Government Financial Estimates, Australia, 2006-07

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MEDIA ALERT

November 3, 2006
104/2006

URGENT ATTENTION: News Editors, Finance Reporters

Error in Government Financial Estimates released Friday 3 November

There was an error in the Australian Bureau of Statistics (ABS) publication "Government Finance Estimates" (cat. no. 5501.0.55.001) which was released today. The error originated in the ABS at the data entry stage.

The error relates to the revenue estimates for New South Wales. Correction of the error will result in the following revised key balances for NSW.

$(million)
Net operating result: -711
Net lending/borrowing: -2484
Cash surplus/deficit: -9810


The ABS will release a corrected publication early next week.

The ABS's processes for reviewing the estimates prior to publication, which includes a review of the estimates by the relevant jurisdictions, failed to pick up the error.

An internal review has been commissioned to identify why the error was able to occur and how it can be prevented in the future.