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ABOUT THIS ELECTRONIC RELEASE

This electronic release presents quarterly government finance statistics (GFS) on an accrual accounting basis.

Tables 1-4 provide quarterly GFS to December quarter 2003. The remaining tables show, for each state and territory, total state and local quarterly GFS to September quarter 2003. The March quarter 2004 release will contain the December quarter data for the state and local tables.

All tables are presented in GFS Operating Statement format. Table 2 presents All Australian Governments GFS for the public non financial corporations sector. All other tables show data for the general government sector.

The March quarter 2004 issue of this release is scheduled for 16 June 2004. The June quarter issue is scheduled to be released on 30th August 2004. This is 2 days before the release of the June quarter 2004 National Accounts publication. Subsequent issues will be released with similar timing.

The contact officer for this new, electronic-only release is Fleming Gilfelt on Canberra (02) 6252 7501.


MAIN FEATURES

DECEMBER QUARTER 2003 KEY FIGURES: ALL LEVELS OF GOVERNMENT

December 2002 to December 2003 movements -

• In original terms, taxation revenue (GFS basis - see Explanatory Notes, paragraph 40) rose $4,712m to $65,788m, an increase of 7.7 per cent.

• In original terms, taxation revenue rose $8,616m to $65,788m, due mainly to increases in taxes on individuals, company income tax and GST revenue.
• The general government GFS Net operating balance, in original terms, rose $5,934m to $5,581m.
• In original terms, general government GFS Net lending/borrowing moved from a net borrowing position of $809m to a net lending position of $4,485m.

DECEMBER QUARTER 2003 KEY FIGURES: ALL LEVELS OF GOVERNMENT
		Dec qtr 2002	Sep qtr 2003	Dec qtr 2003	% change Dec qtr 2002 to Dec qtr 2003
		$m	$m	$m	%
Taxation revenue
	General government	61,076	57,172	65,788	7.7
Total revenue
	General government	72,727	70,437	77,733	6.9
	Public non financial corporations	15,184	14,973	15,991	5.3
Total expenses
	General government	67,945	70,790	72,152	6.2
	Public non financial corporations	13,700	14,645	13,635	-0.5
GFS Net operating balance
	General government	4,783	-353	5,581	..
	Public non financial corporations	1,483	328	2,356	..
GFS Net lending(+)/borrowing(-)
	General government	3,325	-809	4,485	..
	Public non financial corporations	870	169	1,519	..

• In seasonally adjusted chain volume terms, final consumption expenditure rose $313m to $33,945m.
• General government gross fixed capital formation, in seasonally adjusted chain volume terms, rose $16m to $4,263m. There were no major public asset sales recorded during the December 2003 quarter.
  
  

  QUARTERLY NATIONAL ACCOUNTS PUBLIC SECTOR MEASURES - KEY FIGURES
  			Sep qtr 2003	Dec qtr 2003	% change Sep qtr 2003 to Dec qtr 2003
  SEASONALLY ADJUSTED
  			$m	$m	%
  Current prices
  General government final consumption expenditure(a)
  	National
  		Defence	3,690	3,483	-5.6
  		Non defence	10,277	10,648	3.6
  	State and local		21,661	22,211	2.5
  	Total general government		35,628	36,342	2.0
  Gross fixed capital formation
  	General Government		4,214	4,201	-0.3
  	Public corporations		2,509	3,123	24.5
  Chain volume (b)
  General government final consumption expenditure(a)
  	National
  		Defence	3,591	3,483	-3.0
  		Non defence	9,688	9,868	1.9
  	State and local		20,353	20,594	1.2
  	Total general government		33,632	33,945	0.9
  Gross fixed capital formation
  	General government		4,247	4,263	0.4
  	Public corporations		2,478	3,100	25.1