· Web view2.The Tolerance Limit is equal to two per cent of Total NonFinancial Public Sector Cash...

APPENDIX 1 UNIFORM GOVERNMENT REPORTING

Key Issues

The estimated Net Operating Balance for 2017-18 is a surplus of $54.3 million for the General Government Sector (GGS), a deficit of $55.5 million for the PNFC Sector, a deficit of $1.2 million for the TNFP Sector, a deficit of $56.6 million for the PFC Sector and a deficit of $57.9 million for the Total State Sector.

The estimated Fiscal Balance for 2017-18 is a deficit of $253.9 million for the GGS, a deficit of $222.8 million for the PNFC Sector, a deficit of $476.7 million for the TNFP Sector, a deficit of $56.9 million for the PFC Sector and a deficit of $533.6 million for the Total State Sector.

As at 30 June 2018, GGS Net Debt is forecast to be negative $451.8 million, PNFC Sector Net Debt is forecast to be $2 559.8 million, TNFP Sector Net Debt is forecast to be $2 108 million, PFC Sector Net Debt is forecast to be negative $2 072.2 million and Total State Sector Net Debt is forecast to be $35.8 million.

Further information about the GGS Budget and Forward Estimates is included in chapter 4 of this Budget Paper. Details of the GGS 2016-17 Estimated Outcome are included in appendix 3 of this Budget Paper.

Uniform Government Reporting 143

INTRODUCTIONThe financial information in this appendix has been prepared in accordance with the Uniform Presentation Framework (UPF). This appendix provides Income Statement, Balance Sheet and Cash Flow Statement estimates for the:

General Government Sector (GGS);

Public Non-Financial Corporations (PNFC) Sector;

Total Non-Financial Public (TNFP) Sector;

Public Financial Corporations (PFC) Sector; and

Total State Sector.

The statements present the 2016-17 Estimated Outcome, 2017-18 Budget Estimates and Forward Estimates for the period 2018-19 to 2020-21. For taxation information required under the UPF, refer to chapter 5 of this Budget Paper.

In accordance with the UPF, the final end of year results for 2016-17 will be released in the Treasurer's Annual Financial Report 2016-17. The Report will be publicly released by no later than 31 October 2017.

Loan Council Allocation

Under Loan Council arrangements, every year the Australian Government and each state and territory nominate a Loan Council Allocation (LCA). A jurisdiction's LCA incorporates:

the estimated Cash Deficit/(Surplus) of the General Government and PNFC Sectors;

Net Cash Flows from Investments in Financial Assets for Policy Purposes; and

Memorandum Items, which are other financing transactions that are treated as borrowing equivalents for Loan Council purposes.

144 Uniform Government Reporting

Table A1.1 compares Tasmania's 2017-18 LCA approved by the Loan Council in March 2017, with the revised LCA based on 2017-18 Budget estimates.

Table A1.1: Loan Council Allocation 2017-18 2017-18 2017-18

) Budget Nomination Estimate

$m $m

General Government Cash Deficit/(Surplus) 7.9 149.8

Public Non-Financial Corporations Sector Cash Deficit/(Surplus) 158.5 215.1

Non-Financial Public Sector Cash Deficit/(Surplus) 166.4 364.9

Less Non-Financial Public Sector Net Cash Flows from Investments in Financial Assets for

Policy Purposes (4.1) (4.5)

Plus Memorandum Items1 63.1 119.7

Loan Council Allocation Deficit/(Surplus) 233.6 489.1

2017-18 Tolerance Limit2 174.8 176.8

Notes:1. Memorandum Items include borrowings by local government (including TasWater) and the University of Tasmania.2. The Tolerance Limit is equal to two per cent of Total Non-Financial Public Sector Cash Receipts from Operating

Activities and applies from the time that the LCA is approved by the Loan Council until the budgeted LCA is released. The Tolerance Limit will change with each revision to the Budget. The Tolerance Limit recognises that LCAs are nominated at early stages of the Budget process and that estimates are likely to change as a result.

The 2017-18 Budget estimate is a deficit of $489.1 million, an increase of $255.5 million, which is outside the Tolerance Limit of $174.8 million estimated for Tasmania in March 2017. If a jurisdiction is likely to exceed its Tolerance Limit, it must provide an explanation to the Loan Council and make that explanation public.

The change of $255.5 million in the LCA between the 2017-18 LCA Nomination and 2017-18 Budget estimate is mainly due to:

an increase in the General Government Cash Deficit of $141.9 million;

an increase in the Public Non-Financial Corporations Cash Deficit/(Surplus) of $56.6 million, which is primarily due to:

an increase in Purchases of Non-Financial Assets of $47 million primarily relating to:

Tasmanian Irrigation Pty Ltd of $16.9 million, due to a change in the construction schedule for various irrigation schemes;

Aurora Energy Pty Ltd of $11.4 million, due to additional investment in plant and equipment;

Hydro Tasmania of $10 million, due to a change in forecast capital expenditure;

Tasracing Pty Ltd of $9.9 million, due to a revision of the timing of capital works with the commencement of a major track upgrade bought forward from 2020 to 2018; and


an increase in Memorandum items of $56.6 million, which is primarily due to additional new cash borrowings for the Local Government Sector. This is partly due to the State Government’s Accelerated Local Government Capital Program, which enables councils to apply for Government interest free loans and bring forward planned infrastructure projects by up to five years.

Consistent with the LCA arrangements, Tasmania advises Loan Council of these circumstances through this appendix. The LCA Outcome for 2016-17 will be presented in the Treasurer's Annual Financial Report 2016-17.


GOVERNMENT FINANCIAL ESTIMATESTables A1.2 to A1.16 provide details of the Income Statements, Balance Sheets and Cash Flow Statements for the GGS, PNFC Sector, TNFP Sector, PFC Sector and Total State Sector respectively.

Table A1.2: General Government Income Statement 2016-17 2017-18 2018-19 2019-20 2020-21

Estimated Forward Forward Forward Outcome Budget Estimate Estimate Estimate

$m $m $m $m $m

Revenue from Transactions

Grants 4 371.9 3 682.9 3 673.5 3 735.4 3 748.3

Taxation 1 094.1 1 128.5 1 147.4 1 173.0 1 198.9

Sales of Goods and Services 411.2 408.0 417.0 424.8 428.7

Fines and Regulatory Fees 95.9 98.9 99.3 100.3 101.6

Interest Income 22.1 19.6 17.6 16.0 17.2

Dividend, Tax and Rate Equivalent Income 316.0 358.4 338.2 370.1 390.4

Other Revenue 188.4 177.7 170.1 165.2 163.5

6 499.6 5 874.0 5 863.0 5 984.8 6 048.7

Less Expenses from Transactions Employee Expenses 2 371.5 2 400.4 2 430.4 2 461.6 2 533.0

Superannuation 339.9 273.5 269.7 270.0 271.0

Depreciation 267.1 268.6 263.7 322.8 337.6

Supplies and Consumables 1 187.9 1 227.8 1 186.1 1 187.2 1 206.8

Nominal Superannuation Interest Expense 236.3 285.6 289.7 293.3 296.2

Borrowing Costs 10.4 9.8 9.5 9.0 8.2

Grant Expenses 1 243.0 1 314.3 1 333.4 1 362.4 1 322.8

Other Expenses 31.6 39.7 29.8 27.3 27.8

5 687.6 5 819.8 5 812.3 5 933.6 6 003.4

Equals NET OPERATING BALANCE 812.0 54.3 50.7 51.3 45.3

Plus Other Economic Flows - Included in Operating Result

Gain/(Loss) on Disposal of Non-Financial Assets 11.3 15.3 12.2 12.7 12.8

Movement in Investment in PNFC and PFC Sectors 392.2 (104.2) 11.2 37.4 50.2


Movements in Superannuation Liability 2 914.6 .... .... .... ....

Other Gains/(Losses) (24.7) 9.8 (11.4) (7.0) (8.2)

3 293.5 (79.0) 12.1 43.0 54.8

Equals Operating Result 4 105.5 (24.8) 62.8 94.3 100.0


Table A1.2: General Government Income Statement (continued) 2016-17 2017-18 2018-19 2019-20 2020-21


$m $m $m $m $m

Plus Other Economic Flows - Other Movements in Equity

Revaluations of Non-Financial Assets 224.9 250.8 268.4 288.5 294.9

Other Non-Owner Movements in Equity 8.6 3.8 3.8 3.8 3.8

233.5 254.6 272.2 292.3 298.7

Equals Comprehensive Result 4 339.0 229.8 335.0 386.6 398.7

KEY FISCAL AGGREGATES

NET OPERATING BALANCE 812.0 54.3 50.7 51.3 45.3

Less Net Acquisition of Non-Financial Assets

Purchases of Non-Financial Assets 495.3 609.9 574.0 402.1 342.7

Less Sale of Non-Financial Assets 29.4 33.2 30.4 30.8 30.9

Less Depreciation 267.1 268.6 263.7 322.8 337.6

198.9 308.2 279.9 48.5 (25.8)

Equals FISCAL BALANCE 613.1 (253.9) (229.2) 2.8 71.1


Table A1.3: General Government Balance Sheet as at 30 June2017 2018 2019 2020 2021

Estimated Revised Forward Forward Forward Outcome Budget Estimate Estimate Estimate

$m $m $m $m $m

AssetsFinancial Assets

Cash and Deposits 1 179.6 1 117.2 1 056.7 1 075.5 1 092.3

Investments 44.3 46.4 48.6 50.8 53.0

Equity Investment in PNFC and PFC Sectors 5 703.4 5 654.0 5 715.6 5 757.5 5 807.6

Other Equity Investments 23.1 27.2 31.3 35.4 38.1

Receivables 319.5 315.4 312.2 307.0 303.0

Other Financial Assets 807.1 815.4 868.0 904.5 918.7

8 077.0 7 975.7 8 032.4 8 130.7 8 212.7

Non-Financial Assets Land and Buildings 5 984.6 6 265.3 6 535.8 6 644.9 6 705.4

Infrastructure 4 521.4 4 816.5 5 108.1 5 343.5 5 553.0

Plant and Equipment 240.5 229.0 218.3 213.9 217.6

Heritage and Cultural Assets 471.9 484.0 496.1 508.3 520.5

Investment Property 3.2 3.5 3.8 4.0 4.4

Intangibles 45.5 47.7 45.8 42.0 37.8

Assets Held for Sale 5.7 4.8 4.1 3.9 2.9

Other Non-Financial Assets 38.3 37.4 37.5 37.5 33.9

11 311.0 11 888.1 12 449.5 12 798.0 13 075.5

Total Assets 19 388.0 19 863.8 20 481.9 20 928.8 21 288.2

Liabilities

Borrowings 564.1 711.8 905.2 913.4 805.7

Superannuation 6 176.4 6 266.3 6 345.7 6 412.6 6 465.3

Employee Entitlements 612.7 618.8 627.8 610.5 623.6

Payables 132.8 133.7 133.3 135.2 137.1

Other Liabilities 408.3 409.7 411.3 412.0 412.7

Total Liabilities 7 894.3 8 140.3 8 423.4 8 483.7 8 444.4

NET ASSETS 11 493.7 11 723.5 12 058.5 12 445.0 12 843.8

Equity

Accumulated Funds 6 782.4 6 761.4 6 828.0 6 926.0 7 029.9

Asset Revaluation Reserve 4 711.3 4 962.1 5 230.5 5 519.0 5 813.9

Total Equity 11 493.7 11 723.5 12 058.5 12 445.0 12 843.8


Table A1.3: General Government Balance Sheet as at 30 June (continued)

2017 2018 2019 2020 2021 Estimated Revised Forward Forward Forward

Outcome Budget Estimate Estimate Estimate $m $m $m $m $m


NET WORTH1 11 493.7 11 723.5 12 058.5 12 445.0 12 843.8 NET FINANCIAL WORTH2 182.6 (164.6) (391.0) (353.0) (231.7)NET FINANCIAL LIABILITIES3 5 520.8 5 818.6 6 106.6 6 110.5 6 039.4 NET DEBT4 (659.8) (451.8) (200.0) (212.9) (339.6)

Notes: 1. Net Worth represents Total Assets (both Financial and Non-Financial) less Total Liabilities.2. Net Financial Worth represents Total Financial Assets less Total Liabilities.3. Net Financial Liabilities represents Total Liabilities less Financial Assets, excluding Equity investment in the PNFC

and PFC Sectors.4. Net Debt represents Borrowings less the sum of Cash and Deposits and Investments.


Table A1.4: General Government Cash Flow Statement2016-17 2017-18 2018-19 2019-20 2020-21


$m $m $m $m $m Cash Flows from Operating Activities

Cash Received from Operating ActivitiesGrants Received 4 371.9 3 682.9 3 673.5 3 735.4 3 748.3

Taxation 1 084.5 1 127.3 1 144.5 1 171.3 1 196.4

Sales of Goods and Services 404.1 408.0 415.3 423.1 427.2


Interest Received 22.1 19.6 17.5 16.1 17.2

Dividend, Tax and Rate Equivalents 301.2 372.4 288.6 338.7 380.7

Other Receipts 361.8 365.3 360.9 338.7 332.5

6 641.3 6 074.3 5 999.5 6 123.6 6 203.9

Cash Payments for Operating Activities Employee Entitlements (2 350.1) (2 393.0) (2 420.2) (2 474.9) (2 518.1)

Superannuation (448.9) (468.1) (478.7) (498.0) (513.9)

Supplies and Consumables (1 217.4) (1 239.9) (1 200.0) (1 199.1) (1 215.5)

Borrowing Costs (10.5) (9.8) (9.5) (9.1) (8.3)

Grants and Subsidies Paid (1 242.9) (1 314.2) (1 333.3) (1 362.3) (1 322.8)

Other Payments (215.5) (229.1) (221.4) (199.7) (196.9)

(5 485.2) (5 654.1) (5 663.2) (5 743.1) (5 775.4)

Net Cash Flows from Operating Activities 1 156.1 420.3 336.3 380.5 428.6

Cash Flows from Investing Activities Net Cash Flows from Non-Financial Assets

Purchases of Non-Financial Assets (476.3) (603.1) (564.8) (390.5) (330.8)

Sales of Non-Financial Assets 29.4 33.0 30.4 30.8 30.9

(447.0) (570.1) (534.4) (359.8) (299.9)Net Cash Flows from Financial Assets

(Policy Purposes) Equity Injections (795.9) (58.8) (54.4) (8.6) (2.7)

Net Advances Paid .... (2.1) (2.2) (2.2) (2.2)

Equity/Disposals 0.7 0.7 0.7 0.7 0.7

(795.2) (60.3) (55.9) (10.0) (4.2)

Net Cash Flows from Investing Activities (1 242.1) (630.3) (590.3) (369.8) (304.1)


Table A1.4: General Government Cash Flow Statement (continued)2016-17 2017-18 2018-19 2019-20 2020-21


$m $m $m $m $m

Net Cash Flows from Financing ActivitiesNet Borrowing (61.4) 147.8 193.4 8.2 (107.8)

(61.4) 147.8 193.4 8.2 (107.8)

Net Increase/(Decrease) in Cash Held (147.4) (62.3) (60.6) 18.9 16.8

Cash at Beginning of the Year 1 326.9 1 179.6 1 117.2 1 056.7 1 075.5 Cash at End of the Year 1 179.6 1 117.2 1 056.7 1 075.5 1 092.3



Plus Net Cash Flows from Non-Financial Assets (447.0) (570.1) (534.4) (359.8) (299.9)

Equals CASH SURPLUS/(DEFICIT) 709.1 (149.8) (198.1) 20.7 128.7


Table A1.5: Public Non-Financial Corporations Sector Income Statement

2016-17 2017-18 2018-19 2019-20 2020-21 Estimated Forward Forward Forward Outcome Budget Estimate Estimate Estimate

$m $m $m $m $m

Revenue from Transactions

Grants 180.3 148.4 152.4 170.3 173.4

Sales of Goods and Services 2 904.2 2 901.5 2 986.2 3 143.7 3 267.3

Interest Income 7.2 6.3 6.5 6.6 6.8

Other Revenue 33.7 33.4 41.3 35.8 36.7

3 125.4 3 089.6 3 186.3 3 356.4 3 484.1

Less Expenses from Transactions Employee Expenses 392.5 404.8 413.1 421.6 428.7

Superannuation 42.7 40.4 41.1 41.9 42.5

Depreciation 322.6 332.8 346.9 354.6 361.2



Borrowing Costs 127.2 124.2 126.4 121.7 122.4

Dividend and Income Tax Equivalent Expenses 226.0 196.7 185.0 226.2 246.5

Grant Expenses 39.2 40.8 41.7 42.6 43.6

Other Expenses 27.4 26.8 27.3 27.1 27.4

3 127.4 3 145.1 3 187.6 3 342.0 3 469.2

Equals NET OPERATING BALANCE (2.0) (55.5) (1.3) 14.4 14.9


Movement in Superannuation Liability 228.7 .... .... .... ....

Other Gains/(Losses) (29.6) (68.3) (19.1) 8.6 16.9

199.1 (68.3) (19.1) 8.6 16.9

Equals Operating Result 197.0 (123.8) (20.4) 23.0 31.8


Table A1.5: Public Non-Financial Corporations Sector Income Statement (continued)


$m $m $m $m $m

Plus Other Economic Flows - Other Movements in EquityRevaluations of Non-Financial Assets 110.6 51.1 50.4 51.6 53.7

Other Non-Owner Movements in Equity 7.1 11.1 20.3 (3.6) (4.0)

117.7 62.2 70.8 48.0 49.7

Equals Comprehensive Result 314.8 (61.7) 50.4 71.0 81.4 KEY FISCAL AGGREGATES

NET OPERATING BALANCE (2.0) (55.5) (1.3) 14.4 14.9 Less Net Acquisition of Non-Financial Assets




175.7 167.2 87.8 19.7 7.6

Equals FISCAL BALANCE (177.7) (222.8) (89.1) (5.3) 7.3


Table A1.6: Public Non-Financial Corporations Sector Balance Sheet as at 30 June

2017 2018 2019 2020 2021 Estimated Forward Forward Forward Outcome Budget Estimate Estimate Estimate

$m $m $m $m $m

Assets

Financial Assets

Cash and Deposits 279.2 222.4 173.6 163.1 171.4

Investments 84.9 1.3 0.6 0.3 0.3


Receivables 556.9 521.9 522.3 523.5 523.7


1 849.5 1 695.4 1 638.4 1 630.8 1 643.2

Non-Financial Assets Land and Buildings 229.1 238.3 242.9 243.8 243.9

Infrastructure 7 877.6 7 981.4 8 060.7 8 118.3 8 164.9


Biological Assets 200.6 201.1 201.5 202.0 202.4

Intangibles 123.3 129.0 134.8 129.6 133.8


8 906.2 9 007.7 9 119.5 9 172.9 9 228.5

Total Assets 10 755.8 10 703.1 10 757.9 10 803.7 10 871.7

Liabilities

Borrowings 2 771.9 2 783.6 2 728.4 2 674.9 2 660.9

Superannuation 495.2 502.3 508.5 513.7 517.8


Payables 418.7 383.3 380.3 379.5 379.8

Other Liabilities 2 583.8 2 550.6 2 553.6 2 570.2 2 563.5


NET ASSETS 4 386.3 4 380.4 4 482.1 4 558.7 4 641.2

Equity

Accumulated Funds 804.2 720.8 747.4 795.6 820.4


Other Equity 2 308.3 2 334.6 2 359.4 2 336.1 2 340.2

Total Equity 4 386.3 4 380.4 4 482.1 4 558.7 4 641.2


Table A1.6: Public Non-Financial Corporations Sector Balance Sheet as at 30 June (continued)


$m $m $m $m $m


NET WORTH1 4 386.3 4 380.4 4 482.1 4 558.7 4 641.2 NET FINANCIAL WORTH2 (4 519.9) (4 627.3) (4 637.4) (4 614.3) (4 587.3)NET FINANCIAL LIABILITIES3 4 519.9 4 627.3 4 637.4 4 614.3 4 587.3 NET DEBT4 2 407.8 2 559.8 2 554.1 2 511.5 2 489.2

Notes:1. Net Worth represents Total Assets (both Financial and Non-Financial) less Total Liabilities.2. Net Financial Worth represents Total Financial Assets less Total Liabilities.3. Net Financial Liabilities represents Total Liabilities less Financial Assets. For the PNFC Sector this is equivalent to

negative Net Financial Worth.4. Net Debt represents Borrowings less the sum of Cash and Deposits and Investments.


Table A1.7: Public Non-Financial Corporations Sector Cash Flow Statement


$m $m $m $m $m

Cash Flows from Operating Activities

Cash Received from Operating Activities

Grants Received 178.1 146.2 150.2 168.1 171.1



Other Receipts 110.2 109.4 117.0 112.0 114.0

3 244.7 3 183.8 3 225.1 3 326.2 3 492.9

Cash Payments for Operating Activities Employee Entitlements (417.3) (425.3) (434.0) (444.1) (447.5)

Superannuation (42.5) (40.1) (41.0) (41.7) (42.3)


Borrowing Costs (121.7) (131.8) (132.9) (129.1) (129.4)

Grants and Subsidies Paid (39.2) (40.8) (41.7) (42.6) (43.6)

Other Payments (128.4) (119.6) (122.3) (124.0) (127.4)

(2 710.8) (2 701.3) (2 693.3) (2 711.8) (2 856.3)

Net Cash Flows from Operating Activities 533.9 482.4 531.8 614.3 636.6 Cash Flows from Investing Activities

Net Cash Flows from Non-Financial Assets Purchases of Non-Financial Assets (499.5) (500.7) (435.4) (374.7) (369.2)


(498.3) (500.1) (434.7) (374.3) (368.8)

Net Cash Flows from Financial Assets (Policy Purposes) Equity Injections 61.9 55.7 51.4 5.5 1.1

61.9 55.7 51.4 5.5 1.1

Net Cash Flows from Financial Assets (Liquidity Purposes) Net Purchase of Investments (17.5) 90.6 7.5 6.3 6.3

(17.5) 90.6 7.5 6.3 6.3

Net Cash Flows from Investing Activities (454.0) (353.7) (375.8) (362.5) (361.5)


Table A1.7: Public Non-Financial Corporations Sector Cash Flow Statement (continued)


$m $m $m $m $m

Cash Flows from Financing Activities

Net Borrowing 33.3 11.9 (55.0) (53.2) (13.8)

Dividends and Tax Equivalents Paid (202.7) (197.5) (149.9) (209.2) (253.1)

Net Cash Flows from Financing Activities (169.4) (185.5) (204.8) (262.4) (266.9)

Net Increase/(Decrease) in Cash Held (89.5) (56.8) (48.8) (10.5) 8.3

Cash at Beginning of the Year 368.7 279.2 222.4 173.6 163.1 Cash at End of the Year 279.2 222.4 173.6 163.1 171.4


Net Cash Flows from Operating Activities 533.9 482.4 531.8 614.3 636.6


Plus Dividends and Tax Equivalents Paid (202.7) (197.5) (149.9) (209.2) (253.1)

Equals CASH SURPLUS/(DEFICIT) (167.1) (215.1) (52.7) 30.9 14.7


Table A1.8: Total Non-Financial Public Sector Income Statement2016-17 2017-18 2018-19 2019-20 2020-21


$m $m $m $m $m

Revenue from TransactionsGrants 4 371.9 3 682.9 3 673.5 3 735.4 3 748.3

Taxation 1 050.8 1 087.9 1 105.0 1 131.5 1 157.0



Interest Income 29.3 25.9 24.1 22.7 23.9


Other Revenue 222.1 211.0 211.4 200.9 200.3

9 145.5 8 548.4 8 640.0 8 873.6 9 041.4

Less Expenses from Transactions Employee Expenses 2 764.1 2 805.2 2 843.5 2 883.2 2 961.7

Superannuation 382.5 314.0 310.8 311.9 313.5

Depreciation 589.7 601.4 610.6 677.4 698.8



Borrowing Costs 117.1 117.0 117.6 113.9 113.9

Grant Expenses 1 101.9 1 206.8 1 222.7 1 234.7 1 193.1

Other Expenses 36.2 42.9 33.0 29.8 30.0

8 335.6 8 549.7 8 590.6 8 807.9 8 981.2

Equals NET OPERATING BALANCE 810.0 (1.2) 49.4 65.7 60.2


Gain/(Loss) on Sale of Non-Financial Assets 11.3 15.3 12.2 12.7 12.8

Movement in Investments in GBEs and SOCs 77.4 (42.5) (39.1) (33.6) (31.3)

Movement in Superannuation Liability 3 143.3 .... .... .... ....

Other Gains/(Losses) (45.7) (58.5) (30.5) 1.6 8.7

3 186.4 (85.7) (57.4) (19.4) (9.8)

Equals Operating Result 3 996.3 (86.9) (8.0) 46.3 50.4


Table A1.8: Total Non-Financial Public Sector Income Statement (continued)


$m $m $m $m $m

Plus Other Economic Flows - Other Movements in EquityRevaluations of Non-Financial Assets 335.5 301.9 318.8 340.1 348.6

Other Flows 7.1 14.9 24.1 0.2 (0.2)

342.6 316.7 343.0 340.3 348.3



NET OPERATING BALANCE 810.0 (1.2) 49.4 65.7 60.2 Less Net Acquisition of Non-Financial Assets

Purchases of Non-Financial Assets 994.8 1 110.7 1 009.4 776.8 711.9



374.6 475.4 367.7 68.2 (18.2)

Equals FISCAL BALANCE 435.3 (476.7) (318.3) (2.5) 78.4


Table A1.9: Total Non-Financial Public Sector Balance Sheet as at 30 June


$m $m $m $m $m


Cash and Deposits 1 458.8 1 339.6 1 230.3 1 238.7 1 263.7

Investments 128.6 47.2 48.6 50.5 52.7

Equity Investment in PFC Sector 1 317.1 1 273.6 1 233.5 1 198.8 1 166.5


Receivables 876.3 837.3 834.5 830.5 826.7


4 677.5 4 435.9 4 301.3 4 289.0 4 298.3


Infrastructure 12 399.0 12 797.9 13 168.9 13 461.7 13 717.8





Intangibles 168.8 176.7 180.6 171.6 171.6



20 217.3 20 895.8 21 569.0 21 971.0 22 304.0

Total Assets 24 894.8 25 331.6 25 870.3 26 260.0 26 602.2

Liabilities

Borrowings 3 335.4 3 494.8 3 633.0 3 587.7 3 465.9

Superannuation 6 671.6 6 768.6 6 854.2 6 926.3 6 983.1


Payables 551.6 517.0 513.6 514.7 516.9



NET ASSETS 11 493.7 11 723.5 12 058.5 12 445.0 12 843.8


Table A1.9: Total Non-Financial Public Sector Balance Sheet as at 30 June (continued)


$m $m $m $m $m

EquityAccumulated Funds 5 508.5 5 436.5 5 452.6 5 499.1 5 549.3


Total Equity 11 493.7 11 723.5 12 058.5 12 445.0 12 843.8


NET WORTH1 11 493.7 11 723.5 12 058.5 12 445.0 12 843.8 NET FINANCIAL WORTH2 (8 723.6) (9 172.3) (9 510.5) (9 525.9) (9 460.2)NET FINANCIAL LIABILITIES3 10 040.7 10 445.9 10 744.0 10 724.7 10 626.7 NET DEBT4 1 748.0 2 108.0 2 354.1 2 298.6 2 149.6

Notes:1. Net Worth represents Total Assets (both Financial and Non-Financial) less Total Liabilities.2. Net Financial Worth represents Total Financial Assets less Total Liabilities.3. Net Financial Liabilities represents Total Liabilities less Financial Assets, excluding Equity Investment in the

PFC Sector.4. Net Debt represents Borrowings less the sum of Cash and Deposits and Investments.


Table A1.10: Total Non-Financial Public Sector Cash Flow Statement2016-17 2017-18 2018-19 2019-20 2020-21


$m $m $m $m $m

Cash Flows from Operating ActivitiesCash Receipts from Operating Activities

Grants Received 4 369.7 3 680.8 3 671.4 3 733.2 3 746.1

Taxation 1 041.2 1 086.7 1 102.1 1 129.8 1 154.5





Other Receipts 472.0 474.7 478.0 450.7 446.5

9 429.8 8 842.1 8 850.4 8 999.1 9 198.8 Cash Payments for Operating Activities

Employee Entitlements (2 767.4) (2 818.3) (2 854.2) (2 919.0) (2 965.6)

Superannuation (491.3) (508.2) (519.8) (539.7) (556.2)


Borrowing Costs (111.7) (124.7) (124.2) (121.4) (120.9)


Other Payments (321.1) (325.0) (319.6) (299.1) (299.1)

(7 942.5) (8 136.9) (8 132.2) (8 213.4) (8 386.7)


Cash flows from Investing Activities Net Cash Flows from Non-Financial Assets

Purchases of Non-Financial Assets (975.8) (1 103.8) (1 000.2) (765.2) (700.0)


(945.3) (1 070.1) (969.0) (734.0) (668.7)

Net Cash Flows from Financial Assets (Policy Purposes) Equity Injections (734.0) (3.1) (3.1) (3.0) (1.7)


Equity Disposals 0.7 0.7 0.7 0.7 0.7

(733.3) (4.5) (4.5) (4.5) (3.1)Net Cash Flows from Financial Assets (Liquidity

Purposes) Net Purchase of Investments (17.5) 90.6 7.5 6.3 6.3

(17.5) 90.6 7.5 6.3 6.3



Table A1.10: Total Non-Financial Public Sector Cash Flow Statement (continued)


$m $m $m $m $m

Cash Flows from Financing ActivitiesNet Borrowings (28.1) 159.7 138.4 (45.0) (121.6)

Net Cash Flows from Financing Activities (28.1) 159.7 138.4 (45.0) (121.6)


Cash at Beginning of the Year 1 695.6 1 458.8 1 339.6 1 230.3 1 238.7 Cash at End of the Year 1 458.8 1 339.6 1 230.3 1 238.7 1 263.7



Plus Net Cash Flows from Non-Financial Assets (945.3) (1 070.1) (969.0) (734.0) (668.7)



Table A1.11: Public Financial Corporations Sector Income Statement2016-17 2017-18 2018-19 2019-20 2020-21


$m $m $m $m $m

Revenue from TransactionsSales of Goods and Services 137.5 134.2 137.1 143.8 151.1

Interest Income 224.9 242.5 233.5 234.8 229.0


Other Revenue 5.2 4.3 4.4 4.4 4.4

442.4 444.0 440.1 451.2 456.3 Less Expenses from Transactions

Employee Expenses 5.9 6.1 6.3 6.4 6.5

Superannuation 1.0 1.0 1.0 1.1 1.1

Depreciation 0.2 0.2 0.2 0.2 0.2

Supplies and Consumables 149.8 156.5 164.5 171.2 178.8

Borrowing Costs 183.5 169.6 162.9 170.0 165.4

Dividend and Income Tax Equivalent Expenses 90.0 161.7 153.2 143.9 143.9

Grant Expenses 5.0 5.1 5.3 5.4 5.6

Other Expenses 0.3 0.3 0.3 0.3 0.3

435.6 500.6 493.7 498.4 501.9

Equals NET OPERATING BALANCE 6.8 (56.6) (53.5) (47.2) (45.6)


Other Gains/(Losses) 92.5 21.8 22.6 23.5 24.5

92.5 21.8 22.6 23.5 24.5

Equals Operating Result 99.3 (34.8) (31.0) (23.7) (21.1)


Other Flows (34.6) (8.7) (9.2) (11.0) (11.3)

(34.6) (8.7) (9.2) (11.0) (11.3)

Equals Comprehensive Result 64.8 (43.5) (40.1) (34.7) (32.3)


Table A1.11: Public Financial Corporations Sector Income Statement (continued)


$m $m $m $m $m


NET OPERATING BALANCE 6.8 (56.6) (53.5) (47.2) (45.6)Less Net Acquisition of Non-Financial Assets


Less Sale of Non-Financial Assets .... 0.1 .... .... 0.1


0.7 0.3 0.5 0.5 0.3

Equals FISCAL BALANCE 6.1 (56.9) (54.0) (47.7) (45.9)


Table A1.12: Public Financial Corporations Sector Balance Sheet as at 30 June


$m $m $m $m $m



Investments 9 175.7 8 595.5 8 247.0 8 302.8 8 261.4

Receivables 45.8 43.7 37.2 32.9 26.7


9 516.5 8 944.9 8 587.5 8 636.5 8 586.5

Non-Financial Assets Plant and Equipment 1.0 1.3 1.7 2.3 2.6


Intangibles 1.0 1.0 1.0 1.1 1.0

17.1 17.5 17.9 18.5 18.8

Total Assets 9 533.7 8 962.4 8 605.5 8 655.0 8 605.3

Liabilities

Borrowings 7 111.2 6 531.5 6 151.1 6 171.0 6 086.1

Superannuation 7.0 7.4 7.8 8.2 8.7


Payables 2.9 2.9 2.9 2.9 2.9



NET ASSETS 1 317.1 1 273.6 1 233.5 1 198.8 1 166.5

Equity

Accumulated Funds 576.7 571.2 573.8 587.1 608.4

Other Equity 740.4 702.4 659.6 611.6 558.1

Total Equity 1 317.1 1 273.6 1 233.5 1 198.8 1 166.5


Table A1.12: Public Financial Corporations Sector Balance Sheet as at 30 June (continued)


$m $m $m $m $m


NET WORTH1 1 317.1 1 273.6 1 233.5 1 198.8 1 166.5 NET FINANCIAL WORTH2 1 300.0 1 256.1 1 215.5 1 180.3 1 147.7 NET FINANCIAL LIABILITIES3 (1 300.0) (1 256.1) (1 215.5) (1 180.3) (1 147.7)NET DEBT4 (2 072.6) (2 072.2) (2 104.6) (2 140.9) (2 184.9)

Notes:1. Net Worth represents Total Assets (both Financial and Non-Financial) less Total Liabilities.2. Net Financial Worth represents Total Financial Assets less Total Liabilities.3. Net Financial Liabilities represents Total Liabilities less Financial Assets. For the PFC Sector this is equivalent to

negative Net Financial Worth.4. Net Debt represents Borrowings less the sum of Cash and Deposits and Investments.


Table A1.13: Public Financial Corporations Sector Cash Flow Statement


$m $m $m $m $m Cash Flows from Operating Activities

Cash Received from Operating ActivitiesSales of Goods and Services 153.0 152.6 162.8 168.4 178.4



Other Receipts 1.9 2.0 2.0 2.0 2.0

454.6 460.1 463.3 473.4 481.2 Cash Payments for Operating Activities

Employee Entitlements (5.8) (6.1) (6.2) (6.4) (6.5)

Superannuation (0.8) (0.8) (0.8) (0.8) (0.8)

Supplies and Consumables (90.2) (113.1) (125.3) (134.1) (140.7)

Borrowing Costs (183.1) (167.6) (162.4) (167.6) (164.5)

Grants and Subsidies Paid (5.5) (5.6) (5.8) (5.9) (6.1)

Other Payments (6.9) (5.9) (5.8) (5.9) (6.3)

(292.2) (299.1) (306.3) (320.8) (324.9)



Purchases of Non-Financial Assets (0.9) (0.6) (0.7) (0.6) (0.6)

Sales of Non-Financial Assets .... 0.1 .... .... 0.1

(0.9) (0.5) (0.7) (0.6) (0.5)Net Cash Flows from Financial Assets (Policy

Purposes) Equity injections 730.4 .... .... .... ....

730.4 .... .... .... .... Net Cash Flows from Financial Assets (Liquidity

Purposes)Net Purchase of Investments (241.0) 594.2 363.1 (41.9) 57.2

(241.0) 594.2 363.1 (41.9) 57.2

Net Cash Flows from Investing Activities 488.5 593.8 362.4 (42.5) 56.8


Table A1.13: Public Financial Corporations Sector Cash Flow Statement (continued)


$m $m $m $m $m

Cash Flows from Financing Activities Net Borrowing (563.0) (579.6) (380.4) 19.9 (84.9)

Dividends and Tax Equivalents Paid (98.5) (175.0) (138.7) (129.5) (127.7)

Net Cash Flows from Financing Activities (661.5) (754.6) (519.1) (109.6) (212.6)

Net Increase/(Decrease) in Cash Held (10.6) 0.2 0.4 0.4 0.5





Plus Dividends and Tax Equivalents Paid (98.5) (175.0) (138.7) (129.5) (127.7)

Equals CASH SURPLUS/(DEFICIT) 63.1 (14.4) 17.7 22.5 28.2


Table A1.14: Total State Sector Income Statement2016-17 2017-18 2018-19 2019-20 2020-21


$m $m $m $m $m

Revenue from TransactionsGrants 4 371.9 3 682.9 3 673.5 3 735.4 3 748.3

Taxation 1 050.5 1 087.6 1 104.7 1 131.2 1 156.7



Interest Income 132.8 150.5 140.8 145.9 140.2


Other Revenue 227.4 215.3 215.8 205.3 204.6

9 376.3 8 712.4 8 809.9 9 069.0 9 240.6 Less Expenses from Transactions

Employee Expenses 2 769.9 2 811.3 2 849.8 2 889.6 2 968.2

Superannuation 383.5 315.0 311.9 313.0 314.6

Depreciation 589.8 601.6 610.8 677.6 699.0



Borrowing Costs 179.2 168.7 163.8 172.4 166.5

Grant Expenses 1 106.9 1 211.9 1 228.0 1 240.1 1 198.6

Other Expenses 36.2 42.9 33.0 29.8 30.0

8 559.5 8 770.2 8 814.0 9 050.5 9 226.0

Equals NET OPERATING BALANCE 816.8 (57.9) (4.1) 18.5 14.6


Gain/(Loss) on Sale of Non-Financial Assets 11.3 15.3 12.2 12.7 12.8

Movement in Superannuation Liability 3 143.3 .... .... .... ....

Other Gains/(Losses) 84.9 (36.0) (7.2) 26.0 34.4

3 239.5 (20.6) 5.1 38.7 47.2

Equals Operating Result 4 056.3 (78.5) 0.9 57.1 61.7


Revaluations of Non-Financial Assets 335.5 301.9 318.8 340.1 348.6

Other Flows (52.9) 6.5 15.2 (10.6) (11.6)

282.7 308.3 334.0 329.4 337.0



Table A1.14: Total State Sector Income Statement (continued)2016-17 2017-18 2018-19 2019-20 2020-21


$m $m $m $m $m


NET OPERATING BALANCE 816.8 (57.9) (4.1) 18.5 14.6 Less Net Acquisition of Non-Financial Assets

Purchases of Non-Financial Assets 995.7 1 111.2 1 010.1 777.4 712.4



375.3 475.7 368.2 68.7 (17.9)

Equals FISCAL BALANCE 441.4 (533.6) (372.3) (50.2) 32.5


Table A1.15: Total State Sector Balance Sheet as at 30 June2017 2018 2019 2020 2021


$m $m $m $m $m



Investments 6 092.7 5 436.1 4 957.4 5 033.2 5 107.5


Receivables 922.1 881.1 871.8 863.4 853.4

Other Financial Assets 1 047.7 1 094.9 1 093.4 1 089.6 1 088.4

8 446.7 7 743.0 7 249.1 7 348.0 7 424.3


Infrastructure 12 399.0 12 797.9 13 168.9 13 461.7 13 717.8





Intangibles 169.7 177.7 181.6 172.7 172.6



20 234.4 20 913.2 21 586.9 21 989.5 22 322.7

Total Assets 28 681.1 28 656.2 28 836.1 29 337.5 29 747.0

Liabilities

Borrowings 6 055.0 5 702.1 5 428.7 5 442.5 5 332.5

Superannuation 6 678.6 6 776.0 6 862.0 6 934.5 6 991.8


Payables 554.5 519.9 516.6 517.6 519.8



NET ASSETS 11 493.7 11 723.5 12 058.5 12 445.0 12 843.8


Table A1.15: Total State Sector Balance Sheet as at 30 June (continued)


$m $m $m $m $m

EquityAccumulated Funds 5 498.5 5 426.5 5 442.6 5 489.0 5 539.3


Other Equity 10.0 10.0 10.0 10.0 10.0

Total Equity 11 493.7 11 723.5 12 058.5 12 445.0 12 843.8


NET WORTH1 11 493.7 11 723.5 12 058.5 12 445.0 12 843.8 NET FINANCIAL WORTH2 (8 740.7) (9 189.7) (9 528.5) (9 544.5) (9 478.9)NET FINANCIAL LIABILITIES3 8 740.7 9 189.7 9 528.5 9 544.5 9 478.9 NET DEBT4 (324.6) 35.8 249.6 157.7 (35.3)

Notes:1. Net Worth represents Total Assets (both Financial and Non-Financial) less Total Liabilities.2. Net Financial Worth represents Total Financial Assets less Total Liabilities.3. Net Financial Liabilities represents Total Liabilities less Financial Assets. For the Total State Sector this is equivalent

to negative Net Financial Worth.4. Net Debt represents Borrowings less the sum of Cash and Deposits and Investments.


Table A1.16: Total State Sector Cash Flow Statement2016-17 2017-18 2018-19 2019-20 2020-21


$m $m $m $m $m

Cash Flows from Operating ActivitiesCash Receipts from Operating Activities

Grants Received 4 369.7 3 680.8 3 671.4 3 733.2 3 746.1

Taxation 1 040.9 1 086.4 1 101.8 1 129.4 1 154.2





Other Receipts 473.9 476.6 480.0 452.7 448.5

9 661.1 9 005.7 9 054.6 9 227.6 9 435.7 Cash Payments for Operating Activities

Employee Entitlements (2 773.2) (2 824.4) (2 860.4) (2 925.3) (2 972.0)

Superannuation (492.1) (509.0) (520.6) (540.5) (557.0)


Borrowing Costs (173.4) (174.3) (169.9) (177.4) (172.6)


Other Payments (327.7) (330.6) (325.1) (304.7) (305.1)

(8 109.8) (8 314.4) (8 318.1) (8 418.8) (8 594.9)



Purchases of Non-Financial Assets (976.7) (1 104.4) (1 000.9) (765.9) (700.5)


(946.2) (1 070.6) (969.7) (734.7) (669.2)

Net Cash Flows from Financial Assets (Policy Purposes) Equity Injections (3.6) (3.1) (3.1) (3.0) (1.7)


Equity Disposals 0.7 0.7 0.7 0.7 0.7

(2.9) (4.5) (4.5) (4.5) (3.1)Net Cash Flows from Financial Assets (Liquidity

Purposes)Net Purchase of Investments (1 251.9) 679.8 502.3 (53.7) (50.0)

(1 251.9) 679.8 502.3 (53.7) (50.0)



Table A1.16: Total State Sector Cash Flow Statement (continued)2016-17 2017-18 2018-19 2019-20 2020-21


$m $m $m $m $m

Cash Flows from Financing ActivitiesNet Borrowings 537.7 (352.6) (273.1) 14.0 (109.7)

Net Cash Flows from Financing Activities 537.7 (352.6) (273.1) 14.0 (109.7)





Plus Net Cash Flows from Non-Financial Assets (946.2) (1 070.6) (969.7) (734.7) (669.2)



Table A1.17: General Government Expenses from Transactions by Purpose


$m $m $m $m $m

General Public Services 245.6 210.5 183.3 184.4 186.4

Public Order and Safety 522.0 541.8 547.5 546.4 559.2

Education 1 497.3 1 543.2 1 573.2 1 602.7 1 646.6

Health 1 712.4 1 722.8 1 730.2 1 795.6 1 837.6

Social Security and Welfare 449.7 453.5 507.3 461.3 454.4

Housing and Community Amenities 186.4 187.8 176.9 178.9 181.5

Recreation and Culture 180.8 192.6 186.8 189.4 199.2

Fuel and Energy 5.4 5.4 3.5 1.9 2.0

Agriculture, Forestry, Fishing and Hunting 93.4 92.0 85.8 85.2 85.8

Mining and Mineral Resources 6.3 9.5 6.9 7.1 6.9

Transport and Communications 297.4 279.2 270.3 306.3 318.1

Other Economic Affairs 151.1 193.6 138.8 166.6 112.4

Nominal Interest on Superannuation 236.3 285.6 289.7 293.3 296.2

Other Purposes 103.7 102.1 112.2 114.4 117.1

5 687.6 5 819.8 5 812.3 5 933.6 6 003.4

Table A1.17 presents General Government Expenses from Transactions classified by purpose. This is presented in accordance with the Government Purpose Classification, which is based on the ABS classifications used as part of the Government Finance Statistics reporting framework. The GPC provides a standard framework to allocate Government expenditure according to functions. Disclosure of this information can assist users in identifying the resources committed to particular functions and the costs of service delivery that are attributable to those functions.


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