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.
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 Treasurer’s Annual Financial Report, published by 31 October 2022.
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.
|
|
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 |
|
|
|
|
|
|
|
|
|
|
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) |
|
|
|
|
|
|
|
|
|
|
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 |
|
|
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.
|
|
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) |
|
|
|
|
|
|
|
|
|
|
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) |
|
|
|
|
|
|
|
|
|
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) |
|
|
|
|
|
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) |
|
|
|
|
|
|
|
|
|
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 |
|
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 |
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.
|
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 |
|
|
|
|
|
|
|
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) |
|
|
|
|
|
|
|
|
|
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) |
|
|
|
|
|
|
|
|
|
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) |
|
|
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) |
|
|
|
|
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 |
|
|
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.
|
|
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) |
|
|
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) |
|
|
|
|
|
|
|
|
|
|
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) |
|
|
|
|
|
|
|
|
|
|
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) |
|
|
|
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
|
|
|
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.
|
|
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) |
|
|
|
|
|
|
|
|
|
|
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) |
0.1 |
0.1 |
0.1 |
…. |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at beginning of the year |
5.0 |
6.5 |
4.9 |
5.0 |
5.0 |
5.1 |
|
Cash and cash equivalents at end of the year |
5.0 |
4.9 |
5.0 |
5.0 |
5.1 |
5.1 |
|
|
|
|
|
|
|
|
|
KEY FISCAL AGGREGATES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash flows from operating activities |
99.7 |
97.8 |
102.6 |
111.5 |
115.2 |
119.8 |
|
Plus Net cash flows from non‑financial assets |
(1.7) |
(2.0) |
(5.0) |
(6.0) |
(6.0) |
(6.0) |
|
Plus Dividends and tax equivalents paid |
(234.3) |
(224.5) |
(160.9) |
(139.3) |
(146.6) |
(155.2) |
|
Equals CASH SURPLUS/(DEFICIT) |
(136.3) |
(128.7) |
(63.3) |
(33.7) |
(37.4) |
(41.4) |
|
|
|
|
|
|
|
|
|
|
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 |
1 407.7 |
1 511.0 |
1 571.7 |
1 668.1 |
1 739.5 |
1 815.9 |
|
Sales of goods and services |
3 377.3 |
3 317.2 |
3 359.7 |
3 462.1 |
3 610.9 |
3 859.3 |
|
Fines and regulatory fees |
107.2 |
110.9 |
111.2 |
116.3 |
117.7 |
119.2 |
|
Interest income |
116.4 |
97.3 |
111.0 |
106.4 |
121.9 |
120.2 |
|
Dividend, tax and rate equivalent income |
57.7 |
59.9 |
67.5 |
69.5 |
72.1 |
74.8 |
|
Other revenue |
260.7 |
307.8 |
254.7 |
248.3 |
246.2 |
237.4 |
|
|
9 980.1 |
10 533.0 |
10 575.2 |
11 069.3 |
11 376.9 |
11 682.5 |
|
Less Expenses from transactions |
|
|
|
|
|
|
|
Employee expenses |
3 637.5 |
3 758.0 |
3 854.0 |
3 966.5 |
4 127.6 |
4 204.9 |
|
Superannuation |
477.8 |
476.9 |
471.4 |
484.9 |
510.1 |
529.8 |
|
Depreciation |
780.7 |
800.3 |
836.0 |
878.5 |
908.2 |
952.5 |
|
Supplies and consumables |
3 683.6 |
3 685.0 |
3 696.7 |
3 651.4 |
3 781.0 |
3 932.1 |
|
Nominal superannuation interest expense |
138.9 |
206.6 |
204.7 |
204.9 |
204.3 |
203.4 |
|
Borrowing costs |
218.2 |
203.1 |
241.0 |
294.9 |
359.0 |
396.7 |
|
Grant and subsidy expenses |
1 823.8 |
1 928.7 |
1 834.1 |
1 648.8 |
1 538.2 |
1 480.5 |
|
Other expenses |
52.1 |
75.7 |
47.8 |
41.8 |
41.5 |
36.6 |
|
|
10 812.7 |
11 134.3 |
11 185.7 |
11 171.7 |
11 469.9 |
11 736.5 |
|
|
|
|
|
|
|
|
|
Equals NET OPERATING BALANCE |
(832.5) |
(601.2) |
(610.5) |
(102.3) |
(93.0) |
(53.9) |
|
|
|
|
|
|
|
|
|
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) |
(72.2) |
(46.6) |
(1.0) |
(10.2) |
(17.9) |
(108.0) |
|
|
(54.4) |
(21.5) |
29.5 |
74.6 |
61.6 |
(73.4) |
|
|
|
|
|
|
|
|
|
Equals Operating Result |
(887.0) |
(622.7) |
(581.1) |
(27.8) |
(31.4) |
(127.3) |
|
|
|
|
|
|
|
|
|
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 |
|
Movements in superannuation liability |
(866.4) |
778.1 |
.... |
.... |
.... |
.... |
|
Other non-owner movements in Equity |
(3.6) |
31.2 |
25.7 |
(2.3) |
14.4 |
7.4 |
|
|
(568.2) |
1 093.6 |
391.2 |
370.8 |
396.9 |
397.4 |
|
|
|
|
|
|
|
|
|
Equals Comprehensive Result |
(1 455.2) |
470.8 |
(189.9) |
343.0 |
365.5 |
270.1 |
|
|
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 |
(832.5) |
(601.2) |
(610.5) |
(102.3) |
(93.0) |
(53.9) |
|
Less Net acquisition of non-financial assets |
|
|
|
|
|
|
|
Purchase of non-financial assets |
1 580.0 |
1 481.7 |
2 459.0 |
2 598.5 |
2 491.0 |
1 929.4 |
|
Less Sale of non-financial assets |
37.1 |
43.8 |
50.0 |
107.1 |
101.8 |
201.6 |
|
Less Depreciation |
780.7 |
800.3 |
836.0 |
878.5 |
908.2 |
952.5 |
|
|
762.2 |
637.6 |
1 573.0 |
1 612.9 |
1 481.0 |
775.3 |
|
|
|
|
|
|
|
|
|
Equals FISCAL BALANCE |
(1 594.7) |
(1 238.9) |
(2 183.6) |
(1 715.2) |
(1 574.0) |
(829.2) |
|
|
|
|
|
|
|
|
|
|
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 |
929.1 |
922.0 |
758.0 |
745.4 |
643.7 |
689.6 |
|
Investments |
6 272.9 |
6 821.1 |
6 922.6 |
6 170.3 |
6 964.5 |
6 167.5 |
|
Other equity investments |
217.5 |
230.2 |
291.4 |
343.1 |
350.5 |
356.2 |
|
Receivables |
1 000.1 |
1 026.0 |
1 027.4 |
1 028.9 |
1 031.0 |
1 034.7 |
|
Other financial assets |
1 247.4 |
1 199.3 |
1 197.4 |
1 191.2 |
1 185.0 |
1 177.3 |
|
|
9 666.9 |
10 198.6 |
10 196.8 |
9 479.0 |
10 174.8 |
9 425.3 |
|
Non-financial assets |
|
|
|
|
|
|
|
Land and buildings |
8 103.7 |
8 252.8 |
8 614.8 |
9 055.6 |
9 383.0 |
9 599.8 |
|
Infrastructure |
13 905.0 |
13 602.5 |
15 068.2 |
16 538.9 |
18 046.8 |
18 863.3 |
|
Plant and equipment |
792.5 |
735.3 |
826.9 |
911.4 |
973.5 |
1 025.1 |
|
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 |
206.2 |
216.1 |
277.4 |
339.4 |
399.0 |
456.5 |
|
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 |
394.7 |
368.2 |
331.1 |
267.5 |
|
Other non-financial assets |
261.0 |
1 070.7 |
1 091.4 |
1 100.3 |
1 084.8 |
1 085.1 |
|
|
24 260.7 |
24 964.2 |
26 946.6 |
29 006.7 |
30 929.4 |
32 021.8 |
|
|
|
|
|
|
|
|
|
Total Assets |
33 927.7 |
35 162.9 |
37 143.4 |
38 485.7 |
41 104.2 |
41 447.0 |
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
Borrowings |
9 208.2 |
9 054.4 |
11 254.6 |
12 201.5 |
14 511.1 |
14 645.8 |
|
Lease liabilities |
330.9 |
449.1 |
410.0 |
379.7 |
332.9 |
292.6 |
|
Superannuation |
10 614.4 |
9 019.6 |
9 003.3 |
8 973.9 |
8 914.2 |
8 832.6 |
|
Employee entitlements |
961.2 |
978.6 |
998.3 |
1 019.5 |
1 043.1 |
1 061.9 |
|
Payables |
748.0 |
740.5 |
703.7 |
728.1 |
780.6 |
743.8 |
|
Other liabilities |
4 137.4 |
3 961.1 |
4 003.7 |
4 070.2 |
4 043.9 |
4 121.9 |
|
Total Liabilities |
26 000.1 |
24 203.2 |
26 373.6 |
27 372.9 |
29 625.9 |
29 698.7 |
|
|
|
|
|
|
|
|
|
Net Assets |
7 927.6 |
10 959.6 |
10 769.8 |
11 112.8 |
11 478.3 |
11 748.4 |
|
|
|
|
|
|
|
|
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 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.
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.
|
|
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 |
1 407.8 |
1 511.5 |
1 570.1 |
1 665.2 |
1 736.6 |
1 815.1 |
|
Sales of goods and services |
3 367.0 |
3 311.9 |
3 347.7 |
3 451.7 |
3 596.7 |
3 816.8 |
|
Fines and regulatory fees |
107.2 |
110.8 |
111.3 |
116.5 |
117.9 |
119.4 |
|
Interest received |
116.0 |
96.9 |
110.2 |
105.5 |
120.8 |
118.8 |
|
Dividend tax and rate equivalents |
57.7 |
59.9 |
67.5 |
69.5 |
72.1 |
74.8 |
|
Other receipts |
596.3 |
656.9 |
642.2 |
607.7 |
614.9 |
609.8 |
|
|
10 345.6 |
10 867.1 |
10 960.3 |
11 437.6 |
11 648.6 |
12 042.6 |
|
Cash payments for operating activities |
|
|
|
|
|
|
|
Employee entitlements |
(3 636.3) |
(3 753.1) |
(3 851.3) |
(3 967.5) |
(4 128.9) |
(4 210.4) |
|
Superannuation |
(631.2) |
(661.3) |
(666.8) |
(691.9) |
(746.5) |
(784.9) |
|
Supplies and consumables |
(3 704.9) |
(3 640.6) |
(3 761.1) |
(3 612.9) |
(3 710.8) |
(3 956.5) |
|
Borrowing costs |
(211.7) |
(189.0) |
(234.5) |
(277.1) |
(339.2) |
(384.3) |
|
Grants and subsidies paid |
(1 824.2) |
(1 928.1) |
(1 834.6) |
(1 649.3) |
(1 538.7) |
(1 481.0) |
|
Other payments |
(393.7) |
(416.8) |
(379.8) |
(376.4) |
(381.1) |
(382.1) |
|
|
(10 402.0) |
(10 589.0) |
(10 728.1) |
(10 575.1) |
(10 845.1) |
(11 199.3) |
|
|
|
|
|
|
|
|
|
Net cash flows from operating activities |
(56.4) |
278.1 |
232.2 |
862.5 |
803.5 |
843.3 |
|
|
|
|
|
|
|
|
|
Cash flows from investing activities |
|
|
|
|
|
|
|
Net cash flows from non-financial assets |
|
|
|
|
|
|
|
Purchase of non-financial assets |
(1 560.4) |
(1 482.0) |
(2 449.1) |
(2 587.8) |
(2 480.3) |
(1 918.7) |
|
Sales of non-financial assets |
41.5 |
47.5 |
47.0 |
103.3 |
98.0 |
197.8 |
|
|
(1 518.8) |
(1 434.5) |
(2 402.1) |
(2 484.5) |
(2 382.4) |
(1 720.9) |
|
|
|
|
|
|
|
|
|
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 |
715.1 |
1 180.0 |
(101.4) |
750.4 |
(852.3) |
765.4 |
|
|
715.1 |
1 180.0 |
(101.4) |
750.4 |
(852.3) |
765.4 |
|
|
|
|
|
|
|
|
|
Net cash flows from investing activities |
(980.0) |
(392.0) |
(2 596.4) |
(1 822.0) |
(3 214.9) |
(932.1) |
|
|
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 |
700.0 |
(225.4) |
2 200.2 |
946.9 |
2 309.7 |
134.6 |
|
Other financing |
.... |
.... |
.... |
.... |
.... |
.... |
|
Net cash flows from financing activities |
699.9 |
(225.4) |
2 200.2 |
946.9 |
2 309.7 |
134.6 |
|
|
|
|
|
|
|
|
|
Net increase/(decrease) in cash held |
(336.4) |
(339.3) |
(164.0) |
(12.6) |
(101.7) |
45.9 |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at beginning of the year |
1 265.5 |
1 261.3 |
922.0 |
758.0 |
745.4 |
643.7 |
|
Cash and cash equivalents at end of the Year |
929.1 |
922.0 |
758.0 |
745.4 |
643.7 |
689.6 |
|
|
|
|
|
|
|
|
|
KEY FISCAL AGGREGATES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash flows from operating activities |
(56.4) |
278.1 |
232.2 |
862.5 |
803.5 |
843.3 |
|
Plus Net cash flows from non-financial assets |
(1 518.8) |
(1 434.5) |
(2 402.1) |
(2 484.5) |
(2 382.4) |
(1 720.9) |
|
Equals CASH SURPLUS/(DEFICIT) |
(1 575.2) |
(1 156.5) |
(2 169.9) |
(1 622.0) |
(1 578.9) |
(877.6) |
|
|
|
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
|
|
|
General public services |
587.9 |
532.8 |
573.6 |
602.2 |
635.5 |
661.4 |
|
Public order and safety |
724.3 |
759.9 |
800.1 |
785.5 |
790.7 |
784.6 |
|
Economic affairs |
394.0 |
518.5 |
361.9 |
266.3 |
224.8 |
202.8 |
|
Environmental protection |
158.6 |
210.4 |
193.8 |
184.8 |
179.4 |
177.9 |
|
Housing and community amenities |
280.3 |
242.5 |
326.8 |
215.9 |
186.7 |
180.5 |
|
Health |
2 585.5 |
2 772.5 |
2 645.8 |
2 719.5 |
2 892.3 |
2 953.8 |
|
Recreation, culture and religion |
228.5 |
190.4 |
186.8 |
164.3 |
162.4 |
159.5 |
|
Education |
1 920.0 |
1 936.5 |
2 047.5 |
2 110.0 |
2 160.0 |
2 207.8 |
|
Social protection |
562.9 |
629.8 |
567.1 |
565.8 |
573.5 |
578.7 |
|
Transport |
375.5 |
346.8 |
428.4 |
400.9 |
370.9 |
354.6 |
|
Nominal interest on superannuation |
129.5 |
191.3 |
191.0 |
191.1 |
190.5 |
189.7 |
|
|
|
|
|
|
|
|
|
7 947.2 |
8 331.5 |
8 322.8 |
8 206.4 |
8 366.7 |
8 451.2 |
|
|
|
|
|
|
|
|
|
Table A1.16 presents General Government Expenses from Transactions classified by purpose. This is presented in accordance with the Classification of the Functions of Government - Australia. The COFOG‑A is the classification framework which was introduced by the Australian Bureau of Statistics from 1 July 2017.