Australian Government General Government Sector Monthly Financial Statements April 2016

Friday, 27 May 2016

Australian Government General Government Sector Monthly Financial Statements
April 2016

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AGGREGATESACTUAL
2015-2016
April
$m
ACTUAL
2015-2016
YTD April
$m
MYEFO Profile
2015-2016
YTD April
$m
MYEFO ESTIMATE*
2015-2016
Full Year
$m
Revenue 37,988 319,753 322,583 400,953
Expenses 34,255 352,152 354,697 432,234
Net operating balance 3,733 -32,398 -32,114 -31,281
Net capital investment 727 1,417 2,298 4,484
Fiscal balance 3,007 -33,815 -34,413 -35,765
Receipts(a) 36,067 310,954 315,484 394,891
less Payments(b) 34,788 347,347 351,801 428,335
less Net Future Fund earnings 354 2,591 4,088 3,955
Underlying cash balance(c) 926 -38,983 -40,405 -37,399
Headline cash balance -75 -46,624 -47,844 -48,171
Total assets   461,524   475,317
Total liabilities   808,915   730,100
Net worth(d)   -347,391   -254,783
Net debt(e)   284,210   278,761

*As published in the 2015-16 MYEFO.
(a) Cash receipts for operating activities and sales of non-financial assets.
(b) Cash payments for operating activities, purchases of non-financial assets and net acquisition of assets under finance leases.
(c) Excludes net Future Fund earnings. Consistent with Budget documents, the net adjustment for the Future Fund is shown separately.
(d) Net worth is calculated as total assets minus total liabilities.
(e) Net debt equals the sum of deposits held, government securities, loans and other borrowing, minus the sum of cash and deposits, advances paid, and investments, loans and placements.

Care needs to be taken when comparing monthly or cumulative data across years and to full-year estimates, as revenues and expenses vary from month to month.

The April 2016 monthly financial statements are compared against the 2015-16 Mid-Year Economic and Fiscal Outlook (MYEFO) profile. The 2015-16 estimates were revised as part of the 2016-17 Budget and the Revised Budget profile will be used as the basis of comparison for the May 2016 monthly financial statements.

Australian Government general government sector operating statement 

 NoteACTUAL
2015-2016
April
$m
ACTUAL
2015-2016
YTD April
$m
MYEFO Profile
2015-2016
YTD April
$m
MYEFO ESTIMATE*
2015-2016
Full Year
$m
Revenue          
Taxation revenue 1, 2 35,338 302,251 305,010 375,923
Sales of goods and services   804 6,453 6,373 7,956
Interest income   306 2,849 2,985 4,519
Dividend income   296 2,309 2,637 3,841
Other   1,243 5,892 5,579 8,714
Total revenue   37,988 319,753 322,583 400,953
Expenses          
Gross operating expenses          
Wages and salaries(a)   1,535 15,424 16,280 20,072
Superannuation   521 5,130 4,866 5,930
Depreciation and amortisation   653 5,930 5,852 7,129
Supply of goods and services   7,478 68,714 68,511 82,423
Other operating expenses(a)   499 4,845 4,457 5,439
Total gross operating expenses   10,686 100,044 99,967 120,992
Superannuation interest expense   769 7,694 7,692 9,231
Interest expenses   1,403 13,827 14,091 17,260
Current transfers          
Current grants   9,241 101,748 103,420 127,737
Subsidy expenses   1,059 10,493 10,819 12,944
Personal benefits   10,374 110,134 110,441 133,402
Total current transfers   20,673 222,374 224,680 274,084
Capital transfers          
Mutually agreed write-downs   100 1,328 1,574 1,887
Other capital grants   623 6,885 6,693 8,780
Total capital transfers   723 8,212 8,267 10,667
Total expenses 3 34,255 352,152 354,697 432,234
Net operating balance   3,733 -32,398 -32,114 -31,281
Other economic flows          
- included in operating result(b)          
Net write-downs of assets (including bad and doubtful debts)   561 -11,869 -6,657 -8,037
Assets recognised for the first time   63 313 300 322
Liabilities recognised for the first time   0 0 0 0
Actuarial revaluations   0 0 0 0
Net foreign exchange gains   -203 53 -520 -518
Net swap interest received   103 -257 -410 -410
Market valuation of debt   1,286 -5,670 401 832
Other gains/(losses)   57 5,110 5,335 5,195
Total other economic flows          
- included in operating result   1,867 -12,320 -1,551 -2,616
Operating result   5,600 -44,718 -33,665 -33,897
Non-owner movements in equity(b)          
Revaluation of equity investments(c)   18 21 -599 846
Actuarial revaluations   0 0 0 -2,926
Other economic revaluations(d)   -37 -345 -532 1
Total other economic flows - included in equity   -20 -324 -1,131 -2,079
Comprehensive result - Total change in net worth   5,580 -45,042 -34,796 -35,976
Net operating balance   3,733 -32,398 -32,114 -31,281
Net acquisition of non-financial assets          
Purchases of non-financial assets   1,362 7,468 8,197 11,661
less Sales of non-financial assets   40 365 369 528
less Depreciation   653 5,930 5,852 7,129
plus Change in inventories   43 85 256 421
plus Other movements in non-financial assets   16 159 67 59
Total net acquisition of non-financial assets   727 1,417 2,298 4,484
Fiscal balance (Net lending/borrowing)(e)   3,007 -33,815 -34,413 -35,765

*As published in the 2015-16 MYEFO.
(a) Consistent with Australian Bureau of Statistics' (ABS) Government Finance Statistics (GFS) classification, other employee related expenses are reported under other operating expenses. Total employee expenses equal wages and salaries plus other operating expenses.
(b) The presentation of other economic flows has changed to align more closely with Australian Accounting Standard AASB 1049.
(c) Reflects changes in the market valuation of investments and any revaluations at the point of disposal or sale.
(d) Largely reflects other revaluation of assets and liabilities.
(e) The term fiscal balance is not used by the ABS.

Australian Government general government sector balance sheet

 ACTUAL
as at
30 April 2016
$m
MYEFO ESTIMATE*
as at
30 June 2016
$m
Assets    
Financial assets    
Cash and deposits 3,892 3,872
Advances paid 50,120 53,218
Investments, loans and placements 151,631 154,537
Other receivables 50,443 46,594
Equity investments    
Investments in other public sector entities 45,924 49,087
Equity accounted investments 304 315
Investments - shares 38,711 44,939
Total financial assets 341,026 352,560
Non-financial assets    
Land 10,369 9,780
Buildings 25,281 26,198
Plant, equipment and infrastructure 57,864 59,667
Inventories 8,196 8,351
Intangibles 6,710 6,835
Investment property 205 187
Biological assets 37 44
Heritage and cultural assets 11,373 11,344
Assets held for sale 105 87
Other non-financial assets 357 265
Total non-financial assets 120,498 122,757
Total assets 461,524 475,317
Liabilities    
Interest bearing liabilities    
Deposits held 216 218
Government securities 471,967 472,416
Loans 16,005 16,191
Other borrowing 1,667 1,562
Total interest bearing liabilities 489,854 490,387
Provisions and payables    
Superannuation liability(a) 254,458 173,958
Other employee liabilities 17,073 17,059
Suppliers payable 5,701 5,972
Personal benefits provisions and payable 12,347 13,304
Subsidies provisions and payable 4,956 5,035
Grants provisions and payable 10,603 9,397
Other provisions and payables 13,923 14,990
Total provisions and payables 319,061 239,714
Total liabilities 808,915 730,100
Net worth(b) -347,391 -254,783
Net financial worth(c) -467,889 -377,540
Net financial liabilities(d) 513,813 426,627
Net debt(e) 284,210 278,761

*As published in the 2015-16 MYEFO.
(a) For budget reporting purposes, a discount rate applied by actuaries in preparing Long Term Cost Reports is used to value the superannuation liability. This reduces the volatility in reported liabilities that would occur from year to year if the long-term government bond rate were used. Consistent with Australian Accounting Standards, the long-term government bond rate as at 30 June is used to calculate the superannuation liability for the purpose of actuals reporting.
(b) Net worth is calculated as total assets minus total liabilities.
(c) Net financial worth equals total financial assets minus total liabilities.
(d) Net financial liabilities equals total liabilities less financial assets other than investments in other public sector entities.
(e) Net debt equals the sum of deposits held, government securities, loans and other borrowing, minus the sum of cash and deposits, advances paid, and investments, loans and placements.

Australian Government general government sector cash flow statement

 ACTUAL
2015-2016
April
$m
ACTUAL
2015-2016
YTD April
$m
MYEFO Profile
2015-2016
YTD April
$m
MYEFO ESTIMATE*
2015-2016
Full Year
$m
Cash receipts from operating activities        
Taxes received 34,270 293,406 296,443 368,230
Receipts from sales of goods and services 453 5,697 6,028 7,870
Interest receipts 202 2,135 2,416 3,874
Dividends and income tax equivalents 391 4,004 4,113 4,516
Other receipts 696 5,435 5,972 8,505
Total operating receipts 36,012 310,677 314,972 392,995
Cash payments for operating activities        
Payments for employees -2,143 -22,177 -22,906 -28,130
Payments for goods and services -6,617 -68,079 -69,192 -82,104
Grants and subsidies paid -10,480 -119,213 -120,489 -150,706
Interest paid -3,544 -13,196 -13,253 -15,040
Personal benefit payments -10,083 -112,420 -113,068 -135,228
Other payments -489 -4,772 -4,546 -5,313
Total operating payments -33,356 -339,858 -343,455 -416,521
Net cash flows from operating activities 2,656 -29,182 -28,483 -23,526
Cash flows from investments in
non-financial assets
       
Sales of non-financial assets 55 278 512 1,896
Purchases of non-financial assets -1,431 -7,429 -8,345 -11,812
Net cash flows from investments in
non-financial assets
-1,376 -7,151 -7,833 -9,917
Net cash flows from investments in
financial assets for policy purposes
-1,355 -10,231 -11,527 -14,727
Cash flows from investments in
financial assets for liquidity purposes
       
Increase in investments -5,052 -9,128 -20,280 -13,132
Net cash flows from investments in
financial assets for liquidity purposes
-5,052 -9,128 -20,280 -13,132
Cash flows from financing activities        
Borrowing (net) 6,178 58,836 71,422 64,552
Other financing (net) -580 -2,408 -2,394 -2,535
Net cash flows from financing activities 5,598 56,428 69,028 62,017
Net increase/(decrease) in cash held 471 737 905 716
Net cash flows from operating activities
and investments in non-financial assets
(Surplus(+)/deficit(-))
1,280 -36,333 -36,316 -33,443
Finance leases and similar arrangements(b) -1 -60 -1 -2
GFS cash surplus(+)/deficit(-) 1,280 -36,393 -36,317 -33,444
less Net Future Fund earnings 354 2,591 4,088 3,955
Equals underlying cash balance(c) 926 -38,983 -40,405 -37,399
plus Net cash flows from investments in
financial assets for policy purposes
-1,355 -10,231 -11,527 -14,727
plus Net Future Fund earnings 354 2,591 4,088 3,955
Equals headline cash balance -75 -46,624 -47,844 -48,171

*As published in the 2015-16 MYEFO.
(a) A positive number denotes a cash inflow; a negative sign denotes a cash outflow.
(b) The acquisition of assets under finance leases decreases the underlying cash balance.The disposal of assets previously held under finance leases increases the underlying cash.
(c) The term underlying cash balance is not used by the Australian Bureau of Statistics.

Note 1: Income Tax

 ACTUAL
2015-2016
April
$m
ACTUAL
2015-2016
YTD April
$m
MYEFO Profile
2015-2016
YTD April
$m
MYEFO ESTIMATE*
2015-2016
Full Year
$m
Individuals and other withholding taxes        
Gross income tax withholding 13,812 145,290 146,545 176,550
Gross other individuals 5,996 34,089 33,832 44,310
less Refunds 1,169 25,438 25,079 27,500
Total individuals and other withholding taxation 18,639 153,942 155,298 193,360
Fringe benefits tax 1,007 4,161 4,135 4,610
Company tax 5,119 51,383 53,644 67,996
Superannuation funds 721 6,057 6,838 7,780
Resource rent taxes 149 711 1,000 960
Total income taxation revenue 25,636 216,254 220,914 274,706

*As published in the 2015-16 MYEFO.

Note 2: Indirect Tax

 ACTUAL
2015-2016
April
$m
ACTUAL
2015-2016
YTD April
$m
MYEFO Profile
2015-2016
YTD April
$m
MYEFO ESTIMATE*
2015-2016
Full Year
$m
Goods and services tax 6,592 51,190 50,423 59,790
Wine equalisation tax 68 728 698 850
Luxury car tax 50 500 451 520
Excise duty 1,625 17,863 17,727 21,393
Customs duty 988 11,074 10,297 12,910
Other indirect tax 380 4,643 4,500 5,754
Total indirect taxation revenue 9,702 85,997 84,096 101,217

*As published in the 2015-16 MYEFO.

Note 3: Total expenses by function

 ACTUAL
2015-2016
April
$m
ACTUAL
2015-2016
YTD April
$m
MYEFO ESTIMATE*
2015-2016
Full Year
$m
Expenses by function      
General public services 1,706 17,052 22,639
Defence 2,074 22,370 26,559
Public order and safety 370 3,919 4,958
Education 1,821 27,937 32,478
Health 6,259 56,243 68,686
Social security and welfare 12,286 127,118 152,782
Housing and community amenities 300 3,503 5,434
Recreation and culture 336 2,718 3,440
Fuel and energy 548 5,485 6,773
Agriculture, Forestry and Fishing 137 1,597 3,119
Mining, manufacturing and construction 312 2,796 3,619
Transport and communication(a) 428 4,252 8,882
Other economic affairs 756 7,571 10,131
Other purposes      
Public debt interest 1,302 12,818 15,680
Nominal superannuation interest 769 7,694 9,231
General purpose inter-government transactions 4,850 49,078 59,239
Natural disaster relief 0 0 40
Contingency reserve 0 0 -1,456
Total expenses 34,255 352,152 432,234

*As published in the 2015-16 MYEFO.

NOTES:

Australian Accounting Standard 1049

The Australian Government monthly financial statements have been prepared on a basis consistent with the Budget as required under section 47 of the Public Governance, Performance and Accountability Act 2013. The statements are prepared in accordance with the Australian Accounting Standards Board 1049 – Whole of Government and General Government Sector Financial Reporting (AASB 1049), which require treatment based on the Australian Bureau of Statistics’ (ABS) Government Finance Statistics (GFS) except where Australian Accounting Standards (AAS) provide a better conceptual treatment for specific items. Departures are limited to complying with either ABS GFS or AAS.

Taxation Revenue

While total tax collections are known with certainty at the end of each month, the distribution across the relevant heads of revenue cannot be finalised until all business activity statements are received and processed. The outcomes for some revenue items provided in this statement are therefore estimates, in accordance with the best judgement of the Commissioner of Taxation, and subject to revision. The taxation revenue items not affected are: petroleum resource rent tax, excise duty, customs duty, other taxes and individuals refunds.

Style Conventions

Figures in tables and generally in the text have been rounded. Discrepancies in tables between totals and sums of components are due to rounding.

International Monetary Fund Special Data Dissemination Standards

The Government is committed to releasing the monthly financial statements in a timely fashion and will endeavour to do so in accordance with International Monetary Fund (IMF) Special Data Dissemination Standards (SDDS). Under these standards the timeframe for releasing the monthly financial statements is by the end of the following month. Australia applies a special flexibility option which allows it to publish late the last and first month of a financial year.

In accordance with the IMF SDDS, the approximate date of release of the data on debt guaranteed by the Australian Government (central government), is given on the IMF’s Data Dissemination Advance Release Calendar http://dsbb.imf.org external link icon. Monthly and quarterly data on debt guaranteed by the Australian Government (central government) that meet the coverage and timeliness requirements of the SDDS are published on the Australian Office of Financial Management website at http://aofm.gov.au/cgs-quarterly/quarterley-data-march-2016/external link icon.

Electronic access to monthly financial statements

The Australian Government general government sector monthly financial statements and the historical series are available in electronic format at: http://data.gov.au/dataset/australian-government-general-government-sector-monthly-financial-statements-tables-and-dataexternal link icon.

Last updated: 27 May 2016