5519.0.55.001 - Government Finance Statistics, Australia, Jun 2017 Quality Declaration
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 05/09/2017
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JUNE KEY FIGURES: ALL LEVELS OF GOVERNMENT
In the June quarter 2017:
GFS KEY FIGURES: ALL LEVELS OF GOVERNMENT, ORIGINAL
QUARTERLY NATIONAL ACCOUNTS PUBLIC SECTOR MEASURES - KEY FIGURES
The table below includes the key public sector aggregates for the June quarter 2017 which will be included in the Australian National Accounts: National Income, Expenditure and Product (cat. no. 5206.0). The key figures shown include Government Final Consumption Expenditure for general government and Gross Fixed Capital Formation for general government and public corporations, seasonally adjusted in current prices and chain volume terms.
In seasonally adjusted chain volume terms in the June quarter 2017:
QUARTERLY NATIONAL ACCOUNTS PUBLIC SECTOR MEASURES - KEY FIGURES, SEASONALLY ADJUSTED
(a) See paragraph 37 of the Explanatory Notes for the relationship between general government final consumption expenditure and GFS aggregates.
(b) Reference year for chain volume measures is 2014-15.
JUNE QUARTER 2017 GFS RELEASE
This release presents quarterly government finance statistics on an accrual accounting basis. All tables are presented in GFS operating statement format and are for the general government sector, with the exception of Table 2 which presents data for the public non-financial corporations sector.
Detailed quarterly GFS are released for the current financial year only, other than in the September quarter, when the quarters of the previous financial year are presented. Users requiring data for earlier periods should consult the annual publication Government Finance Statistics, Australia (cat. no. 5512.0). The latest issue (2015-16) was released on 27 April 2017.
RELEASE OF QUARTERLY GFS THIS ISSUE
Government Finance Statistics are part of the broader suite of macroeconomic accounts produced by the ABS. They share their basic concepts with the National Accounts and Balance of Payments. The conceptual framework is agreed internationally and published by the International Monetary Fund. Macroeconomic statistics are compiled to enable macroeconomic analysis and the standards may differ from accounting standards in some regards.
TRANSACTIONS RELATED TO VISA APPLICATION CHARGES
In December 2015, the Commonwealth Government released the 2015-16 Mid-Year Economic and Fiscal Outlook (MYEFO) which included a reclassification of visa application charges (VAC). In MYEFO these charges are now treated as taxation revenue rather than sales of goods and services. This reclassification has been applied to the Government Finance Statistics (GFS), with no impact on total GFS revenue or the GFS net operating balance. The National Accounts statistics will maintain coherence with previously published data and classify this transaction as sales of goods and services. These treatments will remain in place until a review of the treatment of VAC and similar government charges in macroeconomic statistics has been completed.
FORTHCOMING CHANGES TO GOVERNMENT FINANCE STATISTICS
The new Australian System of Government Finance Statistics 2015 (AGFS15) will be effective for all GFS data that is reported from 1 July 2017 onwards, beginning with the September quarter 2017 publication that will be released on 5 December 2017.
Additional details on forthcoming changes to the GFS quarterly publication as a result of AGFS15 implementation are covered in an Information Paper: Forthcoming Changes to the Quarterly Publication for Government Finance Statistics (cat. no. 5519.0.55.002) released on 5 September 2017.
The September quarter 2017 publication will also include additional commentary on the public sector measures of the National Accounts, including their contribution to changes in GDP.
The release of GFS quarterly data is usually coordinated to be the day before the respective issue of Australian National Accounts: National Income, Expenditure and Product (cat. no. 5206.0). The scheduled release dates for the next two issues are:
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