Forecast Financial Statements

Forecast Statement of Financial Performance for the years ending 30 June
	Note	2010 Actual $m	2011 Previous Budget $m	2011 Forecast $m	2012 Forecast $m	2013 Forecast $m	2014 Forecast $m	2015 Forecast $m
Revenue
Taxation revenue	1	50,347	53,457	50,640	54,690	59,270	63,752	67,746
Other sovereign revenue	1	4,682	5,759	5,444	5,808	6,218	6,641	7,323
Total revenue levied through the Crown's sovereign power		55,029	59,216	56,084	60,498	65,488	70,393	75,069
Sales of goods and services		14,331	15,399	15,128	16,078	17,092	17,907	18,454
Interest revenue and dividends	2	2,315	4,063	2,618	3,051	3,390	3,654	4,086
Other revenue		3,050	3,103	6,339	3,106	3,206	3,308	3,374
Total revenue earned through the Crown's operations		19,696	22,565	24,085	22,235	23,688	24,869	25,914
Total revenue (excluding gains)		74,725	81,781	80,169	82,733	89,176	95,262	100,983
Expenses
Transfer payments and subsidies	3	21,213	22,628	22,340	22,926	23,542	24,149	25,115
Personnel expenses	4	18,477	19,109	18,859	19,149	19,399	19,472	19,747
Depreciation and amortisation	5	4,229	4,428	4,786	4,631	4,805	4,943	5,047
Other operating expenses	5	31,338	35,927	38,137	37,792	35,577	35,922	36,204
Interest expenses	6	2,777	4,612	3,506	4,685	5,390	5,805	6,350
Insurance expenses	7	3,006	3,725	9,519	3,138	3,570	3,925	4,266
Forecast new operating spending	8	-	394	-	463	1,040	1,815	3,007
Top-down expense adjustment	8	-	(410)	(250)	(310)	(50)	(50)	(50)
Total expenses (excluding losses)		81,040	90,413	96,897	92,474	93,273	95,981	99,686
Operating balance before gains/(losses)		(6,315)	(8,632)	(16,728)	(9,741)	(4,097)	(719)	1,297
Net gains/(losses) on financial instruments	9	2,522	1,250	5,144	1,973	2,230	2,496	2,777
Net gains/(losses) on non-financial instruments	10	(960)	181	1,894	172	190	190	197
Total gains/(losses)		1,562	1,431	7,038	2,145	2,420	2,686	2,974
Net surplus from associates and joint ventures		227	134	253	303	327	325	316
Operating balance (including minority interest)		(4,526)	(7,067)	(9,437)	(7,293)	(1,350)	2,292	4,587
Attributable to minority interest		17	-	-	-	-	-	-
Operating balance	11	(4,509)	(7,067)	(9,437)	(7,293)	(1,350)	2,292	4,587

The accompanying notes and accounting policies are an integral part of these Statements.

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