

 

 

 

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. 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

 

2021-22 

2021-22 

2022-23 

2023-24 

2024-25 

2025-26 

 

 

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

† 159.4 

159.4 

166.9 

175.4 

184.3 

193.2 

Interest received

† 227.8 

238.9 

295.3 

357.0 

420.1 

458.7 

Dividends received

† 57.7 

59.9 

67.5 

69.5 

72.1 

74.8 

Other receipts

† 2.5 

2.7 

2.7 

2.7 

2.7 

2.8 

 

† 447.4 

460.8 

532.4 

604.6 

679.2 

729.5 

Cash payments for operating activities

 

 

 

 

 

 

Employee entitlements

(7.0)

(6.8)

(7.5)

(7.7)

(7.9)

(8.1)

Superannuation

(0.7)

(0.7)

(0.8)

(0.8)

(0.8)

(0.9)

Supplies and consumables

(124.5)

(130.1)

(136.9)

(138.7)

(145.5)

(151.2)

Borrowing costs

(201.6)

(213.3)

(272.2)

(333.0)

(396.3)

(435.5)

Grants and subsidies paid

(6.0)

(6.0)

(6.2)

(6.3)

(6.5)

(6.6)

Other payments

(7.9)

(6.3)

(6.2)

(6.6)

(6.9)

(7.4)

 

(347.7)

(363.1)

(429.7)

(493.1)

(564.0)

(609.6)

 

 

 

 

 

 

 

Net cash flows from operating activities

† 99.7 

97.8 

102.6 

111.5 

115.2 

119.8 

 

 

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

 

 

Net cash flows from non‑financial assets

 

 

 

 

 

 

Purchases of non‑financial assets

(1.7)

(2.0)

(5.0)

(6.0)

(6.0)

(6.0)

 

(1.7)

(2.0)

(5.0)

(6.0)

(6.0)

(6.0)

Net cash flows from financial assets (liquidity management purposes)

 

 

 

 

 

 

Net (purchase)/sale of investments

(301.2)

236.0 

(2 097.7)

(916.6)

(2 275.2)

(96.2)

 

(301.2)

236.0 

(2 097.7)

(916.6)

(2 275.2)

(96.2)

 

 

 

 

 

 

 

Net cash flows from investing activities

(302.8)

234.0 

(2 102.7)

(922.5)

(2 281.2)

(102.2)

 

 

 

 

 

 

 

 

 


 

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

 

2021-22 

2021-22 

2022-23 

2023-24 

2024-25 

2025-26 

 

 

Estimated 

 

Forward 

Forward 

Forward 

 

Budget 

Outcome 

Budget 

Estimate 

Estimate 

Estimate 

 

$m 

$m 

$m 

$m 

$m 

$m 

 

 

 

 

 

 

 

Cash flows from financing activities

 

 

 

 

 

 

Net borrowing

† 437.5 

(108.8)

2 161.1 

950.4 

2 312.7 

137.7 

Dividends and tax equivalents paid

(234.3)

(224.5)

(160.9)

(139.3)

(146.6)

(155.2)

Net cash flows from financing activities

† 203.2 

(333.3)

2 000.2 

811.1 

2 166.0 

(17.5)

 

 

 

 

 

 

 

Net increase/(decrease) in cash held

† 0.1 

(1.5)