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ABOUT THIS ELECTRONIC RELEASE

This electronic release presents quarterly government finance statistics (GFS) on an accrual accounting basis.

Tables 1-4 provide quarterly GFS to March quarter 2004. The remaining tables show, for each state and territory, total state and local quarterly GFS to December quarter 2003. The June quarter 2004 release will contain the March quarter data for the state and local tables.

All tables are presented in GFS Operating Statement format. Table 2 presents All Levels of government GFS for the public non financial corporations sector. All other tables show data for the general government sector.

The June quarter 2004 issue is currently expected to be released on 31 August 2004. This is one day before the release of the June quarter 2004 National Accounts publication. Users should check the ABS Release Advice closer to the date for confirmation of the release date. Subsequent issues are expected to be released with similar timing.

In the June quarter 2004 issue of this publication, the operating statement for the Commonwealth general government for the June quarter 2004 (Table 3) will not be shown because it would be in advance of the release of the Final Budget Outcome Statement for 2003-04. However, Commonwealth GG data for June quarter 2004 will be included in the All levels of government table (Table 1).


MAIN FEATURES

MARCH QUARTER 2004 KEY FIGURES: ALL LEVELS OF GOVERNMENT

March quarter 2003 to March quarter 2004 movements -

• In original terms, taxation revenue (GFS basis - see Explanatory Notes, paragraph 40) rose $6,630m to $63,728m, an increase of 11.6 per cent.

• In original terms, taxation revenue fell $1,907m to $63,728m, due mainly to decreases in taxes on financial and capital transactions.
• The general government GFS Net operating balance, in original terms, rose $1,185m to $7,628m.
• In original terms, general government GFS Net lending/borrowing increased its net lending position by $1,557m to $6,946m.

MARCH QUARTER 2004 KEY FIGURES: ALL LEVELS OF GOVERNMENT
		Mar qtr 2003	Dec qtr 2003	Mar qtr 2004	% change Mar qtr 2003 to Mar qtr 2004
		$m	$m	$m	%
Taxation revenue
	General government	57,098	65,635	63,728	11.6
Total revenue
	General government	69,516	78,636	76,958	10.7
	Public non financial corporations	14,527	16,105	15,001	3.3
Total expenses
	General government	69,151	72,193	69,330	0.3
	Public non financial corporations	14,658	13,671	14,863	1.4
GFS Net operating balance
	General government	366	6,443	7,628	..
	Public non financial corporations	-131	2,434	139	..
GFS Net lending(+)/borrowing(-)
	General government	-167	5,389	6,946	..
	Public non financial corporations	-449	1,390	-74	..

• In seasonally adjusted chain volume terms, total general government final consumption expenditure rose $67m (0.2%) in March quarter 2004 to $34,020m.
• General government gross fixed capital formation, in seasonally adjusted chain volume terms, rose $39m (0.9%) in March quarter 2004 to $4,372m. There were no major public asset sales recorded during the March 2004 quarter.
  
  

  QUARTERLY NATIONAL ACCOUNTS PUBLIC SECTOR MEASURES - KEY FIGURES
  				Dec qtr 2003	Mar qtr 2004	% change Dec
  SEASONALLY ADJUSTED						qtr 2003 to
  						Mar qtr 2004
  				$m	$m	%
  Current prices
  General government final consumption expenditure(a)
  	National
  		Defence		3,354	3,327	-0.8
  		Non defence		10,554	10,831	2.6
  	State and local			22,186	22,393	0.9
  	Total general government			36,094	36,551	1.3
  Gross fixed capital formation
  	General Government			4,246	4,257	0.3
  	Public corporations			3,191	2,922	-8.4
  Chain volume (b)
  General government final consumption expenditure(a)
  	National
  		Defence		3,355	3,283	-2.1
  		Non defence		9,886	9,961	0.8
  	State and local			20,712	20,777	0.3
  	Total general government			33,953	34,020	0.2
  Gross fixed capital formation
  	General government			4,333	4,372	0.9
  	Public corporations			3,170	2,892	-8.8