5519.0.55.001 - Government Finance Statistics, Australia, December Quarter 2015 Quality Declaration 
Latest ISSUE Released at 11:30 AM (CANBERRA TIME) 01/03/2016   
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DECEMBER QUARTER 2015 KEY FIGURES: ALL LEVELS OF GOVERNMENT


In the December quarter 2015:
  • Taxation revenue increased 17.9% to $119,563m from $101,434m in the September quarter 2015.
  • General government sector expenses exceeded revenue resulting in a GFS net operating balance of -$981m.
  • The GFS net lending(+)/borrowing(-) position for the general government sector was -$5,434m.

Graph Image for ALL LEVELS OF GENERAL GOVERNMENT, GFS REVENUE AND EXPENSES


Graph Image for ALL LEVELS OF GENERAL GOVERNMENT, NET OPERATING BALANCE, NET LENDING BORROWING




GFS KEY FIGURES: ALL LEVELS OF GOVERNMENT, ORIGINAL

Sep Qtr
2015
Dec Qtr
2015
Sep Qtr 2015 to
Dec Qtr 2015
$m
$m
% change

Current Prices
Taxation revenue
General government
101 434
119 563
17.9
Total revenue
General government
127 208
145 308
14.2
Public non-financial corporations
19 610
19 879
1.4
Total expenses
General government
150 113
146 289
-2.5
Public non-financial corporations
19 888
20 493
3.0
GFS Net operating balance
General government
-22 904
-981
. .
Public non-financial corporations
-279
-614
. .
GFS Net lending(+)/borrowing(-)
General government
-23 848
-5 434
. .
Public non-financial corporations
-1 677
-2 129
. .

. . not applicable



QUARTERLY NATIONAL ACCOUNTS PUBLIC SECTOR MEASURES - KEY FIGURES

The table below includes the key public sector aggregates for the December quarter 2015 which will be included in the Australian National Accounts: National Income, Expenditure and Product (cat. no. 5206.0). The key figures shown include Government Final Consumption Expenditure for general government and Gross Fixed Capital Formation for general government and public corporations, seasonally adjusted in current prices and chain volume terms.

In the December quarter 2015:
  • In seasonally adjusted chain volume terms, total general government final consumption expenditure increased by $476m, a rise of 0.7% compared with the September quarter 2015.
  • In seasonally adjusted chain volume terms, total general government gross fixed capital formation increased by 5.2% compared with the September quarter 2015.
Graph Image for KEY NATIONAL ACCOUNTS PUBLIC SECTOR MEASURES, SEASONALLY ADJUSTED
QUARTERLY NATIONAL ACCOUNTS PUBLIC SECTOR MEASURES - KEY FIGURES, SEASONALLY ADJUSTED

Mar Qtr
2015
Jun Qtr
2015
Sep Qtr
2015
Dec Qtr
2015
Sep Qtr 2015
to Dec Qtr 2015
$m
$m
$m
$m
% change

Current Prices
General government final consumption expenditure (a)
National - defence
5 698
5 900
6 552
6 442
-1.7
National - non-defence
22 861
23 345
23 241
23 641
1.7
Total national
28 559
29 245
29 794
30 082
1.0
State and local
43 702
45 037
45 264
45 549
0.6
Total general government final consumption expenditure
72 262
74 282
75 058
75 631
0.8
Public gross fixed capital formation
General government
National - defence
1 797
2 513
1 650
2 173
31.7
National - non-defence
2 340
2 474
2 056
2 031
-1.2
Total national
4 136
4 987
3 707
4 205
13.4
State and local
8 215
8 432
7 956
8 194
3.0
Total general government
12 352
13 419
11 663
12 399
6.3
Public corporations
Commonwealth
1 512
1 110
1 226
1 898
54.8
State and local
3 792
3 811
3 918
3 636
-7.2
Total public corporations
5 304
4 921
5 144
5 535
7.6
Total public gross fixed capital formation
17 656
18 340
16 807
17 933
6.7
Memorandum item
Net purchases of second-hand assets by public sector
740
422
46
242
np

Chain Volume (b)
General government final consumption expenditure (a)
National - defence
5 523
5 692
6 253
6 141
-1.8
National - non-defence
23 063
23 336
23 229
23 443
0.9
Total national
28 586
29 028
29 482
29 585
0.3
State and local
43 057
43 717
43 694
44 067
0.9
Total general government final consumption expenditure
71 643
72 745
73 176
73 652
0.7
Public gross fixed capital formation
General government
National - defence
1 686
2 256
1 479
1 902
28.6
National - non-defence
2 339
2 450
2 040
2 014
-1.3
Total national
4 025
4 706
3 519
3 916
11.3
State and local
8 187
8 346
7 854
8 054
2.5
Total general government
12 212
13 052
11 374
11 971
5.2
Public corporations
Commonwealth
1 494
1 092
1 201
1 845
53.6
State and local
3 763
3 743
3 834
3 573
-6.8
Total public corporations
5 257
4 835
5 036
5 418
7.6
Total public gross fixed capital formation
17 469
17 887
16 409
17 389
6.0
Memorandum item
Net purchases of second-hand assets by public sector
725
412
45
228
np

np not available for publication but included in totals where applicable, unless otherwise indicated
(a) See paragraph 37 of the Explanatory Notes for the relationship between general government final consumption expenditure and GFS aggregates.
(b) Reference year for chain volume measures is 2012-13.


DECEMBER QUARTER 2015 GFS RELEASE

This release presents quarterly government finance statistics on an accrual accounting basis. All tables are presented in GFS operating statement format and are for the general government sector, with the exception of Table 2 which presents data for the public non-financial corporations sector.

Detailed quarterly GFS are released for the current financial year only, other than in the September quarter, when the quarters of the previous financial year are presented. Users requiring data for earlier periods should consult the annual publication Government Finance Statistics, Australia (cat. no. 5512.0). The latest issue (2013-14) was released on 13 May 2015. Final annual GFS results for 2014-15 are scheduled for release by the ABS on 26 April 2016.

RELEASE OF QUARTERLY GFS THIS ISSUE

Table
Sep 15
Dec 15
Table 1 All Levels of Government - General Government
*
*
Table 2 All Levels of Government - Public Non-Financial Corporations
*
*
Table 3 Commonwealth Government
*
*
Table 4 Total State & Local
*
*
Table 5 New South Wales
*
Table 6 Victoria
*
Table 7 Queensland
*
Table 8 South Australia
*
Table 9 Western Australia
*
Table 10 Tasmania
*
Table 11 Northern Territory
*
Table 12 Australian Capital Territory
*

Government Finance Statistics are part of the broader suite of macroeconomic accounts produced by the ABS. They share their basic concepts with the National Accounts and Balance of Payments. The conceptual framework is agreed internationally and published by the International Monetary Fund. Macroeconomic statistics are compiled to enable macroeconomic analysis and the standards may differ from accounting standards in some regards.


TRANSACTIONS RELATED TO RESERVE BANK OF AUSTRALIA DIVIDENDS

During September quarter 2015 the Treasurer determined that a sum of $1.9 billion in Reserve Bank of Australia (RBA) earnings available for distribution from 2014-15 was payable as a dividend to the Commonwealth. Historically in macroeconomic statistics, RBA dividends are recorded at the time that the Treasurer makes the determination. The National Accounts will record RBA dividends in the September quarter in line with this position. The GFS publication for September quarter 2015 will record RBA dividends in the June quarter to align with accounting standards used for Commonwealth Financial Statements. The timing of RBA dividends within macroeconomic statistics will be reviewed in early 2016.


TRANSACTIONS RELATED TO THE ACT GOVERNMENT ASBESTOS REMOVAL SCHEME

Since March quarter 2015, the ACT Government has undertaken a range of activities to address the health risks associated with properties affected by asbestos. In macroeconomic statistics, transactions for the initial purchase of the properties by the ACT Government from householders have been recorded as expenditure on non-financial assets in the GFS. These transactions do not contribute to the net operating balance on the operating statement; instead they are shown under net acquisition of non-financial assets. This approach in macroeconomic statistics is based on the principle that observed prices are treated as a market price in most circumstances.

The ACT Treasury has applied a different interpretation for the purposes of preparing its financial statements. Under Generally Accepted Accounting Principles used by ACT Treasury, homeowner acquisition transactions may include a transfer component, which would be appropriately recognised as an expense. The ABS acknowledges that a genuine divergence exists for these transactions between GFS and the ACT Government’s consolidated financial statements and that the difference between the sets of statements has arisen through a change in treatment by the ABS.


FORTHCOMING ISSUES

The release of GFS quarterly data is usually coordinated to be the day before the respective issue of Australian National Accounts: National Income, Expenditure and Product (cat. no. 5206.0). The scheduled release dates for the next two issues are:

Issue5519.0.55.0015206.0
March 201631 May 20161 June 2016
June 20166 September 20167 September 2016


INQUIRIES

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