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ACCRUAL OPERATING RESULTS
For 2001-02 the GFS net operating balance for the total public sector for all Australian governments combined was $1,283 million, resulting in an increase in the total public sector's net worth. The net operating balances for the general government sector and the non-financial public sector are summarised in the table below.
The GFS net lending for the total public sector for all Australian governments combined was $6,496 million in 2000-01. The net lending/borrowing results for the general government sector and the non-financial public sector are summarised in the table below.
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OPERATING RESULTS - 2001-02 |
|
| | Non- | |
| | financial | Total |
| General | Public | Public |
| Government | Sector | Sector |
| | | |
| $m | $m | $m |
|
|
| All Australian governments | | | |
| GFS Revenue | 261,422 | 304,137 | 311,879 |
| GFS Expenses | 262,032 | 301,977 | 310,596 |
| GFS Net Operating Balance | -610 | 2,160 | 1,283 |
| Net acquisition of non-financial assets | 4,090 | 6,119 | 6,136 |
| GFS Net Lending(+)/Borrowing(-) | -4,700 | -3,960 | -4,853 |
| | | |
| Commonwealth government | | | |
| GFS Revenue | 189,759 | 210,532 | 211,920 |
| GFS Expenses | 193,406 | 212,743 | 215,570 |
| GFS Net Operating Balance | -3,647 | -2,211 | -3,650 |
| Net acquisition of non-financial assets | -369 | -630 | -638 |
| GFS Net Lending(+)/Borrowing(-) | -3,278 | -1,581 | -3,012 |
| | | |
| State and local governments | | | |
| GFS Revenue | 120,979 | 142,835 | 149,250 |
| GFS Expenses | 117,578 | 138,168 | 143,997 |
| GFS Net Operating Balance | 3,401 | 4,667 | 5,253 |
| Net acquisition of non-financial assets | 4,014 | 6,458 | 6,481 |
| GFS Net Lending(+)/Borrowing(-) | -613 | -1,791 | -1,228 |
| | | |
| Multi-jurisdictional(a) | | | |
| GFS Revenue | 10,460 | 10,624 | 10,624 |
| GFS Expenses | 9,976 | 10,214 | 10,214 |
| GFS Net Operating Balance | 483 | 410 | 410 |
| Net acquisition of non-financial assets | 445 | 292 | 292 |
| GFS Net Lending(+)/Borrowing(-) | 39 | 118 | 118 |
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(a) The multi-jurisdictional sector currently contains units where jurisdiction is shared between two or more governments, or classifications of a unit to a jurisdiction is otherwise unclear. The main type of units currently falling into this category are public universities.
CASH OPERATING RESULTS
In 2001-02, the total public sector surplus was $3,203 million. The surplus/deficit results for each jurisdiction for 2001-02 for general government, the non-financial public sector and total public sector are shown in the table below.
|
CASH OPERATING RESULTS - 2001-02 |
|
| | General Government | Non-financial Public Sector | Total Public Sector |
| | $m | $m | $m |
|
SURPLUS(+)/DEFICIT(-) |
|
| Commonwealth government | -1,099 | 199 | -1,451 |
| | | | |
| State and local governments | | | |
| New South Wales | 2,469 | 2,249 | 2,352 |
| Victoria | 1,304 | 1,345 | 2,051 |
| Queensland | 627 | 208 | 319 |
| South Australia | -50 | -10 | 146 |
| Western Australia | -38 | -148 | -138 |
| Tasmania | 212 | - | 54 |
| Northern Territory | -212 | -206 | -164 |
| Australian Capital Territory | 263 | 259 | 259 |
| Total | 4,532 | 3,637 | 4,800 |
| | | | |
| Multi-jurisdictional(a) | 141 | 234 | 234 |
| | | | |
| Total | 2,995 | 3,633 | 3,203 |
- nil or rounded to zero (including null cells)
(a) The multi-jurisdictional sector currently contains units where jurisdiction is shared between two or more governments, or classifications of a unit to a jurisdiction is otherwise unclear. The main type of units currently falling into this category are public universities. |
BALANCE SHEET RESULTS
GFS net worth reflects the contribution of governments to the wealth of Australia. The consolidated net worth as at 30 June 2002 for all Australian governments combined was $405,628 million. The most significant assets held by governments were land and fixed assets, with a value of $414,180 million. These were followed by equity with a value of $170,414 million. The most significant liability of governments was Unfunded superannuation and other employee entitlements with a value of $155,031 million.
The following table shows selected balance sheet aggregates for various levels of government for the general government sector, non-financial public sector and total public sectors as at 30 June 2002.
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BALANCE SHEET RESULTS - AT 30 JUNE 2002 |
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| | General Government | Non-financial Public Sector | Total Public Sector |
| | $m | $m | $m |
|
| All Australian governments | | | |
| Total assets | 708,515 | 758,838 | 855,922 |
| Total liabilities | 302,886 | 373,804 | 470,922 |
| Shares and other contributed capital | - | 30,065 | 30,028 |
| | | | |
| GFS Net worth | 405,628 | 354,969 | 354,973 |
| | | | |
| Commonwealth government | | | |
| Total assets | 142,226 | 147,446 | 202,311 |
| Total liabilities | 184,516 | 210,230 | 265,132 |
| Shares and other contributed capital | - | 30,166 | 30,130 |
| | | | |
| GFS Net worth | -42,291 | -92,951 | -92,951 |
| | | | |
| State and local governments | | | |
| Total assets | 546,758 | 592,406 | 635,296 |
| Total liabilities | 119,738 | 165,380 | 208,268 |
| | | | |
| GFS Net worth | 427,019 | 427,021 | 427,024 |
| | | | |
| Multi-jurisdictional | | | |
| Total assets | 26,484 | 26,484 | 26,484 |
| Total liabilities | 5,584 | 5,584 | 5,584 |
| | | | |
| GFS Net worth | 20,889 | 20,899 | 20,899 |
- nil or rounded to zero (including null cells)
(a) The multi-jurisdictional sector currently contains units where jurisdiction is shared between two or more governments, or classifications of a unit to a jurisdiction is otherwise unclear. The main type of units currently falling into this category are public universities. |
The graph below shows the total public sector GFS net worth as a percentage of gross domestic product (GDP) for the Commonwealth and State and local governments as at 30 June 2002.
EXPENSES BY PURPOSE
The following table shows general government expenses by selected purpose categories by level of government for 2000-01.
| | | | |
EXPENSES BY SELECTED PURPOSES - 2001-02 |
|
| All Australian governments | Commonwealth government | State and local governments | Multi-jurisdictional(a) |
| $m | $m | $m | $m |
|
| General public services | 16,243 | 9,807 | 7,536 | 143 |
| Defence | 12,017 | 12,017 | - | - |
| Public order and safety | 11,535 | 1,853 | 9,777 | - |
| Education | 37,546 | 11,701 | 27,070 | 9,806 |
| Health | 44,327 | 27,613 | 24,320 | - |
| Social security and welfare | 74,551 | 69,080 | 7,099 | - |
| Housing and community amenities | 10,011 | 2,210 | 9,287 | - |
| Recreation and culture | 6,535 | 2,030 | 4,550 | .. |
| Fuel and energy | 4,105 | 3,052 | 1,073 | - |
| Agriculture, forestry and fishing | 3,905 | 1,691 | 2,381 | - |
| Mining, manufacturing and construction | 2,614 | 1,686 | 929 | - |
| Transport and communications | 14,098 | 2,647 | 13,241 | - |
| Other economic affairs | 8,107 | 3,895 | 4,216 | - |
| Public debt transactions(b) | 16,508 | 11,098 | 5,647 | 37 |
| Other | 801 | 33,625 | 853 | - |
| | | | |
| Total | 262,032 | 193,406 | 117,578 | 9,986 |
(a) The multi-jurisdictional sector currently contains units where jurisdiction is shared between two or more governments, or classifications of a unit to a jurisdiction is otherwise unclear. The main type of units currently falling into this category are public universities.
(b) Includes nominal interest on superannuation. |
The following graph shows the main general government expenses by purpose as a percentage of GDP for all Australian governments for 2000-01.
CHANGES IN THIS ISSUE
The GFS framework requires that flows and stocks be valued at current market prices However, in compiling GFS estimates the ABS is dependent on the valuation methods used in the source data. In the case of Commonwealth government debt, valuations have previously been on an historic cost basis.
In the 2003-04 Commonwealth budget released on 13 May 2003, the Commonwealth announced a change in the valuation basis of debt to the conceptually preferred market value basis, made possible by the introduction of the new debt valuation systems by the Australian Office of Financial Management. This change has been introduced in this publication. Further information is available on page 2-12 of Budget Paper No. 1.
A change in the treatment of that part of the family tax benefit administered through the taxation system by the Commonwealth government has been made for 2001-02. This benefit, administered through the taxation system, either as refunds to recipients claiming a higher tax free threshold, or, as reductions in remitted tax through the PAYG withholding and instalment systems, will now be recorded as an expense. This change will be applied to the relevant earlier periods during the next GFS cycle.
The explanatory notes contained in this publication have been substantially restructured from those presented in previous issues. The ABS welcomes feedback from users on the readability and structure of the revised explanatory notes.
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