5519.0.55.001 - Government Finance Statistics, Australia, June Quarter 2015 Quality Declaration
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 01/09/2015
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JUNE QUARTER 2015 KEY FIGURES: ALL LEVELS OF GOVERNMENT
GFS KEY FIGURES: ALL LEVELS OF GOVERNMENT, ORIGINAL
QUARTERLY NATIONAL ACCOUNTS PUBLIC SECTOR MEASURES – KEY FIGURES
The table below includes the key public sector aggregates for the June 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 June quarter 2015:
QUARTERLY NATIONAL ACCOUNTS PUBLIC SECTOR MEASURES – KEY FIGURES, SEASONALLY ADJUSTED
(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.
JUNE 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.
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 in May 2016.
RELEASE OF QUARTERLY GFS THIS ISSUE
TREATMENT OF THE EMISSION REDUCTION FUND IN GOVERNMENT FINANCE STATISTICS
On 23 April 2015 the Commonwealth Government held the first reverse auction for carbon abatement contracts related to the Emission Reduction Fund. The fund has been established to purchase carbon abatement activity from private sector bidders. The first auction awarded contracts to the value of $660 million. Payments related to these contracts will be recognised in Government Finance Statistics as an operating expense of government when the abatement activity occurs.
ABOLITION OF THE CARBON TAX
The carbon tax repeal legislation received Royal Assent on Thursday, 17 July 2014 and the bills as part of this package are now law, with effect from 1 July 2014. The carbon tax repeal decreased taxation revenue on the GFS Commonwealth General Government operating statement by approximately $1.6b in the September 2014 quarter. Further information on the treatment of emissions schemes in ABS GFS data can be found in the ABS GFS Manual.
CHANGES TO DATA CUBE FORMAT
Some minor table formatting changes to the data cube have been introduced with the March Quarter 2015 release of this publication as indicated in the December Quarter 2014 release. The changes include the insertion of blank lines, formatting emphasis changes and clearer 'total' and 'sub-total' item descriptions to improve readability. Users who extract data from the data cube tables using Excel formulas or by other computerised means should review and adjust their processes as necessary. Some row numbers have changed.
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:
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