
14/2008
24 April 2008
| AGGREGATES | ACTUAL 2007-2008 YTD January $m |
ACTUAL 2007-2008 February $m |
ACTUAL 2007-2008 YTD February $m |
MYEFO ESTIMATE 2007-2008 FULL YEAR* $m |
|---|---|---|---|---|
| Revenue | 170528 | 28205 | 198733 | 295415 |
| Expenses | 159238 | 25095 | 184332 | 277860 |
| Net operating balance | 11290 | 3111 | 14401 | 17554 |
| Net capital investment | 709 | 185 | 894 | 1592 |
| Fiscal balance | 10581 | 2926 | 13507 | 15962 |
| Underlying cash balance | 3367 | 2125 | 5492 | 14834 |
| Headline cash balance | 5649 | 2162 | 7811 | 22766 |
| Total assets | 221949 | 5148 | 227096 | 235584 |
| Total liabilities | 202744 | 1343 | 204086 | 208739 |
| Net worth | 19205 | 3805 | 23010 | 26845 |
| Net debt | -26489 | -2568 | -29058 | -16094 |
* As published in the 2007-2008 MYEFO
The Australian Government monthly financial statements for 2007-08 have been re-designed to provide Government Finance Statistics (GFS) information only, whilst past statements included an AAS based set of statements, all analysis and commentary was on a GFS basis.
As a result of a change in accounting policy by the Australian Government which was included in the Consolidated Financial Statements 2006-07 published on 20 December 2007, these statements now include GST as an Australian Government tax with associated payments to the States and Territories treated as a grant expense.
Care needs to be taken when comparing monthly or cumulative data across years and to full year estimates. Revenues and expenses do vary from month-to-month. The accrual framework, including the timing of payments and policy decisions, can have a large impact on fiscal aggregates from one year to the next and on year-to-date outcomes.
The main components of the underlying cash balance are cash from operations and cash movements in the net investment in non-financial assets.
The underlying cash balance for the year to 29 February 2008 was a surplus of $5,492 million. This underlying cash balance is $4.4 billion lower than the 2007-08 MYEFO pro rata. The difference reflects a number of individual variations including the following:
Lower receipts compared to pro rata MYEFO estimates from:
Higher payments compared to pro rata MYEFO estimates for:
Lower payments compared to pro rata MYEFO estimates for:
The fiscal balance for the year to 29 February 2008 was a surplus of $13,507 million. This fiscal balance is $2,865 million higher than the 2007-08 MYEFO pro rata estimate.
GFS Expenses are $908 million lower when compared with a pro rata of the 2007-08 MYEFO estimate whilst GFS Revenue is $1,790 million higher when compared with a pro rata of the 2007-08 MYEFO estimate.
The main reason for the lower expenses are due to the timing of payments to suppliers and personal benefit payments, whilst higher revenue is due to the seasonality of revenue collections.
The net worth balance within the General Government sector is a positive net asset position of $23,010 million at 29 February 2008.
Lindsay Tanner MP |
I J Watt |
Contact: Lindsay Tanner MP’s Office: Nardia Dazkiw - (02) 6277 7400 Department of Finance and Deregulation: Emma McDonald - (02) 6215 2383 |
|
| ACTUAL 2007-2008 YTD January $m |
ACTUAL 2007-2008 February $m |
ACTUAL 2007-2008 YTD February $m |
MYEFO ESTIMATE 2007-2008 FULL YEAR* $m |
|
|---|---|---|---|---|
| GFS revenue | ||||
| Taxation revenue | 160,275 | 27,063 | 187,338 | 279,401 |
| Sales of goods and services | 3,134 | 386 | 3,520 | 5,191 |
| Interest income | 2,754 | 496 | 3,249 | 4,663 |
| Dividend income | 1,884 | 103 | 1,987 | 2,707 |
| Other | 2,482 | 158 | 2,640 | 3,451 |
| Total GFS revenue | 170,528 | 28,205 | 198,733 | 295,415 |
| GFS expenses | ||||
| Gross operating expenses | ||||
| Depreciation | 1,472 | 213 | 1,685 | 2,483 |
| Superannuation | 1,519 | 224 | 1,743 | 2,675 |
| Salaries and wages | 8,537 | 1,213 | 9,750 | 15,093 |
| Payment for supply of goods and services | 30,820 | 4,401 | 35,221 | 58,056 |
| Other operating expenses | 2,197 | 326 | 2,523 | 3,314 |
| Total gross operating expenses | 44,544 | 6,377 | 50,921 | 81,620 |
| Nominal superannuation interest expense | 3,503 | 500 | 4,004 | 6,276 |
| Other interest expenses | 2,375 | 348 | 2,724 | 3,992 |
| Current transfers | ||||
| Grant expenses | 51,436 | 10,140 | 61,576 | 87,139 |
| Subsidy expenses | 4,318 | 629 | 4,947 | 7,314 |
| Personal benefit payments in cash | 49,123 | 6,500 | 55,623 | 84,487 |
| Total current transfers | 104,877 | 17,268 | 122,146 | 178,940 |
| Capital transfers | 3,938 | 600 | 4,538 | 7,031 |
| Total GFS expenses | 159,238 | 25,095 | 184,332 | 277,860 |
| Net operating balance | 11,290 | 3,111 | 14,401 | 17,554 |
| Net acquisition of non-financial assets | ||||
| Purchases of non-financial assets | 1,878 | 335 | 2,213 | 3,715 |
| less Sales of non-financial assets | 106 | 16 | 122 | 256 |
| less Depreciation | 1,472 | 213 | 1,685 | 2,483 |
| plus Change in inventories | 295 | 69 | 364 | 238 |
| plus Other movements in non-financial assets | 113 | 10 | 123 | 378 |
| Total net acquisition of non-financial assets | 709 | 185 | 894 | 1,592 |
| Net lending/fiscal balance | 10,581 | 2,926 | 13,507 | 15,962 |
| ACTUAL 2007-2008 YTD January $m |
ACTUAL 2007-2008 YTD February $m |
MYEFO ESTIMATE 30-Jun-08 $m |
|
|---|---|---|---|
| GFS assets |
|
|
|
| Financial assets |
|
|
|
| Cash and deposits | 612 | 1,358 | 1,043 |
| Advances paid | 22,034 | 22,020 | 25,013 |
| Investments, loans and placements | 68,090 | 69,852 | 57,039 |
| Other non-equity assets | 41,246 | 43,055 | 30,625 |
| Equity | 41,418 | 42,108 | 72,191 |
| Total financial assets | 173,400 | 178,392 | 185,911 |
| Non-financial assets | |||
| Land | 6,897 | 6,914 | 6,940 |
| Buildings | 16,875 | 16,930 | 16,981 |
| Plant, equipment and infrastructure | 10,227 | 10,219 | 10,931 |
| Inventories | 3,398 | 3,455 | 3,486 |
| Heritage and cultural assets | 8,221 | 8,227 | 8,245 |
| Other non-financial assets | 2,930 | 2,960 | 3,090 |
| Total non-financial assets | 48,548 | 48,704 | 49,673 |
| Total GFS assets | 221,949 | 227,096 | 235,584 |
| GFS liabilities | |||
| Deposits held | 318 | 310 | 263 |
| Government securities | 58,035 | 57,934 | 59,288 |
| Loans | 5,521 | 5,514 | 7,085 |
| Other borrowings | 372 | 414 | 365 |
| Superannuation liability | 104,919 | 105,256 | 106,879 |
| Other employee entitlements and provisions | 8,260 | 8,408 | 8,479 |
| Other non-equity liabilities | 25,318 | 26,251 | 26,381 |
| Total GFS liabilities | 202,744 | 204,086 | 208,739 |
| Net worth | 19,205 | 23,010 | 26,845 |
| Net financial worth | -29,343 | -25,694 | -22,828 |
| Net debt | -26,489 | -29,058 | -16,094 |
| ACTUAL 2007-2008 YTD January $m |
ACTUAL 2007-2008 February $m |
ACTUAL 2007-2008 YTD February $m |
MYEFO ESTIMATE 2007-2008 FULL YEAR* $m |
|
|---|---|---|---|---|
| Cash receipts from operating activities | ||||
| Taxes received | 154,341 | 25,789 | 180,129 | 274,115 |
| Receipts from sales of goods and services | 3,162 | 390 | 3,551 | 5,188 |
| Interest receipts | 2,008 | 242 | 2,250 | 4,482 |
| Dividends | 1,870 | 59 | 1,929 | 2,692 |
| Other receipts | 2,257 | 88 | 2,345 | 3,150 |
| Total operating receipts | 163,638 | 26,567 | 190,205 | 289,628 |
| Cash payments for operating activities | ||||
| Payments for goods and services | -31,724 | -3,725 | -35,448 | -57,977 |
| Grants and subsidies paid | -59,269 | -11,809 | -71,078 | -98,849 |
| Interest paid | -2,021 | -418 | -2,440 | -3,646 |
| Personal benefit payments | -50,598 | -6,388 | -56,985 | -83,983 |
| Salaries, wages and other entitlements | -11,336 | -1,518 | -12,854 | -20,044 |
| Other payments for operating activities | -2,307 | -248 | -2,555 | -3,272 |
| Total operating payments | -157,255 | -24,106 | -181,360 | -267,771 |
| Net cash flows from operating activities | 6,383 | 2,461 | 8,845 | 21,857 |
| Cash flows from investments in non-financial assets | ||||
| Sales of non-financial assets | 110 | 17 | 126 | 301 |
| Purchases of non-financial assets | -1,200 | -278 | -1,478 | -3,938 |
| Net cash flows from investments in non-financial assets | -1,090 | -262 | -1,352 | -3,637 |
| Net cash flows from investments in financial assets for policy purposes | 388 | 10 | 398 | 4,550 |
| Cash flows from investments in financial assets for liquidity purposes | ||||
| Increase in investments | -7,303 | -1,531 | -8,834 | -24,884 |
| Net cash flows from investments in financial assets for liquidity purposes | -7,303 | -1,531 | -8,834 | -24,884 |
| Cash flows from financing activities | ||||
| Borrowing (net) | 1,164 | -147 | 1,017 | 2,542 |
| Deposits received (net) | 57 | -8 | 49 | 0 |
| Other financing (net) | -141 | 222 | 82 | -540 |
| Net cash flows from financing activities | 1,080 | 67 | 1,147 | 2,002 |
| Net increase/decrease in cash held | -542 | 746 | 204 | -112 |
| Net cash from operating activities and investments in non-financial assets | 5,293 | 2,200 | 7,493 | 18,220 |
| Finance leases and similar arrangements | -32 | -48 | -79 | -4 |
| GFS cash surplus(+)/deficit(-) | 5,261 | 2,152 | 7,413 | 18,216 |
| less Future Fund earnings | 1,894 | 27 | 1,921 | 3,382 |
| Equals underlying cash balance | 3,367 | 2,125 | 5,492 | 14,834 |
| plus net cash flows from investments in financial assets for policy purposes | 388 | 10 | 398 | 4,550 |
| plus Future Fund earnings | 1,894 | 27 | 1,921 | 3,382 |
| Equals headline cash balance | 5,649 | 2,162 | 7,811 | 22,766 |
| ACTUAL 2007-2008 YTD January $m |
ACTUAL 2007-2008 YTD February $m |
BUDGET ESTIMATE 2007-2008 FULL YEAR* $m |
|
|---|---|---|---|
| Opening net worth | 2,689 | 2,689 | 2,689 |
| Opening net worth adjustments(a) | 8,291 | 8,291 | 8,291 |
| Adjusted opening net worth | 10,980 | 10,980 | 10,980 |
| Change in net worth from operating transactions | 11,290 | 14,401 | 17,554 |
| Change in net worth from other economic flows | |||
| Revaluation of equity(b) | -87 | 827 | 608 |
| Net writedowns of assets (including bad and doubtful debts) |
-3,557 | -3,606 | -2,229 |
| Assets recognised for the first time | -95 | -94 | 7 |
| Net foreign exchange gains | 95 | 94 | 0 |
| Net swap interest received | -65 | -81 | -113 |
| Market valuation of debt | -384 | -430 | -381 |
| Other economic revaluations(c) | 1,027 | 920 | 419 |
| Total other economic flows | -3,065 | -2,371 | -1,689 |
| Closing net worth | 19,205 | 23,010 | 26,845 |
| ACTUAL 2007-2008 YTD January $m |
ACTUAL 2007-2008 February $m |
ACTUAL 2007-2008 YTD February $m |
MYEFO ESTIMATE 2007-2008 FULL YEAR $m |
|
|---|---|---|---|---|
| GFS Expenses by Purpose | ||||
| General Public Services | 11,228 | 1,604 | 12,833 | 15,973 |
| Defence | 9,538 | 1,380 | 10,918 | 19,243 |
| Public Order and Safety | 2,154 | 260 | 2,415 | 3,772 |
| Education | 13,718 | 1,238 | 14,956 | 17,386 |
| Health | 24,796 | 3,620 | 28,416 | 43,357 |
| Social Security and Welfare | 55,456 | 7,391 | 62,847 | 95,132 |
| Housing and Community Amenities | 1,609 | 234 | 1,843 | 3,345 |
| Recreation and Culture | 1,501 | 171 | 1,672 | 2,861 |
| Fuel and Energy | 2,877 | 413 | 3,290 | 5,310 |
| Agriculture, Forestry and Fishing | 1,971 | 422 | 2,393 | 3,685 |
| Mining and Mineral Resources (other than fuels); Manufacturing and Construction | 929 | 162 | 1,091 | 2,046 |
| Transport and Communication | 2,240 | 273 | 2,512 | 4,484 |
| Other Economic Affairs | 3,356 | 439 | 3,795 | 6,122 |
| Other Purposes | ||||
| Public Debt Interest | 2,048 | 286 | 2,334 | 3,517 |
| Nominal Superannuation Interest | 1,192 | 170 | 1,362 | 6,276 |
| General Purpose Inter-Government Transactions | 24,286 | 6,938 | 31,224 | 44,965 |
| Natural Disaster Relief | 320 | 91 | 410 | 103 |
| Contingency Reserve (a) | 18 | 3 | 21 | 282 |
| Total GFS Expenses | 159,238 | 25,095 | 184,332 | 277,860 |
(a) Asset sale related expenses are now treated as a component of the contingency reserve
The framework used as a basis for these statements and notes is generally consistent with the requirements of GFS. The Financial Management and Accountability Act 1997 requires monthly financial statements to be consistent with the Budget estimates, accordingly, and pursuant to the Charter of Budget Honesty Act 1998, this presentation covers the General Government sector on a GFS basis.
With the introduction of Business Activity Statements and Instalment Activity Statements in 2000-2001, taxpayers provide information on payments associated with several types of tax when lodging the statement and paying the aggregate net tax amount. Thus, while total tax collections are known with certainty at the end of each month, the distribution across the relevant heads of revenue cannot be finalised until all statements are received and processed. The outcomes for some revenue items provided in this statement are thus estimates, in accordance with the best judgement of the Taxation Commissioner, and subject to revision. The taxation revenue items not affected are: Petroleum Resource Rent Tax, Excise duty, Customs duty, Other Taxes and Individuals Refunds.
The sum of the revenue accrued in the month and the revisions to prior periods equals the revenue reported in the Statement of Revenue and Expenses.
| ACTUAL 2007-2008 YTD January $m |
ACTUAL 2007-2008 February $m |
ACTUAL 2007-2008 YTD February $m |
MYEFO ESTIMATE 2007-2008 FULL YEAR $m |
|
|---|---|---|---|---|
| INDIVIDUALS AND OTHER WITHHOLDING TAX | ||||
| Gross income tax withholding | 65,340 | 10,979 | 76,318 | 113,330 |
| Gross other individuals | 12,497 | 2,919 | 15,415 | 28,110 |
| Less refunds | 15,059 | 740 | 15,799 | 19,790 |
| Total individuals and other withholding tax | 62,777 | 13,157 | 75,934 | 121,650 |
| OTHER SOURCES | ||||
| Companies | 41,604 | 3,320 | 44,925 | 65,250 |
| Superannuation funds (a) | 8,312 | 1,093 | 9,405 | 10,130 |
| Petroleum Resource Rent Tax | 1,556 | - 91 | 1,466 | 2,060 |
| Fringe Benefits tax (b) | 2,388 | 212 | 2,601 | 3,970 |
| Total income tax from other sources | 53,861 | 4,535 | 58,396 | 81,410 |
| Total income tax | 116,639 | 17,691 | 134,330 | 203,060 |
* As published in the 2007-2008 MYEFO
(a) Includes superannuation contributions surcharge.
(b) Negative collections indicate refunds exceed collections.
| ACTUAL 2007-2008 YTD January $m |
ACTUAL 2007-2008 February $m |
ACTUAL 2007-2008 YTD February $m |
MYEFO ESTIMATE 2007-2008 FULL YEAR $m |
|
|---|---|---|---|---|
| Excise duty | 13,992 | 1,652 | 15,644 | 23,090 |
| Customs duty | 3,620 | 478 | 4,098 | 6,010 |
| Other indirect tax (including GST) | 26,024 | 7,241 | 33,265 | 47,241 |
| Total indirect tax revenue | 43,636 | 9,371 | 53,008 | 76,341 |
* As published in the 2007-2008 MYEFO
These statements reflect the GST as an Australian Government tax, with associated payments.
| ACTUAL 2007-2008 YTD January $m |
ACTUAL 2007-2008 February $m |
ACTUAL 2007-2008 YTD February $m |
MYEFO ESTIMATE 2007-2008 FULL YEAR $m |
|
|---|---|---|---|---|
| GST Revenue (a) | 23,781 | 6,939 | 30,719 | 43,530 |
* As published in the 2007-2008 MYEFO
(a) GST revenue is presented in this note on an accrual basis. This differs from GST cash receipts, on which payments to the States and Territories are based.