5512.0 - Government Finance Statistics, Australia, 2017-18 Quality Declaration 
Latest ISSUE Released at 11:30 AM (CANBERRA TIME) 29/04/2019   
   Page tools: Print Print Page Print all pages in this productPrint All RSS Feed RSS Bookmark and Share Search this Product

STATEMENT OF STOCKS AND FLOWS

The international Government Finance Statistics (GFS) standard as promulgated by the International Monetary Fund (IMF) recommends that opening and closing 'stock' values be reconciled with all 'flows' occurring throughout the year. The standard is based on an analytical framework in which all changes in the values of stocks from one year to the next can be fully explained by the flows that have occurred during that year.

Institutional units hold assets (financial and non-financial) and incur liabilities (which by definition are financial). The level of these assets and liabilities at any point in time is the stock. The difference between assets and liabilities is net worth, which is a measure of the 'wealth' of units or of government. Anything which causes a change in these stocks of assets and liabilities is a flow. Flows are disaggregated into transactions and 'other economic flows'. A transaction is, for the most part, an interaction between two units by mutual agreement, whereas an other economic flow is a change in the volume or value of a stock of a unit not resulting from a transaction. Other economic flows can be disaggregated into movements in asset/liability values resulting from price changes ('revaluations') and those resulting from volume changes ('other changes in volume').

For more information on the statement of stocks and flows, refer to Chapter 4 in Australian System of Government Finance Statistics: Concepts, Sources and Methods, 2015 (cat. no. 5514.0) and Chapter 3 of the IMF's Government Finance Statistics Manual 2014 (GFSM 2014).


COMMONWEALTH GENERAL GOVERNMENT

The statement of stocks and flows for the Commonwealth general government sector is presented in Table 1. During 2017-18 the net worth of the Commonwealth general government sector decreased by $30,855m. This was the result of other economic flows of -$26,358m and a GFS net operating balance (which reflects the change in net worth due to transactions) of -$4,497m.


TABLE 1, STATEMENT OF STOCKS AND FLOWS, General Government Sector, Commonwealth Government

Opening stocks as
at 1 July 2017
Transactions
Other economic flows(a)
Closing stocks as
at 30 June 2018
$m
$m
$m
$m

Assets
Non-financial assets
Buildings and structures
25 230
66
479
25 775
Machinery and equipment
14 778
444
15
15 237
Other fixed produced assets
62 874
3 291
-136
66 029
Other produced assets
20 228
601
-357
20 472
Land
9 634
-343
734
10 025
Other non-produced assets
3 204
-2 774
3 493
3 923
Total non-financial assets
135 948
1 284
4 229
141 461
Financial assets
Currency and deposits
5 140
1 643
-
6 783
Advances
47 104
11 416
-2 463
56 057
Securities, investments, loans and placements
193 251
40
-2 681
190 610
Equity including contributed capital
90 012
8 625
11 555
110 192
Other financial assets
53 190
1 201
-
54 391
Total financial assets
388 696
22 925
6 411
418 032
Total assets
524 644
24 209
10 640
559 493
less
Liabilities
Currency and deposits
4 313
249
-
4 562
Advances
-
-
-
-
Securities, investments, loans and placements
565 410
30 564
-955
595 019
Provisions for superannuation
279 459
-
33 993
313 452
Other liabilities
74 308
-2 107
3 959
76 160
Total liabilities
923 489
28 706
36 998
989 193
equals
GFS Net worth
-398 845
-4 497
-26 358
-429 700
Net financial worth
-534 793
. .
. .
-571 161

. . not applicable
- nil or rounded to zero (including null cells)
(a) Other economic flows are primarily a result of holding gains and losses (revaluations).


STATE AND LOCAL GENERAL GOVERNMENT

During 2017-18 the net worth of the state general government sector increased by $38,511m, driven by $30,855m from other economic flows and a GFS net operating balance of $7,656m.


TABLE 2, STATEMENT OF STOCKS AND FLOWS, General Government Sector, Total State Government

Opening stocks as
at 1 July 2017
Transactions
Other economic flows(a)
Closing stocks as
at 30 June 2018
$m
$m
$m
$m

Assets
Non-financial assets
Buildings and structures
405 955
17 465
8 128
431 548
Machinery and equipment
16 376
1 027
-459
16 944
Other fixed produced assets
5 493
884
-481
5 896
Other produced assets
17 576
64
-1 313
16 327
Land
226 854
1 005
13 034
240 893
Other non-produced assets
3 443
-49
553
3 947
Total non-financial assets
675 697
20 395
19 462
715 554
Financial assets
Currency and deposits
20 149
-2 163
-
17 986
Advances
5 071
104
158
5 333
Securities, investments, loans and placements
86 806
4 873
1 391
93 070
Equity including contributed capital
332 167
-6 631
17 186
342 722
Other financial assets
27 555
1 254
-
28 809
Total financial assets
471 748
-2 563
18 736
487 921
Total assets
1 147 445
17 832
38 198
1 203 475
less
Liabilities
Currency and deposits
3 489
357
-
3 846
Advances
5 422
987
108
6 517
Securities, investments, loans and placements
132 555
7 487
1 640
141 682
Provisions for superannuation
145 923
-
-1 054
144 869
Other liabilities
76 032
1 345
6 648
84 025
Total liabilities
363 421
10 176
7 342
380 939
equals
GFS Net worth
784 024
7 656
30 855
822 535
Net financial worth
108 327
. .
. .
106 981

. . not applicable
- nil or rounded to zero (including null cells)
(a) Other economic flows are primarily a result of holding gains and losses (revaluations).


The net worth of the local general government sector increased by $19,580m in 2017-18. Other economic flows contributed $9,778m to this movement.


TABLE 3, STATEMENT OF STOCKS AND FLOWS, General Government Sector, Total Local Government

Opening stocks as
at 1 July 2017
Transactions
Other economic flows(a)
Closing stocks as
at 30 June 2018
$m
$m
$m
$m

Assets
Non-financial assets
Buildings and structures
303 800
3 724
4 126
311 650
Machinery and equipment
5 531
2 699
-2 752
5 478
Other fixed produced assets
631
170
-188
613
Other produced assets
2 416
-17
126
2 525
Land
115 109
283
8 756
124 148
Other non-produced assets
118
-
42
160
Total non-financial assets
427 605
6 860
10 107
444 572
Financial assets
Currency and deposits
12 003
-317
-
11 686
Advances
103
-26
24
101
Securities, investments, loans and placements
15 310
2 097
231
17 638
Equity including contributed capital
7 311
-26
181
7 466
Other financial assets
4 199
120
-
4 319
Total financial assets
38 925
1 848
438
41 211
Total assets
466 530
8 708
10 545
485 783
less
Liabilities
Currency and deposits
587
38
-
625
Advances
216
-11
65
270
Securities, investments, loans and placements
11 064
-264
-193
10 607
Provisions for superannuation
1
-
-1
-
Other liabilities
8 143
-857
895
8 181
Total liabilities
20 011
-1 094
767
19 684
equals
GFS Net worth
446 519
9 802
9 778
466 099
Net financial worth
18 914
. .
. .
21 527

. . not applicable
- nil or rounded to zero (including null cells)
(a) Other economic flows are primarily a result of holding gains and losses (revaluations).