DECEMBER QUARTER 2015 KEY FIGURES: ALL LEVELS OF GOVERNMENT


In the December quarter 2015:

• Taxation revenue increased 17.9% to $119,563m from $101,434m in the September quarter 2015.
• General government sector expenses exceeded revenue resulting in a GFS net operating balance of -$981m.
• The GFS net lending(+)/borrowing(-) position for the general government sector was -$5,434m.

			Sep Qtr 2015	Dec Qtr 2015	Sep Qtr 2015 to Dec Qtr 2015
			$m	$m	% change
Current Prices
Taxation revenue
	General government		101 434	119 563	17.9
Total revenue
	General government		127 208	145 308	14.2
	Public non-financial corporations		19 610	19 879	1.4
Total expenses
	General government		150 113	146 289	-2.5
	Public non-financial corporations		19 888	20 493	3.0
GFS Net operating balance
	General government		-22 904	-981	. .
	Public non-financial corporations		-279	-614	. .
GFS Net lending(+)/borrowing(-)
	General government		-23 848	-5 434	. .
	Public non-financial corporations		-1 677	-2 129	. .

. . not applicable



QUARTERLY NATIONAL ACCOUNTS PUBLIC SECTOR MEASURES - KEY FIGURES

The table below includes the key public sector aggregates for the December quarter 2015 which will be included in the Australian National Accounts: National Income, Expenditure and Product (cat. no. 5206.0). The key figures shown include Government Final Consumption Expenditure for general government and Gross Fixed Capital Formation for general government and public corporations, seasonally adjusted in current prices and chain volume terms.

In the December quarter 2015:

• In seasonally adjusted chain volume terms, total general government final consumption expenditure increased by $476m, a rise of 0.7% compared with the September quarter 2015.
• In seasonally adjusted chain volume terms, total general government gross fixed capital formation increased by 5.2% compared with the September quarter 2015.

			Mar Qtr 2015	Jun Qtr 2015	Sep Qtr 2015	Dec Qtr 2015	Sep Qtr 2015 to Dec Qtr 2015
			$m	$m	$m	$m	% change
Current Prices
General government final consumption expenditure (a)
	National - defence		5 698	5 900	6 552	6 442	-1.7
	National - non-defence		22 861	23 345	23 241	23 641	1.7
	Total national		28 559	29 245	29 794	30 082	1.0
	State and local		43 702	45 037	45 264	45 549	0.6
	Total general government final consumption expenditure		72 262	74 282	75 058	75 631	0.8
Public gross fixed capital formation
	General government
		National - defence	1 797	2 513	1 650	2 173	31.7
		National - non-defence	2 340	2 474	2 056	2 031	-1.2
		Total national	4 136	4 987	3 707	4 205	13.4
		State and local	8 215	8 432	7 956	8 194	3.0
		Total general government	12 352	13 419	11 663	12 399	6.3
	Public corporations
		Commonwealth	1 512	1 110	1 226	1 898	54.8
		State and local	3 792	3 811	3 918	3 636	-7.2
		Total public corporations	5 304	4 921	5 144	5 535	7.6
	Total public gross fixed capital formation		17 656	18 340	16 807	17 933	6.7
Memorandum item
	Net purchases of second-hand assets by public sector		740	422	46	242	np
Chain Volume (b)
General government final consumption expenditure (a)
	National - defence		5 523	5 692	6 253	6 141	-1.8
	National - non-defence		23 063	23 336	23 229	23 443	0.9
	Total national		28 586	29 028	29 482	29 585	0.3
	State and local		43 057	43 717	43 694	44 067	0.9
	Total general government final consumption expenditure		71 643	72 745	73 176	73 652	0.7
Public gross fixed capital formation
	General government
		National - defence	1 686	2 256	1 479	1 902	28.6
		National - non-defence	2 339	2 450	2 040	2 014	-1.3
		Total national	4 025	4 706	3 519	3 916	11.3
		State and local	8 187	8 346	7 854	8 054	2.5
		Total general government	12 212	13 052	11 374	11 971	5.2
	Public corporations
		Commonwealth	1 494	1 092	1 201	1 845	53.6
		State and local	3 763	3 743	3 834	3 573	-6.8
		Total public corporations	5 257	4 835	5 036	5 418	7.6
	Total public gross fixed capital formation		17 469	17 887	16 409	17 389	6.0
Memorandum item
	Net purchases of second-hand assets by public sector		725	412	45	228	np

np not available for publication but included in totals where applicable, unless otherwise indicated
(a) See paragraph 37 of the Explanatory Notes for the relationship between general government final consumption expenditure and GFS aggregates.
(b) Reference year for chain volume measures is 2012-13.


DECEMBER QUARTER 2015 GFS RELEASE

This release presents quarterly government finance statistics on an accrual accounting basis. All tables are presented in GFS operating statement format and are for the general government sector, with the exception of Table 2 which presents data for the public non-financial corporations sector.

Detailed quarterly GFS are released for the current financial year only, other than in the September quarter, when the quarters of the previous financial year are presented. Users requiring data for earlier periods should consult the annual publication Government Finance Statistics, Australia (cat. no. 5512.0). The latest issue (2013-14) was released on 13 May 2015. Final annual GFS results for 2014-15 are scheduled for release by the ABS on 26 April 2016.

Table		Sep 15	Dec 15
Table 1 All Levels of Government - General Government		*	*
Table 2 All Levels of Government - Public Non-Financial Corporations		*	*
Table 3 Commonwealth Government		*	*
Table 4 Total State & Local		*	*
Table 5 New South Wales		*
Table 6 Victoria		*
Table 7 Queensland		*
Table 8 South Australia		*
Table 9 Western Australia		*
Table 10 Tasmania		*
Table 11 Northern Territory		*
Table 12 Australian Capital Territory		*

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 may differ from accounting standards in some regards.


TRANSACTIONS RELATED TO RESERVE BANK OF AUSTRALIA DIVIDENDS

During September quarter 2015 the Treasurer determined that a sum of $1.9 billion in Reserve Bank of Australia (RBA) earnings available for distribution from 2014-15 was payable as a dividend to the Commonwealth. Historically in macroeconomic statistics, RBA dividends are recorded at the time that the Treasurer makes the determination. The National Accounts will record RBA dividends in the September quarter in line with this position. The GFS publication for September quarter 2015 will record RBA dividends in the June quarter to align with accounting standards used for Commonwealth Financial Statements. The timing of RBA dividends within macroeconomic statistics will be reviewed in early 2016.


TRANSACTIONS RELATED TO THE ACT GOVERNMENT ASBESTOS REMOVAL SCHEME

Since March quarter 2015, the ACT Government has undertaken a range of activities to address the health risks associated with properties affected by asbestos. In macroeconomic statistics, transactions for the initial purchase of the properties by the ACT Government from householders have been recorded as expenditure on non-financial assets in the GFS. These transactions do not contribute to the net operating balance on the operating statement; instead they are shown under net acquisition of non-financial assets. This approach in macroeconomic statistics is based on the principle that observed prices are treated as a market price in most circumstances.

The ACT Treasury has applied a different interpretation for the purposes of preparing its financial statements. Under Generally Accepted Accounting Principles used by ACT Treasury, homeowner acquisition transactions may include a transfer component, which would be appropriately recognised as an expense. The ABS acknowledges that a genuine divergence exists for these transactions between GFS and the ACT Government’s consolidated financial statements and that the difference between the sets of statements has arisen through a change in treatment by the ABS.


FORTHCOMING ISSUES

The release of GFS quarterly data is usually coordinated to be the day before the respective issue of Australian National Accounts: National Income, Expenditure and Product (cat. no. 5206.0). The scheduled release dates for the next two issues are:

Issue	5519.0.55.001	5206.0
March 2016	31 May 2016	1 June 2016
June 2016	6 September 2016	7 September 2016

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