5519.0.55.001 - Government Finance Statistics, Australia, June Quarter 2016 Quality Declaration 
Latest ISSUE Released at 11:30 AM (CANBERRA TIME) 06/09/2016   
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JUNE QUARTER 2016 KEY FIGURES: ALL LEVELS OF GOVERNMENT


In the June quarter 2016:
  • Taxation revenue increased 7.0% to $124,972m from $116,806m in the March quarter 2016.
  • General government sector revenue exceeded expenses resulting in a GFS net operating balance of $273m.
  • The GFS net lending(+)/borrowing(-) position for the general government sector was -$11,055m.

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

Mar Qtr
2016
Jun Qtr
2016
Mar Qtr 2016 to
Jun Qtr 2016
$m
$m
% change

Current Prices
Taxation revenue
General government
116 806
124 972
7.0
Total revenue
General government
142 077
155 198
9.2
Public non-financial corporations
20 177
21 344
5.8
Total expenses
General government
146 162
154 924
6.0
Public non-financial corporations
20 350
22 806
12.1
GFS Net operating balance
General government
–4 085
273
. .
Public non-financial corporations
–173
–1 462
. .
GFS Net lending(+)/borrowing(-)
General government
–7 252
–11 055
. .
Public non-financial corporations
–2 489
–5 046
. .

. . not applicable



QUARTERLY NATIONAL ACCOUNTS PUBLIC SECTOR MEASURES - KEY FIGURES

The table below includes the key public sector aggregates for the June quarter 2016 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 June quarter 2016:
  • In seasonally adjusted chain volume terms, total general government final consumption expenditure increased by $1,431m, a rise of 1.9% compared with the March quarter 2016.
  • In seasonally adjusted chain volume terms, total general government gross fixed capital formation increased by 19.8% compared with the March quarter 2016.

Graph Image for KEY NATIONAL ACCOUNTS PUBLIC SECTOR MEASURES, SEASONALLY ADJUSTED



QUARTERLY NATIONAL ACCOUNTS PUBLIC SECTOR MEASURES - KEY FIGURES, SEASONALLY ADJUSTED

Sep Qtr
2015
Dec Qtr
2015
Mar Qtr
2016
Jun Qtr
2016
Mar Qtr 2016
to Jun Qtr 2016
$m
$m
$m
$m
% change

Current Prices
General government final consumption expenditure (a)
National - defence
6 537
6 420
6 540
6 219
–4.9
National - non-defence
23 252
23 695
24 221
25 517
5.4
Total national
29 789
30 116
30 760
31 737
3.2
State and local
45 484
45 754
46 673
47 741
2.3
Total general government final consumption expenditure
75 273
75 869
77 434
79 478
2.6
Public gross fixed capital formation
General government
National - defence
1 644
2 158
1 951
2 468
26.5
National - non-defence
2 066
2 051
2 238
2 456
9.8
Total national
3 710
4 209
4 189
4 925
17.6
State and local
8 101
8 237
8 809
10 629
20.7
Total general government
11 811
12 446
12 997
15 554
19.7
Public corporations
Commonwealth
1 234
1 906
1 509
1 554
3.0
State and local
3 909
3 734
3 619
3 847
6.3
Total public corporations
5 143
5 641
5 128
5 401
5.3
Total public gross fixed capital formation
16 954
18 087
18 126
20 955
15.6
Memorandum item
Net purchases of second-hand assets by public sector
115
182
566
2 364
np

Chain Volume (b)
General government final consumption expenditure (a)
National - defence
6 243
6 109
6 185
5 853
–5.4
National - non-defence
23 225
23 492
23 863
25 032
4.9
Total national
29 469
29 601
30 048
30 885
2.8
State and local
43 794
44 168
44 479
45 072
1.3
Total general government final consumption expenditure
73 262
73 769
74 526
75 957
1.9
Public gross fixed capital formation
General government
National - defence
1 477
1 892
1 730
2 208
27.7
National - non-defence
2 055
2 038
2 243
2 441
8.9
Total national
3 531
3 930
3 972
4 650
17.1
State and local
7 977
8 068
8 675
10 498
21.0
Total general government
11 509
11 999
12 648
15 148
19.8
Public corporations
Commonwealth
1207
1855
1476
1515
2.6
State and local
3 842
3 687
3 582
3 789
5.8
Total public corporations
5 049
5 542
5 058
5 304
4.9
Total public gross fixed capital formation
16 558
17 541
17 706
20 452
15.5
Memorandum item
Net purchases of second-hand assets by public sector
109
168
543
2 311
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 2013-14.


JUNE QUARTER 2016 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 (2014-15) was released on 26 April 2016. Final annual GFS results for 2015-16 are scheduled for release by the ABS in April 2017.

RELEASE OF QUARTERLY GFS THIS ISSUE

Table
Sep 15
Dec 15
Mar 16
Jun 16
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. RBA dividends are recorded in GFS and the National Accounts in the period that the Treasurer makes the determination. This timing is different to the accounting standards used for the Commonwealth Financial Statements where the RBA dividend is recorded in the period that the dividend is earned.


TRANSACTIONS RELATED TO VISA APPLICATION CHARGES

In December 2015, the Commonwealth Government released the 2015-16 Mid-Year Economic and Fiscal Outlook (MYEFO) which included a reclassification of visa application charges (VAC). In MYEFO these charges are now treated as taxation revenue rather than sales of goods and services. This reclassification has been applied to the Government Finance Statistics (GFS), with no impact on total GFS revenue or the GFS net operating balance. The National Accounts statistics will maintain coherence with previously published data and classify this transaction as sales of goods and services. These treatments will remain in place until a review of the treatment of VAC and similar government charges in macroeconomic statistics has been completed. This review is expected to be finalised by the end of 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
September 20166 December 20167 December 2016
December 201628 February 20171 March 2017


INQUIRIES

For further information about these and related statistics, contact the National Information and Referral Service on 1300 135 070, email <client.services@abs.gov.au> or Public Finance on (07) 3222 6414, email <public.finance@abs.gov.au>. The ABS Privacy Policy outlines how the ABS will handle any personal information that you provide to us.