5512.0 - Government Finance Statistics, Australia, 2017-18 Quality Declaration 
Latest ISSUE Released at 11:30 AM (CANBERRA TIME) 29/04/2019   
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STATEMENT OF TOTAL CHANGES IN NET WORTH

The statement of total changes in net worth combines the key results of the operating statement and the statement of stocks and flows in one statement.

This statement provides a clear statistical explanation of the factors causing the change in the net worth of government. It explains the sources of changes in assets and liabilities from one reporting period to another in terms of transactions in revenue and expenses as well as other economic flows. For example, a strong contribution to the change in net worth from other economic flows will highlight the influence of revaluations to assets and liabilities, which do not reflect fiscal decisions of government.

The decrease in the net worth of the Commonwealth general government sector during 2017-18 was driven by a negative net operating balance position (-$4,497m) and an increase in liabilities via other economic flows ($36,998m), primarily due to an upward revaluation of provisions for superannuation ($33,993m).

The increase in the net worth of the total state general government sector during 2017-18 was driven by a positive net operating balance position ($7,656m) and an increase in asset values via other economic flows ($38,198m), primarily due to upward revaluations of equity assets ($17,186m) and land ($13,034m). The total local general government sector saw a similarly positive net operating balance position ($9,802m) and large upward revaluations of non-financial assets ($10,107m).


TABLE 1, STATEMENT OF TOTAL CHANGES IN NET WORTH BY LEVEL OF GOVERNMENT SUBSECTOR

Commonwealth
Total State
Total Local
General Government
General Government
General Government
2017-18
2017-18
2017-18
$m
$m
$m

Transactions affecting net worth:
.
Revenue
459 368
271 269
46 800
less Expenses
463 865
263 613
36 998
.
equals GFS Net Operating Balance
-4 497
7 656
9 802
.
Change in net worth due to other economic flows:
.
Non-financial assets
4 229
19 462
10 107
plus Financial assets
6 411
18 736
438
less Liabilities
36 998
7 342
767
.
equals Total other economic flows
-26 358
30 855
9 778
.
Total change in net worth
-30 855
38 511
19 580