15.2.

The main types of output available from the ABS GFS system are described below.

15.3.

Quarterly statistics are primarily compiled to provide data about general government and public nonfinancial corporations for inclusion in the quarterly national accounts. The quarterly statistics are published in Government Finance Statistics, Australia, Quarterly (ABS Cat. no. 5519.0.55.001).

15.4.

These statistics are the final data for a given year and are compiled from audited data sources. The annual statistics are published in Government Finance Statistics, Australia, Annual (ABS Cat. no. 5512.0).

15.5.

Specialised topic output refers to statistics presented in single-topic publications. At the present time the ABS publish two specialised topic GFS publications, which relate to taxation revenue and education. These annual statistics are published in Taxation Revenue, Australia, (ABS Cat. no. 5506.0) and Government Finance Statistics, Education, Australia, (ABS Cat. no. 5518.0.55.001).

15.6.

The ABS GFS system’s outputs (including specialised topic output) are generally stored as annual time series on the ABS website. Some GFS data are available back to 1961–62. However, due to the move of GFS from a cash basis of accounting to an accrual basis of accounting in 1998–99, earlier GFS data are not directly comparable.

15.7.

The main GFS aggregates (on a national accounts basis) are available as a quarterly time series back to 1959-60.

15.8.

For publication purposes, the GFS framework is divided into a number of separate statements, each of which focuses on analytical aggregates or balances of particular user attention. These statements are the:

• Statement of operations;
• Statement of sources and uses of cash,
• Balance sheet;
• Statement of stocks and flows;
• Statement of total changes in net worth;
• Summary statement of explicit contingent liabilities and implicit contingent liabilities;
• Statement of stocks and flows of financial assets and liabilities by source;
• Gross public sector debt and other liabilities at market value by level of government subsector;
• Net public sector debt and other liabilities at market value by level of government subsector; and 
• Debt instruments at market value by maturity.

15.9.

A brief description of the structure of these statements is provided below.

15.10.

The statement of operations presents details of transactions in GFS revenues, GFS expenses and the net acquisition of non-financial assets. In a broad conceptual sense, GFS revenues are defined as transactions that increase net worth and GFS expenses as transactions that decrease net worth. Net acquisition of nonfinancial assets equals gross fixed capital formation, less depreciation, plus changes in inventories and other transactions in non-financial assets. An example outline of the statement of operations and the main relationships within it is provided in Table 15.1 below.

15.11.

Two important analytical balances are derived in the statement of operations. Transactions in revenues less transactions in expenses equals the Net Operating Balance. The subsequent deduction of transactions in the net acquisition of non-financial assets results in the GFS Net Lending (+) / Borrowing (–), which is also equal to the net result of transactions in financial assets and liabilities.

15.12.

The Net Operating Balance is a summary measure of the on-going sustainability of government operations. It is conceptually intended to be equivalent to the national accounting concept of Savings plus Capital Transfers, but in practice a reconciliation to the ASNA measure will be required to account for some differences in methodology and valuation used in the Australian GFS.

15.13.

GFS Net Lending (+) / Borrowing (–) is a summary measure which in essence indicates the extent to which government is either putting financial resources at the disposal of other sectors in the economy or utilising the financial resources generated by other sectors. It may therefore be viewed as an indicator of the financial impact of government activity on the rest of the economy. It is conceptually equivalent to the national accounting concept of Net Lending, but in practice GFS Net Lending (+) / Borrowing (–) will differ due to the different treatment and valuation of some component items.

15.14.

The statement of sources and uses of cash identifies how cash is generated and applied in the GFS. Cash is classified as arising from operating, investing and financing activities of government. An example outline of the statement of sources and uses of cash is presented in Table 15.2 below.

15.15.

The statement of sources and uses of cash contains four derived items, including one key analytical balance. These are net cash inflows from operating activities; GFS Cash Surplus (+) / GFS Cash Deficit (-) (this is a key analytical balance); the net cash inflow from financing activities; and the net increase / decrease in cash held. A summary of the four derived items of the statement of sources and uses of cash can be found in Table 15.3 below.

15.16.

The balance sheet shows assets, liabilities and GFS Net Worth. An example outline of the balance sheet is presented in Table 15.4 below.

15.17.

Assets represent instruments or entities over which ownership rights are enforced by institutional units and from which economic benefits may be derived by holding them, or using them, over a period of time. Assets are distinguished between non-financial and financial.

15.18.

Liabilities represent obligations to provide economic value to other institutional units. The classification of liabilities and financial assets needs to be symmetrical for consolidation purposes.

15.19.

GFS Net Worth is defined as assets less liabilities less shares and other contributed capital. For the general government sector, Net Worth is simply assets less liabilities since shares and other contributed capital are zero. For listed public corporations, shares and other contributed capital are recorded at current market values and for those which are unlisted, it is set equal to the value of assets less liabilities. The GFS Net Worth for unlisted public corporations is therefore zero.

15.20.

The statement of stocks and flows shows the opening balances of assets and liabilities, the related flows during the reporting period and the closing balances. The preferred valuation basis for all stocks and flows is current market prices. An example outline of the statement of stocks and flows is provided in Table 15.5 below.

15.21.

The statement of stocks and flows records the opening stocks, transactions, revaluations and other volume changes, and closing stocks of each of the categories described above. Transactions in financial assets represent acquisitions of financial assets less liquidation of such assets (e.g. debtors’ repayment of the financial claims represented by the assets). Acquisition of financial assets includes making deposits of cash with financial institutions, making advances to other units of the public sector or to private sector entities, making investments in other units, and purchasing shares or making other forms of capital contribution to public and private sector corporations for policy or liquidity management purposes. Revaluations occur most often for financial assets, such as shares and securities, that are traded on financial markets or are subject to exchange rate fluctuations. Other volume changes that may have an effect on financial assets include the writing off of bad debts by a creditor. Only write-offs that are not made by mutual agreement between creditor and debtor are treated as other volume changes (those made with mutual agreement are treated as capital transfer expenses).

15.22.

The statement of total changes in net worth shows the net operating balance, the change in net worth due to other economic flows, total other economic flows and the total change in net worth. An example outline of the statement of total changes in net worth is provided in Table 15.6 below.

15.23.

The statement of total changes in net worth combines the results of the statement of operations and the statement of stocks and flows in one statement. This statement serves to highlight the total changes in net worth of government, and explains the sources of changes in assets and liabilities from one reporting period to another in terms of transactions in revenue and expense and other economic flows.

15.24.

The statement of contingent liabilities records one-off guarantees, other explicit contingent liabilities not elsewhere classified, and implicit contingent liabilities. An example outline of The statement of contingent liabilities is provided in Table 15.7 below.

15.25.

The statement of contingent liabilities records the explicit and some implicit contingent liabilities. Contingent liabilities are obligations that do not arise unless a particular, discrete event(s) occurs in the future. These contingencies create fiscal risks and may arise from deliberate public policy or from unforeseen events.

15.26.

The statement of stocks and flows of financial assets and liabilities by source shows the opening balances of financial assets and liabilities, the related flows during the reporting period and the closing balances by source. The preferred valuation basis for all stocks and flows is current market prices. An example outline of the statement of stocks and flows of financial assets and liabilities by source is provided in Table 15.8 below.

15.27.

The statement of stocks and flows of financial assets and liabilities by source shows the opening balances, transactions, revaluations and other economic flows, and the closing balances of financial assets and liabilities by source. The source consists of a split between domestic bank or non-bank financial assets and liabilities; or foreign bank or non-bank financial assets and liabilities.

15.28.

Gross public sector debt and other liabilities at market value by level of government subsector presents debt instruments on the gross basis at their current market value, and by level of government subsector. An example outline of gross public sector debt and other liabilities at market value by level of government subsector is provided in Table 15.9 below. Tables will be published for all Australia and for each jurisdiction.

15.29.

Gross public sector debt and other liabilities at market value by level of government subsector shows debt and equity instrument coverage on the gross basis at the current market value as L1 to L6, and is further identified by level of government institutional coverage. Further information on debt instruments and the presentation of debt data in ABS GFS may be found in Chapter 8 of this manual.

15.30.

Net public sector debt and other liabilities at market value by level of government subsector presents debt instruments on the net basis at their current market value, and by level of government subsector. An example outline of net public sector debt and other liabilities at market value by level of government subsector is provided in Table 15.10 below.

15.31.

Net public sector debt and other liabilities at market value by level of government subsector shows debt instrument coverage on the net basis at the current market value as L1 to L6, and is further identified by level of government institutional coverage. Further information on debt instruments and the presentation of debt data in ABS GFS may be found in Chapter 8 of this manual.

15.32.

Debt instruments at market value by maturity presents debt instruments at their current market value and on the basis of remaining maturity. An example outline of debt instruments at market value by maturity is provided in Table 15.11 below. Further information on the presentation of debt instruments by maturity may be found in Appendix 2 of this manual.

15.33.

The number of detailed cross-classifications that could be provided from the GFS output database is potentially large but, in practice, is limited because input data are not always coded to the finest level in the classifications. Lack of information in source documents often makes coding to finer levels unachievable.

15.34.

However, there is a specified minimum level in each classification to which all data are coded. Consistent maintenance of coding at this minimum level ensures that the most commonly sought output is always available. In the output database, this level is termed the ‘maximum level of output’ and is the finest level of detail available for all of the ‘output sectors’. Application of a minimum level of coding represents a compromise between the availability of data and the level to which GFS classifications can be applied consistently across the various sectors.

15.35.

Despite source data limitations, a very large amount of data are potentially available from the output database. ABS GFS publications therefore include only a subset of the data potentially available. Available GFS data that is not published may be obtained for a fee (see section on the ABS Special Data Dissemination Service in this chapter).

15.36.

The GFS output database contains data aggregated into over 150 output sectors. No data for individual units are held. Each output sector is a combination of one or more of the level of government, institutional sector and jurisdiction classifications (e.g. Commonwealth general government). Each output sector holds aggregated GFS flow and stocks data classified to the ABS economic type framework (ETF) and a crossclassification of the ETF and the Classification of Functions of Government – Australia (COFOG-A).

15.37.

Each cell in the tables (apart from those marked ‘n.a.’) represents an aggregate for which data are available in the output database (provided they are not subject to closure for confidentiality reasons). Because of space limitations, the tables do not record every available aggregate; they show mainly aggregates that are included in ABS GFS publications. The content of the publications can vary and the tables should not be taken as a precise statement of the information included in the publications. Finer dissections of many of the ETF items are available – the classifications set out in this manual should be used as a guide as to the level of detail that might be available.

15.38.

As indicated in the introduction, ABS GFS output is disseminated electronically on the ABS website (www.abs.gov.au). A cost is charged by the ABS for 'special data services' which refers to the dissemination of data that are more detailed than the published data, or data tailored to a user’s particular requirements.

15.39.

The outputs included in ABS GFS publications are published at the ETF level. Information relating to general government, public non-financial corporations, public financial corporations and the public sector as a whole is included in ABS GFS publications. The institutional breakdowns most commonly published relate to the national, state and territory, and local levels of government. Data for state / territory and local government combined are also published. Information that is not published, but is available may be obtained via special data services, for which a cost is charged by the ABS.

15.40.

The four main ABS GFS publications are:

• Government Finance Statistics, Australia, Quarterly - (ABS Cat. no. 5519.0.55.001);
• Government Finance Statistics, Australia - (ABS Cat. no. 5512.0);
• Taxation Revenue, Australia - (ABS Cat. no. 5506.0);
• Government Finance Statistics, Education, Australia - (ABS Cat. no 5518.0.55.001)

15.41.

The content of the intended quarterly and annual GFS publications may be found in Table 15.12 below.

15.42.

Users interested in detailed GFS data for local governments should direct their query through the ABS National Information and Referral Service on telephone: Australia: 1300 135 070; or International: +61 2 9268 4909. This service operates between 9:00am and 5:00pm Monday to Friday. Data queries may also be directed to the ABS via email or post (see paragraphs 15.47 to 15.49 of this manual).

15.43.

ABS publications which also disseminate statistics on the government sector are:

• Australian System of National Accounts (ABS Cat. no. 5204.0) — this annual publication includes main aggregates and productivity measures; sectoral accounts for households, financial and nonfinancial corporations, general government and the rest of the world; estimates of product, operating surplus, compensation of employees and other aggregates dissected by industry; tables of capital formation and capital stock; national balance sheets; flow of funds tables. Includes both current price and chain volume measures.
• Australian National Accounts: National Income, Expenditure and Product (ABS Cat. no. 5206.0) — this quarterly publication shows a detailed presentation of quarterly national accounts as both current price estimates and chain volume measures in original, seasonally adjusted and trend terms including the quarterly income account for general government.
• Australian National Accounts: State Accounts (ABS Cat. no. 5220.0) — this annual publication contains state and territory estimates of Gross domestic product (referred to as gross state product (GSP)) and its components, in current price and volume terms.

15.44.

Special data services are provided for users who require more detailed or specialised GFS data than can be provided in ABS publications. Special data services are tailored to the user's specific requirements and are made available for a fee. Inquiries should be made to the National Information and Referral Service on telephone:

1300 135 070.

15.45.

Users of ABS GFS are encouraged to follow the steps below when framing requests for GFS output data:

1. Select the output sector for which data are required, e.g. NSW state general government sector;
2. Select the ETF category required;
3. Select any non-ETF classification (e.g. COFOG-A) categories required; and
4. Send the data request to the ABS contact officer.

15.46.

On receipt of such requests, the ABS usually reconfirms the client requirements, especially where they are large and involved. A charge is made to cover the costs of extracting data to meet users’ requests. For complex requests, the client must accept the quote for the ABS work before it proceeds.

15.47.

Local and international ABS GFS output data requests can be directed to the ABS by telephone via the ABS National Information and Referral Service on telephone:

Australia: 1300 135 070; or
International: +61 2 9268 4909.

This service operates between 9:00am and 5:00pm Monday to Friday.

15.48.

ABS GFS output data requests may be forwarded to the ABS via email through the ABS inquiry form:

Email: https://www4.abs.gov.au/web/survey.nsf/inquiryform/

15.49.

Written ABS GFS output data requests can be directed by mail to:

ABS Client Services
Locked Bag 10,
Belconnen, ACT 2616

15.50.

In addition to meeting domestic needs, the ABS also provides Australian GFS data to the IMF and the OECD. These organisations request data for inclusion in their own publications and for use in their operations. The publications of these organisations enable comparisons of the financial performance of the Australian general government sector with that of foreign governments.