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5501.0.55.001 - Government Financial Estimates, Australia, 2006-07 (Reissue)  
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 08/11/2006  Reissue
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Reissue: This reissue replaces the product removed from the ABS web site on Friday 03 November 2006, which contained data errors.



The summary table below presents the 2006-07 GFS net operating balance and net lending(+)/borrowing(-) estimates for the general government sector for each level of government. The GFS net operating balance for all levels of government in 2006-07 is estimated to be $17,119 million. The all levels of government net acquisition of non-financial assets is expected to be $10,792 million, resulting in an estimated net lending/borrowing position for 2006-07 of $6,326 million.


ALL LEVELS OF GOVERNMENT, OPERATING STATEMENT - 2006-07
General Government
Commonwealth
Multi-
jurisdictional (a)
State
Local
All levels of government (b)

$m
$m
$m
$m
$m
GFS Revenue
271,561
15,176
143,343
23,091
372,873
GFS Expenses
259,080
14,333
142,352
20,654
355,754
GFS Net Operating Balance
12,482
843
991
2,436
17,119
Net acquisition of non-financial assets
1,643
566
5,912
2,670
10,792
GFS Net Lending(+)/Borrowing(-)
10,839
277
-4,921
-234
6,326

(a) The multi-jurisdictional sector contains units where jurisdiction is shared between two or more governments, or classification of a unit to a jurisdiction is otherwise unclear. The main type of units in this category are the public universities.
(b) The sum of individual levels of government may not agree with total All levels of government figures due to transfers between levels of government.


2006-07 CASH FLOW STATEMENT

The summary table below presents the 2006-07 GFS cash flow and surplus(+)/deficit(-) estimates for the general government sector for each level of government. The GFS surplus(+)/deficit(-) for all levels of government for 2006-07 is estimated to be $3,237 million.

ALL LEVELS OF GOVERNMENT, CASH FLOW STATEMENT - 2006-07
General Government

Commonwealth
Multi-
jurisdictional (a)
State
Local
All levels of government (b)

$m
$m
$m
$m
$m
Net cash flows from operating activities
15,859
1,973
2,867
5,074
26,295
Net cash flows from investments in non-financial assets
-3,342
-1,430
-12,607
-5,572
-22,951
Net cash flows from investments in financial assets for policy purposes
24,869
-4
-2,524
2
22,340
Net cash flows from investments in financial assets for liquidity purposes
-37,424
-375
5,322
-290
-32,766
Net cash flows from financing activities
-504
176
5,304
1,166
5,622
Net increase(+)/decrease(-) in cash held
-543
340
-1,638
381
-1,460
Surplus(+)/Deficit(-)
12,494
541
-9,818
-502
3,237

(a) The multi-jurisdictional sector contains units where jurisdiction is shared between two or more governments, or classification of a unit to a jurisdiction is otherwise unclear. The main type of units in this category are the public universities.
(b) The sum of individual levels of government may not agree with total All levels of government figures due to transfers between levels of government.
Note: Negative figures denote outflows.


KEY STATE GOVERNMENT BALANCES

The summary table below presents 2006-07 GFS estimates for the key analytical balances in the operating and cash flow statement for each state general government jurisdiction.

STATE GOVERNMENTS : KEY ANALYTICAL BALANCES 2006-07
General Government

Operating Statement
Cash Flow Statement


GFS Net
Operating
Balance
GFS Net
Lending (+)/
Borrowing(-)
Net increase(+)/
decrease(-) in
cash held
Surplus(+)/
Deficit(-)

$m
$m
$m
$m
New South Wales
-711
-2,484
-45
-9,810
Victoria
319
-579
-166
186
Queensland
246
-1,746
-602
-796
South Australia
91
-118
-31
-75
Western Australia
1,275
520
-608
866
Tasmania
-91
-84
0
48
Northern Territory
20
-105
31
-57
Australian Capital Territory
-148
-314
-217
-159
Total all states (a)
991
-4,921
-1,638
-9,818

(a) The sum of individual state jurisdictions may not agree with total all state figures due to the effects of transfers between jurisdictions.


NOTE ON THE INTENDED SALE OF SNOWY HYDRO LIMITED

The Government Financial Estimates (GFE) release is compiled by the ABS using initial budget forecasts for each jurisdiction. No adjustments are made to the estimates in this release as a result of any revisions to forecasts made by the jurisdictions.

Due to the timing of its initial budget forecast, the Commonwealth included $320 million from the intended sale of its shareholding in Snowy Hydro Limited. Subsequently, however, the sale was withdrawn. While these funds have been included in this release, they have little impact on the key analytical balances in both the operating and cash flow statement.

The proceeds from equity sales of this nature are recorded as cash flows from investments in financial assets for policy purposes. While this item is included in the calculation of net increase/decrease in cash held in the cash flow statement, it does not affect the calculation of the surplus/deficit measure. Additionally, as transactions in financial assets and liabilities are not included in the operating statement, the net operating balance and the net lending/borrowing for the Commonwealth are also unaffected.

New South Wales and Victoria, the other jurisdictions with an equity ownership in Snowy Hydro Limited, did not include proceeds from the intended sale in their budgets.

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