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Final Budget Outcome 2012−13
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Website: www.treasury.sa.gov.au
© Government of South Australia 2013
ISSN 1036-3807
Table of contents
Introduction .......................................................................................................................... 3
Chapter 1: 2012–13 Final Budget Outcome Overview .................................................................................................................................................. 5 General government sector operating results ........................................................................................... 6 Balance sheet indicators ......................................................................................................................... 11
Chapter 2: Economic performance The international and national economic context for the year 2012–13 ................................................ 17 South Australian economic performance for the year 2012–13 ............................................................. 18
Appendices Appendix A Uniform presentation framework tables and Loan Council allocation report ................. 19 Appendix B Consolidated Account ..................................................................................................... 41 Appendix C General government and non-financial public sector financial statistics time series ...... 49
Final Budget Outcome 2012–13 1
2 Final Budget Outcome 2012–13
Introduction
The Final Budget Outcome reports the 2012–13 financial results for the Government of South Australia’s key fiscal targets and provides an analysis of these results against earlier estimates.
Chapter 1 provides an overview of the 2012−13 final outcomes with a focus on the general government sector financial outcomes and financial liabilities. The chapter includes:
• a discussion of variations between the 2012−13 final outcome for revenues and expenses of the general government sector and 2012–13 estimates included in the 2013−14 Budget
• public sector net debt and superannuation liability levels as at 30 June 2013.
Chapter 2 provides an assessment of the performance of the South Australian economy in 2012−13.
The appendices to this document provide the following information.
• Appendix A contains the Uniform Presentation Framework reporting for the general government sector, the public non-financial corporations sector, the non-financial public sector and the public financial corporations sector. Further information is also provided on general government sector taxation revenue, grant revenue and expenses, and expenses and capital expenditure by function. This appendix also details the Loan Council Allocation for 2012−13.
• Appendix B summarises the receipts and payments of the Consolidated Account.
• Appendix C provides a time series of financial statistics.
This document provides explanation of variations between 2012–13 estimates included in the 2013−14 Budget and the 2012−13 outcome. Variations between the estimates included in the 2013−14 Budget and the 2012−13 Budget are discussed in the 2013−14 Budget Papers.
Final Budget Outcome 2012–13 3
4 Final Budget Outcome 2012–13
Introduction
Chapter 1: 2012–13 Final Budget Outcome
Overview
The Government of South Australia recorded a net operating deficit of $948 million for 2012–13 for the general government sector. This represents an improvement of $366 million from the $1314 million deficit estimated at the time of the 2013–14 Budget.
The improvement in 2012–13 largely reflects lower than expected expenditures.
The net operating deficit of $948 million follows a deficit of $258 million in 2011–12.
General government expenses increase by 0.7 per cent in nominal terms from 2011–12, a real reduction of 1.3 per cent. General government revenue reduced by 3.6 per cent in nominal terms, a real reduction of 5.5 per cent.
The net lending deficit was $1003 million in 2012–13, an improvement of $373 million over the estimate at the time of the 2013–14 Budget. The improvement primarily reflects the better than expected operating outcome.
Net debt for the general government sector at June 2013 was $5227 million, $384 million lower than estimated at the time of the 2013–14 Budget. The improved debt position reflects the better than expected operating result. Net debt to revenue at 30 June 2013 was 34.1 per cent. This compares favourably to the 36.8 per cent estimated at the time of the 2013–14 Budget. The improvement reflects the combined effect of lower debt and improved revenue.
The unfunded superannuation liability measured at 30 June 2013 improved significantly against the budget time estimate. The decrease in liability of $856 million arose because of an increase in the bond yield used to measure the liability ($1.4 billion), offset by lower than expected earnings on assets ($322 million) and other demographic and membership factors ($186 million).
Table 1.1 shows the 2012−13 outcomes for key general government financial indicators compared with earlier estimates and the 2011–12 outcomes.
Table 1.6 and table 1.7 provide reconciliations of variations between estimates and outcomes for net operating balance and net lending respectively.
Final Budget Outcome 2012–13 5
Table 1.1: General government sector aggregates ($million)
2012−13 2012−13Estimate at Estimate at
2011−12 2012−13 2013−14 2012−13Outcome Budget Budget Outcome
Revenue 15 905 15 059 15 249 15 333Expenses -16 164 -15 926 -16 563 -16 282Net operating balance - 258 - 867 -1 314 - 948Net acquisition of non-financial assets 839 1 034 62 55Net lending -1 098 -1 901 -1 376 -1 003
Memorandum items:Net debt 4 165 5 329 5 611 5 227Net debt to revenue 26.2 35.4 36.8 34.1Unfunded superannuation 13 523 11 821 11 941 11 085
Note: Totals may not add due to rounding.
General government sector operating results
The major items contributing to the variation in the general government sector financial outcome compared with previous estimates are discussed on the following pages.
Operating revenue
Table 1.2: Operating revenue ($million)
2012−13 2012−13Estimate at Estimate at
2012−13 2013−14 2012−13Budget Budget Outcome
RevenueTaxation revenue 4 057 4 099 4 104Grants 7 871 7 717 7 669Sales of goods and services 2 006 2 045 2 115Interest income 167 133 134Dividend and income tax equivalent income 349 399 446Other 608 856 865Total revenue 15 059 15 249 15 333
Note: Totals may not add due to rounding.
Operating revenues for the general government sector for 2012−13 were $84 million higher than estimated at the time of the 2013−14 Budget.
Taxation revenue
Taxation revenue was $5 million higher than the estimated result due to higher than expected revenue from insurance, motor vehicle and gambling taxes partially offset by lower than expected revenues from payroll tax.
Payroll tax revenue was $22 million lower than estimated, mainly due to softer than expected employment conditions.
6 Final Budget Outcome 2012–13
Chapter 1: Final Budget Outcome
Insurance tax revenue was $12 million higher than estimated mainly due to the timing of back payments of taxes following the resolution of a court case related to the treatment of insurance policies. The 2013–14 Budget anticipated that these back payments would be received in 2013–14.
Motor vehicle tax revenues exceeded the estimated result by $8 million largely due to higher than expected registration fee revenue.
Gambling tax revenues were higher than the estimated result mainly due to higher than expected distributions from SA Lotteries.
Table 1.3: Taxation variations ($million)
Payroll tax -22Taxes on property 1Gambling taxes 6Motor vehicle taxes 8Insurance taxes 12Total taxation 5
Variations in actual collections for 2012−13 against estimated result in the 2013−14 Budget
Note: Totals may not add due to rounding.
Grant revenue
Total grant revenue was $48 million lower than estimated in the 2013–14 Budget.
GST revenue grants were $29 million higher than expected due to stronger than anticipated growth in the total GST pool available for distribution in 2012–13. Commonwealth Government payments for specific purposes were broadly in line with expectations. National Partnership payments were around $37 million lower than expected mainly due to timing issues. Payments associated with the Coorong, Lower Lakes and Murray Mouth Recovery project and specialist disability services for people over 65 years of age were expected to be received in 2012–13 but will be paid in 2013–14. This impact was partially offset by the receipt of some funding for the South Road upgrade earlier than expected.
Total other contributions and grants were lower than expected mainly due to lower than expected health-related grants.
Sales of goods and services
Sales of goods and services revenues were $70 million higher than estimated. Health unit fee revenue was $69 million higher than estimated mainly due to the reclassification of revenue previously recorded as other revenue.
Dividend and income tax equivalent income
Dividend and income tax equivalent revenue was higher than estimated mainly due to higher than expected distributions from SA Water. Lower than expected operational costs associated with the Adelaide Desalination Plant, lower interest expenses and higher than expected water consumption contributed to the higher distributions from SA Water.
Other revenue
Other revenues were $9 million higher than the estimated result. Increases in a number of agency revenues were partially offset by lower health unit revenues arising from the reclassification of some health fee revenue to sales of goods and services.
Final Budget Outcome 2012–13 7
Chapter 1: Final Budget Outcome
Operating expenses
Table 1.4: Operating expenses ($million)
2012−13 2012−13Estimate at Estimate at
2012−13 2013−14 2012−13Budget Budget Outcome
ExpensesEmployee expenses 6 930 7 134 7 105Superannuation expenses
Superannuation interest cost 340 314 314Other superannuation expenses 742 746 675
Depreciation and amortisation 822 830 762Interest expenses 414 404 386Other property expenses — — —Other operating expenses 3 987 4 329 4 313Grants 2 692 2 806 2 726Total expenses 15 926 16 563 16 282
Note: Totals may not add due to rounding.
The final outcome for total operating expenses in 2012−13 was $281 million lower than the estimate reported in the 2013−14 Budget.
Employee expenses and superannuation expenses
Employee expenses (including superannuation expenses) were $100 million lower than estimated mainly due to underspending in the Department for Education and Child Development and the reclassification of employee expenses to the other operating expense line by the Department of Planning, Transport and Infrastructure.
Depreciation and amortisation
Depreciation and amortisation was $68 million lower than estimated, reflecting changes in the timing of finalisation of capital investment projects primarily in the Department for Health and Ageing and the Department of Planning, Transport and Infrastructure, and other changes to agency depreciation.
Interest expenses
Interest expenses were $18 million lower than the estimated result reflecting the lower than expected net debt result combined with favourable borrowing costs.
Other operating expenses
Other operating expenses were $16 million lower than estimated, mainly due to delays in Commonwealth Government funded projects within the Department of Environment, Water and Natural Resources and lower than estimated expenditure across a range of agencies.
8 Final Budget Outcome 2012–13
Chapter 1: Final Budget Outcome
Grants
Grant expenses were $80 million lower than estimated. Of this, $30 million was due to an accounting treatment change associated with the transfer of Commonwealth Government funded assets, constructed by the Department for Health and Ageing to the SA Health and Medical Research Institute. The transfer was reflected as a donated asset in the 2012–13 estimated result, however based on advice from the Auditor General’s Department, has not been recognised as an operating expense in the final outcome. The remainder reflects lower than estimated grant payments across a number of agencies, including:
• lower than estimated payments from the Department for Communities and Social Inclusion, mainly due to changes in the timing of payments from the Community Benefit SA program
• lower than estimated payments to non-government schools from the Department for Education and Child Development associated with lower than expected grant revenue from the Commonwealth Government
• lower than estimated payments to local government for financial assistance from the Department of the Premier and Cabinet associated with lower than expected grant revenue from the Commonwealth Government.
Net acquisition of non-financial assets
Table 1.5: Net acquisition of non-financial assets ($million)
2012−13 2012−13Estimate at Estimate at
2012−13 2013−14 2012−13Budget Budget Outcome
Net acquisition of non-financial assetsPurchases of non-financial assets 2 147 2 092 2 008less Sales of non-financial assets 291 1 200 1 197less Depreciation 822 830 762plus Change in inventories — — 7plus Other movements in non-financial assets — — —
equals Total net acquisition of non-financial assets 1 034 62 55
Note: Totals may not add due to rounding.
The general government sector net acquisition of non-financial assets is a positive $55 million in 2012−13. This outcome is $7 million lower than the 2012−13 estimate reported in the 2013−14 Budget.
The lower 2012−13 outcome for the net acquisition of non-financial assets compared with the estimate reported in the 2013−14 Budget reflects lower than estimated net capital expenditure ($84 million) across a range of agencies, mainly due to slippage of projects from 2012−13 into future years and reclassification of expenditure as operating for a range of infrastructure projects. These variations were offset in part by lower asset sales ($3 million) and lower depreciation expenses ($68 million) and an increase in inventories ($7 million).
Final Budget Outcome 2012–13 9
Chapter 1: Final Budget Outcome
Table 1.6: Net operating balance ― policy and parameter variations ($million)
2012−13Estimate at 2012−13 Budget - 867Parameter and other variationsRevenue — taxation 42Revenue — other 99Operating expenses - 515Net effect of parameter and other variations - 373Policy measures up to the BudgetRevenue measures — taxation —Revenue measures — other - 3Revenue — offsets 59Operating expenses - 301Net effect of policy measures up to the 2013−14 budget - 245Policy measures in the BudgetRevenue — other - 8Revenue offsets 1Operating expenses - 51Net effect of policy measures in the 2013−14 Budget - 58Use of provisions set aside in the 2012−13 Budget and the 2012−13 Mid-Year Budget ReviewOperating expenses 229Estimate at 2013−14 Budget -1 314Parameter and other variationsRevenue — taxation 5Revenue — other 79Operating expenses 281Net effect of parameter and other variations 366Final outcome - 948
Note: Totals may not add due to rounding.
Table 1.7: Net lending ― policy and parameter variations ($million)
2012−13Estimate at 2012−13 Budget -1 901
Net effect of operating variations - 447
Investing variations(a)
Net effect of parameter variations 966Policy variations up to the 2013−14 Budget - 2Policy variations in the 2013−14 Budget —Use of provisions set aside in the 2012−13 Budget and the 2012−13 Mid-Year Budget Review 8
Total investing variations 972
Estimate at 2013−14 Budget -1 376
Net effect of operating variations after the 2013−14 Budget 366
Investing variations(a)
Net effect of parameter variations 7
Final outcome -1 003
Note: Totals may not add due to rounding.
(a) Investing variations relate to the movements in the net acquisition of non-financial assets.
10 Final Budget Outcome 2012–13
Chapter 1: Final Budget Outcome
Balance sheet indicators
The following sections provide key balance sheet indicators and associated commentary for both the general government sector and the non-financial public sector.
General government sector
Table 1.8: General government sector ― key balance sheet indicators June 2013 June 2013
Estimate at Estimate atJune 2012 2012−13 2013−14 June 2013Outcome Budget Budget Outcome
Net debt$m 4 165 5 329 5 611 5 227% of total revenue 26.2 35.4 36.8 34.1
Unfunded superannuation liability $m 13 523 11 821 11 941 11 085% of total revenue 85.0 78.5 78.3 72.3
Net financial liabilities$m 20 332 19 782 20 368 19 079% of total revenue 127.8 131.4 133.6 124.4
Net financial worth$m 1 413 1 929 1 083 1 742% of total revenue 8.9 12.8 7.1 11.4
Net worth$m 37 199 37 933 38 463 39 363% of total revenue 233.9 251.9 252.2 256.7
Net debt
Net debt increased by $1.1 billion from 30 June 2012 to 30 June 2013, due mainly to the general government cash deficit.
Table 1.9 provides details of the movement in general government net debt in 2012–13.
Table 1.9: General government sector net debt ($million)
Net debt at 30 June 2012 4 165
Increase in net debt:General government cash deficit 1 166Repayment of equity capital contribution — ForestrySA - 5Repayment fo equity capital contribution — Adelaide Convention Centre - 48Other variations - 51Total increase in net debt 1 062
Net debt at 30 June 2013 5 227
Note: Totals may not add due to rounding.
The general government sector net debt of $5.2 billion at 30 June 2013 is a $384 million improvement compared to the estimate at the time of the 2013−14 Budget. The better than expected level of net debt primarily reflects an improvement in the net lending balance of $373 million, mainly due to favourable revenue and expenditure outcomes compared to the estimates at the time of the 2013−14 Budget.
Final Budget Outcome 2012–13 11
Chapter 1: Final Budget Outcome
Unfunded superannuation liability
The largest liability on the government’s balance sheet is the unfunded superannuation liability. The unfunded superannuation liability was $11.1 billion at 30 June 2013, $2.4 billion lower than at 30 June 2012, and $856 million lower than estimated in the 2013−14 Budget. Changes in the liability are the direct result of changed discount rate assumptions required under accounting standards, offset by lower than expected earnings and other demographic factors.
Table 1.10 provides details of the movements in the unfunded superannuation liability in 2012–13.
Table 1.10: Unfunded superannuation liability ($million)
Unfunded superannuation liability as at 30 June 2012 13 523Nominal superannuation interest expense(a) 314Past service payments - 438Higher than expected returns on investments(b) - 631Impact of change in discount rate from 3.4% to 3.7% - 755Other movements - 72Estimate of 30 June 2013 unfunded superannuation liability as at 2013−14 Budget 11 941Lower than expected returns on investments 322Impact of change in discount rate from 3.7% to 4.3% -1 364Other movements 169Adjustment to align with AASB119 reports 17Unfunded superannuation liability as at 30 June 2013 11 085
Note: Totals may not add due to rounding.
(a) The nominal superannuation interest expense represents the increase during the year in the present value of the defined benefit obligation, which arises because the benefits are one period closer to settlement.
(b) The 2012–13 earnings rate was 16.5 per cent, compared with the long-term earnings assumption of 7.0 per cent.
In addition to the normal annual movements in the unfunded superannuation liability arising from the nominal superannuation interest expense and past service payments, material changes arose from variations in the discount rate used to value the liability. The 2013–14 Budget used an effective annual rate of 3.7 per cent compared with 3.4 per cent used at 30 June 2012. This resulted in a decrease of $755 million to the unfunded superannuation liability when compared to the estimate in the 2013−14 Budget.
In the period between the release of the 2013−14 Budget and 30 June 2013 further material changes impacting on the value of the unfunded liability at 30 June 2013 included:
• the prevailing long-term Commonwealth bond rate at 30 June 2013 was 4.3 per cent, a 0.6 percentage point change from budget time. This resulted in a decrease of $1.4 billion to the liability
• a deterioration in the returns on superannuation assets added $322 million to the liability.
The government’s closed defined benefit superannuation schemes create a liability for the government to pay future benefits to scheme members in accordance with the terms of the schemes. A program began in 1994−95 to fully fund the superannuation liability by 2034. In 2012−13 a $438 million payment was made to the superannuation schemes as part of that program.
The accounting standard for employee entitlements requires that superannuation benefits are valued at the net present value of future obligations. This is calculated by discounting the gross liability using market yields on government bonds.
12 Final Budget Outcome 2012–13
Chapter 1: Final Budget Outcome
Given the long-term nature of the liability, the spot market yield of the longest term Commonwealth Government bond at balance date is used as the discount rate for the purpose of this valuation. As shown in table 1.10, small changes in the long-term bond rate have a material impact on the reported liability.
Net financial liabilities
In addition to net debt and unfunded superannuation liabilities, net financial liabilities include other financial liabilities and financial assets (excluding equity held in public non-financial corporations and public financial corporations).
Net financial liabilities amounted to $19.1 billion at 30 June 2013; $1.3 billion lower than the estimate at the time of the 2013−14 Budget. This decrease is primarily the result of the previously discussed movements in the unfunded superannuation liability and net debt.
Aside from net debt and unfunded superannuation liabilities other employee benefits liabilities are the next largest contributor to net financial liabilities. Other employee benefits (predominantly long service leave) totalled $2.46 billion at 30 June 2013 compared to the estimate of $2.44 billion at the time of the 2013–14 Budget.
The net financial liabilities to revenue ratio at 30 June 2013 is 124.4 per cent, compared with the 2013−14 Budget estimate of 133.6 per cent.
Net financial worth and net worth
General government sector net worth increased by $2.2 billion in 2012−13. This was primarily due to the revaluation of the unfunded superannuation liability ($2.3 billion) and increases in land and other fixed assets ($1.9 billion), partly offset by increases in borrowings ($1.3 billion) and a decrease in investments held in other public sector entities ($924 million).
Table 1.11 shows movements in net worth attributable to operating transactions and other items during 2012−13.
Final Budget Outcome 2012–13 13
Chapter 1: Final Budget Outcome
Table 1.11: General government sector net worth ($million)
2012−13 Estimated
Result2012−13
OutcomeNet worth at 30 June 2012 37 199 37 199
Change in net worth from operating transactions:Net operating balance -1 314 - 948
Change in net worth from other economic flows:Movement in net assets of PNFCs(a)(b) 641 - 412Movement in net assets of PFCs 198 455Non-financial asset revaluations — 811Revaluation of unfunded superannuation liability(c) 1 458 2 314Revaluation of annual leave liability - 10 - 18Revaluation of long service leave liability - 76 - 2Net gain on SA Lotteries master sale agreement(d) 394 403Net gain form disposal of standing timber(e) — 47Net loss on derecognition of land(e) — - 436Other revaluation adjustments - 26 - 49SubtotalTotal other economic flows 2 579 3 113Net worth at 30 June 2013 38 463 39 363
Note: Totals may not add due to rounding.
(a) Net of equity injections from, and the return of equity to, the general government sector.
(b) Net of distribution of assets and liabilities to the general government sector in relation to the realisation of value in government businesses.
(c) Represents the revaluation difference from the 30 June 2012 liability, which was measured using a 3.4 per cent discount rate.
(d) Recognition of intangible asset in the general government sector and the sale of this asset to Tatts Lotteries SA Pty Ltd for the right to operate SA Lotteries for the next 40 years.
(e) Net loss on derecognition of land in relation to the sale of the state’s Green Triangle forest plantations. The sale agreement included the sale of the standing timber and a 70 year lease with an option of a further 35 years over the land to OneFortyOne Plantations Pty Ltd. The lease arrangement for the land has been classified as a finance lease and therefore has been derecognised on disposal.
Revaluation of the unfunded superannuation liability increased net worth by $2.3 billion. This figure represents movement in the unfunded liability that is not attributable to past service payments or nominal superannuation interest expense, such as the effect of changes in the discount rate and higher than expected returns on investments, as discussed earlier under table 1.8.
During 2012−13, the value of non-financial assets within the general government sector increased by $811 million, mainly due to a $773 million increase in the value of the Department of Planning, Transport and Infrastructure’s network assets.
The general government sector’s investment in public non-financial corporations decreased by $412 million, mainly due to:
• a $403 million decrease associated with the revaluation of South Australian Housing Trust’s (SAHT) land and buildings. This was partially offset by a reduction of $320 million in SAHT’s borrowings following the once-off relief of state housing payments by the Commonwealth Government, announced in the 2013–14 Budget
• a $142 million decrease due to the revaluation of SA Water’s infrastructure, property, plant and equipment
• a $102 million decrease following revaluation of the Renewal SA’s inventories ($81 million) and investment properties ($21 million).
14 Final Budget Outcome 2012–13
Chapter 1: Final Budget Outcome
General government equity in the net assets of public financial corporations increased by $455 million in 2012−13. This was mainly due to a $371 million increase in the Motor Accident Commission’s net assets.
In addition, during 2012–13, the Government of South Australia entered into the following major asset transactions that impacted on the net worth of the general government sector.
• Forestry timber transaction: in October 2012 the government completed the forward sale of the state’s Green Triangle forest plantations. Under the transaction, the standing timber was sold and the associated land leased for an initial term of 70 years for consideration of $635.1 million (excluding stamp duty) deriving a gain of $47.0 million on this transaction.
• Forestry land lease accounting treatment: While the state retains title over the forest land, disposal has been deemed in accordance with the accounting standard on leases, resulting in an accounting loss of $436 million on derecognition. The land asset will return to the state for no consideration at the end of the lease arrangements. This treatment reduces net worth by $436 million.
• Lotteries transaction: in December 2012 the rights to operate SA Lotteries for the next 40 years were licensed to the Tatts Group for $403 million (excluding stamp duty). This transaction increased the general government net worth by $403 million in 2012–13. Consistent with accounting standards the value of the business had not previously been included in the government’s balance sheet.
Non-financial public sector
Table 1.12 sets out the key balance sheet indicators for the non-financial public sector (which is comprised of the general government sector and the public non-financial corporations sector).
Table 1.12: Non-financial public sector ― key balance sheet indicators at 30 June 2013
June 2013 June 2013Estimate at Estimate at
June 2012 2012−13 2013−14 June 2013Outcome Budget Budget Outcome
Net debt$m 7 996 9 684 9 478 8 949% of total revenue 47.4 59.9 57.9 54.3
Unfunded superannuation liability $m 13 523 11 821 11 941 11 085% of total revenue 80.2 73.1 72.9 67.2
Net financial liabilities$m 24 500 24 312 24 509 23 064% of total revenue 145.3 150.4 149.7 139.8
Net financial worth$m -25 123 -24 658 -24 933 -23 223% of total revenue - 149.0 - 152.5 - 152.3 - 140.8
Net worth$m 37 199 37 933 38 463 39 363% of total revenue 220.6 234.6 234.9 238.6
Final Budget Outcome 2012–13 15
Chapter 1: Final Budget Outcome
Non-financial public sector net debt increased by $1.0 billion in 2012−13 to $8.9 billion, primarily due to the general government cash deficit. The public non-financial corporations’ component of net debt at 30 June 2013 was $3.7 billion, $109 million lower than at 30 June 2012.
Net debt for the non-financial public sector at 30 June 2013 was $529 million less than the estimate included in the 2013–14 Budget, mainly due to favourable expenditure outcomes compared to the estimates at the time of the 2013−14 Budget.
The negative net financial worth position of the non-financial public sector of $23.2 billion contrasts with the positive net financial worth of the general government sector of $1.7 billion. This variation largely reflects equity in the public non-financial corporations sector held by the general government sector and recognised as a financial asset of that sector. This asset is eliminated in the consolidation of the non-financial public sector.
Net worth for the non-financial public sector increased by $2.2 billion in 2012−13.
16 Final Budget Outcome 2012–13
Chapter 1: Final Budget Outcome
Chapter 2: Economic performance
The international and national economic context for the year 2012–13
Having shown signs of strengthening in the first half of 2012, the pace of global economic expansion was further constrained through the course of the year by the deterioration of the euro area and moderating growth in the thus far strong economies of China and India. Economic recovery in the United States of America has continued at a moderate pace.
Although central banks in the advanced economies continued to provide policy stimulus and emerging economies moved to an easing monetary policy, these measures proved insufficient in producing a rapid recovery in global growth. The pace of world economic growth, therefore, remained below its long-run trend with most of what growth did occur coming from the emerging rather than advanced economies.
The Australian economy likewise softened over the course of 2012–13. Growth in real Gross Domestic Product of 2.6 per cent in 2012–13, while stronger than most advanced economies, was down from 3.6 per cent in 2011–12 and lower than the original 2012–13 Commonwealth Budget forecast for 3¼ per cent growth. Domestic demand growth eased considerably, primarily reflecting scaling back in spending on business investment, particularly in the resources sector, and fiscal measures being implemented by Australian governments. The 1.9 per cent growth in Domestic Final Demand for the full year 2012–13 was the weakest result in 3 years. The international economic environment also dampened Australia’s terms of trade, which fell by 9.7 per cent in 2012–13 after growing by 21 per cent in the previous two financial years.
Australia’s economy continued to experience mixed conditions across different industries. Mining and mining-related manufacturing and construction continued to benefit from solid, although moderating, international demand for resources. Other sectors, however, including non mining-related manufacturing, education and tourism continued to face challenges brought about by subdued consumer spending and the still high exchange rate. The household savings ratio remained high in 2012–13, in excess of 10 per cent, as households maintained a focus on savings and paying down debt. Reflecting an increasingly subdued outlook through the course of 2012–13, the Reserve Bank maintained an accommodative stance on monetary policy, cutting official interest rates twice in late 2012 and again in the June quarter of 2013, by ¾ of a percentage point in total during 2012–13.
The national labour market weakened through the course of 2012–13. Employment grew by 1.3 per cent through the year to the June quarter. By the end of 2012–13, the trend unemployment rate had edged higher to 5.7 per cent from 5.2 per cent a year earlier, with workforce participation falling slightly over this period.
Inflationary pressures picked up in 2012–13, with the national Consumer Price Index (CPI) rising by 2.4 per cent through the year to the June quarter 2013, compared with 1.2 per cent through the previous 12 months. Much of this acceleration in inflation resulted from price rises in health, housing, alcohol and tobacco and education. In year average terms the CPI rose 2.3 per cent nationally during 2012–13 (and by 2.0 per cent for Adelaide).
Final Budget Outcome 2012–13 17
South Australian economic performance for the year 2012−13
South Australia’s economy in 2012–13 was largely supported by strong investment in the construction of economic and social infrastructure, including the new Royal Adelaide Hospital, the new science precinct at the University of Adelaide, the Adelaide Oval upgrade, the duplication of the southern expressway and South Road upgrade.
State Final Demand (SFD) measures total spending by households, business and governments in the South Australian economy. This measure fell by 0.2 per cent in real terms during 2012–13. The fall in SFD largely reflected lower levels of housing construction activity and a decline in business investment in machinery and equipment. The strongest component of South Australian State Final Demand was non-dwelling construction, which grew 19 per cent during 2012–13. The rise in household consumption spending was more subdued, growing by 1.2 per cent.
SFD, however, is an incomplete measure of the state economy’s performance as it does not capture net international and interstate exports of goods and services and changes in inventory levels. These are included in the Gross State Product (GSP) measure of economic growth. Imports are deducted because, although included in final expenditures, they do not form part of domestic production. The official 2012–13 GSP estimates were not available at the time of publication.
Housing construction activity improved in the second half of the 2012–13 financial year in response to lower interest rates and the Government of South Australia’s housing construction grants announced in October 2012. In September 2013, building approvals were 24 per cent higher than a year earlier. The Adelaide median metropolitan house price rose by 1.8 per cent in the year to the September quarter 2013. Population growth was relatively consistent through the course of 2012–13, growing by 0.9 per cent in the year to the March quarter 2013. The main contribution to population growth came from net overseas migration.
In the resources sector, exploration spending rose by 23 per cent during 2012–13, driven by strong growth of 123 per cent in petroleum exploration spending. Although the state’s crop production came in lower than in the previous year, strong crop prices meant a good year for the sector.
South Australia’s labour market was relatively flat in 2012–13, with employment rising by 0.1 per cent in year average terms, in line with the revised budget forecast. In June 2013, in excess of 125,000 net new jobs had been created in South Australia since March 2002. The trend unemployment rate in South Australia rose modestly from 5.6 per cent in June 2012 to 6.3 per cent in June 2013.
Table 2.1: Economic parameters ― Australia and South Australia growth rates (% per annum), 2012−13
2012−13 Forecast at 2012−13 Budget
2012−13 Forecast at 2013−14 Budget Outcome
Australia
Gross Domestic Product (real terms) 3¼ 3 2.6
Domestic Final Demand (real terms) 3¾ 3 1.9
South Australia
Gross State Product (real terms) 2¾ 1¼ n.a.
State Final Demand (real terms) 2¾ 1¼ -0.2
Employment ¾ — 0.1
Consumer Price Index 2½ 2¼ 2.0
Sources: 2013–14 Commonwealth Budget and South Australian Budget, and the Australian Bureau of Statistics.
Chapter 2: Economic performance
18 Final Budget Outcome 2012–13
Appendix A: Uniform presentation framework tables
Final Budget Outcome 2012–13 19
UNIFORM PRESENTATION FRAMEWORK TABLES
Table A.1: General government sector operating statement ($million)___________________________________________________________________________________________________________________________________________________________________________________________________________________________________
2012–13Estimate at
2013–14Budget
2012–13Outcome
RevenueTaxation revenue 4 099 4 104Grants 7 717 7 669Sales of goods and services 2 045 2 115Interest income 133 134Dividend and income tax equivalent income 399 446Other 856 865
Total revenue 15 249 15 333
lessExpensesEmployee expenses 7 134 7 105Superannuation expenses Superannuation interest cost 314 314 Other superannuation expenses 746 675Depreciation and amortisation 830 762Interest expenses 404 386Other property expenses — —Other operating expenses 4 329 4 313Grants 2 806 2 726
Total expenses 16 563 16 282
equals
Net operating balance -1 314 -948
plusOther economic flows 2 579 3 113
equals
Comprehensive result - total change in net worth 1 264 2 164
Net operating balance -1 314 -948
lessNet acquisition of non-financial assetsPurchases of non-financial assets 2 092 2 008less Sales of non-financial assets 1 200 1 197less Depreciation 830 762plus Change in inventories — 7plus Other movements in non-financial assets — —
equals Total net acquisition of non-financial assets 62 55
equals
Net lending / borrowing -1 376 -1 003
Note: Totals may not add due to rounding.
20 Final Budget Outcome 2012–13
Appendix A: Uniform presentation framework tables and Loan Council allocation report
Table A.2: Public non-financial corporations (public trading enterprises) sectoroperating statement ($million)___________________________________________________________________________________________________________________________________________________________________________________________________________________________________
2012–13Estimate at
2013–14Budget
2012–13Outcome
RevenueTaxation revenue — —Grants 551 615Sales of goods and services 1 859 2 010Interest income 18 23Dividend and income tax equivalent income 4 8Other 521 403
Total revenue 2 952 3 060
lessExpensesEmployee expenses 210 195Superannuation expenses Superannuation interest cost — — Other superannuation expenses 24 25Depreciation and amortisation 406 403Interest expenses 246 239Other property expenses 349 364Other operating expenses 1 350 1 457Grants 366 85
Total expenses 2 950 2 769
equals
Net operating balance 2 291
plusOther economic flows -495 -1 679
equals
Comprehensive result - total change in net worth -493 -1 388
Net operating balance 2 291
lessNet acquisition of non-financial assetsPurchases of non-financial assets 762 676less Sales of non-financial assets 461 232less Depreciation 406 403plus Change in inventories 27 -32plus Other movements in non-financial assets — —
equals Total net acquisition of non-financial assets -79 9
equals
Net lending / borrowing 81 282
Note: Totals may not add due to rounding.
Final Budget Outcome 2012–13 21
Appendix A: Uniform presentation framework tables and Loan Council allocation report
Table A.3: Non-financial public sector operating statement ($million)___________________________________________________________________________________________________________________________________________________________________________________________________________________________________
2012–13Estimate at
2013–14Budget
2012–13Outcome
RevenueTaxation revenue 3 722 3 726Grants 7 716 7 697Sales of goods and services 3 722 3 949Interest income 122 131Dividend and income tax equivalent income 50 56Other 1 045 935
Total revenue 16 377 16 494
lessExpensesEmployee expenses 7 343 7 299Superannuation expenses Superannuation interest cost 314 314 Other superannuation expenses 770 700Depreciation and amortisation 1 236 1 166Interest expenses 621 599Other property expenses — —Other operating expenses 4 786 4 849Grants 2 619 2 224
Total expenses 17 689 17 152
equals
Net operating balance -1 313 -657
plusOther economic flows 2 577 2 822
equals
Comprehensive result - total change in net worth 1 264 2 164
Net operating balance -1 313 -657
lessNet acquisition of non-financial assetsPurchases of non-financial assets 2 846 2 683less Sales of non-financial assets 1 654 1 428less Depreciation 1 236 1 166plus Change in inventories 27 -26plus Other movements in non-financial assets — —
equals Total net acquisition of non-financial assets -17 64
equals
Net lending / borrowing -1 295 -721
Note: Totals may not add due to rounding.
22 Final Budget Outcome 2012–13
Appendix A: Uniform presentation framework tables and Loan Council allocation report
Table A.4: Public financial corporations sector operating statement ($million)___________________________________________________________________________________________________________________________________________________________________________________________________________________________________
2012–13Outcome
RevenueTaxation revenue —Grants 6Sales of goods and services 1 443Interest income 1 343Dividend and income tax equivalent income 37Other 183
Total revenue 3 012
lessExpensesEmployee expenses 38Superannuation expenses Superannuation interest cost — Other superannuation expenses 4Depreciation and amortisation 50Interest expenses 1 232Other property expenses 55Other operating expenses 1 122Grants 1
Total expenses 2 501
equals
Net operating balance 511
plusOther economic flows -47
equals
Comprehensive result - total change in net worth 464
Net operating balance 511
lessNet acquisition of non-financial assetsPurchases of non-financial assets 391less Sales of non-financial assets 83less Depreciation 50plus Change in inventories —plus Other movements in non-financial assets —
equals Total net acquisition of non-financial assets 258
equals
Net lending / borrowing 253
Note: Totals may not add due to rounding.
Final Budget Outcome 2012–13 23
Appendix A: Uniform presentation framework tables and Loan Council allocation report
Table A.5: General government sector balance sheet ($million)___________________________________________________________________________________________________________________________________________________________________________________________________________________________________
2012–13Estimate at
2013–14Budget
2012–13Outcome
AssetsFinancial assets Cash and deposits 874 1 113 Advances paid 294 176 Investments, loans and placements 209 226 Receivables 599 730 Equity Investments in other public sector entities 21 451 20 821 Investments - other 832 831 Other financial assets 125 56
Total financial assets 24 383 23 954
Non-financial assets Land and other fixed assets 37 374 37 616 Other non-financial assets 6 5
Total non-financial assets 37 380 37 621
Total assets 61 763 61 575
LiabilitiesDeposits held 307 392Advances received 232 232Borrowing 6 448 6 118Superannuation 11 941 11 085Other employee benefits 2 443 2 457Payables 905 1 019Other liabilities 1 024 908
Total liabilities 23 301 22 212
Net worth 38 463 39 363
Net financial worth 1 083 1 742Net financial liabilities 20 368 19 079Net debt 5 611 5 227
Note: Totals may not add due to rounding.
24 Final Budget Outcome 2012–13
Appendix A: Uniform presentation framework tables and Loan Council allocation report
Table A.6: Public non-financial corporations (public trading enterprises) sectorbalance sheet ($million)___________________________________________________________________________________________________________________________________________________________________________________________________________________________________
2012–13Estimate at
2013–14Budget
2012–13Outcome
AssetsFinancial assets Cash and deposits 349 547 Advances paid 33 29 Investments, loans and placements 44 44 Receivables 280 288 Equity Investments in other public sector entities — — Investments - other 14 17 Other financial assets 4 1
Total financial assets 723 926
Non-financial assets Land and other fixed assets 26 010 24 959 Other non-financial assets 6 7
Total non-financial assets 26 016 24 965
Total assets 26 739 25 891
LiabilitiesDeposits held — —Advances received 248 143Borrowing 4 044 4 200Superannuation — —Other employee benefits 78 74Payables 356 298Other liabilities 138 196
Total liabilities 4 864 4 910
Net worth 21 875 20 980
Net financial worth -4 141 -3 985Net financial liabilities 4 141 3 985Net debt 3 867 3 723
Note: Totals may not add due to rounding.
Final Budget Outcome 2012–13 25
Appendix A: Uniform presentation framework tables and Loan Council allocation report
Table A.7: Non-financial public sector balance sheet ($million)___________________________________________________________________________________________________________________________________________________________________________________________________________________________________
2012–13Estimate at
2013–14Budget
2012–13Outcome
AssetsFinancial assets Cash and deposits 1 094 1 440 Advances paid 78 62 Investments, loans and placements 253 270 Receivables 766 877 Equity Investments in other public sector entities -425 -159 Investments - other 846 848 Other financial assets 126 56
Total financial assets 2 738 3 394
Non-financial assets Land and other fixed assets 63 385 62 574 Other non-financial assets 11 12
Total non-financial assets 63 396 62 586
Total assets 66 134 65 981
LiabilitiesDeposits held 178 172Advances received 232 232Borrowing 10 492 10 318Superannuation 11 941 11 085Other employee benefits 2 520 2 531Payables 1 173 1 215Other liabilities 1 134 1 064
Total liabilities 27 671 26 617
Net worth 38 463 39 363
Net financial worth -24 933 -23 223Net financial liabilities 24 509 23 064Net debt 9 478 8 949
Note: Totals may not add due to rounding.
26 Final Budget Outcome 2012–13
Appendix A: Uniform presentation framework tables and Loan Council allocation report
Table A.8: Public financial corporations sector balance sheet ($million)___________________________________________________________________________________________________________________________________________________________________________________________________________________________________
2012–13Outcome
AssetsFinancial assets Cash and deposits 826 Advances paid 12 916 Investments, loans and placements 5 359 Receivables 504 Equity Investments in other public sector entities — Investments - other 2 939 Other financial assets 27
Total financial assets 22 571
Non-financial assets Land and other fixed assets 854 Other non-financial assets —
Total non-financial assets 854
Total assets 23 425
LiabilitiesDeposits held 860Advances received —Borrowing 15 933Superannuation —Other employee benefits 15Payables 126Other liabilities 6 651
Total liabilities 23 584
Net worth -159
Net financial worth -1 013Net financial liabilities 1 013Net debt -2 308
Note: Totals may not add due to rounding.
Final Budget Outcome 2012–13 27
Appendix A: Uniform presentation framework tables and Loan Council allocation report
Table A.9: General government sector cash flow statement ($million)___________________________________________________________________________________________________________________________________________________________________________________________________________________________________
2012–13Estimate at
2013–14Budget
2012–13Outcome
Cash receipts from operating activitiesTaxes received 4 097 4 106Receipts from sales of goods and services 2 037 2 011Grants and subsidies received 7 763 7 689Interest receipts 133 145Dividends and income tax equivalents 387 417Other receipts 550 954
Total operating receipts 14 966 15 323
Cash payments for operating activitiesPayments for employees -8 358 -8 180Payments for goods and services -3 686 -3 666Grants and subsidies paid -2 930 -2 819Interest paid -404 -392Other payments -148 -713
Total operating payments -15 526 -15 771
Net cash flows from operating activities -560 -448
Net cash flows from investmentsin non-financial assetsSales of non-financial assets 1 167 1 166Purchases of non-financial assets (a) -2 089 -1 884
Net cash flows from investments -922 -718in non-financial assets
Net cash flows from investments in financialassets for policy purposes (b) 9 102
Net cash flows from investments in financialassets for liquidity purposes -12 76
Net cash flows from financing activitiesAdvances received (net) -20 -20Borrowing (net) 1 566 1 237Deposits received (net) -91 -4Dividends paid — —Other financing (net) — —
Net cash flows from financing activities 1 456 1 213
Net Increase/(decrease) in cash held -29 226
Net cash flows from operating activities -560 -448Net cash flows from investments -922 -718in non-financial assetsDividends paid — —
Cash surplus / (deficit) -1 482 -1 166
Note: Totals may not add due to rounding.(a) The ABS disaggregates this item into new and secondhand non-financial assets.(b) Includes equity acquisitions and disposals.
28 Final Budget Outcome 2012–13
Appendix A: Uniform presentation framework tables and Loan Council allocation report
Table A.10: Public non-financial corporations (public trading enterprises) sectorcash flow statement ($million)___________________________________________________________________________________________________________________________________________________________________________________________________________________________________
2012–13Estimate at
2013–14Budget
2012–13Outcome
Cash receipts from operating activitiesTaxes received — —Receipts from sales of goods and services 1 817 1 922Grants and subsidies received 551 607Interest receipts 18 23Dividends and income tax equivalents 4 8Other receipts 162 86
Total operating receipts 2 551 2 646
Cash payments for operating activitiesPayments for employees -246 -237Payments for goods and services -954 -1 088Grants and subsidies paid -107 -112Interest paid -247 -237Other payments -495 -454
Total operating payments -2 049 -2 128
Net cash flows from operating activities 502 518
Net cash flows from investmentsin non-financial assetsSales of non-financial assets 203 227Purchases of non-financial assets (a) -728 -663
Net cash flows from investments -525 -436in non-financial assets
Net cash flows from investments in financialassets for policy purposes (b) 8 8
Net cash flows from investments in financialassets for liquidity purposes -2 —
Net cash flows from financing activitiesAdvances received (net) -18 -103Borrowing (net) 133 287Deposits received (net) — —Dividends paid -254 -235Other financing (net) — —
Net cash flows from financing activities -138 -51
Net Increase/(decrease) in cash held -156 39
Net cash flows from operating activities 502 518Net cash flows from investments -525 -436in non-financial assetsDividends paid -254 -235
Cash surplus / (deficit) -277 -153
Note: Totals may not add due to rounding.(a) The ABS disaggregates this item into new and secondhand non-financial assets.(b) Includes equity acquisitions and disposals.
Final Budget Outcome 2012–13 29
Appendix A: Uniform presentation framework tables and Loan Council allocation report
Table A.11: Non-financial public sector cash flow statement ($million)___________________________________________________________________________________________________________________________________________________________________________________________________________________________________
2012–13Estimate at
2013–14Budget
2012–13Outcome
Cash receipts from operating activitiesTaxes received 3 722 3 723Receipts from sales of goods and services 3 676 3 751Grants and subsidies received 7 762 7 709Interest receipts 122 140Dividends and income tax equivalents 50 55Other receipts 697 1 042
Total operating receipts 16 029 16 421
Cash payments for operating activitiesPayments for employees -8 593 -8 407Payments for goods and services -4 476 -4 580Grants and subsidies paid -2 485 -2 344Interest paid -622 -601Other payments -165 -654
Total operating payments -16 340 -16 586
Net cash flows from operating activities -312 -165
Net cash flows from investmentsin non-financial assetsSales of non-financial assets 1 363 1 393Purchases of non-financial assets (a) -2 810 -2 547
Net cash flows from investments -1 447 -1 154in non-financial assets
Net cash flows from investments in financialassets for policy purposes (b) -1 7
Net cash flows from investments in financialassets for liquidity purposes -14 76
Net cash flows from financing activitiesAdvances received (net) -20 -20Borrowing (net) 1 699 1 524Deposits received (net) — -4Dividends paid — —Other financing (net) — —
Net cash flows from financing activities 1 680 1 501
Net Increase/(decrease) in cash held -94 265
Net cash flows from operating activities -312 -165Net cash flows from investments -1 447 -1 154in non-financial assetsDividends paid — —
Cash surplus / (deficit) -1 759 -1 319
Note: Totals may not add due to rounding.(a) The ABS disaggregates this item into new and secondhand non-financial assets.(b) Includes equity acquisitions and disposals.
30 Final Budget Outcome 2012–13
Appendix A: Uniform presentation framework tables and Loan Council allocation report
Table A.12: Public financial corporations sector cash flow statement ($million)___________________________________________________________________________________________________________________________________________________________________________________________________________________________________
2012–13Outcome
Cash receipts from operating activitiesTaxes received —Receipts from sales of goods and services 1 471Grants and subsidies received 6Interest receipts 1 278Dividends and income tax equivalents 37Other receipts 118
Total operating receipts 2 911
Cash payments for operating activitiesPayments for employees -49Payments for goods and services -219Grants and subsidies paid -1Interest paid -1 396Other payments -842
Total operating payments -2 507
Net cash flows from operating activities 405
Net cash flows from investmentsin non-financial assetsSales of non-financial assets 83Purchases of non-financial assets (a) -392
Net cash flows from investments -310in non-financial assets
Net cash flows from investments in financialassets for policy purposes (b) -1 479
Net cash flows from investments in financialassets for liquidity purposes 195
Net cash flows from financing activitiesAdvances received (net) —Borrowing (net) 1 379Deposits received (net) 114Dividends paid -19Other financing (net) —
Net cash flows from financing activities 1 474
Net Increase/(decrease) in cash held 285
Net cash flows from operating activities 405Net cash flows from investments -310in non-financial assetsDividends paid -19
Cash surplus / (deficit) 76
Note: Totals may not add due to rounding.(a) The ABS disaggregates this item into new and secondhand non-financial assets.(b) Includes equity acquisitions and disposals.
Final Budget Outcome 2012–13 31
Appendix A: Uniform presentation framework tables and Loan Council allocation report
Table A.13: General government sector derivation of ABS GFS cash surplus/deficit ($million)___________________________________________________________________________________________________________________________________________________________________________________________________________________________________
2012–13Estimate at
2013–14Budget
2012–13Outcome
Cash surplus / (deficit) -1 482 -1 166
Acquisitions under finance leases — —and similar arrangements(a)ABS GFS Surplus (+) / deficit (-) including -1 482 -1 166finance leases and similar arrangements
Table A.14: Public non-financial corporations (public trading enterprises) sectorderivation of ABS GFS cash surplus/deficit ($million)___________________________________________________________________________________________________________________________________________________________________________________________________________________________________
Cash surplus / (deficit) -277 -153
Acquisitions under finance leases — —and similar arrangements(a)ABS GFS Surplus (+) / deficit (-) including -277 -153finance leases and similar arrangements
Table A.15: Non-financial public sector derivation of ABS GFS cash surplus/deficit ($million)___________________________________________________________________________________________________________________________________________________________________________________________________________________________________
Cash surplus / (deficit) -1 759 -1 319
Acquisitions under finance leases — —and similar arrangements(a)ABS GFS Surplus (+) / deficit (-) including -1 759 -1 319finance leases and similar arrangements
Table A.16: Public financial corporations sector derivation of ABS GFS cashsurplus/deficit ($million)(b)___________________________________________________________________________________________________________________________________________________________________________________________________________________________________
Cash surplus / (deficit) 76
Acquisitions under finance leases —and similar arrangements(a)ABS GFS Surplus (+) / deficit (-) including 76finance leases and similar arrangements
Note: Totals may not add due to rounding.(a) Finance leases are shown with a negative sign as they are deducted in compiling the ABS GFS cash surplus/deficit.(b) Forward estimates are not collected for public financial corporations.
32 Final Budget Outcome 2012–13
Appendix A: Uniform presentation framework tables and Loan Council allocation report
Table A.17: General government sector taxes ($million) (a)___________________________________________________________________________________________________________________________________________________________________________________________________________________________________
2012–13Estimate at
2013–14Budget
2012–13Outcome
Taxes on employers' payroll and labour force 1 098 1 077
Taxes on propertyLand taxes 565 562Stamp duties on financial and capital transactions 889 894Financial institutions' transaction taxes — —Other 176 175
Total 1 630 1 631
Taxes on the provision of goods and servicesExcises and levies — —Taxes on gambling 416 422Taxes on insurance 418 429
Total 833 851
Taxes on use of goods and performance of activitiesMotor vehicle taxes 537 545
Total 537 546
Total GFS taxation revenue 4 099 4 104
Note: Totals may not add due to rounding.(a) Excludes taxes paid by general government entities.
Final Budget Outcome 2012–13 33
Appendix A: Uniform presentation framework tables and Loan Council allocation report
Table A.18(a): General government sector grant revenue ($million)__________________________________________________________________________________________________________________________________________________________________________________________________________________________________
2012–13Estimate at
2013–14Budget
2012–13Outcome
Current grant revenueCurrent grants from the Commonwealth General purpose grants 4 463 4 492 National partnership grants 436 385 National partnership grants for on-passing 190 184 Specific purpose grants 1 473 1 477 Specific purpose grants for on-passing 689 688
Total current grants from the Commonwealth 7 251 7 225
Other contributions and grants 153 128
Total current grant revenue 7 404 7 354
Capital grant revenueCapital grants from the Commonwealth General purpose grants — — National partnership grants 157 177 Specific purpose grants 119 119 Specific purpose grants for on-passing 13 11 Other capital grants 5 5
Total capital grants from the Commonwealth 294 313
Other contributions and grants 19 2
Total capital grant revenue 313 315
Total grant revenue 7 717 7 669
Table A.18(b): General government sector grant expense ($million)
___________________________________________________________________________________________________________________________________________________________________________________________________________________________________
2012–13Estimate at
2013–14Budget
2012–13Outcome
Current grant expense State/territory government 5 44 Local government 41 33 Local government on-passing 172 172 Private and not-for-profit sector 930 866 Private and not-for-profit sector on-passing 707 700 Grants to other sectors of government 503 526 Other 238 190
Total current grant expense 2 597 2 532
Capital grant expense State/territory government — — Local government 36 32 Local government on-passing — — Private and not-for-profit sector 112 104 Private and not-for-profit sector on-passing 13 11 Grants to other sectors of government 46 46 Other 2 2
Total capital grant expense 209 195
Total grant expense 2 806 2 726
Note: Totals may not add due to rounding.
34 Final Budget Outcome 2012–13
Appendix A: Uniform presentation framework tables and Loan Council allocation report
Table A.19: General government sector dividend and income tax equivalent income ($million)___________________________________________________________________________________________________________________________________________________________________________________________________________________________________
2012–13Estimate at
2013–14Budget
2012–13Outcome
Dividend and income tax equivalent income from PNFC sector 353 398Dividend and income tax equivalent income from PFC sector 46 46Other dividend income 1 1
Total dividend and income tax equivalent income 399 446
Note: Totals may not add due to rounding.
Final Budget Outcome 2012–13 35
Appendix A: Uniform presentation framework tables and Loan Council allocation report
Table A.20: General government sector expenses by function(a)(b) ($million)
2012−13Estimate at
2013−14 2012−13Budget Outcome
General public services 366 318Government superannuation benefits — —Other general public services 366 318
Defence(c) — —
Public order and safety 1 550 1 523Police and fire protection services 926 923Law courts and legal services 289 276Prisons and corrective services 253 258Other public order and safety 82 67
Education 4 126 4 095Primary and secondary education 3 323 3 281Tertiary education 559 563Pre-school education and education not definable by level 214 223Transportation of students 28 25Education(d) 3 3
Health 5 062 5 087Acute care institutions 4 370 4 396Mental health institutions n.a n.aNursing homes for the aged n.a n.aCommunity health services 340 331Public health services 156 155Pharmaceuticals, medical aids and appliances 10 13Health research 37 30Health administration(d) 147 162
Social security and welfare 1 180 1 131Social security 106 119Welfare services 966 896Social security and welfare services(d) 107 116
Housing and community amenities 1 167 1 068Housing and community development 551 540Water supply 299 274Sanitation and protection of the environment 314 245Other community amenities 2 9
Recreation and culture 339 390Recreation facilities and services 159 195Cultural facilities and services 167 179Broadcasting and film production 7 8Recreation and culture(d) 6 7
36 Final Budget Outcome 2012–13
Appendix A: Uniform presentation framework tables and Loan Council allocation report
Table A.20: General government sector expenses by function(a)(b) ($million) (continued)
2012−13Estimate at
2013−14 2012−13Budget Outcome
Fuel and energy 62 53Fuel affairs and services 10 11Electricity and other energy 8 1Fuel and energy(d) 45 42
Agriculture, forestry, fishing and hunting 175 156Agriculture 149 131Forestry, fishing and hunting 26 25
Mining and mineral resources other than fuels; manufacturing; 70 60and constructionMining and mineral resources other than fuels 42 41Manufacturing — —Construction 28 19
Transport and communications 1 030 1 007Road transport 390 394Water transport 16 25Rail transport 70 57Air transport 3 —Pipelines n.a n.aOther transport 497 504Communications 54 28
Other economic affairs 243 231Storage, saleyards and markets n.a n.aTourism and area promotion 72 63Labour and employment affairs 54 64Other economic affairs 118 104
Other purposes 1 194 1 164Public debt transactions 404 393General purpose inter-government transactions 127 127Natural disaster relief 9 6Nominal superannuation interest expense 314 314Other purposes(d) 340 323Total GFS expenses 16 563 16 282
Note: Totals may not add due to rounding.
(a) Expenses by function data are derived from information submitted by government agencies. The processes for deriving this data are subject to ongoing refinements. Consequently the data may be subject to future revisions.
(b) Some functional classifications are not readily distinguisable at agency level. Those instances are denoted as not available (n.a.).
(c) The ABS defines ‘defence’ as expenditure on military and civil defence affairs, foreign military aid and defence research. The expenditure of DefenceSA is included in other economic affairs.
(d) Not elsewhere classified.
Final Budget Outcome 2012–13 37
Appendix A: Uniform presentation framework tables and Loan Council allocation report
Table A.21: General government sector capital expenditure by function(a) ($million)
2012−13Estimate at
2013−14 2012−13Budget Outcome
General public services 7 9Defence(b) — —Public order and safety 102 94Education 230 228Health 387 359Social security and welfare 5 7Housing and community amenities 15 10Recreation and culture 319 275Fuel and energy 1 1Agriculture, forestry, fishing and hunting 6 6Mining and mineral resources other than fuels; manufacturing; and construction 22 22
Transport and communications 993 992Other economic affairs 5 4Other purposes — —Total capital expenditure 2 092 2 008
Note: Totals may not add due to rounding.
(a) Expenses by function data are derived from information submitted by government agencies. The processes for deriving this data are subject to ongoing refinements. Consequently the data may be subject to future revisions.
(b) The ABS defines ‘defence’ as expenditure on military and civil defence affairs, foreign military aid and defence research. The expenditure of DefenceSA is included in other economic affairs.
38 Final Budget Outcome 2012–13
Appendix A: Uniform presentation framework tables and Loan Council allocation report
Loan Council allocation report
The Australian Loan Council — a ministerial body established in 1927 comprising Commonwealth, state and territory Treasurers — requires all jurisdictions to nominate a Loan Council Allocation (LCA) for consideration at its annual meeting.
LCA nominations, prepared in February, are intended to provide an indication of each government’s probable call on financial markets over the forthcoming financial year. The Loan Council, having regard to each jurisdiction’s fiscal position and reasonable infrastructure requirements, along with the macroeconomic implications of the aggregate figure, then considers the nominations.
Following the endorsement of LCA nominations, jurisdictions are further required to update their nominated LCAs at budget time for changes in economic parameters and policy decisions, and also provide an LCA outcome at the end of the financial year. A tolerance limit of 2 per cent of total public sector revenue, set at nomination time, applies between both the nomination and budget, and the budget and outcome LCAs.
Nominated LCAs for 2012–13, for all jurisdictions and in aggregate, were reviewed and endorsed at the meeting of the Australian Loan Council held in April 2012.
South Australia’s budget and outcome LCAs for 2012–13 are shown in table A.22. This table is prepared in accordance with the requirements of the accrual Uniform Presentation Framework, endorsed by the Loan Council in March 2000 and revised in April 2008 to recognise acquisitions under finance leases and similar arrangements.
As table A.22 indicates, South Australia recorded an LCA deficit of $424 million for 2012–13. This is lower than the 2012–13 Budget (May 2012) estimated deficit of $850 million. This largely reflects the impact of stronger than anticipated superannuation returns partially offset by an increase in the non-financial public sector cash deficit.
As a result of these movements, South Australia’s 2012–13 LCA outcome will exceed the 2 per cent of total revenue tolerance limit included in the 2012–13 LCA nomination.
Final Budget Outcome 2012–13 39
Appendix A: Uniform presentation framework tables and Loan Council allocation report
Table A.22: Loan Council allocation 2012−13 ($million)(a)
2012−13 Estimate at 2012−13 Budget
2012−13 Outcome
General government sector cash deficit/surplus 1 952 1 166
PNFC sector cash deficit/surplus -677 153
Non-financial public sector cash deficit/surplus(b) 1 276 1319
Acquisitions under finance leases and similar arrangements – –
ABS Government Finance Statistics cash surplus 1 276 1319
Less: Net cash flows from investments in financial assets for policy purposes
8 7
Adjusted total non-financial public sector deficit/surplus 1 268 1312
Memorandum items(c)
Operating leases(d) -90 -4
Recourse asset sales – –
Superannuation(e) -495 -885
Local government 60 14
Home finance schemes 107 -13
Total memorandum items -418 -888
LCA deficit/surplus(f)(g) 850 424
Note: Totals may not add due to rounding.
(a) For the purposes of this table a surplus amount is represented as a negative number while a deficit is shown as a positive number.
(b) The sum of the deficits of the general government and PNFC sectors may not equal the non-financial public sector deficit due to intersectoral transfers, which are netted out in the calculation of the total figure. The figures exclude statutory marketing authorities.
(c) Excludes universities.
(d) Increase/decrease in the net present value (NPV) of operating leases with a NPV of $5 million or greater.
(e) Includes both ‘payments in excess of emerging costs of superannuation’ and ‘interest earnings on employer balances’.
(f) The 2 per cent of total revenue tolerance limit for South Australia’s 2012–13 LCA nomination was $323 million.
(g) South Australia had two infrastructure projects with private sector involvement that met the recognition criteria for 2012–13: The Northern Community Mental Health Centre and the Vita teaching, aged care and rehabilitation facility.
40 Final Budget Outcome 2012–13
Appendix A: Uniform presentation framework tables and Loan Council allocation report
Appendix B: Consolidated Account
Table B.1: Summary of receipts and payments ($000)
2012−13 2012−13Budget Outcome
ReceiptsTaxation 3 669 766 3 733 553Commonwealth general purpose grants 4 511 800 4 509 740Commonwealth specific purpose grants 567 311 596 398Commonwealth National Partnership payments 64 633 134 445Contributions from state undertakings 365 817 422 216Fees and charges 393 553 356 337Recoveries 46 312 278 330Royalties 235 570 171 899Other receipts 269 310 1 301 314Total receipts 10 124 072 11 504 233
PaymentsAppropriation Act 12 280 709 12 498 002Specific appropriation authorised in various Acts 120 994 121 480Total payments 12 401 703 12 619 482
Consolidated Account Financing Requirement 2 277 631 1 115 249
Note: Totals may not add due to rounding.
The deficit for 2012−13 has been funded by borrowings from the South Australian Government Financing Authority (SAFA), pursuant to section 16(2) of the Public Finance and Audit Act 1987, increasing the level of debt serviced from the Consolidated Account.
Final Budget Outcome 2012–13 41
Table B.2: Receipts ($000)
2012−13 2012−13Budget Outcome
Taxation Payroll tax 1 298 600 1 275 370Commonwealth places mirror payroll tax(a) 22 200 22 312Stamp duties 1 275 709 1 401 128Commonwealth places mirror stamp duties(a) 300 263Land tax 585 800 581 965Commonwealth places mirror land tax(a) 1 500 1 371Other taxes on property 10 49Save the River Murray Levy 25 400 26 380Gaming machines tax 318 908 287 911Contribution from Lotteries Commission of South Australia 111 592 108 791Contribution from casino operations 23 100 21 648Contribution from South Australian Totalizator Agency Board 3 500 3 682Contribution from on-course totalizators, bookmakers and small lotteries 3 147 2 682Total taxation receipts 3 669 766 3 733 553
Commonwealth general purpose paymentsGST revenue grants 4 511 800 4 509 740Total Commonwealth general purpose payments 4 511 800 4 509 740
Commonwealth specific purpose payments(b)
Council of Australian Governments funding arrangements 567 261 596 398Natural disaster relief and recovery arrangements 50 — Total Commonwealth specific purpose payments 567 311 596 398
Commonwealth National Partnership payments(c)
Council of Australian Governments funding arrangement 64 633 134 445Total Commonwealth National Partnership payments 64 633 134 445
Note: Totals may not add due to rounding.
(a) Taxes akin to state taxes are levied on activities conducted on Commonwealth places under the authority of Commonwealth mirror tax legislation. Revenue is retained by the state.
(b) Refers only to those Commonwealth specific purpose payments paid to the Consolidated Account.
(c) Refers only to National Partnership payments that are paid to Consolidated Account. The remainder of National Partnership payments are paid into the Intergovernmental Agreement on Federal Financial Relations special deposit account for subsequent disbursement to the relevant line agencies.
42 Final Budget Outcome 2012–13
Appendix B: Consolidated Account
Table B.2: Receipts ($000) (continued)
2012−13 2012−13Budget Outcome
Contributions from state undertakingsArrangements with private electricity entities Local government rate equivalent 228 225Austraining Pty Ltd Income Tax Equivalent — 657Department of Planning, Transport and Infrastructure Income tax equivalent 2 641 1 646 Local government rate equivalent 1 318 602ForestrySA Dividend 656 29 527 Income tax equivalent 4 727 501Funds SA Local government rate equivalent 196 204Generation Lessor Corporation Dividend — 1 150HomeStart Finance Dividend 6 195 6 329 Income tax equivalent 4 425 4 421Public Trustee Office Dividend 1 370 — Income tax equivalent 675 — Renewal SA Dividend 7 363 — Income tax equivalent 954 — Local government rate equivalent 682 789SA Lotteries Income tax equivalent 8 439 5 974 Local government rate equivalent 5 — SA Water Corporation Dividend 209 211 235 775 Income tax equivalent 100 276 96 447 Local government rate equivalent 1 473 1 513South Australian Asset Management Corporation Dividend — 4 620South Australian Government Employee Residential Properties Dividend 1 706 1 706 Income tax equivalent 351 — South Australian Government Financing Authority Dividend 8 230 8 230 Income tax equivalent 4 470 21 840West Beach Trust Income tax equivalent 226 59Total contributions from state undertakings 365 817 422 216
Note: Totals may not add due to rounding.
Final Budget Outcome 2012–13 43
Appendix B: Consolidated Account
Table B.2: Receipts ($000) (continued)
2012−13 2012−13Budget Outcome
Fees and charges(d)
Auditor-General's Department — fees for audit and other sundry receipts 14 488 11 721Court fines 36 697 22 909Court regulatory fees 32 423 30 524Guarantee fees 80 216 74 931Infringement Notice Schemes — Expiation fees 89 759 78 738Land and Business Regulations 1 817 1 366Land Services regulatory fees 137 751 136 071Small lotteries 369 — Sundry fees 33 76Total fees and charges 393 553 356 337
RecoveriesContribution to the cost of private plated vehicles 10 — Department of Planning, Transport and InfrastructureIndentured Ports 4 279 26 679Department for Water — Qualco Sunlands 250 250Essential Services Commission of South Australia 6 467 8 718Helicopter service — recovery of costs and sponsorships 1 020 1 121Independent Gaming Corporation contribution to GamblersRehabilitation Fund 2 000 2 000Metropolitan Drainage Fund 7 7National Tax Equivalent Program 50 — Return of cash to Consolidated Account — Cash Alignment Policy — 192 301Return of deposit account balances — 4 682Return of deposit account balances — Superannuation 30 000 38 100Sale of government publications and subscriptions 183 146Sundry recoupment 142 — Unclaimed monies and personal property 1 904 4 325Total recoveries 46 312 278 330
RoyaltiesDepartment for Manufacturing, Innovation, Trade, Resources and Energy 235 570 171 899Total royalties 235 570 171 899
Note: Totals may not add due to rounding.
(d) Refers only to those fees and charges paid to the Consolidated Account.
44 Final Budget Outcome 2012–13
Appendix B: Consolidated Account
Table B.2: Receipts ($000) (continued)
2012−13 2012−13Budget Outcome
Other receipts
InterestInterest on investments 109 671 94 065Interest recoveries from general government entities 1 051 2 982Interest recoveries from non commercial public trading enterprises 25 419 21 762Interest recoveries from the private sector 345 43
Repayment of advancesAdministered items for the Department of Planning, Transport and Infrastructure 209 466Department for Health and Ageing 19 059 1 870Department of Primary Industries and Regions 3 733 2 500Renmark Irrigation Trust 121 127Royal Zoological Society of South Australia 229 220South Australian Housing Trust 49 714 50 356Other repayments 6 6
Repayment of equity capital contributionsAdelaide Convention Centre 45 500 47 672Department of Planning, Transport and Infrastructure — 19 232Environment Protection Authority — 8 434ForestrySA — 4 984Renewal SA 1 971 —
OtherOther recoveries 1 947 — Proceeds from appointing a master agent to manage SA Lotteries brands and products — 402 771Proceeds from sale of the state's Green Triangle forest plantations — 635 077Sale of land and buildings 10 335 8 746Total other receipts 269 310 1 301 314
Total Consolidated Account receipts 10 124 072 11 504 233
Note: Totals may not add due to rounding.
Final Budget Outcome 2012–13 45
Appendix B: Consolidated Account
Table B.3: Payments ($000)
2012−13 2012−13Budget Outcome
Payments from Appropriation ActArts SA 123 727 129 926Attorney-General’s Department 89 409 84 076Administered items for the Attorney-General’s Department 43 344 36 385Auditor-General’s Department 15 444 15 444Courts Administration Authority 87 507 89 984Defence SA 23 225 21 695Department for Communities and Social Inclusion 961 839 973 301Administered items for the Department for Communities and Social Inclusion 164 327 165 309Department for Correctional Services 241 934 241 934Department for Education and Child Development 2 633 800 2 617 289Administered items for the Department for Education and Child Development 220 355 221 705Department for Health and Ageing 3 010 707 2 999 170Department for Manufacturing, Innovation, Trade, Resources and Energy 86 228 86 228Administered Items for the Department for Manufacturing, Innovation, Trade, Resources and Energy 959 959Department for Water(a) 87 728 83 224Administered items for the Department for Water(b) 7 009 7 009Department of Environment, Water and Natural Resources(a) 127 990 137 269Administered items for the Department of Environment, Water and Natural Resources(b) 12 443 12 502Department of Further Education, Employment, Science and Technology 519 768 527 767Department of Planning, Transport and Infrastructure 954 509 1 089 725Administered items for the Department of Planning, Transport andInfrastructure 4 041 3 837Department of Primary Industries and Regions 89 658 89 674Administered items for the Department of Primary Industries and Regions 3 471 3 471Department of the Premier and Cabinet 113 059 108 447Administered items for the Department of the Premier and Cabinet 20 551 19 833Department of Treasury and Finance 67 538 63 672Administered items for the Department of Treasury and Finance 1 799 067 1 890 414Electoral Commission of South Australia 3 122 3 605House of Assembly 8 239 7 379Independent Gambling Authority 1 657 1 657Joint Parliamentary Services 14 305 15 345Legislative Council 5 379 4 345Minister for Tourism 4 454 4 454South Australia Police 681 531 686 713Administered items for South Australia Police 171 173South Australian Tourism Commission 49 080 50 947State Governor’s Establishment 3 134 3 134Total payments appropriated for administrative units, statutory authorities and Ministers 12 280 709 12 498 002
Payments for which specific appropriation is authorised in various Acts 120 994 121 480
Total Consolidated Account payments 12 401 703 12 619 482
Note: Totals may not add due to rounding.
(a) On 1 July 2012, the Department for Water was abolished.
(b) Department of Environment, Water and Natural Resources previously known as the Department of Environment and Natural Resources. Change effective 1 July 2012.
46 Final Budget Outcome 2012–13
Appendix B: Consolidated Account
Table B.4: Appropriation authorised in various Acts ($000)
2012−13 2012−13Budget Outcome
Payments for which specific appropriation is authorised in various Acts
Salaries and allowancesAgent-General — Pursuant to Agent-General Act 1901 111 98Auditor-General — Pursuant to Public Finance and Audit Act 1987 294 297Commissioners of Environment, Resourceand Development Court— Pursuant to Remuneration Act 1990 1 154 1 196Commissioner of Police — Pursuant to Police Act 1998 418 754State Coroner and Deputy Coroner — Pursuant to Remuneration Act 1990 833 790Electoral Commissioner and Deputy Electoral Commissioner —Pursuant to Electoral Act 1985 365 367Employee Ombudsman — Pursuant to Fair Work Act 1994 140 202Governor — Pursuant to Constitution Act 1934 286 314Judges — Pursuant to Remuneration Act 1990
Chief Justice 670 636Judges and Masters 23 458 23 252
Magistrates — Pursuant to Remuneration Act 1990 14 354 13 106Members of Various Standing Committees — Pursuant to Parliamentary Remuneration Act 1990 and Parliamentary Committees (Miscellaneous) Act 1991 814 855Ombudsman — Pursuant to Ombudsman Act 1972 384 335Parliamentary Salaries and Electorate Other Allowances —Pursuant to Parliamentary Remuneration Act 1990
Ministers, Officers and Members of Parliament 13 807 14 225Senior Judge and Judges of the Industrial Relations Courtand Commission — Pursuant to Remuneration Act 1990 3 045 2 835Solicitor-General — Pursuant to Solicitor-General Act 1972 592 572Valuer-General — Pursuant to Valuation of Land Act 1971 129 170Total salaries and allowances 60 854 60 006
OtherCompensation for injuries resulting from criminalacts — Pursuant to Victims of Crime Act 2001 7 633 7 633First Home Owner Grant — Pursuant to First Home Owner Grant Act 2000 52 507 53 842Total other 60 140 61 475
Total payments for which specific appropriation is authorised invarious Acts 120 994 121 480
Note: Totals may not add due to rounding.
Final Budget Outcome 2012–13 47
Appendix B: Consolidated Account
48 Final Budget Outcome 2012–13
Appendix B: Consolidated Account
Appendix C: General government and non-financial public sector financial statistics time series
The following tables provide historical data on key fiscal aggregates. Data provided (excluding the unfunded superannuation liability) are sourced for 1998−99 from Australian Bureau of Statistics Government Finance Statistics 2007−08 (catalogue number 5512.0) and 1999−2000 to 2011−12 from Budget Outcome publications for South Australia.
Data is provided from 1998−99, the first year for which information is available in the accrual format. Before 1998−99, government finances were measured using a cash-based methodology.
Gross State Product (GSP) and Consumer Price Index (for real-growth calculations) data is sourced from the latest Australian Bureau of Statistics (ABS) publications.
As historical data in this time series has not been back-cast to reflect classification and accounting changes, care must be taken in interpreting the data.
General government
Table C.1: General government key operating statement aggregates
Revenue Expenses
Net operating
balance
Net acquisition
of non-financial
assetsNet
lending
$m% real
growth%
GSP $m% real growth
% GSP $m $m $m
1998−99 7 290 16.7 7 505 17.2 - 215 19 - 2331999−2000 7 644 2.3 16.8 7 974 3.6 17.5 - 330 140 - 4712000−01 8 108 3.0 16.6 8 406 2.4 17.2 - 297 102 - 3992001−02 8 538 2.1 16.2 8 713 0.5 16.5 - 174 - 50 - 1242002−03 9 346 5.2 16.7 8 898 -1.8 15.9 448 34 4142003−04 9 955 3.4 16.7 9 570 4.4 16.0 385 - 38 4242004−05 10 592 3.9 17.0 10 368 5.8 16.6 224 105 1192005−06 11 242 2.9 17.0 11 040 3.3 16.7 202 119 832006−07 11 757 1.9 16.5 11 547 1.9 16.2 209 139 712007−08 12 879 6.1 16.6 12 414 4.1 16.0 464 242 2222008−09 13 531 1.9 16.9 13 764 7.5 17.2 - 233 639 - 8722009−10(a) 15 534 12.3 18.6 15 347 9.1 18.4 187 1 279 -1 0922010−11(a) 15 017 -6.3 16.8 15 069 -4.9 16.9 - 53 1 370 -1 4222011−12 15 905 3.2 17.3 16 164 4.5 17.6 - 258 839 -1 0982012−13(b) 15 333 -5.5 16.3 16 282 -1.3 17.3 - 948 55 -1 003
Note: Table may not add due to rounding.
(a) In 2009–10 and 2010−11 revenue, expenses and net acquisition of non-financial assets are impacted by the Commonwealth Government’s Nation Building ― Economic Stimulus Plan.
(b) Gross State Product (GSP) in 2012−13 is based on the estimated result.
Final Budget Outcome 2012–13 49
Table C.2: General government key balance sheet aggregates ($million)(a)
As at 30 June Net debt(b)Unfunded
superannuation(c)Net financial
liabilitiesNet financial
worth Net worth1988 8591989 6941990 8541991 1 8171992 4 6101993 7 8841994 7 1131995 5 8151996 5 5121997 4 9831998 4 7621999 4 779 3 909 9 733 1 894 10 6242000 1 920 3 543 6 911 2 986 12 4452001 1 246 3 249 6 093 4 091 14 8162002 1 303 3 998 6 907 3 559 14 7212003 666 4 445 6 974 3 500 15 2882004 224 5 668 7 858 3 842 15 7602005 144 7 227 9 393 3 853 16 3592006 - 119 6 146 8 171 5 846 19 7032007(d) - 24 5 075 7 254 8 110 22 1282008(e)(f)(g) - 276 6 468 8 078 7 580 23 7412009 475 8 939 11 562 5 551 24 1462010 1 402 9 478 13 182 6 551 36 2312011 2 930 9 096 14 313 7 299 40 9582012(h) 4 165 13 523 20 332 1 413 37 1992013 5 227 11 085 19 079 1 742 39 363
(a) During the implementation of the 2008 revised Uniform Presentation Framework (UPF) minor variances in some aggregates compared with earlier budget publications were discovered. This table reflects minor revisions resulting from the back-casting of budget aggregates associated with implementing the revised UPF.
(b) Net debt data for the years before 1999 are sourced from ABS, Government Financial Estimates 2003–04 (catalogue number 5501).
(c) There is a structural break in the methodology used to calculate superannuation liabilities between June 2003 and June 2004. This accounting change, which involved the adoption of the Commonwealth Government bond rate for valuation purposes in line with AASB 119, Employee Benefits, resulted in a significant increase in superannuation liabilities.
(d) There is a structural break in 2007 reflecting the amalgamation of SAFA and SAICORP on 1 July 2006. The transfer of SAICORP’s assets and liabilities from the general government sector to the public financial corporations sector resulted in an increase in general government net debt of $99 million at 1 July 2006 and an increase in net financial liabilities of $90 million at 1 July 2006.
(e) There is a structural break in 2008 reflecting the transfer of rail assets from TransAdelaide to the general government sector. This results in an increase in net debt and net financial liabilities of $66 million in 2007–08, and a reduction in net financial worth of $591 million, with no impact on net worth.
(f) There is a structural break in 2008 reflecting the transfer of assets from the Adelaide Festival Centre Trust to the general government sector. This results in an increase in net debt and net financial liabilities of $28 million in 2007–08, and a reduction in net financial worth of $76 million, with no impact on net worth.
(g) There is a structural break in 2008 reflecting the first time recognition on the general government balance sheet of South Australia’s share of the net assets of the Murray-Darling Basin Commission. This has no impact on net debt, however results in a reduction in net financial liabilities of $615 million in 2007–08, and increases in net financial worth and net worth of $615 million.
(h) There is a structural break in 2012 reflecting the transfer of the Rail Commissioner to the general government sector. This results in a reduction in net debt of $6 million, an increase in net financial liabilities of $37 million, and a reduction in net financial worth of $144 million in 2011–12, with no impact on net worth.
Appendix C: General government and non-financial public sector financial statistics time series
50 Final Budget Outcome 2012–13
Table C.3: General government receipts, payments and surplus(a) ($million)
Receipts Payments ABS Cash Surplus1979−80 1 891 1 671 2201980−81 2 065 1 917 1481981−82 2 210 2 122 871982−83 2 664 2 507 1561983−84 2 988 2 734 2551984−85 3 380 3 057 3241985−86 3 634 3 161 4741986−87 3 956 3 416 5401987−88 4 307 3 858 4491988−89 4 630 3 977 6531989−90 4 973 4 370 6031990−91 5 260 4 796 4631991−92 5 387 5 396 - 101992−93 5 967 5 456 5121993−94 6 087 6 024 631994−95 6 155 6 220 - 661995−96 6 405 6 164 2411996−97 6 379 6 282 971997−98 6 988 6 724 2641998−99 7 165 7 041 1231999−2000 7 676 7 915 - 2392000−01 8 278 8 387 - 1082001−02 8 698 8 748 - 502002−03 9 522 8 864 6582003−04 10 023 9 502 5222004−05 11 252 11 059 1932005−06 11 480 11 293 1872006−07 12 090 12 116 - 262007−08 12 932 12 552 3792008−09 13 579 14 299 - 7212009−10 15 837 16 991 -1 1542010−11 15 331 16 851 -1 5202011−12 16 556 17 594 -1 0382012−13 16 489 17 655 -1 166
Note: Table may not add due to rounding.
(a) There is a break in the series between 1998–99 and 1999–2000. Data for the years before 1999–2000 are sourced from the ABS and are consistent with ABS GFS reporting requirements on a cash basis. Capital receipts and payments, including payments associated with the provision of financial support for state owned financial institutions (which were treated by the ABS then as an ‘investment in financial assets for policy purposes’) are not included in the series before 1999–2000. After 1998–99, data is derived from an accrual ABS GFS reporting framework, with receipts proxied by receipts from operating activities and sales of non-financial assets, and payments proxied by payments for operating activities, purchases of non-financial assets and net acquisition of assets under finance leases and similar arrangements. Due to the associated methodological and data-source changes, time series data that encompass measures derived under both cash and accrual accounting should be used with caution.
Final Budget Outcome 2012–13 51
Appendix C: General government and non-financial public sector financial statistics time series
Tabl
e C
.4: G
ener
al g
over
nmen
t sec
tor o
pera
ting
stat
emen
t ($m
illio
n)
2003
−04
2004
−05
2005
−06
2006
−07
2007
−08
2008
−09
2009
−10
2010
−11
2011
−12
2012
−13
Rev
enue
Taxa
tion
reve
nue
2 80
62
941
2 97
93
250
3 57
03
537
3 64
93
831
3 85
44
104
Gra
nts
5 07
35
406
5 76
65
969
6 61
67
249
8 88
18
185
8 66
87
669
Sal
es o
f goo
ds a
nd s
ervi
ces
1 16
51
244
1 33
31
464
1 57
21
697
1 93
61
879
2 01
52
115
Inte
rest
inco
me
172
161
147
167
203
150
138
168
172
134
Div
iden
d an
d in
com
e ta
x eq
uiva
lent
inco
me
468
455
575
450
429
382
433
403
385
446
Oth
er 2
72 3
86 4
41 4
56 4
90 5
17 4
97 5
50 8
11 8
65To
tal r
even
ue9
955
10 5
9211
242
11 7
5712
879
13 5
3115
534
15 0
1715
905
15 3
33le
ssEx
pens
esE
mpl
oyee
exp
ense
s3
903
4 22
04
644
4 93
35
268
5 74
96
221
6 40
06
770
7 10
5S
uper
annu
atio
n ex
pens
esS
uper
annu
atio
n in
tere
st c
ost
354
351
344
316
276
383
455
427
407
314
Oth
er s
uper
annu
atio
n ex
pens
es
410
429
480
506
546
580
600
621
666
675
Dep
reci
atio
n an
d am
ortis
atio
n 4
35 4
53 4
54 4
98 5
25 5
66 6
33 6
70 7
18 7
62In
tere
st e
xpen
ses
253
248
223
204
218
180
204
308
427
386
Oth
er p
rope
rty e
xpen
ses
——
——
——
——
——
Oth
er o
pera
ting
expe
nses
2 34
82
742
2 87
43
021
3 24
63
624
3 69
53
824
3 99
34
313
Gra
nts
1 86
61
925
2 02
12
069
2 33
72
682
3 54
02
819
3 18
32
726
Tota
l exp
ense
s9
570
10 3
6811
040
11 5
4712
414
13 7
6415
347
15 0
6916
164
16 2
82eq
uals
Net
ope
ratin
g ba
lanc
e 3
85 2
24 2
02 2
09 4
64- 2
33 1
87- 5
3- 2
58- 9
48pl
usO
ther
eco
nom
ic fl
ows
87
375
3 14
22
215
1 14
9 7
0811
830
2 90
5-3
556
3 11
3eq
uals
Com
preh
ensi
ve re
sult
- tot
al c
hang
e in
net
wor
th 4
72 5
993
344
2 42
41
613
475
12 0
172
852
-3 8
142
164
Net
ope
ratin
g ba
lanc
e 3
85 2
24 2
02 2
09 4
64- 2
33 1
87- 5
3- 2
58- 9
48le
ssN
et a
cqui
sitio
n of
non
-fina
ncia
l ass
ets
Pur
chas
es o
f non
-fina
ncia
l ass
ets
530
695
717
771
875
1 30
52
144
2 12
21
876
2 00
8le
ss S
ales
of n
on-fi
nanc
ial a
sset
s 1
24 1
19 1
44 1
34 1
08 1
08 2
9 8
2 3
221
197
less
Dep
reci
atio
n 4
35 4
53 4
54 4
98 5
25 5
66 6
33 6
70 7
18 7
62pl
us C
hang
e in
inve
ntor
ies
- 10
- 18
——
— 7
3—
3 7
plus
Oth
er m
ovem
ents
in n
on-fi
nanc
ial a
sset
s—
——
——
—- 2
06—
——
equa
ls T
otal
net
acq
uisi
tion
of n
on-fi
nanc
ial a
sset
s- 3
8 1
05 1
19 1
39 2
42 6
391
279
1 37
0 8
39 5
5eq
uals
Net
lend
ing
/ bor
row
ing
424
119
83
71
222
- 872
-1 0
92-1
422
-1 0
98-1
003
Not
e: T
otal
s m
ay n
ot a
dd d
ue to
roun
ding
.
52 Final Budget Outcome 2012–13
Appendix C: General government and non-financial public sector financial statistics time series
Tabl
e C
.5: G
ener
al g
over
nmen
t sec
tor b
alan
ce s
heet
($m
illio
n)
As
at 3
0 Ju
ne20
0420
0520
0620
0720
0820
0920
1020
1120
1220
13As
sets
Fina
ncia
l ass
ets
Cas
h an
d de
posi
ts(a
)2
178
1 96
02
210
2 38
42
760
3 08
43
277
3 67
5 9
161
113
Adv
ance
s pa
id1
133
959
902
905
782
752
676
642
550
176
Inve
stm
ents
, loa
ns a
nd p
lace
men
ts 1
54 1
70 1
80 1
19 1
34 1
40 1
63 1
89 2
00 2
26R
ecei
vabl
es 3
43 3
74 4
54 4
71 4
98 6
10 7
13 5
75 5
39 7
30E
quity
Inve
stm
ents
in o
ther
pub
lic s
ecto
r ent
ities
11 7
0013
246
14 0
1715
364
15 6
5817
113
19 7
3421
612
21 7
4520
821
Inve
stm
ents
- ot
her
111
145
173
30
668
707
752
743
836
831
Oth
er fi
nanc
ial a
sset
s 4
3 6
0 4
4 3
9 3
8 4
3 4
7 8
0 1
25 5
6To
tal f
inan
cial
ass
ets
15 6
6116
915
17 9
7919
311
20 5
3922
449
25 3
6327
516
24 9
1223
954
Non
-fina
ncia
l ass
ets
Land
and
fixe
d as
sets
11 8
3512
411
13 8
4014
013
16 1
3818
590
29 6
7733
657
35 7
7937
616
Oth
er n
on-fi
nanc
ial a
sset
s 8
3 9
4 1
7 4
23
5 3
2 6
5To
tal n
on-fi
nanc
ial a
sset
s11
917
12 5
0513
857
14 0
1816
161
18 5
9529
680
33 6
5835
785
37 6
21To
tal a
sset
s27
579
29 4
2031
836
33 3
2936
700
41 0
4555
043
61 1
7560
698
61 5
75Li
abili
ties
Dep
osits
hel
d 3
09 2
83 2
82 3
31 3
28 3
35 3
87 3
54 3
97 3
92A
dvan
ces
rece
ived
733
686
682
659
644
628
610
592
590
232
Bor
row
ing(a
)2
648
2 26
52
209
2 39
42
427
3 48
84
522
6 49
14
843
6 11
8S
uper
annu
atio
n 5
668
7 22
76
146
5 07
56
468
8 93
99
478
9 09
613
523
11 0
85O
ther
em
ploy
ee b
enef
its1
233
1 30
51
393
1 49
21
646
1 86
71
922
2 02
22
408
2 45
7P
ayab
les
466
483
616
553
665
760
1 00
4 8
10 8
981
019
Oth
er li
abili
ties
763
812
805
699
779
881
888
853
840
908
Tota
l lia
bilit
ies
11 8
1913
061
12 1
3311
201
12 9
5916
898
18 8
1120
217
23 4
9922
212
Net
wor
th(b
)15
760
16 3
5919
703
22 1
2823
741
24 1
4636
231
40 9
5837
199
39 3
63N
et fi
nanc
ial w
orth
(b)(
c)(d
)(e)
3 84
23
853
5 84
68
110
7 58
05
551
6 55
17
299
1 41
31
742
Net
fina
ncia
l lia
bilit
ies(e
)7
858
9 39
38
171
7 25
48
078
11 5
6213
182
14 3
1320
332
19 0
79N
et d
ebt(c
)(d)
(e)(
f) 2
24 1
44- 1
19- 2
4- 2
76 4
751
402
2 93
04
165
5 22
7
Not
e: T
otal
s m
ay n
ot a
dd d
ue to
roun
ding
. (a
) Th
ere
is a
stru
ctur
al b
reak
in 2
012
refle
ctin
g th
at c
ash
and
depo
sits
hel
d by
the
Trea
sure
r are
offs
et w
ith b
orro
win
gs th
e Tr
easu
rer h
as w
ith S
AFA
. Thi
s re
sults
in a
redu
ctio
n in
cas
h an
d de
posi
ts,
and
borro
win
gs o
f $3.
134
billio
n, w
ith n
o im
pact
on
both
net
wor
th a
nd n
et d
ebt.
(b)
Ther
e is
a s
truct
ural
bre
ak in
200
8 re
flect
ing
the
first
tim
e re
cogn
ition
on
the
gene
ral g
over
nmen
t bal
ance
she
et o
f Sou
th A
ustra
lia’s
sha
re o
f the
net
ass
ets
of th
e M
urra
y-D
arlin
g B
asin
Com
mis
sion
. Th
is re
sults
in in
crea
ses
in n
et fi
nanc
ial w
orth
and
net
wor
th o
f $61
5 m
illio
n in
200
7−08
, with
no
impa
ct o
n ne
t deb
t. (c
) Th
ere
is a
stru
ctur
al b
reak
in 2
008
refle
ctin
g th
e tra
nsfe
r of r
ail a
sset
s fro
m T
rans
Ade
laid
e to
the
gene
ral g
over
nmen
t sec
tor.
This
resu
lts in
an
incr
ease
in n
et d
ebt o
f $66
mill
ion
in 2
007−
08, a
nd a
re
duct
ion
in n
et fi
nanc
ial w
orth
of $
591
mill
ion,
with
no
impa
ct o
n ne
t wor
th.
(d)
Ther
e is
a s
truct
ural
bre
ak in
200
8 re
flect
ing
the
trans
fer o
f ass
ets
from
the
Ade
laid
e Fe
stiv
al C
entre
Tru
st to
the
gene
ral g
over
nmen
t sec
tor.
This
resu
lts in
an
incr
ease
in n
et d
ebt o
f $28
milli
on in
20
07−0
8, a
nd a
redu
ctio
n in
net
fina
ncia
l wor
th o
f $76
milli
on, w
ith n
o im
pact
on
net w
orth
. (e
) Th
ere
is a
stru
ctur
al b
reak
in 2
012
refle
ctin
g th
e tra
nsfe
r of t
he R
ail C
omm
issi
oner
to th
e ge
nera
l gov
ernm
ent s
ecto
r. Th
is re
sults
in a
redu
ctio
n in
net
deb
t of $
6 m
illion
, an
incr
ease
in n
et fi
nanc
ial
liabi
litie
s of
$37
milli
on, a
nd a
redu
ctio
n in
net
fina
ncia
l wor
th o
f $14
4 m
illion
in 2
011–
12, w
ith n
o im
pact
on
net w
orth
. (f)
Th
ere
is a
stru
ctur
al b
reak
in 2
007
refle
ctin
g th
e am
alga
mat
ion
of S
AFA
and
SA
ICO
RP
on 1
Jul
y 20
06. T
he tr
ansf
er o
f SA
ICO
RP
’s a
sset
s an
d lia
bilit
ies
from
the
gene
ral g
over
nmen
t sec
tor t
o th
e pu
blic
fina
ncia
l cor
pora
tions
sec
tor r
esul
ted
in a
n in
crea
se in
gen
eral
gov
ernm
ent n
et d
ebt o
f $99
mill
ion
at 1
Jul
y 20
06.
Final Budget Outcome 2012–13 53
Appendix C: General government and non-financial public sector financial statistics time series
Non-financial public sector
Table C.6: Non-financial public sector key operating statement aggregates
Net operating
balance
Net acquisition
of non-financial
assetsNet
lending
$m% real
growth%
GSP $m% real
growth%
GSP $m $m $m1998−99 9 468 21.7 9 597 22.0 - 129 - 115 - 141999−2000 9 206 -5.2 20.2 9 552 -2.9 20.9 - 346 -3 508 3 1612000−01 9 051 -4.5 18.6 9 279 -5.7 19.0 - 228 -1 111 8832001−02 9 367 0.3 17.8 9 487 -0.9 18.0 - 120 - 124 52002−03 10 172 4.4 18.2 9 696 -1.7 17.4 476 72 4052003−04 10 707 2.2 17.9 10 294 3.1 17.2 413 33 3792004−05 11 343 3.5 18.2 11 029 4.6 17.7 314 125 1892005−06 11 807 0.9 17.8 11 634 2.3 17.6 172 53 1192006−07 12 321 1.7 17.3 12 175 2.0 17.1 147 173 - 262007−08 13 634 7.1 17.5 13 065 3.9 16.8 569 303 2662008−09 14 360 2.1 18.0 14 567 8.1 18.2 - 207 1 249 -1 4562009−10(a) 16 315 11.2 19.6 15 679 5.3 18.8 636 2 361 -1 7252010−11(a) 15 960 -5.2 17.9 15 939 -1.5 17.8 21 1 920 -1 8982011−12 16 866 3.0 18.3 16 908 3.3 18.4 - 41 1 383 -1 4242012−13(b) 16 494 -4.1 17.5 17 152 -0.6 18.2 - 657 64 - 721
Revenue Expenses
Note: Table may not add due to rounding.
(a) In 2009–10 and 2010–11 revenue, expenses and net acquisition of non-financial assets are impacted by the Commonwealth Government’s Nation Building ― Economic Stimulus Plan.
(b) Gross State Product (GSP) in 2012−13 is based on the estimated result.
54 Final Budget Outcome 2012–13
Appendix C: General government and non-financial public sector financial statistics time series
Table C.7: Non-financial public sector key balance sheet aggregates ($million)
As at 30 June Net debt(a)Unfunded
superannuation(b)Net financial
liabilitiesNet financial
worth Net worth1988 4 3971989 4 1971990 4 4571991 5 4181992 8 1421993 11 6101994 10 5501995 8 8441996 8 4321997 8 1701998 7 9271999 7 657 3 909 13 099 -12 256 10 6242000 4 355 3 543 9 914 -8 986 12 4452001 3 223 3 249 8 151 -7 109 14 8162002 3 317 3 998 8 973 -7 902 14 7212003 2 696 4 445 9 096 -8 811 15 2882004 2 285 5 668 10 031 -9 550 15 7602005 2 126 7 227 11 511 -11 004 16 3592006 1 786 6 146 10 451 -9 889 19 7032007(c) 1 989 5 075 9 518 -8 795 22 1282008(d)(e) 1 611 6 468 10 208 -10 487 23 7412009 2 872 8 939 14 302 -14 921 24 1462010 4 487 9 478 16 626 -16 997 36 2312011 6 541 9 096 18 273 -18 402 40 9582012 7 996 13 523 24 500 -25 123 37 1992013 8 949 11 085 23 064 -23 223 39 363
(a) Net debt data for the years before 1999 are sourced from the ABS, Government Financial Estimates 2003–04 (catalogue number 5501).
(b) There is a structural break in the methodology used to calculate superannuation liabilities between June 2003 and June 2004. This accounting change, which involved the adoption of the Commonwealth Government bond rate for valuation purposes in line with AASB 119, Employee Benefits, resulted in a significant increase in superannuation liabilities.
(c) There is a structural break in 2007 reflecting the amalgamation of SAFA and SAICORP on 1 July 2006. The transfer of SAICORP’s assets and liabilities from the general government sector to the public financial corporations sector resulted in an increase in non-financial public sector net debt of $99 million at 1 July 2006 and an increase in net financial liabilities of $90 million at 1 July 2006.
(d) There is a structural break in 2008 reflecting the amalgamation of the public financial corporation, South Australian Community Housing Authority, with the public non-financial corporation, South Australian Housing Trust. This results in an increase in net debt and net financial liabilities and a decrease in net financial worth of $98 million in 2007−08, with no impact on net worth.
(e) There is a structural break in 2008 reflecting the first time recognition on the general government balance sheet of South Australia’s share of the net assets of the Murray-Darling Basin Commission. This has no impact on net debt, however results in a reduction in net financial liabilities of $615 million in 2007–08, and increases in net financial worth and net worth of $615 million.
Final Budget Outcome 2012–13 55
Appendix C: General government and non-financial public sector financial statistics time series
Table C.8: Non-financial public sector receipts, payments and surplus(a) ($million)
Receipts Payments ABS Cash Surplus1979−80 2 681 2 388 2921980−81 2 877 2 649 2281981−82 3 145 2 963 1821982−83 3 651 3 356 2951983−84 4 383 4 014 3691984−85 4 887 4 356 5311985−86 5 172 4 415 7571986−87 5 542 4 790 7521987−88 6 078 5 299 7801988−89 6 946 5 784 1 1621989−90 7 517 6 465 1 0521990−91 7 830 6 839 9911991−92 8 352 7 969 3831992−93 8 939 7 946 9931993−94 8 761 8 119 6421994−95 8 570 8 142 4281995−96 8 985 8 654 3311996−97 8 908 8 532 3751997−98 9 426 8 895 5321998−99 9 301 8 692 6091999−2000 13 014 9 501 3 5132000−01 10 572 9 414 1 1582001−02 9 726 9 722 42002−03 10 439 9 805 6342003−04 10 891 10 403 4882004−05 12 051 11 786 2652005−06 12 239 11 868 3702006−07 12 684 12 809 - 1252007−08 13 943 13 477 4662008−09 14 563 15 806 -1 2432009−10 16 847 18 695 -1 8492010−11 16 548 18 553 -2 0042011−12 17 431 18 863 -1 4322012−13 17 814 19 133 -1 319
Note: Table may not add due to rounding.
(a) There is a break in the series between 1998−99 and 1999−2000. Data for the years before 1999−2000 is sourced from the ABS and are consistent with ABS GFS reporting requirements on a cash basis. Capital receipts and payments, including payments associated with the provision of financial support for state owned financial institutions, which were treated by the ABS then as an ‘investment in financial assets for policy purposes, are not included in this series before 1999−2000. After 1998−99, data are derived from an accrual ABS GFS reporting framework, with receipts proxied by receipts from operating activities and sales of non-financial assets, and payments proxied by payments for operating activities, purchases of non-financial assets and net acquisition of assets under finance leases and similar arrangements. Due to the associated methodological and data-source changes, time series data that encompass measures derived under both cash and accrual accounting should be used with caution.
56 Final Budget Outcome 2012–13
Appendix C: General government and non-financial public sector financial statistics time series
Tabl
e C
.9: N
on-fi
nanc
ial p
ublic
sec
tor o
pera
ting
stat
emen
t ($m
illio
n)
2003
−04
2004
−05
2005
−06
2006
−07
2007
−08
2008
−09
2009
−10
2010
−11
2011
−12
2012
−13
Rev
enue
Taxa
tion
reve
nue
2 62
92
731
2 74
93
009
3 30
83
244
3 33
13
467
3 47
63
726
Gra
nts
5 07
85
405
5 84
96
039
6 61
67
262
8 89
78
223
8 70
57
697
Sal
es o
f goo
ds a
nd s
ervi
ces
2 44
62
481
2 49
42
610
2 92
63
082
3 31
13
366
3 58
93
949
Inte
rest
inco
me
125
135
113
155
188
125
123
163
163
131
Div
iden
d an
d in
com
e ta
x eq
uiva
lent
inco
me
103
143
126
42
24
36
58
91
51
56
Oth
er 3
26 4
47 4
76 4
66 5
72 6
11 5
94 6
51 8
83 9
35To
tal r
even
ue10
707
11 3
4311
807
12 3
2113
634
14 3
6016
315
15 9
6016
866
16 4
94le
ssEx
pens
esE
mpl
oyee
exp
ense
s4
070
4 38
24
808
5 10
85
450
5 94
46
436
6 62
56
959
7 29
9S
uper
annu
atio
n ex
pens
esS
uper
annu
atio
n in
tere
st c
ost
354
351
344
316
276
383
455
427
407
314
Oth
er s
uper
annu
atio
n ex
pens
es
426
445
499
525
568
605
628
649
692
700
Dep
reci
atio
n an
d am
ortis
atio
n 6
51 6
82 6
92 7
55 7
98 8
52 9
581
024
1 07
81
166
Inte
rest
exp
ense
s 3
15 3
33 3
10 2
90 3
22 2
90 3
44 4
93 6
39 5
99O
ther
pro
perty
exp
ense
s—
——
——
——
——
—O
ther
ope
ratin
g ex
pens
es3
150
3 27
33
325
3 48
33
840
4 40
44
306
4 47
24
716
4 84
9G
rant
s1
328
1 56
31
655
1 69
81
811
2 08
92
553
2 24
92
417
2 22
4To
tal e
xpen
ses
10 2
9411
029
11 6
3412
175
13 0
6514
567
15 6
7915
939
16 9
0817
152
equa
lsN
et o
pera
ting
bala
nce
413
314
172
147
569
- 207
636
21
- 41
- 657
plus
Oth
er e
cono
mic
flow
s 5
9 2
863
172
2 27
81
044
682
11 3
822
831
-3 7
722
822
equa
lsC
ompr
ehen
sive
resu
lt —
tota
l cha
nge
in n
et w
orth
472
599
3 34
42
424
1 61
3 4
7512
017
2 85
2-3
814
2 16
4
Net
ope
ratin
g ba
lanc
e 4
13 3
14 1
72 1
47 5
69- 2
07 6
36 2
1- 4
1- 6
57le
ssN
et a
cqui
sitio
n of
non
-fina
ncia
l ass
ets
Pur
chas
es o
f non
-fina
ncia
l ass
ets
898
1 04
01
127
1 14
51
399
2 32
83
762
3 21
72
750
2 68
3le
ss S
ales
of n
on-fi
nanc
ial a
sset
s 2
11 2
34 3
81 2
17 2
98 3
04 3
36 2
81 3
311
428
less
Dep
reci
atio
n 6
51 6
82 6
92 7
55 7
98 8
52 9
581
024
1 07
81
166
plus
Cha
nge
in in
vent
orie
s- 3
1—
——
76
99
7 4
1- 2
6pl
us O
ther
mov
emen
ts in
non
-fina
ncia
l ass
ets
——
——
——
- 206
——
—eq
uals
Tot
al n
et a
cqui
sitio
n of
non
-fina
ncia
l ass
ets
33
125
53
173
303
1 24
92
361
1 92
01
383
64
equa
lsN
et le
ndin
g / b
orro
win
g 3
79 1
89 1
19- 2
6 2
66-1
456
-1 7
25-1
898
-1 4
24- 7
21
Not
e: T
able
may
not
add
due
to ro
undi
ng.
Final Budget Outcome 2012–13 57
Appendix C: General government and non-financial public sector financial statistics time series
Tabl
e C
.10:
Non
-fina
ncia
l pub
lic s
ecto
r bal
ance
she
et ($
mill
ion)
As
at 3
0 Ju
ne20
0420
0520
0620
0720
0820
0920
1020
1120
1220
13As
sets
Fina
ncia
l ass
ets
Cas
h an
d de
posi
ts(a
)2
250
2 12
92
372
2 56
63
040
3 36
03
573
3 96
11
207
1 44
0A
dvan
ces
paid
186
80
83
34
81
71
72
99
77
62
Inve
stm
ents
, loa
ns a
nd p
lace
men
ts 1
64 1
80 2
04 1
39 1
63 1
76 2
32 2
28 2
42 2
70R
ecei
vabl
es 3
14 3
18 4
36 5
22 5
21 5
20 7
66 6
35 6
62 8
77E
quity
Inve
stm
ents
in o
ther
pub
lic s
ecto
r ent
ities
481
507
562
723
- 279
- 619
- 371
- 128
- 623
- 159
Inve
stm
ents
- ot
her
137
177
199
58
693
727
766
761
852
848
Oth
er fi
nanc
ial a
sset
s 4
2 5
8 4
6 4
1 4
0 8
2 1
04 8
3 1
26 5
6To
tal f
inan
cial
ass
ets
3 57
43
450
3 90
24
084
4 25
94
316
5 14
35
638
2 54
33
394
Non
-fina
ncia
l ass
ets
Land
and
fixe
d as
sets
25 2
8527
338
29 5
6430
917
34 2
0239
059
53 2
2459
302
62 3
1162
574
Oth
er n
on-fi
nanc
ial a
sset
s 2
4 2
5 2
8 6
25
8 4
57
12
12
Tota
l non
-fina
ncia
l ass
ets
25 3
0927
363
29 5
9230
922
34 2
2739
067
53 2
2859
359
62 3
2262
586
Tota
l ass
ets
28 8
8330
813
33 4
9435
006
38 4
8643
384
58 3
7164
997
64 8
6665
981
Liab
ilitie
sD
epos
its h
eld
122
155
147
159
166
174
171
171
177
172
Adv
ance
s re
ceiv
ed 7
33 7
19 7
15 6
59 6
44 6
28 6
10 5
92 5
90 2
32B
orro
win
g(a)
4 03
03
642
3 58
33
910
4 08
45
677
7 58
310
065
8 75
510
318
Sup
eran
nuat
ion
5 66
87
227
6 14
65
075
6 46
88
939
9 47
89
096
13 5
2311
085
Oth
er e
mpl
oyee
ben
efits
1 31
01
384
1 47
31
560
1 71
91
944
2 00
32
106
2 48
62
531
Pay
able
s 4
72 4
92 7
06 7
15 8
01 9
071
319
1 07
71
204
1 21
5O
ther
liab
ilitie
s 7
88 8
361
020
801
862
969
975
932
932
1 06
4To
tal l
iabi
litie
s13
124
14 4
5413
790
12 8
7814
745
19 2
3722
140
24 0
4027
667
26 6
17N
et w
orth
(b)
15 7
6016
359
19 7
0322
128
23 7
4124
146
36 2
3140
958
37 1
9939
363
Net
fina
ncia
l wor
th(b
)(c)
-9 5
50-1
1 00
4-9
889
-8 7
95-1
0 48
7-1
4 92
1-1
6 99
7-1
8 40
2-2
5 12
3-2
3 22
3N
et fi
nanc
ial l
iabi
litie
s(b)(
c)10
031
11 5
1110
451
9 51
810
208
14 3
0216
626
18 2
7324
500
23 0
64N
et d
ebt(c
)(d)
2 28
52
126
1 78
61
989
1 61
12
872
4 48
76
541
7 99
68
949
Not
e: T
otal
s m
ay n
ot a
dd d
ue to
roun
ding
.
(a)
Ther
e is
a s
truct
ural
bre
ak in
201
2 re
flect
ing
that
cas
h an
d de
posi
ts h
eld
by th
e Tr
easu
rer a
re o
ffset
with
bor
row
ings
the
Trea
sure
r has
with
SA
FA. T
his
resu
lts in
a re
duct
ion
in c
ash
and
depo
sits
, an
d bo
rrow
ings
of $
3.13
4 bi
llion,
with
no
impa
ct o
n bo
th n
et w
orth
and
net
deb
t.
(b)
Ther
e is
a s
truct
ural
bre
ak in
200
8 re
flect
ing
the
first
tim
e re
cogn
ition
on
the
gene
ral g
over
nmen
t bal
ance
she
et o
f Sou
th A
ustra
lia’s
sha
re o
f the
net
ass
ets
of th
e M
urra
y-D
arlin
g B
asin
C
omm
issi
on. T
his
resu
lts in
incr
ease
s in
net
fina
ncia
l wor
th a
nd n
et w
orth
of $
615
milli
on in
200
7 −08
, with
no
impa
ct o
n ne
t deb
t.
(c)
Ther
e is
a s
truct
ural
bre
ak in
200
8 re
flect
ing
the
amal
gam
atio
n of
the
publ
ic fi
nanc
ial c
orpo
ratio
n, S
outh
Aus
tralia
n C
omm
unity
Hou
sing
Aut
horit
y, w
ith th
e pu
blic
non
-fina
ncia
l cor
pora
tion,
Sou
th
Aus
tralia
n H
ousi
ng T
rust
. Thi
s re
sults
in a
n in
crea
se in
net
deb
t and
net
fina
ncia
l lia
bilit
ies
and
a de
crea
se in
net
fina
ncia
l wor
th o
f $98
mill
ion
in 2
007 −
08, w
ith n
o im
pact
on
net w
orth
.
(d)
Ther
e is
a s
truct
ural
bre
ak in
200
7 re
flect
ing
the
amal
gam
atio
n of
SAF
A a
nd S
AIC
OR
P on
1 J
uly
2006
. The
tran
sfer
of S
AIC
OR
P’s
ass
ets
and
liabi
litie
s fro
m th
e ge
nera
l gov
ernm
ent s
ecto
r to
the
publ
ic fi
nanc
ial c
orpo
ratio
ns s
ecto
r res
ulte
d in
an
incr
ease
in n
on-fi
nanc
ial p
ublic
sec
tor n
et d
ebt o
f $99
mill
ion
at 1
Jul
y 20
06.
58 Final Budget Outcome 2012–13
Appendix C: General government and non-financial public sector financial statistics time series