Part H - Total public sector
2.89.
Of the five institutional sectors together make up the total economy, only some units in the first three sectors listed in Table 2.1 are relevant in the GFS system. Together, the general government sector, public non-financial corporation sector, and public financial corporation sector equate to the total public sector. The NPISH sector consists of resident non-market, not-for-profit institutions that are not controlled by government, and are therefore out of scope for GFS. Households represent a group of persons who share the same living accommodation, and who pool some or all of their wealth and consume certain types of goods and services collectively (such as housing and food). Because the primary aim of the GFS system is to measure the financial activities of governments, the remainder of this chapter will focus on units that make up the total public sector. The total public sector and its relation to other institutional sectors of the economy is shown in Table 2.5 below:
Table 2.5 - The Total Public Sector and its relation to other institutional sectors of the economy
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Description
Source: Based on Figure 2.2 International Monetary Fund Government Finance Statistics Manual 2014.
The total public sector
2.90.
The total public sector comprises:
- Government units that are legal entities established by political processes that have legislative, judicial or executive authority over other institutional units within a given areas; and
- All other institutional units and notional institutional units controlled by government.
2.91.
In the GFS system, the fiscal activities of general government units, and any fiscal activities of public nonfinancial corporations and public financial corporations represent the fiscal activities of the total public sector
2.92.
In Australia, the total public sector is made up of the different levels of government including the national (made up of the Commonwealth Government and control not further defined units), state and territory, and local governments. Also included are public non-financial corporations and public financial corporations as shown below in Diagram 2.2 below: