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Key figures: all levels of general government, Government Finance Statistics (GFS)
Graph 1: All levels of general government, GFS revenue and expenses
Graph 2: All levels of general government, net operating balance, net lending/borrowing
Table 1: 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 December quarter 2019 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 total general government and Gross Fixed Capital Formation for total general government and total public corporations, seasonally adjusted in current prices and chain volume terms.
In seasonally adjusted chain volume terms compared with the previous quarter:
Graph 3: National accounts public sector key measures, seasonally adjusted chain volume
Table 2: Quarterly national accounts public sector measures - key figures, seasonally adjusted
(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 2017-18.
Quarters presented in this 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 (2017-18) was released on 29 April 2019.
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.
Recent bushfires around Australia have resulted in minor disruption to data collection activities during December quarter 2019. Quality assurance undertaken by the ABS has confirmed that these disruptions did not affect the quality of GFS estimates. Whilst it is expected that bushfire rebuilding and recovery works will impact on economic activity across the public sector, this activity was not significant in the December quarter. More information relating to measuring natural disasters in the Australian economy can be found in the following ABS Chief Economist Series paper: Measuring natural disasters in the Australian economy
Accounting Standard Changes
The following Australian Accounting Standards Board (AASB) standard changes have been introduced in government financial reporting for periods from 1 July 2019 onwards, leading to increased divergence in certain circumstances between economic statistics publications and government financial reporting:
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.
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:
New ABS website
The ABS will be launching a new website in 2020. You will soon be able to see how this release will appear on the new website by exploring our Beta site. Regular users of this information are encouraged to explore the Beta site and consider if this will affect the way you access and consume ABS data and information. If you would like more information on the new ABS website, or want to discuss how the transition to the new site might impact you, please email newABSwebsite@abs.gov.au
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