5519.0.55.001 - Government Finance Statistics, Australia, Dec 2018 Quality Declaration 
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 05/03/2019   
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DECEMBER KEY FIGURES: ALL LEVELS OF GOVERNMENT


In the December quarter 2018:
  • Taxation revenue increased by 13.4% from $126,740m in the September quarter 2018 to $143,709m in the December quarter 2018.
  • General government sector revenue exceeded expenses resulting in a GFS net operating balance of $6,144m.
  • The GFS net lending(+)/borrowing(-) position for the general government sector was -$3,757m.

Graph Image for ALL LEVELS OF GENERAL GOVERNMENT, GFS REVENUE AND EXPENSES
Graph Image for ALL LEVELS OF GENERAL GOVERNMENT, NET OPERATING BALANCE, NET LENDING BORROWING



GFS KEY FIGURES: ALL LEVELS OF GOVERNMENT, ORIGINAL

Sep Qtr
2018
Dec Qtr
2018
Sep Qtr 2018 to
Dec Qtr 2018
$m
$m
% change

Current Prices
Taxation revenue
General government
126 740
143 709
13.4
Total revenue
General government
159 248
174 737
9.7
Public non-financial corporations
20 966
21 605
3.0
Total expenses
General government
166 885
168 593
1.0
Public non-financial corporations
21 580
22 892
6.1
GFS Net operating balance
General government
7 638
6 144
. .
Public non-financial corporations
614
1 287
. .
GFS Net lending(+)/borrowing(-)
General government
13 184
3 757
. .
Public non-financial corporations
2 749
4 142
. .

. . not applicable



QUARTERLY NATIONAL ACCOUNTS PUBLIC SECTOR MEASURES - KEY FIGURES

The table below includes the key public sector aggregates for the December quarter 2018 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 December quarter 2018:
  • Total general government final consumption expenditure increased by $1,596m, a rise of 1.8% compared with the September quarter 2018, which is expected to add 0.3 percentage points to growth in the December quarter 2018 volume measure of GDP.
  • Total general government gross fixed capital formation increased by $467m, a rise of 2.7% compared with the September quarter 2018.
  • Total public corporations gross fixed capital formation decreased by $397m, a fall of 6.7% compared with the September quarter 2018.
  • Total public gross fixed capital formation increased by $70m, a rise of 0.3% compared with the September quarter 2018, and will not contribute to growth in the December quarter 2018 volume measure of GDP.


Graph Image for KEY NATIONAL ACCOUNTS PUBLIC SECTOR MEASURES, SEASONALLY ADJUSTED


QUARTERLY NATIONAL ACCOUNTS PUBLIC SECTOR MEASURES - KEY FIGURES, SEASONALLY ADJUSTED

Mar Qtr
2018
Jun Qtr
2018
Sep Qtr
2018
Dec Qtr
2018
Sep Qtr 2018
to Dec Qtr 2018
$m
$m
$m
$m
% change

Current Prices
General government final consumption expenditure (a)
National - defence
7 698
7 718
8 141
8 003
–1.7
National - non-defence
27 322
28 147
28 811
29 954
4.0
Total national
35 019
35 865
36 951
37 957
2.7
State and local
52 212
52 288
52 660
53 361
1.3
Total general government final consumption expenditure
87 232
88 153
89 611
91 318
1.9
Public gross fixed capital formation
General government
National - defence
2 275
2 498
2 896
2 619
–9.6
National - non-defence
2 322
2 215
2 398
2 424
1.1
Total national
4 597
4 714
5 294
5 043
–4.7
State and local
11 518
12 123
12 754
13 664
7.1
Total general government
16 114
16 837
18 049
18 707
3.6
Public corporations
Commonwealth
2 070
2 028
2 061
1 971
–4.4
State and local
4 032
3 750
4 070
3 803
–6.6
Total public corporations
6 102
5 778
6 131
5 774
–5.8
Total public gross fixed capital formation
22 216
22 615
24 180
24 481
1.2
Memorandum item
Net purchases of second-hand assets by public sector
418
713
474
359
np

Chain Volume (b)
General government final consumption expenditure (a)
National - defence
7 590
7 612
7 992
7 840
–1.9
National - non-defence
27 495
28 251
29 036
30 242
4.2
Total national
35 084
35 863
37 028
38 083
2.8
State and local
50 771
50 832
50 667
51 207
1.1
Total general government final consumption expenditure
85 855
86 695
87 694
89 290
1.8
Public gross fixed capital formation
General government
National - defence
2 351
2 536
2 863
2 548
–11.0
National - non-defence
2 311
2 190
2 374
2 392
0.8
Total national
4 662
4 726
5 237
4 940
–5.7
State and local
11 194
11 609
12 110
12 874
6.3
Total general government
15 856
16 335
17 347
17 814
2.7
Public corporations
Commonwealth
2 055
1 983
2 011
1 908
–5.2
State and local
3 986
3 651
3 946
3 653
–7.4
Total public corporations
6 041
5 634
5 957
5 560
–6.7
Total public gross fixed capital formation
21 897
21 968
23 304
23 374
0.3
Memorandum item
Net purchases of second-hand assets by public sector
407
689
453
342
np

np not available for publication but included in totals where applicable, unless otherwise indicated
(a) See paragraph 35 of the Explanatory Notes for the relationship between general government final consumption expenditure and GFS aggregates.
(b) Reference year for chain volume measures is 2016-17.


DECEMBER QUARTER 2018 GFS RELEASE

This release presents quarterly government finance statistics on an accrual accounting basis. All tables presented 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 (2016-17) was released on 26 April 2018.

RELEASE OF QUARTERLY GFS THIS ISSUE
Table
Sep 18
Dec 18
Table 1 All Levels of Government, Operating Statement - General Government
*
*
Table 2 All Levels of Government, Operating Statement - Public Non-Financial Corporations
*
*
Table 3 Commonwealth Government, Operating Statement
*
*
Table 4 Total State & Local, Operating Statement
*
*
Table 5 New South Wales, Operating Statement
*
*
Table 6 Victoria, Operating Statement
*
*
Table 7 Queensland, Operating Statement
*
*
Table 8 South Australia, Operating Statement
*
*
Table 9 Western Australia, Operating Statement
*
*
Table 10 Tasmania, Operating Statement
*
*
Table 11 Northern Territory, Operating Statement
*
*
Table 12 Australian Capital Territory, Operating Statement
*
*
Table 13 Commonwealth Government, Balance Sheet
*
*
Table 14 Total State Government, Balance Sheet
*
*

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.


CHANGES TO GOVERNMENT FINANCE STATISTICS

Australia's system for producing GFS has been updated as a result of revised international standards for compiling national accounts (2008 SNA) and the consequent revision of the International Monetary Fund's GFS Manual 2014 (IMF GFSM 2014). An updated ABS GFS Manual was released on 23 December 2015 to reflect the AGFS15 changes and can be found in Australian System of Government Finance Statistics: Concepts, Sources and Methods, 2015 (cat. no. 5514.0). AGFS15 is effective for all GFS data that is reported for all periods from 1 July 2017 onwards, beginning with the September quarter 2017 publication.

A range of conceptual changes under AGFS15 are outlined in the updated ABS GFS Manual. Details of the changes that impact quarterly GFS data were covered in an earlier Information Paper: Forthcoming Changes to the Quarterly Publication for Government Finance Statistics (cat. no. 5519.0.55.002). Details of the changes that impact annual GFS data are covered in a recent Information Paper: Forthcoming Changes to the Annual Publication for Government Finance Statistics (cat. no. 5512.0.55.001).

As part of these changes the ABS is currently considering options for the implementation of the creditor approach to interest expenses. Experimental estimates for key aggregate sectors are included in the interim as a memorandum item in the publication spreadsheet so that users are aware of the potential impact on GFS outputs. These experimental estimates are sourced from the General Government Income Accounts that are produced as part of the quarterly Australian National Accounts: National Income, Expenditure and Product (cat. no. 5206.0). The Income Accounts present Other interest as an output category within Property income payable, which is broadly comparable to the Other interest expenses output category within GFS Expenses.


PUBLICATION OF CURRENT QUARTER DATA BY JURISDICTION

The GFS quarterly publication has historically published data for individual state and local jurisdictions with a one quarter lag before publishing. The ABS has worked closely with data providers to improve the quality of initial GFS estimates and has begun publishing current quarter data for individual state and local jurisdictions beginning with the September quarter 2018 publication. This initiative supports the timely analysis of GFS data for fiscal and macroeconomic purposes at the jurisdiction level.


CHANGE OF SECTOR DURING CONSTRUCTION

GFS includes estimates of public gross fixed capital formation for general government and public corporations. Users should be aware that there are occasions where a capital project may change ownership during the construction phase from the public to private sector. On these occasions the new capital expenditure associated with such a project will move sector effective from the time of the ownership change. The public corporations series is being impacted on by a sectoral change in the current quarter.


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 across macroeconomic statistics has been completed.


FORTHCOMING ISSUES

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:

Issue5519.0.55.0015206.0
March 20194 June 20195 June 2019
June 20193 September 20194 September 2019


INQUIRIES

For further information about these and related statistics, contact the National Information and Referral Service on 1300 135 070, email <client.services@abs.gov.au> or email <public.finance@abs.gov.au>. The ABS Privacy Policy outlines how the ABS will handle any personal information that you provide to us.