SEPTEMBER QUARTER 2015 KEY FIGURES: ALL LEVELS OF GOVERNMENT


In the September quarter 2015:

• Taxation revenue decreased 14.7% to $101,324m from $118,761m in the June quarter 2015.
• General government sector expenses exceeded revenue resulting in a GFS net operating balance of –$22,911m.
• The GFS net lending(+)/borrowing(–) position for the general government sector was –$23,860m.

			Jun Qtr 2015	Sep Qtr 2015	Jun Qtr 2015 to Sep Qtr 2015
			$m	$m	% change
Current Prices
Taxation revenue
	General government		118 761	101 324	–14.7
Total revenue
	General government		149 543	126 858	–15.2
	Public non-financial corporations		20 884	19 801	–5.2
Total expenses
	General government		149 660	149 769	0.1
	Public non-financial corporations		21 799	20 000	–8.3
GFS Net operating balance
	General government		–117	–22 911	. .
	Public non-financial corporations		–914	–199	. .
GFS Net lending(+)/borrowing(–)
	General government		–8 890	–23 860	. .
	Public non-financial corporations		–3 169	–1 513	. .

. . not applicable



QUARTERLY NATIONAL ACCOUNTS PUBLIC SECTOR MEASURES – KEY FIGURES

The table below includes the key public sector aggregates for the September 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 September quarter 2015:

• In seasonally adjusted chain volume terms, total general government final consumption expenditure increased by $527m, a rise of 0.7% compared with the June quarter 2015.
• In seasonally adjusted chain volume terms, total general government gross fixed capital formation decreased by 12.0% compared with the June quarter 2015.

			Dec Qtr 2014	Mar Qtr 2015	Jun Qtr 2015	Sep Qtr 2015	Jun Qtr 2015 to Sep Qtr 2015
			$m	$m	$m	$m	% change
Current Prices
General government final consumption expenditure (a)
	National – defence		5 747	5 708	5 903	6 726	13.9
	National – non-defence		22 058	22 845	23 324	23 188	–0.6
	Total national		27 805	28 552	29 227	29 915	2.4
	State and local		43 617	43 724	45 138	45 364	0.5
	Total general government final consumption expenditure		71 422	72 276	74 365	75 279	1.2
Public gross fixed capital formation
	General government
		National – defence	1 961	1 793	2 532	1 687	–33.4
		National – non-defence	2 301	2 334	2 500	1 855	–25.8
		Total national	4 262	4 127	5 032	3 543	–29.6
		State and local	8 268	8 205	8 360	8 205	–1.9
		Total general government	12 531	12 332	13 392	11 747	–12.3
	Public corporations
		Commonwealth	1 101	1 513	1 097	1 151	4.9
		State and local	3 756	3 811	3 792	3 676	–3.0
		Total public corporations	4 857	5 324	4 889	4 827	–1.3
	Total public gross fixed capital formation		17 388	17 656	18 281	16 575	–9.3
Memorandum item
	Net purchases of second-hand assets by public sector		873	735	293	103	np
Chain Volume (b)
General government final consumption expenditure (a)
	National – defence		5 612	5 530	5 696	6 435	13.0
	National – non-defence		22 454	23 055	23 331	23 201	–0.6
	Total national		28 065	28 584	29 027	29 637	2.1
	State and local		43 047	43 029	43 790	43 707	–0.2
	Total general government final consumption expenditure		71 113	71 614	72 817	73 344	0.7
Public gross fixed capital formation
	General government
		National – defence	1 923	1 683	2 276	1 515	–33.4
		National – non-defence	2 304	2 333	2 475	1 846	–25.4
		Total national	4 227	4 016	4 751	3 361	–29.3
		State and local	8 267	8 172	8 273	8 094	–2.2
		Total general government	12 494	12 188	13 024	11 455	–12.0
	Public corporations
		Commonwealth	1 098	1 496	1 080	1 130	4.6
		State and local	3 729	3 785	3 727	3 602	–3.4
		Total public corporations	4 827	5 281	4 807	4 732	–1.6
	Total public gross fixed capital formation		17 320	17 469	17 830	16 187	–9.2
Memorandum item
	Net purchases of second-hand assets by public sector		851	720	287	101	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.


SEPTEMBER 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 14	Dec 14	Mar 15	Jun 15	Sep 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.


TREATMENT OF THE EMISSION REDUCTION FUND IN GOVERNMENT FINANCE STATISTICS

On 23 April 2015 the Commonwealth Government held the first reverse auction for carbon abatement contracts related to the Emission Reduction Fund. The fund has been established to purchase carbon abatement activity from private sector bidders. The first auction awarded contracts to the value of $660 million. Payments related to these contracts will be recognised in Government Finance Statistics as an operating expense of government when the abatement activity occurs.


ABOLITION OF THE CARBON TAX

The carbon tax repeal legislation received Royal Assent on Thursday, 17 July 2014 and the bills as part of this package are now law, with effect from 1 July 2014. The carbon tax repeal decreased taxation revenue on the GFS Commonwealth General Government operating statement by approximately $1.6b in the September 2014 quarter. Further information on the treatment of emissions schemes in ABS GFS data can be found in the ABS GFS Manual.


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
December 2015	1 March 2016	2 March 2016
March 2016	31 May 2016	1 June 2016

INQUIRIES

For further information about these and related statistics, contact the National Information and Referral Service on 1300 135 070, email <client.services@abs.gov.au> or Public Finance on (07) 3222 6414, email <public.finance@abs.gov.au>. The ABS Privacy Policy outlines how the ABS will handle any personal information that you provide to us.