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Budget 2015 Home Page Budget Economic and Fiscal Update 2015

Forecast Financial Statements

Forecast Statement of Financial Performance for the years ending 30 June

Note 2014
Actual
$m
2015
Previous
Budget
$m
2015
Forecast
$m
2016
Forecast
$m
2017
Forecast
$m
2018
Forecast
$m
2019
Forecast
$m

Revenue

Taxation revenue 1 60,879 65,824 65,462 68,098 71,718 75,995 79,633
Other sovereign revenue 1 5,450 5,138 5,191 5,038 4,621 4,444 4,284
Total Revenue Levied through the Crown's Sovereign Power 66,329 70,962 70,653 73,136 76,339 80,439 83,917
Sales of goods and services 16,472 17,091 16,625 17,253 17,756 18,325 18,682
Interest revenue and dividends 2 3,175 3,672 3,565 4,036 4,692 5,140 5,480
Other revenue 3,420 3,842 3,594 3,580 3,692 3,809 3,879
Total revenue earned through the Crown's operations 23,067 24,605 23,784 24,869 26,140 27,274 28,041
Total revenue (excluding gains) 89,396 95,567 94,437 98,005 102,479 107,713 111,958

Expenses

Transfer payments and subsidies 3 23,360 23,876 23,846 24,482 25,353 26,228 27,232
Personnel expenses 4 20,484 20,881 21,182 21,594 21,699 21,868 22,025
Depreciation and amortisation 5 4,872 4,882 4,855 4,904 5,034 5,196 5,250
Other operating expenses 6 35,553 37,520 36,757 38,093 37,499 37,664 37,669
Finance costs 7 4,400 4,763 4,689 4,687 5,271 5,503 5,536
Insurance expenses 8 3,501 3,517 4,023 4,348 4,764 5,217 4,991
Forecast new operating spending 9 291 7 305 1,403 3,965 5,526
Top-down expense adjustment 9 (875) (555) (1,025) (520) (445) (430)
Total expenses (excluding losses) 92,170 94,855 94,804 97,388 100,503 105,196 107,799
Minority interest share of operating balance before gains/(losses) (159) (340) (317) (441) (500) (522) (535)
Operating balance before gains/(losses) (excluding minority interests) (2,933) 372 (684) 176 1,476 1,995 3,624
Net gains/(losses) on financial instruments 10 4,820 2,583 6,021 2,560 2,518 2,602 2,689
Net gains/(losses) on non-financial instruments 11 540 (82) (6,551) (45) (47) (48) (49)
Less minority interest share of net gains/losses 21 (25) (66) (32) (13) (11) (1)
Total gains/(losses) 5,381 2,476 (596) 2,483 2,458 2,543 2,639
Net surplus/(deficit) from associates and    joint ventures 360 254 646 331 333 333 334
Operating balance (excluding minority interests) 12 2,808 3,102 (634) 2,990 4,267 4,871 6,597

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

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