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Insights into Government Finance Statistics, September 2022

Released

6/12/2022

Source

Government Finance Statistics, Australia, September 2022

Economic overview

Government fiscal support in September quarter 2022 continued to target the rising cost of living and inflationary pressures faced by households and businesses. Annual consumer price inflation increased to 7.3 per cent in the September quarter, due to higher prices for new dwelling construction, automotive fuel and food. Key drivers included fewer grant payments from the Federal Government's HomeBuilder and similar state-based housing construction, and higher wholesale gas and electricity prices (a).

Consumer Price Index, Australia, Key statistics, September 2022

Gas and electricity average wholesale prices remained at historically elevated levels. September quarter prices for these components were the second highest on record (after June quarter 2022), and were over three times higher than September quarter 2021. (b). In response several state and territory governments implemented measures to provide electricity bill relief to households.

Australian Energy Market Operator, Quarterly Energy Dynamics, Q3 2022

Revenue from Public Non-Financial Corporation (PNFC) electricity generators declined in most jurisdictions after the peak in June quarter. Coal-fired electricity generation decreased in September quarter, with increased generation from gas and renewable sources. PNFC electricity generators also incurred record input costs for gas and increased dividend payments, which increased expenses.

The Reserve Bank of Australia raised the cash rate target by a total of 150 basis points in the quarter to 2.35%. Interest revenue and expenses of all levels of government increased. Stamp duties on conveyances revenue fell in most jurisdictions, as sale volumes and dwellings values across almost all of Australia declined (c).

CoreLogic Monthly Housing Chart Pack, October 2022

Funding for healthcare and assistance for those affected by floods in Queensland and New South Wales also continued.

The health response support for COVID-19 continued at a lower level than June quarter 2022. As restrictions and lockdowns have lifted across Australia, pandemic response payments, such as business support programs, have ceased.

Severe flooding and storm events occurred in New South Wales, Victoria, Queensland, and Tasmania (d). Commonwealth and state government disaster recovery payments rose compared to June quarter 2022.

Australian disasters, Disaster Assist, Department of Home Affairs, November 2022

Taxation revenue rose in most states and territories due to low unemployment and reduced impacts from COVID-19 restrictions. The main contributors to the rise were payroll tax and land tax.

Government fiscal position

Net operating balance

Net operating balance fell for all levels of general government, following an increase in the previous quarter. In September quarter 2022 total net operating balance:

decreased $28.2 billion to -$15.0 billion
was $29.7 billion higher than September quarter 2021

Net operating balance of all levels of general government
	Revenue ($b)	Expenses ($b)	Net Operating Balance ($b)
Jun-19	191.9	-175.8	16.1
Sep-19	164.0	-177.4	-13.4
Dec-19	177.8	-176.4	1.5
Mar-20	169.5	-176.9	-7.4
Jun-20	170.2	-254.3	-84.2
Sep-20	160.2	-254.0	-93.8
Dec-20	180.5	-218.7	-38.2
Mar-21	177.5	-197.8	-20.3
Jun-21	207.1	-205.1	2.0
Sep-21	178.7	-223.4	-44.7
Dec-21	211.1	-216.4	-5.3
Mar-22	204.4	-206.3	-1.9
Jun-22	233.5	-220.3	13.2
Sep-22	200.3	-215.3	-15.0

Net operating balance of all levels of general government

["","Revenue","Expenses","Net Operating Balance"]

[["Jun-19","Sep-19","Dec-19","Mar-20","Jun-20","Sep-20","Dec-20","Mar-21","Jun-21","Sep-21","Dec-21","Mar-22","Jun-22","Sep-22"],[[191.90000000000001],[164],[177.80000000000001],[169.5],[170.19999999999999],[160.19999999999999],[180.5],[177.5],[207.09999999999999],[178.69999999999999],[211.09999999999999],[204.40000000000001],[233.5],[200.30000000000001]],[[-175.80000000000001],[-177.40000000000001],[-176.40000000000001],[-176.90000000000001],[-254.30000000000001],[-254],[-218.69999999999999],[-197.80000000000001],[-205.09999999999999],[-223.40000000000001],[-216.40000000000001],[-206.30000000000001],[-220.30000000000001],[-215.30000000000001]],[[16.100000000000001],[-13.4],[1.5],[-7.4000000000000004],[-84.200000000000003],[-93.799999999999997],[-38.200000000000003],[-20.300000000000001],[2],[-44.700000000000003],[-5.2999999999999998],[-1.8999999999999999],[13.199999999999999],[-15]]]

[]

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[{"value":"0","axis_id":"0","axis_title":"$b","axis_units":"","tooltip_units":"($b)","table_units":"($b)","axis_min":null,"axis_max":null,"tick_interval":null,"precision":"1","data_unit_prefix":"","data_unit_suffix":"","reverse_axis":false}]

Total expenses

Total expenses remain elevated compared to pre-pandemic levels, despite recording a fall this quarter
Total expenses paid by general government fell 2.3% from June quarter 2022 to $215.3 billion and decreased 3.6% from September quarter 2021
Commonwealth COVID-19 related support including testing, vaccines, distribution of concessional rapid antigen tests (RATs) and pandemic leave disaster payments continued at a lower level than June quarter 2022
Natural disaster assistance payments for flood events increased this quarter

Total revenue

Total revenue received by general government fell 14.2% from June quarter 2022 to $200.3 billion. The decrease this quarter was due to usual seasonal falls in personal and company income taxes
Total revenue rose 12.1% from September quarter 2021 as improved economic conditions increased personal income tax, company income tax, goods and services tax and payroll tax

Total expenses and total revenue, all levels of general government
	Revenue ($b)	Expenses ($b)
Jun-19	191.9	175.8
Sep-19	164.0	177.4
Dec-19	177.8	176.4
Mar-20	169.5	176.9
Jun-20	170.2	254.3
Sep-20	160.2	254.0
Dec-20	180.5	218.7
Mar-21	177.5	197.8
Jun-21	207.1	205.1
Sep-21	178.7	223.4
Dec-21	211.1	216.4
Mar-22	204.4	206.3
Jun-22	233.5	220.3
Sep-22	200.3	215.3

Total expenses and total revenue, all levels of general government

["","Revenue","Expenses"]

[["Jun-19","Sep-19","Dec-19","Mar-20","Jun-20","Sep-20","Dec-20","Mar-21","Jun-21","Sep-21","Dec-21","Mar-22","Jun-22","Sep-22"],[[191.90000000000001],[164],[177.80000000000001],[169.5],[170.19999999999999],[160.19999999999999],[180.5],[177.5],[207.09999999999999],[178.69999999999999],[211.09999999999999],[204.40000000000001],[233.5],[200.30000000000001]],[[175.80000000000001],[177.40000000000001],[176.40000000000001],[176.90000000000001],[254.30000000000001],[254],[218.69999999999999],[197.80000000000001],[205.09999999999999],[223.40000000000001],[216.40000000000001],[206.30000000000001],[220.30000000000001],[215.30000000000001]]]

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[{"value":"0","axis_id":"0","axis_title":"$b","axis_units":"","tooltip_units":"($b)","table_units":"($b)","axis_min":"140","axis_max":"260","tick_interval":"20","precision":"1","data_unit_prefix":"","data_unit_suffix":"","reverse_axis":false}]

State and local net operating balance

State and local general government net operating balance fell $2.5 billion from June quarter 2022 to -$0.9 billion.

New South Wales saw the largest decline (down $2.2 billion)
All jurisdictions fell except Victoria (up $2.7 billion)
All states recorded a negative net operating balance except Queensland ($3.4 billion) and Western Australia ($0.2 billion)

Through the year, state and local net operating balance rose $13.5 billion from September quarter 2021:

The largest increases were New South Wales (up $7.0 billion), Victoria (up $5.0 billion) and Queensland (up $3.9 billion)
Western Australia was the only state to record a fall (down $3.1 billion)

Net operating balance, state and local general government
	Sep-21 ($b)	Sep-22 ($b)
NSW	-9.3	-2.3
VIC	-6.3	-1.3
QLD	-0.6	3.4
SA	-0.4	-0.1
WA	3.3	0.2
TAS	-0.4	-0.3
NT	-0.3	-0.2
ACT	-0.4	-0.3
Total State & Local	-14.4	-0.9

Net operating balance, state and local general government

["","Sep-21","Sep-22"]

[["NSW","VIC","QLD","SA","WA","TAS","NT","ACT","Total State & Local"],[[-9.3000000000000007],[-6.2999999999999998],[-0.59999999999999998],[-0.40000000000000002],[3.2999999999999998],[-0.40000000000000002],[-0.29999999999999999],[-0.40000000000000002],[-14.4]],[[-2.2999999999999998],[-1.3],[3.3999999999999999],[-0.10000000000000001],[0.20000000000000001],[-0.29999999999999999],[-0.20000000000000001],[-0.29999999999999999],[-0.90000000000000002]]]

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Public non-financial corporations’ fiscal position

Net operating balance

In September quarter 2022, all levels of public non-financial corporations (PNFCs) total net operating balance:

decreased $0.8 billion to -$0.6 billion
was $0.3 billion lower than September quarter 2021

The main contributors were:

Decreased capital transfer revenue from general government for social housing projects (down $0.6 billion)
Decreased subsidy revenue from general government (down $0.4 billion)
Increased dividend expenses, driven by electricity generators (up $0.1 billion)

Net operating balance of all levels of public non-financial corporations
	Revenue ($b)	Expenses ($b)	Net Operating Balance ($b)
Jun-19	22.1	-25.4	-3.2
Sep-19	21.9	-23.8	-1.9
Dec-19	22.1	-24.5	-2.4
Mar-20	22.6	-24.2	-1.7
Jun-20	23.3	-25.7	-2.4
Sep-20	23.5	-25.3	-1.8
Dec-20	24.6	-26.8	-2.2
Mar-21	23.4	-24.2	-0.9
Jun-21	26.2	-27.6	-1.4
Sep-21	24.8	-25.2	-0.4
Dec-21	24.0	-24.8	-0.9
Mar-22	25.4	-25.8	-0.4
Jun-22	28.9	-28.7	0.2
Sep-22	26.5	-27.1	-0.6

Net operating balance of all levels of public non-financial corporations

["","Revenue","Expenses","Net Operating Balance"]

[["Jun-19","Sep-19","Dec-19","Mar-20","Jun-20","Sep-20","Dec-20","Mar-21","Jun-21","Sep-21","Dec-21","Mar-22","Jun-22","Sep-22"],[[22.100000000000001],[21.899999999999999],[22.100000000000001],[22.600000000000001],[23.300000000000001],[23.5],[24.600000000000001],[23.399999999999999],[26.199999999999999],[24.800000000000001],[24],[25.399999999999999],[28.899999999999999],[26.5]],[[-25.399999999999999],[-23.800000000000001],[-24.5],[-24.199999999999999],[-25.699999999999999],[-25.300000000000001],[-26.800000000000001],[-24.199999999999999],[-27.600000000000001],[-25.199999999999999],[-24.800000000000001],[-25.800000000000001],[-28.699999999999999],[-27.100000000000001]],[[-3.2000000000000002],[-1.8999999999999999],[-2.3999999999999999],[-1.7],[-2.3999999999999999],[-1.8],[-2.2000000000000002],[-0.90000000000000002],[-1.3999999999999999],[-0.40000000000000002],[-0.90000000000000002],[-0.40000000000000002],[0.20000000000000001],[-0.59999999999999998]]]

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Taxation revenue

Total taxation revenue

Total taxation revenue fell 16.6% (down $32.0 billion) from June quarter 2022. This was the largest quarterly percentage decrease recorded (e) for total taxation revenue in the timeseries.

Since series start in September 2014

Taxation revenue, all levels of government, percentage change
	Quarterly (% change)	Through the year (% change)
Jun-19	13.1	5.2
Sep-19	-16.4	1.5
Dec-19	13.2	1.8
Mar-20	-5.4	1.4
Jun-20	2.4	-8.2
Sep-20	-9.7	-1.0
Dec-20	16.9	2.2
Mar-21	-2.5	5.3
Jun-21	18.0	21.4
Sep-21	-16.5	12.3
Dec-21	24.8	19.9
Mar-22	-5.8	15.9
Jun-22	14.4	12.4
Sep-22	-16.6	12.2

Taxation revenue, all levels of government, percentage change

["","Quarterly","Through the year"]

[["Jun-19","Sep-19","Dec-19","Mar-20","Jun-20","Sep-20","Dec-20","Mar-21","Jun-21","Sep-21","Dec-21","Mar-22","Jun-22","Sep-22"],[[13.1],[-16.399999999999999],[13.199999999999999],[-5.4000000000000004],[2.3999999999999999],[-9.6999999999999993],[16.899999999999999],[-2.5],[18],[-16.5],[24.800000000000001],[-5.7999999999999998],[14.4],[-16.600000000000001]],[[5.2000000000000002],[1.5],[1.8],[1.3999999999999999],[-8.1999999999999993],[-1],[2.2000000000000002],[5.2999999999999998],[21.399999999999999],[12.300000000000001],[19.899999999999999],[15.9],[12.4],[12.199999999999999]]]

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Commonwealth taxation revenue

Commonwealth taxation revenue decreased 20.5% (down $32.6 billion) to $126.1 billion. The fall in taxation revenue in September quarter 2022 followed a rise in June quarter 2022, which was the usual seasonal pattern. The main contributors were:

39.4% decrease in personal income tax (down $29.9 billion)
22.2% decrease in company income tax (down $9.0 billion)

The continuation of the Commonwealth government’s reduction of the fuel excise led to a 21.8% fall from September quarter 2021 in excise on petroleum products (down $1.1 billion).

Taxation revenue, Commonwealth, key drivers of quarterly percentage change
	Personal income tax (% change)	Company income tax (% change)	Goods and services tax (GST) (% change)
Jun-19	11.3	43.0	1.7
Sep-19	-45.3	-23.3	-0.6
Dec-19	53.2	12.3	16.6
Mar-20	12.1	-24.2	-9.1
Jun-20	4.2	23.4	-11.6
Sep-20	-37.2	-8.4	8.2
Dec-20	35.4	16.5	21.3
Mar-21	9.8	-11.2	-10.0
Jun-21	12.2	44.6	20.6
Sep-21	-38.9	-15.3	-15.2
Dec-21	46.9	22.9	9.5
Mar-22	16.3	-15.1	-8.5
Jun-22	11.3	44.2	16.9
Sep-22	-39.4	-22.2	0.0

Taxation revenue, Commonwealth, key drivers of quarterly percentage change

["","Personal income tax","Company income tax","Goods and services tax (GST)"]

[["Jun-19","Sep-19","Dec-19","Mar-20","Jun-20","Sep-20","Dec-20","Mar-21","Jun-21","Sep-21","Dec-21","Mar-22","Jun-22","Sep-22"],[[11.300000000000001],[-45.299999999999997],[53.200000000000003],[12.1],[4.2000000000000002],[-37.200000000000003],[35.399999999999999],[9.8000000000000007],[12.199999999999999],[-38.899999999999999],[46.899999999999999],[16.300000000000001],[11.300000000000001],[-39.399999999999999]],[[43],[-23.300000000000001],[12.300000000000001],[-24.199999999999999],[23.399999999999999],[-8.4000000000000004],[16.5],[-11.199999999999999],[44.600000000000001],[-15.300000000000001],[22.899999999999999],[-15.1],[44.200000000000003],[-22.199999999999999]],[[1.7],[-0.59999999999999998],[16.600000000000001],[-9.0999999999999996],[-11.6],[8.1999999999999993],[21.300000000000001],[-10],[20.600000000000001],[-15.199999999999999],[9.5],[-8.5],[16.899999999999999],[0]]]

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State and local government taxation revenue

State and local taxation revenue rose 1.6% (up $0.6 billion) to $34.6 billion this quarter. Increases in payroll taxes (up 8.9% or $0.7 billion) and property taxes (up 8.2% or $0.7 billion) were partly offset by a fall in stamp duties on conveyances (down 11.3% or $1.0 billion).

The rise in payroll taxes reflects strong labour market conditions, with increases across all jurisdictions.

The increase in property taxes is the highest quarterly growth since September quarter 2018. All states and territories rose this quarter, with New South Wales and Victoria recording the largest increases.

Stamp duties on conveyances fell across all states and territories except Queensland, with New South Wales recording the largest decline.

Taxation revenue, State and Local, selected key drivers of quarterly percentage change
	Payroll taxes (% change)	Property taxes (% change)	Stamp duties on conveyances (% change)
Jun-19	0.6	-0.5	16.2
Sep-19	8.0	3.8	-1.0
Dec-19	-1.8	-0.2	24.0
Mar-20	-7.8	0.0	-12.8
Jun-20	-25.8	-1.6	-16.3
Sep-20	19.6	3.7	12.9
Dec-20	3.2	-0.4	24.7
Mar-21	15.8	0.1	1.2
Jun-21	2.7	-0.1	29.6
Sep-21	-3.9	5.3	11.3
Dec-21	5.4	0.1	8.4
Mar-22	1.6	-0.2	-0.5
Jun-22	9.1	-0.2	-2.7
Sep-22	8.9	8.2	-11.3

Taxation revenue, State and Local, selected key drivers of quarterly percentage change

["","Payroll taxes","Property taxes","Stamp duties on conveyances"]

[["Jun-19","Sep-19","Dec-19","Mar-20","Jun-20","Sep-20","Dec-20","Mar-21","Jun-21","Sep-21","Dec-21","Mar-22","Jun-22","Sep-22"],[[0.59999999999999998],[8],[-1.8],[-7.7999999999999998],[-25.800000000000001],[19.600000000000001],[3.2000000000000002],[15.800000000000001],[2.7000000000000002],[-3.8999999999999999],[5.4000000000000004],[1.6000000000000001],[9.0999999999999996],[8.9000000000000004]],[[-0.5],[3.7999999999999998],[-0.20000000000000001],[0],[-1.6000000000000001],[3.7000000000000002],[-0.40000000000000002],[0.10000000000000001],[-0.10000000000000001],[5.2999999999999998],[0.10000000000000001],[-0.20000000000000001],[-0.20000000000000001],[8.1999999999999993]],[[16.199999999999999],[-1],[24],[-12.800000000000001],[-16.300000000000001],[12.9],[24.699999999999999],[1.2],[29.600000000000001],[11.300000000000001],[8.4000000000000004],[-0.5],[-2.7000000000000002],[-11.300000000000001]]]

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Public investment

Public investment in new assets

Total public investment in new assets (f) rose 16.7% through the year (up $3.6 billion) to $25.0 billion. Investment across all levels of government increased except universities.

Commonwealth general government rose 27.5% (up $0.7 billion), driven by investment in defence and building projects
State and local general government increased 16.0% (up $2.1 billion), led by higher investment in New South Wales and Victoria
PNFCs rose 16.2% (up $0.9 billion), driven by continued investment from Commonwealth corporations including Snowy Hydro 2.0, Western Sydney Airport and Australian Rail Track Corporation
Universities fell 14.9% (down $0.1 billion), as ongoing uncertainty generated by the COVID‑19 pandemic continued to reduce investment across most universities

Includes acquisitions of new non-financial fixed produced assets. Second-hand asset acquisitions and sales between sectors are excluded from this measure

Public investment in new assets, all levels of government, through the year percentage change
	Total Public Sector (% change)	State & Local General Government (% change)	Universities (% change)	Public Non-Financial Corporations (% change)	Commonwealth General Government (% change)
Jun-20	3.0	10.4	-11.3	-5.2	-5.3
Sep-20	-0.1	1.8	-31.9	-1.3	5.0
Dec-20	1.9	7.8	-40.0	1.9	-1.9
Mar-21	3.2	11.9	-41.0	-0.1	-13.3
Jun-21	14.5	16.9	-22.8	8.4	19.7
Sep-21	8.9	16.9	-15.3	3.0	-7.6
Dec-21	10.4	12.3	4.1	5.5	11.8
Mar-22	10.1	9.4	4.2	11.1	12.0
Jun-22	13.6	10.0	-13.7	14.2	26.8
Sep-22	16.7	16.0	-14.9	16.2	27.5

Public investment in new assets, all levels of government, through the year percentage change

["","Total Public Sector","State & Local General Government","Universities","Public Non-Financial Corporations","Commonwealth General Government"]

[["Jun-20","Sep-20","Dec-20","Mar-21","Jun-21","Sep-21","Dec-21","Mar-22","Jun-22","Sep-22"],[[3],[-0.10000000000000001],[1.8999999999999999],[3.2000000000000002],[14.5],[8.9000000000000004],[10.4],[10.1],[13.6],[16.699999999999999]],[[10.4],[1.8],[7.7999999999999998],[11.9],[16.899999999999999],[16.899999999999999],[12.300000000000001],[9.4000000000000004],[10],[16]],[[-11.300000000000001],[-31.899999999999999],[-40],[-41],[-22.800000000000001],[-15.300000000000001],[4.0999999999999996],[4.2000000000000002],[-13.699999999999999],[-14.9]],[[-5.2000000000000002],[-1.3],[1.8999999999999999],[-0.10000000000000001],[8.4000000000000004],[3],[5.5],[11.1],[14.199999999999999],[16.199999999999999]],[[-5.2999999999999998],[5],[-1.8999999999999999],[-13.300000000000001],[19.699999999999999],[-7.5999999999999996],[11.800000000000001],[12],[26.800000000000001],[27.5]]]

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Classifying new government policies in macroeconomic statistics

The ABS continues to determine the appropriate classification for new government policies. These classifications are based on well-established conceptual frameworks (g), which ensure consistent recording of these policies across macroeconomic statistics, particularly in relation to Government Finance Statistics (GFS) and the National Accounts (NA).

These policies are grouped into five broad categories (h):

Frontline services
Provision of assistance to households
Provision of assistance to corporations, unincorporated enterprises, and non-profit institutions
Changes in tax and non-tax revenue
Capital injections, establishment of new, or extended, lending facilities and provision of guarantees

The following presents a summary of the ABS classification of major new government policies that began during September quarter 2022 (i).

Classification of selected new September quarter 2022 policies across Commonwealth and State and Territory levels of government
Types of policies	Examples of policies	Classification in Government Finance Statistics (GFS) and National Accounts (NA) (j)
Frontline services
Healthcare workers - Winter Retention and Surge Payment	State: (k) One-off payment to public hospital and ambulance service staff (VIC)	GFS: Wages, Salaries and Supplements NA: GDP (E) - Government final consumption expenditure
Japanese Encephalitis Vaccine	State: Available from select GPs, local public health units, community pharmacies and local councils (various)	GFS: Social benefits to households in goods and services NA: GDP (E) - Government final consumption expenditure
Free to Study Nursing and Midwifery	State: Government will pay for the cost of undergraduate studies for nursing and midwifery, with an additional payment for those who work in the public health sector after finishing the course (VIC)	GFS: Current monetary transfers to households NA: Income accounts - Other current transfers
Provision of assistance to households
Power Saving Bonus	State: $250 payment will be open to all Victorian households who use the Victorian Energy Compare website (VIC)	GFS: Current monetary transfers to households NA: Income accounts - Other current transfers
Electricity Credit Scheme	State: $400 of Household Electricity Credit will be applied by Synergy and Horizon Power to resident power bills (WA); Cost of Living Rebate increased from $50 to $175 to reduce household power bills (QLD)	GFS: Social benefits to households in goods and services NA: GDP (E) - Government final consumption expenditure
Regional Apprentice and Unit Travel Card	State: $250 prepaid Travel Card for university students and apprentices in regional areas (NSW)	GFS: Social benefits to households in goods and services NA: GDP (E) - Government final consumption expenditure
Cost of Living Rebate	State: One-off payment to WA residents directly to bank accounts to help with cost-of-living pressures (WA)	GFS: Current monetary transfer to households NA: Income accounts - Other current transfers
Provision of assistance to corporations, unincorporated enterprises, and non-profit institutions
Alfresco Restart Rebate	State: A one-off payment to small or medium food & beverage businesses to create, expand or improve outdoor dining areas (NSW)	GFS: Other subsidies on production NA: GDP (I) – Other subsidies on production
Business Basics Grants	State: Small businesses will receive one-off payments to invest in areas such as website development, marketing plans or business coaching (QLD)	GFS: Other subsidies on production NA: GDP (I) - Other subsidies on production
Capital injections, establishment of new, or extended, lending facilities and provision of guarantees
Shared Equity Scheme	State: Government will contribute up to 40% of the purchase price of a dwelling in exchange for an equivalent equity share in the dwelling to assist eligible homebuyers (NSW)	GFS: Advances other than concessional loans, Loans and placements NA: Balance Sheet

These frameworks are supported by international standards such as the International Monetary Fund (IMF) Government Finance Statistics Manual 2014 (GFSM 2014) and the System of National Accounts 2008 (2008 SNA)
The categories are broadly based on the recommendations in “COVID-19: How to Record Government Policy Interventions in Fiscal Statistics” (IMF, 2020)
This table summarises key policies with an impact on the macroeconomic accounts and does not cover every specific government policy in Australia
NA includes the gross domestic product (GDP) accounts, which are measured using the expenditure approach (GDP (E)), the income approach (GDP (I)) or the production approach (GDP (P)). NA also includes income accounts, capital accounts, financial accounts, and balance sheets
‘States’ refers to the state sector in macroeconomic statistics which covers all eight state and territory jurisdictions in Australia

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Insights into Government Finance Statistics, September 2022

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