5512.0 - Government Finance Statistics, Australia, 2014-15 Quality Declaration 
Latest ISSUE Released at 11:30 AM (CANBERRA TIME) 26/04/2016   
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KEY GOVERNMENT FINANCE STATISTICS

ACCRUAL OPERATING RESULTS


The GFS net operating balance for all levels of government in 2014-15 was -$27,184m for the general government sector and -$33,135m for the total public sector.

GFS net lending/borrowing for all levels of government in 2014-15 was -$46,983m for the general government sector and -$60,509m for the total public sector.

The following table shows 2014-15 GFS operating statement aggregates by sector across the various levels of government.

OPERATING RESULTS, By Sector, 2014-15

General Government Sector
Non-financial Public Sector
Total Public Sector(a)
2014-15
2014-15
2014-15
$m
$m
$m

All levels of government
GFS Revenue
555 542
606 380
617 056
GFS Expenses
582 726
636 289
650 192
GFS Net operating balance
-27 184
-29 909
-33 135
Net acquisition of non-financial assets
19 799
27 400
27 374
GFS Net lending(+)/borrowing(-)
-46 983
-57 309
-60 509
Commonwealth Government
GFS Revenue
381 447
389 711
393 011
GFS Expenses
418 659
428 785
432 644
GFS Net operating balance
-37 211
-39 074
-39 633
Net acquisition of non-financial assets
4 833
7 826
7 809
GFS Net lending(+)/borrowing(-)
-42 044
-46 900
-47 442
State and local government
GFS Revenue
269 642
311 559
318 984
GFS Expenses
256 699
299 549
309 637
GFS Net operating balance
12 943
12 010
9 347
Net acquisition of non-financial assets
13 425
17 857
17 848
GFS Net lending(+)/borrowing(-)
-483
-5 847
-8 501
Multi-jurisdictional(b)
GFS Revenue
27 024
28 763
28 763
GFS Expenses
25 798
27 429
27 429
GFS Net operating balance
1 225
1 334
1 334
Net acquisition of non-financial assets
1 541
1 717
1 717
GFS Net lending(+)/borrowing(-)
-315
-383
-383

(a) The total public sector comprises general government, public non-financial corporations and public financial corporations. The sum of individual levels of government or sectors may not agree with the total public sector figures due to transfers between levels of government.
(b) The multi-jurisdictional sector contains units where jurisdiction is shared between two or more governments, or classification of a unit to a jurisdiction is otherwise unclear. The main types of units currently falling into this category are the public universities.


CASH OPERATING RESULTS


The cash operating result for all levels of government in 2014-15 was a deficit of -$35,593m for the general government sector and a deficit of -$44,294m for the total public sector.

The following table presents the 2014-15 cash operating surplus/deficit results by sector for each jurisdiction.

CASH OPERATING RESULTS, By Sector, 2014-15

General Government Sector
Non-financial Public Sector
Total Public Sector(a)
2014-15
2014-15
2014-15
$m
$m
$m

Surplus (+)/Deficit(-)
Commonwealth Government
-33 549
-37 906
-38 077
State and local government
New South Wales
4 085
3 219
4 797
Victoria
960
-45
-53
Queensland
-799
-1 079
-2 715
South Australia
192
32
-65
Western Australia
-1 373
-2 382
-2 322
Tasmania
387
115
21
Northern Territory
-70
-53
-186
Australian Capital Territory
-596
-614
-614
Total state and local government
2 788
-806
-1 136
Multi-jurisdictional(b)
-857
-1 059
-1 059
All levels of government
-35 593
-43 794
-44 294

(a) The total public sector comprises general government, public non-financial corporations and public financial corporations. The sum of individual levels of government or sectors may not agree with the total public sector figures due to transfers between levels of government.
(b) The multi-jurisdictional sector contains units where jurisdiction is shared between two or more governments, or classification of a unit to a jurisdiction is otherwise unclear. The main types of units currently falling into this category are the public universities.


BALANCE SHEET RESULTS


GFS net worth reflects the contribution of governments to the wealth of Australia. The consolidated net worth as at 30 June 2015 for all levels of government was $842,110m.

The following table presents 30 June 2015 balance sheet aggregates by sector for the various levels of government.

BALANCE SHEET RESULTS, By Sector, At 30 June 2015

General Government Sector
Non-financial Public Sector
Total Public Sector(a)
at 30 June 2015
at 30 June 2015
at 30 June 2015
$m
$m
$m

All levels of government
Total assets
1 965 070
2 107 298
2 341 240
Total liabilities
1 122 960
1 265 188
1 499 130
Shares and other contributed capital
-
-
-
GFS Net worth
842 110
842 110
842 110
Commonwealth Government
Total assets
457 946
467 971
602 555
Total liabilities
744 820
754 845
889 429
Shares and other contributed capital
-
-
-
GFS Net worth
-286 874
-286 874
-286 874
State and local government
Total assets
1 452 812
1 584 801
1 689 570
Total liabilities
371 370
503 360
608 128
Shares and other contributed capital
-
-
-
GFS Net worth
1 081 442
1 081 442
1 081 442
Multi-jurisdictional(b)
Total assets
66 722
70 606
70 606
Total liabilities
19 180
20 849
20 849
Shares and other contributed capital
-
2 214
2 214
GFS Net worth
47 542
47 542
47 542

- nil or rounded to zero (including null cells)
(a) The total public sector comprises general government, public non-financial corporations and public financial corporations. The sum of individual levels of government or sectors may not agree with the total public sector figures due to transfers between level of government.
(b) The multi-jurisdictional sector contains units where jurisdiction is shared between two or more governments, or classification of a unit to a jurisdiction is otherwise unclear. The main types of units currently falling into this category are the public universities.


GOVERNMENT FINANCE STATISTICS STANDARDS

GFS enables policy makers and users to analyse the financial operations and financial position of the public sector by the level of government, institutional sector or set of transactions. The system of GFS is based on international standards set out in the System of National Accounts 1993 (1993 SNA) and the International Monetary Fund's (IMF) Government Finance Statistics Manual (GFSM). The System of National Accounts has been updated and the System of National Accounts, 2008 (2008 SNA) was endorsed by the United Nations Statistical Commission in February 2009. The ABS compilation of GFS adopts the updated 2008 SNA treatment in two cases. The first is that Defence Weapons Platforms are treated as gross fixed capital formation. The second is in the treatment of Special Drawing Rights. These changes have been updated in the Australian System of Government Finance Statistics: Concepts, Sources and Methods, 2005 (cat. no. 5514.0). The ABS GFS Manual has also been updated to include the treatment of emissions schemes in ABS GFS data.

The IMF has published a revised Government Finance Statistics Manual (GFSM 2014), and the Australian system has been updated to reflect the new international standards. These changes are presented in the Australian System of Government Finance Statistics: Concepts, Sources and Methods, 2015(cat. no. 5514.0), and will be implemented for data reported for periods from 1 July 2017 onwards.


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 which included a reclassification of visa application charges (VAC). These charges are now treated as taxation revenue, rather than sales of goods and services, to reflect a sustained change in the nature of this revenue item. This reclassification has been made through the GFS publication time series to ensure comparability over time, with no impact on total GFS revenue or the GFS net operating balance.


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. These transactions do not contribute to the net operating balance on the operating statement, and are shown under net acquisition of non-financial assets. This approach 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 the accounting standards 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.


ABOUT THIS PUBLICATION

This publication presents government finance statistics on an accrual accounting basis for each jurisdiction for general government, public non-financial corporations, the non-financial public sector, public financial corporations and the total public sector for all levels of government, commonwealth government, state government, state and local government, local government and multi-jurisdictional as follows:
  • Operating statements;
  • Cash flow statements; and
  • Balance sheets.

Time series of these data are available on the ABS website for the periods 2005-06 to 2014-15.

Users interested in quarterly GFS data for the current financial year should refer to Government Finance Statistics, Australia, Quarterly (cat. no. 5519.0.55.001).


INQUIRIES

For further information about these and related statistics, contact the National Information and Referral Service on 1300 135 070 or Public Finance on (07) 3222 6414. The ABS Privacy Policy outlines how the ABS will handle any personal information that you provide to us.