Appendix 2      2022-23     Estimated Outcome Including March Quarterly Report

Key Issues

·       This appendix meets the information requirements for a March Quarterly Report as specified in Section 38(1) of the Financial Management Act 2016. It presents financial results for the nine months ending 31 March 2023 for the General Government Sector and the Public Account.

·       The Estimated Outcome information presented in this appendix reflects financial estimates available to Treasury at the time of the finalisation of the Budget Papers and includes agency assessments of funding requirements, estimates of State taxation and information available from government businesses. The impact of the Australian Government’s 2023‑24 Budget has not been reflected in the Estimated Outcome information in this appendix due to the release dates of each Budget.

·       The Estimated Outcome for the General Government Net Operating Balance for 2022‑23 is a $217.1 million deficit, a $257.5 million improvement from the 2022‑23 Budget estimate of a $474.6 million deficit.

·       The actual General Government Net Operating Balance for the nine months to 31 March 2023 is a $117.6 million deficit.


Introduction

This appendix presents the 2022‑23 Estimated Outcome based on the latest available agency assessments of additional funding requirements or potential savings and revised whole‑of‑government revenue estimates.

In February 2022, the Government announced that the Department of Communities Tasmania would be restructured and abolished. From 1 December 2022, DCT ceased to exist, and its functions have transferred to other departments within the General Government Sector or formed part of the new housing authority, Homes Tasmania which sits outside of the GGS in the Public Non‑Financial Corporations Sector. This appendix reflects the impact of these changes.

Significant change to revenue and expenditure estimates may occur between the preparation of these estimates and those reported in future reports on the 2022‑23 Budget outcome.

Detailed information on the final outcome for 2022‑23 will be published in:

·       the Preliminary Outcomes Report, required to be published by 15 August 2023 in the event that the preliminary outcomes result differs materially from the Estimated Outcome published in this appendix;

·       the Treasurer’s Annual Financial Report, which will be tabled in Parliament by 31 October 2023; and

·       agency Annual Reports, which will be tabled in Parliament by 31 October 2023.

This appendix also meets the information requirements for a March Quarterly Report as specified in Section 38(1) of the Financial Management Act 2016. It presents financial results for the nine months ending 31 March 2023 for the GGS and the Public Account. These financial statements have been prepared in accordance with applicable Australian Accounting Standards including AASB 1049 Whole of Government and General Government Sector Financial Reporting. Preparation of the Report requires the application of estimation methods in accordance with the principles of AASB 134 Interim Financial Reporting.


 

General Government Income Statement

Table A2.1 provides details of the Estimated Outcome for 2022‑23, compared to the 2022‑23 Budget estimates.

Table A2.1:       General Government Income Statement, 2022‑23

 

2022‑23 

2022‑23 

2022‑23 

 

 

Estimated 

March YTD 

 

Budget 

Outcome 

Actual 

 

$m 

$m 

$m 

 

 

 

 

Revenue from transactions

 

 

 

Grants

5 099.5 

5 725.8 

4 309.1 

Taxation

1 613.3 

1 611.6 

1 241.0 

Sales of goods and services

451.1 

430.6 

 301.4 

Fines and regulatory fees

111.2 

120.5 

 101.9 

Interest income

29.2 

54.7 

 36.9 

Dividend, tax and rate equivalent income

336.2 

342.7 

 211.6 

Other revenue

207.8 

254.1 

 220.9 

 

7 848.2 

8 540.0 

6 422.8 

 

 

 

 

Less Expenses from transactions

 

 

 

Employee expenses

3 393.7 

3 585.0 

2 692.7 

Superannuation

411.5 

422.4 

 341.7 

Depreciation

466.4 

456.0 

 340.1 

Supplies and consumables

1 768.2 

1 714.9 

1 315.1 

Nominal superannuation interest expense

191.0 

290.3 

 218.1 

Borrowing costs

90.0 

86.3 

 44.1 

Grant and subsidy expenses

1 962.4 

2 146.9 

1 555.7 

Other expenses

39.8 

55.3 

 32.8 

 

8 322.8 

8 757.0 

6 540.4 

 

 

 

 

Equals NET OPERATING BALANCE

(474.6)

(217.1)

(117.6)

 

 

 

 

Plus Other economic flows - included in Operating Result

 

 

 

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

30.5 

7.9 

 2.7 

Other gains/(losses)

23.4 

(37.8)

 3.6 

 

53.8 

(29.9)

 6.4 

 

 

 

 

Equals Operating Result

(420.8)

(247.0)

(111.2)

 

 

 

 


 

Table A2.1:       General Government Income Statement, 2022‑23 (continued)

 

2022‑23 

2022‑23 

2022‑23 

 

 

Estimated 

March YTD 

 

Budget 

Outcome 

Actual 

 

$m 

$m 

$m 

Plus Other economic flows - other movements in Equity

 

 

 

Revaluations of non-financial assets

282.0 

239.1 

 211.5 

Revaluation of equity investment in PNFC and PFC sectors

(51.1)

1 477.7 

.... 

Movements in superannuation liability

.... 

24.8 

.... 

Other non-owner movements in Equity

.... 

.... 

(11.4)

 

230.9 

1 741.6 

 200.1 

 

 

 

 

Equals Comprehensive Result

(189.9)

1 494.6 

 88.9 

 

 

 

 

KEY FISCAL AGGREGATES

 

 

 

 

 

 

 

NET OPERATING BALANCE

(474.6)

(217.1)

(117.6)

 

 

 

 

Less Net acquisition of non-financial assets

 

 

 

Purchases of non-financial assets

1 176.3 

863.7 

 529.8 

Less Sales of non-financial assets

48.6 

26.1 

 18.4 

Less Depreciation

466.4 

456.0 

 226.5 

 

661.3 

381.7 

 284.8 

 

 

 

 

Equals FISCAL BALANCE

(1 135.9)

(598.8)

(402.4)

 

 

 

 

 


 

Revenue Variations

Total revenue for 2022‑23 is estimated to be $8 540 million, $691.8 million higher than the Budget estimate of $7 848.2 million. The major revenue variations are described in Table A2.2.

Table A2.2:       Major Revenue Variations

Revenue Item

Variance from Budget

Reasons

Grants

$626.3 million higher

 

·       General Purpose Payments

$553.0 million higher

The increase in General Purpose Payments is primarily due to changes in GST revenue resulting from:

·       the Australian Government increasing its 2022‑23 forecast of the GST pool by $3.1 billion in its 2022‑23 October Budget;

·       Tasmania’s forecast share of the national population increasing following the 2021 Census; and

·       a positive $185.8 million residual adjustment to Tasmania for underpaid GST revenue in 2021‑22, as a result of higher than anticipated GST receipts in that year.

·       Specific Purpose Payments

$56.7 million higher

The increase in Specific Purpose Payments and Reform Funding primarily reflects:

·       an estimated increase in National Health Reform Agreement funding of $45.7 million from the Australian Government; and

·       an increase in Quality Schools, Quality Outcomes funding of $6.9 million from the Australian Government based on the latest enrolment data.

Sales of goods and services

$20.5 million lower

The decrease in Sales of goods and services primarily reflects a decrease in the former Department of Communities Tasmania of $22.4 million arising from the establishment of Homes Tasmania. This has resulted in Sales of goods and services revenue being reflected in the PNFC Sector from 1 December 2022, rather than the General Government Sector.

 


 

Table A2.2:       Major Revenue Variations (continued)

Revenue Item

Variance from Budget

Reasons

Fines and regulatory fees

$9.4 million higher

The increase in Fines and regulatory fees primarily reflects an increase in the Department of Natural Resources and Environment Tasmania of $8.2 million which includes $7.2 million for the recognition of the Landfill Levy collected under the Waste and Resource Recovery Act 2022.

Interest income

$25.5 million higher

The increase in Interest income is due to an increase in forecast investment rates and an increase in the underlying cash balances invested with Tasmanian Public Finance Corporation and Westpac.

Other revenue

$46.3 million higher

The increase in Other revenue primarily reflects:

·       an increase in Finance‑General of $49.6 million following an arbitration settlement in favour of the State for the outage of the Basslink Interconnector in December 2015; and

·       an increase in the Department of Health of $16.9 million which includes $17.6 million for updated Specialist Medical College Salary recoveries together with Workers’ Compensation recoveries.

These increases are partially offset by a decrease of $11.9 million in the former Department of Communities Tasmania which reflects the impact arising from the establishment of Homes Tasmania. This has resulted in some Other revenue being reflected in the PNFC Sector from 1 December 2022.

 


 

Expense Variations

Total expenses for 2022‑23 are estimated to be $8 757 million, $434.2 million higher than the Budget estimate of $8 322.8 million. The major expense variations are described in Table A2.3.

Table A2.3:       Major Expense Variations

Expense Item

Variance from Budget

Reasons

Employee expenses

$191.3 million higher

The increase in Employee expenses primarily reflects:

·       an increase in the Department for Education, Children and Young People of $18.5 million which includes $17.3 million in supplementary funding to support wage agreement outcomes;

·       an increase in the Department of Health of $141.3 million which includes:

-   an increase of $49.6 million for COVID‑19 health related costs of which approximately 50 per cent of eligible costs incurred up to 31 December 2022 are funded from the Australian Government through the National Partnership on COVID‑19 Response;

-   an increase of $21.4 million for the $2 000 COVID‑19 Frontline Health Workers allowance payment to over 11 500 health workers;

-   an increase of $15.6 million for funding rolled over from 2021‑22, including $11.1 million for the Child and Adolescent Mental Health Services;

-   an increase of $15.5 million for updated Specialist Medical College Salary recoveries together with Workers’ Compensation recoveries;

-   an increase of $15.2 million for revised National Health Reform Agreement expenditure funded by the Australian Government; and

Table A2.3:       Major Expense Variations (continued)

Expense Item

Variance from Budget

Reasons

Employee expenses (continued)

 

-   an increase of $12 million in supplementary funding to support wage agreement outcomes;

·       an increase in the Department of Justice of $12.2 million which includes:

-   an increase of $8.9 million for additional costs of staffing the Tasmanian Prison Service; and

-   an increase of $1.9 million in supplementary funding to support wage agreement outcomes;

·       an increase in the Department of Natural Resources and Environment Tasmania of $6.5 million which includes:

-   an increase of $2.5 million in supplementary funding to support wage agreement outcomes; and

-   an increase of $1.7 million for the implementation of the Container Refund Scheme; and

·       an increase in the Department of State Growth of $12.9 million which includes:

-   an increase of $9.9 million due to the reclassification of expenditure from Supplies and consumables; and

-   an increase of $1.7 million in supplementary funding to support wage agreement outcomes.

These increases are partially offset by a decrease of $11.9 million in the former Department of Communities Tasmania which reflects the impact arising from the establishment of Homes Tasmania. This has resulted in some Employee expenses being reflected in the PNFC Sector from 1 December 2022 rather than the General Government Sector.


 

Table A2.3:       Major Expense Variations (continued)

Expense Item

Variance from Budget

Reasons

Depreciation

$10.4 million lower

The decrease in Depreciation primarily reflects a decrease of $21.3 million in the former Department of Communities Tasmania which reflects the impact arising from the establishment of Homes Tasmania. This has resulted in Depreciation being reflected in the PNFC Sector from 1 December 2022 rather than the General Government Sector.

This decrease is partially offset by an increase of $9.4 million in Finance‑General primarily reflecting the impact of revised lease projections.

Supplies and consumables expenses

$53.3 million lower

The decrease in Supplies and consumables primarily reflects:

·       a decrease in the former Department of Communities Tasmania of $35 million which reflects the impact arising from the establishment of Homes Tasmania. This has resulted in some Supplies and consumables expenses being reflected in the PNFC Sector rather than the General Government Sector; and

·       a net decrease in Finance‑General of $141.4 million.

The 2022-23 Budget included a Treasurer’s Reserve of $150 million to provide capacity to manage the increased likelihood of uncertain and unforeseen costs associated with the Government’s ongoing response to the COVID‑19 pandemic.

This expenditure is initially reflected as Supplies and consumables expenses. As new costs are approved in accordance with the Financial Management Act, agencies recognise those costs in the relevant expense categories and Finance‑General adjusts Supplies and consumables expenses to recognise the utilisation of the capacity in the Treasurer’s Reserve. The decrease in Finance‑General reflects these adjustments.


 

Table A2.3:       Major Expense Variations (continued)

Expense Item

Variance from Budget

Reasons

Supplies and consumables expenses (continued)

 

These decreases are partially offset by:

·       an increase in the Department of Health of $122.5 million which includes:

-   an increase of $59.9 million for COVID‑19 health related costs of which approximately 50 per cent of those eligible costs incurred up to 31 December 2022 are funded from the Australian Government through the National Partnership on COVID‑19 Response;

-   an increase of $28.6 million for revised National Health Reform Agreement expenditure funded by the Australian Government;

-   an increase of $17.6 million for revised Australian Government funded National Partnership Payment expenditure including $10 million for Elective Surgery, $2.9 million for Diagnostic Mammography Services, and $4.8 million across a broad range of individual NPP funded Health projects; and

-   an increase of $7 million funding rolled over from 2021‑22, including $4.6 million for the Health ICT Digital Transformation Initiation Phase; and

·       a net increase in the Department of State Growth of $5.9 million which includes:

-   an increase of $10.7 million for the Network Upgrade and Common Ticketing system project, following the reallocation of funding for these projects from Metro Tasmania;

-   an increase of $6.2 million for revised Australian Government funded National Partnership Payment expenditure for the Roads Program; and

Table A2.3:       Major Expense Variations (continued)

Expense Item

Variance from Budget

Reasons

Supplies and consumables expenses (continued)

 

-   a decrease of $11.4 million for the reclassification of expenditure to Employee expenses.


Nominal superannuation interest expense

$99.3 million higher

The increase reflects the most recent actuarial assessment of the Government’s superannuation liability, which includes the application of the 30 June 2022 ‘spot’ discount rate of 3.9 per cent. An estimated long-term discount rate of 2.5 per cent was used in the 2022‑23 Budget to determine interest expense with respect to the liability.

Grant and subsidy expenses

 

$184.5 million higher

The increase in Grant and subsidy expenses primarily reflects:

·       an increase in the Department for Education, Children and Young People of $19.7 million includes additional funding of $13.9 million as a result of the restructure of the former Department of Communities Tasmania;

·       an increase in Finance‑General of $228.3 million which includes:

-   an increase of $210.3 million for Homes Tasmania which includes $163.4 million for unspent 2022‑23 Housing Tasmania appropriation funding and $43 million for the residual Housing Tasmania cash balance;

-   an increase of $11.3 million for the estimated cost of Electricity Concessions, including the Winter Bill Buster Discount; and

-   an increase of $4.3 million for revised Australian Government funded National Partnership Payment expenditure including $2.3 million for the HomeBuilder program;


 

Table A2.3:       Major Expense Variations (continued)

Expense Item

Variance from Budget

Reasons

Grant and subsidy expenses (continued)

 

·       an increase in the Department of Health of $24.2 million which includes an increase of $15.4 million for funding rolled over from 2021‑22 for a number of initiatives including $8.9 million for Private Public Partnerships to deliver care sooner and $2.1 million for Community Based Programs;

·       an increase in the Department of Natural Resources and Environment Tasmania of $10.5 million, which includes an increase of $10.7 million for revised Australian Government funded National Partnership Payment expenditure; and

·       an increase in the Department of State Growth of $16.7 million which includes additional funding of $13.3 million as a result of the restructure of the former Department of Communities Tasmania.

·       These increases are partially offset by a decrease in the former Department of Communities Tasmania of $115.2 million which primarily reflects the impact arising from the establishment of Homes Tasmania. This has resulted in Grant and subsidy expenses being reflected in the PNFC Sector from 1 December 2022 rather than the General Government Sector.

Other Expenses

$15.6 million higher

The increase in Other expenses primarily reflects an increase in the Department of Justice of $22.7 million which includes an increase of $17 million for revised National Redress Scheme Payments.


 

Other Economic Flows ‑ Other Movements in Equity

Other economic flows ‑ other movements in equity is estimated to be an inflow of $1 741.6 million in 2022‑23, which is $1 510.7 million higher than the 2022‑23 Budget estimate of a $230.9 million inflow. The major changes are detailed in Table A2.4.

Table A2.4:       Other Economic Flows ‑ Other Movements in Equity Variations

Item

Variance from Budget

Reasons

Revaluation of non‑financial assets

$43 million lower

The decrease primarily reflects the impact arising from the establishment of Homes Tasmania. This has resulted in revaluation gains being reflected in the PNFC Sector from 1 December 2022 rather than the General Government Sector.

Revaluation of equity investments in PNFC and PFC sectors

$1 528.9 million higher

The improvement reflects the net change in asset values across a range of government businesses, including the impact of the establishment of Homes Tasmania as a PNFC sector entity from 1 December 2022.

Movements in superannuation liability

$24.8 million higher

The 2022‑23 Budget for Movements in the superannuation liability was zero. This was due to using of the same discount rate of 2.5 per cent to value the Superannuation liability as at 30 June 2022 and 30 June 2023.

The Estimated Outcome of $24.8 million is based on a movement in discount rate from 3.9 per cent to value the liability as at 30 June 2022 to 4.0 per cent to value the liability at 30 June 2023. An increase in discount rate reduces the projected value of the Superannuation liability and consequently results in an improvement in Equity.

 


 

Net Acquisition of Non‑Financial Assets

Net acquisition of non‑financial assets for 2022‑23 is estimated to be $381.7 million, $279.6 million lower than the 2022‑23 Budget estimate of $661.3 million. The major variations in the Net acquisition of non‑financial assets are detailed in Table A2.5.

Table A2.5:       Major Net Acquisition of Non‑Financial Assets Variations

Item

Variance from Budget

Reasons

Purchases of non‑financial assets

$312.6 million lower

The decrease in Purchases of non‑financial assets primarily reflects:

·       a decrease in the former Department of Communities Tasmania of $37.5 million which reflects the reclassification of a proportion of Purchases of non‑financial assets from the General Government Sector to the PNFC Sector from 1 December 2022 arising from the establishment of Homes Tasmania;

·       a decrease in the Department for Education, Children and Young People of $18.4 million reflecting revisions to expenditure timing estimates for a number of projects from 2022‑23 to 2023‑24 and across the Forward Estimates including $2.9 million for revitalising Cosgrove High School, $1.8 million for Six New Child and Family Learning Centres and $1.7 million for the New Brighton High School;

·       a decrease in the Department of Justice of $36.7 million reflecting updates to expenditure from 2022‑23 to 2023-24 and across the Forward Estimates including:

-   $15.5 million for the Southern Remand Centre;

-   $7.9 million for the Burnie Court Complex; and

-   $3.8 million for the New Northern Correctional Facility;


 

Table A2.5:       Major Net Acquisition of Non‑Financial Assets Variations (continued)

Item

Variance from Budget

Reasons

Purchases of non‑financial assets (continued)

 

·       a decrease in the Department of Natural Resources and Environment Tasmania of $16.2 million which includes:

-   a decrease of $13.9 million reflecting revised expenditure timing estimates for State‑funded projects from 2022‑23 to 2023‑24 and across the Forward Estimates including: $4.5 million for the Cradle Mountain Experience; $2 million for Modernise Our Research Farms; and $1.4 million for the Cape Bruny Car Park and Access Upgrade; and

-   a decrease of $2.6 million reflecting a revised Australian Government funded National Partnership Payment expenditure profile for the National Tourism Icon Program ‑   Upgrade of Tourist Facilities at Freycinet;

·       a decrease in the Department of State Growth of $185.7 million to revise estimated expenditure timing from 2022‑23 to 2023‑24 and across the Forward Estimates including:

-   $60.3 million for the Roads of Strategic Importance program;

-   $38.4 million for the Australian Government funded component of the New Bridgewater Bridge;

-   $24.1 million for the Northern Suburbs Multi‑Sports Facility;

-   $23 million for the Urban Congestion Fund; and

-   $22.2 million for the Greater Hobart Traffic Solution.

 


 

General Government Balance Sheet

Table A2.6:       General Government Balance Sheet1

 

2023 

2023 

2023 

 

  

Estimated 

March YTD 

 

Budget 

Outcome 

Actual 

 

$m 

$m 

$m 

Assets

 

 

 

Financial assets

 

 

 

Cash and deposits

624.6 

932.9 

1 096.0 

Investments

867.2 

852.3 

 764.7 

Equity investments in PNFC and PFC sectors

5 445.2 

10 526.4 

9 069.0 

Other equity investments

201.4 

139.9 

 139.9 

Receivables

407.3 

380.3 

 422.6 

Other financial assets

596.5 

677.9 

 649.6 

 

8 142.2 

13 509.7 

12 141.9 

 

 

 

 

Non-financial assets

 

 

 

Land and buildings

8 205.7 

6 790.0 

6 687.8 

Infrastructure

6 938.9 

6 846.2 

6 642.1 

Plant and equipment

342.9 

347.1 

 311.8 

Heritage and cultural assets

478.7 

493.1 

 480.1 

Investment property

3.2 

3.8 

 3.6 

Intangibles

136.9 

133.8 

 74.3 

Assets held for sale

2.8 

9.7 

 11.0 

Lease - right-of-use-assets

335.7 

743.9 

 601.4 

Other non-financial assets

910.8 

101.4 

 115.6 

 

17 355.6 

15 469.1 

14 927.7 

 

 

 

 

Total Assets

25 497.8 

28 978.9 

27 069.6 

 

 

 

 

Liabilities

 

 

 

Borrowings

4 125.6 

3 286.1 

2 972.4 

Lease liabilities

360.2 

782.0 

 623.7 

Superannuation

8 397.6 

7 744.4 

7 778.8 

Employee entitlements

871.4 

878.6 

 877.4 

Payables

182.5 

173.5 

 112.4 

Other liabilities

790.7 

907.5 

 903.8 

Total Liabilities

14 728.0 

13 772.1 

13 268.5 

 

 

 

 

Net Assets

10 769.8 

15 206.8 

13 801.1 

 

 

 

 


 

Table A2.6:       General Government Balance Sheet1 (continued)

 

2023 

2023 

2023 

 

  

Estimated 

March YTD 

 

Budget 

Outcome 

Actual 

 

$m 

$m 

$m 

Equity

 

 

 

Accumulated funds

5 345.7 

8 150.5 

8 283.2 

Asset revaluation reserve

6 113.2 

6 100.3 

6 039.5 

Other revaluation reserves

(689.1)

956.1 

(521.7)

Total Equity

10 769.8 

15 206.8 

13 801.1 

 

 

 

 

KEY FISCAL AGGREGATES

 

 

 

 

 

 

 

NET WORTH2

10 769.8 

15 206.8 

13 801.1 

 

 

 

 

NET FINANCIAL WORTH3

(6 585.8)

(262.3)

(1 126.6)

 

 

 

 

NET FINANCIAL LIABILITIES4

12 031.0 

10 788.8 

10 195.6 

 

 

 

 

NET DEBT5

2 994.0 

2 282.9 

1 735.4 

 

 

 

 

GFS NET DEBT6

2 633.8 

1 500.9 

1 111.6 

 

 

 

 

Notes:

1.    Changes in Asset and Liability balances in the 2023 Estimated Outcome include the impact of the establishment of Homes Tasmania as a PNFC entity. This has resulted in the transfer of Housing Assets and Liabilities to Homes Tasmania from the General Government Sector and an increase in Assets and Liabilities in the PNFC Sector. This is also reflected as an increase to General Government Sector Equity investments in PNFC and PFC sectors.

2.    Net Worth represents Total Assets less Total Liabilities.

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

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

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

6.    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.

 


 

General Government Cash Flow Statement

Table A2.7:       General Government Cash Flow Statement

 

2022‑23 

2022‑23 

2022‑23 

 

 

Estimated 

March YTD 

 

Budget 

Outcome 

Actual 

 

$m 

$m 

$m 

 

 

 

 

Cash flows from operating activities

 

 

 

Cash received from operating activities

 

 

 

Grants received

5 111.2 

5 761.7 

4 325.2 

Taxation

1 611.8 

1 610.7 

1 221.0 

Sales of goods and services

446.9 

429.6 

 301.8 

Fines and regulatory fees

111.3 

120.6 

 94.7 

Interest received

28.8 

54.2 

 38.3 

Dividend, tax and rate equivalents

353.3 

313.3 

 211.6 

Other receipts

454.1 

500.0 

 534.4 

 

8 117.4 

8 790.2 

6 726.9 

 

 

 

 

Cash payments for operating activities

 

 

 

Employee entitlements

(3 374.1)

(3 562.7)

(2 666.5)

Superannuation

(616.4)

(662.7)

(511.0)

Supplies and consumables

(1 778.4)

(1 727.6)

(1 382.4)

Borrowing costs

(90.1)

(74.1)

(48.9)

Grants and subsidies paid

(1 962.3)

(2 146.8)

(1 596.3)

Other payments

(288.6)

(303.7)

(331.7)

 

(8 109.8)

(8 477.6)

(6 536.9)

 

 

 

 

Net cash flows from operating activities

7.6 

312.7 

 190.1 

 

 

 

 

Cash flows from investing activities

 

 

 

Net cash flows from non-financial assets

 

 

 

Purchases of non-financial assets

(1 166.4)

(868.4)

(529.8)

Sales of non-financial assets

45.6 

23.0 

 18.4 

 

(1 120.8)

(845.4)

(511.3)

 

 

 

 

Net cash flows from financial assets (policy purposes)

 

 

 

Equity injections

(346.8)

(273.9)

(174.9)

Net advances paid

(36.0)

(98.2)

(10.5)

Equity disposals

3.6 

2.1 

 37.4 

 

(379.3)

(369.9)

(148.0)

 

 

 

 


 

Table A2.7:       General Government Cash Flow Statement (continued)

 

2022‑23 

2022‑23 

2022‑23 

 

 

Estimated 

March YTD 

 

Budget 

Outcome 

Actual 

 

$m 

$m 

$m 

 

 

 

 

Net cash flows from financial assets (liquidity management purposes)

 

 

 

Net (purchase)/sale of investments

41.0 

41.3 

 43.2 

 

41.0 

41.3 

 43.2 

 

 

 

 

Net cash flows from investing activities

(1 459.0)

(1 174.0)

(616.1)

 

 

 

 

Cash flows from financing activities

 

 

 

Net borrowing

1 451.9 

821.1 

549.0 

Net cash flows from financing activities

1 451.9 

821.1 

549.0 

 

 

 

 

Net increase/(decrease) in cash held

0.4 

(40.2)

122.9 

 

 

 

 

Cash at the beginning of the year

624.2 

973.1 

973.1 

Cash at the end of the year

624.6 

932.9 

1 096.0 

 

 

 

 

KEY FISCAL AGGREGATES

 

 

 

 

 

 

 

Net cash flows from operating activities

7.6 

312.7 

 190.1 

Plus Net cash flows from non-financial assets

(1 120.8)

(845.4)

(511.3)

Equals CASH SURPLUS/(DEFICIT)

(1 113.2)

(532.8)

(321.2)

 

 

 

 

 


 

Public Account Receipts and Expenditure

Tables A2.8 and A2.9 provide the 2022‑23 Estimated Outcome information together with the financial results, for the nine months ending 31 March 2023, for the total estimated Receipts and Expenditure of the Public Account. Estimated receipts are categorised based on the source and nature of each receipt. Estimated expenditure is categorised by the relevant Authority for Expenditure from the Public Account as provided under the Financial Management Act 2016.

These tables meet the requirements of section 38(5) of the Financial Management Act.

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

Table A2.8:       Public Account Receipts

 

2022‑23 

2022‑23 

2022‑23 

 

 

Estimated 

March YTD 

 

Budget 

Outcome 

Actual 

 

$m 

$m 

$m 

 

 

 

 

General Receipts

 

 

 

Australian Government Sources

3 838.3 

4 411.0 

 3 446.4 

State Sources

2 191.0 

2 290.9 

 1 683.8 

 

6 029.3 

6 701.9 

 5 130.2 

 

 

 

 

Specific Purpose Accounts

3 376.9 

3 291.9 

 2 513.3 

 

 

 

 

Statutory Authorities

288.7 

305.1 

175.1 

 

 

 

 

Total Receipts

9 695.0 

10 298.9 

7 818.6 

 

 

 

 

 


 

Table A2.9:       Public Account Expenditure

 

2022‑23 

2022‑23 

2022‑23 

 

 

Estimated 

March YTD 

 

Budget 

Outcome 

Actual 

 

$m 

$m 

$m 

 

 

 

 

Annual Appropriation

 

 

 

Operating Services Expenditure

6 207.6 

6 325.6 

 4 758.5 

Capital Services Expenditure

828.9 

553.1 

420.0 

 

7 036.5 

6 878.7 

 5 178.5 

 

 

 

 

Reserved by Law

465.0 

607.3 

374.7 

 

 

 

 

Specific Purpose Accounts

3 394.8 

3 367.4 

 2 542.6 

 

 

 

 

Statutory Authorities

311.2 

301.2 

212.2 

 

 

 

 

Other Provisions

(1.5)

(1.6)

.... 

 

 

 

 

Total Expenditure

11 205.9 

11 153.0 

 8 308.1 

 

 

 

 

 


 

Specific Purpose Accounts Estimated Receipts and Expenditure for 2022‑23

Table A2.10 provides estimated receipts and expenditure and associated balances together with the financial results for the nine months ending 31 March 2023 for each Specific Purpose Account for 2022‑23, by agency.

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

Table A2.10:     Specific Purpose Accounts Estimated Receipts and Expenditure for 2022‑231

 

Opening 

2022‑23

Estimated 

31 March 

 

Balance 

Revised Budget

Balance 

2023 

 

1 July 

Estimates

30 June 

YTD 

 

2022 

Receipts 

Expenditure 

2023 

Actual 

 

$m 

$m 

$m 

$m 

$m 

Brand Tasmania

 

 

 

 

 

Agency Financial Management Account

0.2 

0.3 

0.2 

0.2 

0.2 

Communities Tasmania

 

 

 

 

 

Agency Financial Management Account

60.1 

76.3 

136.5 

.... 

.... 

Education, Children and Young People

 

 

 

 

 

Agency Financial Management Account

43.4 

75.2 

71.0 

47.6 

45.0 

Department of Education School Banking Account

64.7 

115.7 

120.1 

60.4 

24.4 

 

108.1 

191.0 

191.1 

108.0 

69.4 

Environment Protection Authority

 

 

 

 

 

Agency Financial Management Account

15.6 

2.5 

2.3 

15.8 

16.1 

Finance-General

 

 

 

 

 

Agency Financial Management Account

6.2 

62.3 

62.1 

6.4 

4.2 

Australian Government Funding Management Account

251.5 

676.5 

639.4 

288.5 

361.1 

Government Car Fleet Account

12.7 

33.7 

34.8 

11.6 

10.6 

Rosetta Landslip Account

0.7 

0.1 

.... 

0.7 

0.7 

Tasmanian Risk Management Fund

424.3 

150.6 

116.1 

458.8 

490.4 

TT-Line Vessel Replacement Fund

41.0 

0.4 

41.5 

.... 

.... 

Unclaimed Money Account

56.0 

3.6 

0.4 

59.2 

57.0 

 

792.3 

927.2 

894.3 

825.2 

924.1 

Health

 

 

 

 

 

Agency Financial Management Account

224.6 

1 072.4 

1 127.1 

169.8 

174.4 

Private Patient Account

16.4 

31.0 

31.9 

15.6 

17.9 

 

241.0 

1 103.4 

1 159.0 

185.4 

192.3 


 

Table A2.10:     Specific Purpose Accounts Estimated Receipts and Expenditure for 2022‑231 (continued)

 

Opening 

2022‑23

Estimated 

31 March 

 

Balance 

Revised Budget

Balance 

2023 

 

1 July 

Estimates

30 June 

YTD 

 

2022 

Receipts 

Expenditure 

2023 

Actual 

 

$m 

$m 

$m 

$m 

$m 

House of Assembly

 

 

 

 

 

Agency Financial Management Account

.... 

0.1 

0.1 

.... 

.... 

Integrity Commission

 

 

 

 

 

Agency Financial Management Account

0.1 

.... 

.... 

0.1 

0.1 

Justice

 

 

 

 

 

Agency Financial Management Account

37.4 

63.1 

65.5 

35.0 

31.8 

Asbestos Compensation Fund

25.4 

8.7 

8.1 

26.0 

28.8 

Local Government and Other Elections Account

.... 

4.3 

4.3 

.... 

0.4 

Workers Rehabilitation and Compensation Fund

4.3 

10.0 

10.1 

4.2 

6.9 

 

67.1 

86.1 

87.9 

65.3 

67.9 

Legislative Council

 

 

 

 

 

Agency Financial Management Account

.... 

0.1 

0.1 

.... 

.... 

Legislature-General

 

 

 

 

 

Agency Financial Management Account

0.1 

0.9 

0.9 

0.1 

0.1 

Ministerial and Parliamentary Support

 

 

 

 

 

Agency Financial Management Account

0.5 

1.7 

1.7 

0.5 

0.6 

Natural Resources and Environment Tasmania

 

 

 

 

 

Agency Financial Management Account

43.5 

88.6 

92.8 

39.2 

38.3 

Crown Lands Administration Fund

52.8 

6.9 

6.3 

53.5 

58.9 

Tasmanian Forests Agreement Account

2.1 

.... 

.... 

2.1 

2.1 

Waste and Resource Recovery Account

.... 

7.2 

7.2 

.... 

4.2 

 

98.4 

102.6 

106.3 

94.8 

103.5 

Office of the Director of Public Prosecutions

 

 

 

 

 

Agency Financial Management Account

2.3 

0.9 

0.9 

2.3 

3.0 

Office of the Governor

 

 

 

 

 

Agency Financial Management Account

0.1 

0.4 

0.4 

0.1 

0.1 

Office of the Ombudsman

 

 

 

 

 

Agency Financial Management Account

0.3 

0.6 

0.6 

0.3 

0.3 

Police, Fire and Emergency Management

 

 

 

 

 

Agency Financial Management Account

7.6 

163.7 

163.6 

7.7 

18.0 

Premier and Cabinet

 

 

 

 

 

Agency Financial Management Account

16.3 

44.6 

38.1 

22.7 

6.5 

State Growth

 

 

 

 

 

Agency Financial Management Account

49.4 

566.8 

557.9 

58.4 

27.4 

Tasmanian Audit Office

 

 

 

 

 

Agency Financial Management Account

2.8 

6.8 

6.8 

2.8 

1.9 


 

Table A2.10:     Specific Purpose Accounts Estimated Receipts and Expenditure for 2022‑231 (continued)

 

Opening 

2022‑23

Estimated 

31 March 

 

Balance 

Revised Budget

Balance 

2023 

 

1 July 

Estimates

30 June 

YTD 

 

2022 

Receipts 

Expenditure 

2023 

Actual 

 

$m 

$m 

$m 

$m 

$m 

Tourism Tasmania

 

 

 

 

 

Agency Financial Management Account

0.9 

3.4 

4.4 

.... 

1.5 

Treasury and Finance

 

 

 

 

 

Agency Financial Management Account

11.5 

12.6 

14.5 

9.6 

13.8 

 

 

 

 

 

 

Total Specific Purpose Accounts

1 474.8 

3 291.9 

3 367.4 

1 399.3 

1 446.5 

 

 

 

 

 

 

Note:

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