KEY GOVERNMENT FINANCE STATISTICS

ACCRUAL OPERATING RESULTS


The GFS net operating balance for all levels of government in 2013–14 was –$24,360m for the general government sector and –$30,482m for the total public sector.

GFS net lending/borrowing for all levels of government in 2013–14 was –$45,711m for the general government sector and –$62,769m for the total public sector.

The following table shows 2013–14 GFS operating statement aggregates by sector across the various levels of government.

Operating Results, 2013–14(a)
		General Government Sector	Non-financial Public Sector	Total Public Sector
		2013–14	2013–14	2013–14
		$m	$m	$m
All levels of government
	GFS Revenue	540 059	590 685	605 070
	GFS Expenses	564 420	618 261	635 552
	GFS Net operating balance	–24 360	–27 576	–30 482
	Net acquisition of non-financial assets	21 351	32 326	32 287
	GFS Net lending(+)/borrowing(-)	–45 711	–59 903	–62 769
Commonwealth Government
	GFS Revenue	375 215	383 037	389 637
	GFS Expenses	405 949	415 353	422 686
	GFS Net operating balance	–30 734	–32 316	–33 049
	Net acquisition of non-financial assets	3 700	8 181	8 257
	GFS Net lending(+)/borrowing(-)	–34 434	–40 497	–41 306
State and local government
	GFS Revenue	256 734	301 172	309 000
	GFS Expenses	247 015	292 961	302 960
	GFS Net operating balance	9 719	8 212	6 040
	Net acquisition of non-financial assets	16 009	22 520	22 404
	GFS Net lending(+)/borrowing(-)	–6 291	–14 308	–16 365
Multi-jurisdictional(b)
	GFS Revenue	25 180	26 471	26 471
	GFS Expenses	23 625	25 020	25 020
	GFS Net operating balance	1 556	1 451	1 451
	Net acquisition of non-financial assets	1 641	1 625	1 625
	GFS Net lending(+)/borrowing(-)	–85	–174	–174
(a) The total public sector comprises general government, public non-financial corporations and public financial corporations. The sum of individual levels of government or sectors may not agree with the total public sector figures due to transfers between levels of government.
(b) 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 types of units currently falling into this category are the public universities.

CASH OPERATING RESULTS


The cash operating result for all levels of government in 2013–14 was a deficit of –$48,900m for the general government sector and a deficit of –$59,522m for the total public sector.

The following table presents the 2013–14 cash operating surplus/deficit results by sector for each jurisdiction.

Cash Operating Results, 2013–14
			General Government Sector	Non-financial Public Sector	Total Public Sector(a)
			2013–14	2013–14	2013–14
			$m	$m	$m
Surplus (+)/Deficit(-)
	Commonwealth Government		–36 102	–41 383	–40 961
	State and local government
		New South Wales	1 215	–352	325
		Victoria	16	–1 837	–455
		Queensland	–4 138	–5 825	–6 821
		South Australia	–2 241	–2 410	–2 263
		Western Australia	–1 543	–2 817	–2 934
		Tasmania	21	–149	–96
		Northern Territory	–58	–37	18
		Australian Capital Territory	–10	–178	–178
		Total state and local government	–6 738	–13 604	–12 404
	Multi-jurisdictional(b)		–1 498	–1 533	–1 533
	All levels of government		–48 900	–61 143	–59 522
(a) The total public sector comprises general government, public non-financial corporations and public financial corporations. The sum of individual levels of government or sectors may not agree with the total public sector figures due to transfers between levels of government.
(b) 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 types of units currently falling into this category are the 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 2014 for all levels of government was $833,399m.

The following table presents 30 June 2014 balance sheet aggregates by sector for the various levels of government.

Balance Sheet Results, At 30 June 2014
		General Government Sector	Non-financial Public Sector	Total Public Sector(a)
		at 30 June 2014	at 30 June 2014	at 30 June 2014
		$m	$m	$m
All levels of government
	Total assets	1 856 365	1 997 844	2 213 759
	Total liabilities	1 022 967	1 163 595	1 380 361
	Shares and other contributed capital	–	851	–
	GFS Net worth	833 399	833 399	833 399
Commonwealth Government
	Total assets	421 737	430 476	557 670
	Total liabilities	659 140	667 879	795 073
	Shares and other contributed capital	–	–	–
	GFS Net worth	–237 403	–237 403	–237 403
State and local government
	Total assets	1 384 692	1 518 421	1 613 378
	Total liabilities	359 145	492 022	587 831
	Shares and other contributed capital	–	851	–
	GFS Net worth	1 025 547	1 025 547	1 025 547
Multi-jurisdictional(b)
	Total assets	60 624	63 284	63 284
	Total liabilities	15 369	15 966	15 966
	Shares and other contributed capital	–	2 064	2 064
	GFS Net worth	45 254	45 254	45 254
– nil or rounded to zero (including null cells)
(a) The total public sector comprises general government, public non-financial corporations and public financial corporations. The sum of individual levels of government or sectors may not agree with The total public sector figures due to transfers between level of government.
(b) 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 types of units currently falling into this category are the public universities.

GOVERNMENT FINANCE STATISTICS STANDARDS

GFS enables policy makers and users to analyse the financial operations and financial position of the public sector at the level of a specific government, institutional sector or set of transactions. The system is based on international standards set out in the System of National Accounts 1993 (1993 SNA) and the International Monetary Fund's (IMF) Government Finance Statistics Manual (GFSM). Current releases of ABS GFS and the ABS GFS Manual are based on the IMF GFSM 2001. The IMF has now released GFSM 2014 to reflect the System of National Accounts 2008 (2008 SNA). The ABS GFS Manual will be updated to reflect the new international standards in 2015 and GFS releases will follow these commencing with 2016-17.

PAYMENT TO THE RESERVE BANK OF AUSTRALIA

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 differ from accounting standards.

On 23 October 2013 the Treasurer announced that the Commonwealth Government would make a one-off $8.8 billion payment to the Reserve Bank of Australia (RBA). The intended purpose of the transaction is to ensure that the RBA has adequate funds to conduct monetary policy and foreign exchange operations. This payment was made in the June quarter 2014. In macroeconomic statistics, this payment is recorded as a financing transaction and is not included in the operating statement.

ABOUT THIS PUBLICATION

This publication presents government finance statistics on an accrual accounting basis for each jurisdiction for general government, public non-financial corporations, the non-financial public sector, public financial corporations and the total public sector for all levels of government, commonwealth government, state government, state and local government, local government and multi-jurisdictional as follows:

• Operating statements;
• Cash flow statements; and
• Balance sheets.

Time series of these data are available on the ABS website for the periods 2004–05 to 2013–14.

Users interested in quarterly GFS data for the current financial year should refer to Government Finance Statistics, Australia, Quarterly (cat. no. 5519.0.55.001).

CHANGES TO DATA CUBE FORMAT

Some minor table formatting changes to the data cubes have been introduced with the release of this publication as indicated in the December Quarter 2014 release of Government Finance Statistics 5519.0.55.001. The changes include the insertion of blank lines, formatting emphasis changes and clearer 'total' and 'sub-total' item descriptions to improve readability. Users who extract data from the data cube tables using Excel formulas or by other computerised means should review and adjust their processes as necessary. Some row numbers have changed.

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