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Public Sector Accounts

Objectives
The Public Sector Accounts Program provides Government Finance Statistics (GFS) in respect of the Australian, State and Territory Governments, their public financial and non-financial corporations, universities and local governments. The statistics are compiled predominantly from government accounting systems.

The main users of the program include various Australian Government agencies (in particular the Treasury, the Commonwealth Grants Commission, Productivity Commission, and the Departments of: Finance and Deregulation; Education; Employment and Workplace Relations; Health and Ageing), State and Territory government agencies (in particular State Treasuries), financial market analysts and international agencies.

GFS are used to monitor the financial performance of governments and to inform on the economic impact of government activities. They are also used to assist in the distribution of Australian government grants to State Governments.

GFS are an important input to the Australian National Accounts, providing income and expenditure estimates for the public sector. Accordingly, the ABS National Accounts Program is a key client of the Public Sector Accounts Program.

Outputs
The program produces a number of GFS publications each year, compiled in accordance with the International Monetary Fund’s Government Finance Statistics Manual 2001.

The annual publication Government Finance Statistics, Australia (ABS cat. no. 5512.0), provides an operating statement, balance sheet and cash flow statement for the most recent year for each of the Australian, State, Territory and local governments for the general government, and public non-financial and financial corporations. Key GFS accruals measures such as the net operating balance, net lending/ borrowing, and net worth are provided. A cash-based surplus/deficit is also produced.

Quarterly publication, Government Finance Statistics, Australia (ABS cat. no. 5519.0.55.001), provides operating statements for general government and public non-financial corporations sector aggregates.

Other publications include:

• Government Financial Estimates, Australia (ABS cat. no. 5501.0.55.001), which provides initial budget forecasts compiled by each jurisdiction on a GFS basis
• Taxation Revenue, Australia (ABS cat. no. 5506.0), which provides revenue from taxation of the Australian Government, the State and Territory Governments and local government authorities in Australia
• Government Finance Statistics, Education, Australia (ABS cat. no. 5518.0.55.001), which provides statistics on government expenditure in the field of education.

• implement revised international GFS standards in ABS statistics – timing dependent on the release of the International Monetary Fund’s GFS Manual and consultation with stakeholders
• complete the assessment of the availability, quality and feasibility of compiling quarterly balance sheet data for the general government sector – due December 2012
• develop an implementation strategy for introducing Australia’s revised institutional sector classification (Standard Economic Sector Classifications of Australia 2008) – due December 2012
• provide GFS technical assistance to Pacific Islands countries – due December 2012
• assess options for publishing a more comprehensive reconciliation between GFS and national accounts measures – due June 2014
• assist the Treasury and/or the Department of Finance in each jurisdiction with implementation and interpretative issues associated with the adoption of the GFS-GAAP (Generally Accepted Accounting Principles) harmonised financial reporting basis represented by the new accounting standard AASB 1049 (Whole of Government and General Government Sector Financial Reporting by Governments) – ongoing
• work with the Treasury and/or Department of Finance in each jurisdiction on the continual improvement in the quality and uniformity of Australia’s GFS – ongoing.

References
Topics @ a Glance - Economy