Advances to persons for HECS purposes (net)
Applies to cases where students elect to defer payment of their HECS liability. Loans by the Commonwealth Government to students are classified as advances. Repayments of these loans through the tax system are classified as negative advances and netted out.
Benefits to households in goods and services
Expenditure by government on goods and services produced by market producers that are provided directly to households as social transfers in kind.
Capital grant expenses
Unrequited payments (see definition below) intended to finance the acquisition of non-financial assets by the recipient or to compensate for damage or destruction of capital assets, or increase the financial capital of the recipient.
Current grant expenses
Unrequited payments (see definition below) intended to finance the current operations of other government or non-government bodies.
Current monetary transfers to households
Monetary transfers by government to households who are not required to provide any significant amount of goods and services in return, e.g. old age pensions, unemployment benefits and youth allowances.
Expenditure on non-financial assets
Net expenditure on new and second-hand fixed assets, land and intangible assets excluding capitalised interest. Fixed assets are durable goods intended to be employed in the production process for longer than a year.
Grants and subsidies received
Amounts received from voluntary transfers by government and other entities.
Gross domestic product (GDP)
Total market value of goods and services produced in Australia within a given period after deducting the cost of goods used up in the process of production, but before deducting allowances for the consumption of fixed capital (depreciation).
Higher education contribution
The HECS scheme requires students to pay a contribution towards the cost of scheme (HECS) their higher education. The payments may be made direct to the institution attended (at a 25% discount) at the time the education course is undertaken, or students may enter a loan agreement with the Commonwealth Government to discharge their obligation to pay the contribution, the loan to be repaid at a later date through the taxation system. The proceeds of the loan are not paid to the students, but are paid to the institution on the student’s behalf from a trust fund.
In the statistics the loan is recorded as an advance from the Commonwealth Government to the students, and the amount received by the institutions out of the trust fund is treated as a general government service charge paid by the student and is offset against government final consumption expenditure.
Grants from the Commonwealth to State Governments and universities.
Private final consumption expenditure
Outlays by the household sector on the consumption of educational services. These include expenditure on salaries paid to non-government school teachers. HECS payments (both up front and deferred) by students are also part of private final consumption expenditure.
Private gross fixed capital
Net expenditure on fixed assets, e.g. new private school buildings, by the private expenditure sector.
Sales of goods and services
Revenue from the direct provision of goods and services by general government and public corporations.
Superannuation expense is a component of 'compensation of employees'. Superannuation expense in a period represents the increase in superannuation liability due to services provided by employees in that period.
Payments made for which nothing is received directly in return.