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Budget 2016 Home Page Budget Economic and Fiscal Update 2016

Forecast Financial Statements

Forecast Statement of Financial Performance for the years ending 30 June

Note 2015
Actual
$m
2016
Previous
Budget
$m
2016
Forecast
$m
2017
Forecast
$m
2018
Forecast
$m
2019
Forecast
$m
2020
Forecast
$m

Revenue

Taxation revenue 1 66,055 68,098 68,931 71,221 74,911 79,428 83,500
Other sovereign revenue 1 4,953 4,606 4,637 4,593 4,783 5,015 5,151
Total Revenue Levied through the Crown's Sovereign Power 71,008 72,704 73,568 75,814 79,694 84,443 88,651
Sales of goods and services 16,866 17,253 16,866 17,259 17,870 18,208 18,509
Interest revenue and dividends 2 3,524 4,064 3,721 4,267 4,497 4,825 5,173
Other revenue 3,615 3,580 3,607 3,615 3,688 3,746 3,878
Total revenue earned through the Crown's operations 24,005 24,897 24,194 25,141 26,055 26,779 27,560
Total revenue (excluding gains) 95,013 97,601 97,762 100,955 105,749 111,222 116,211

Expenses

Transfer payments and subsidies 3 23,723 24,482 24,421 25,395 26,039 26,816 27,789
Personnel expenses 4 21,124 21,594 21,783 22,144 22,324 22,368 22,472
Depreciation and amortisation 5 4,842 4,904 4,875 5,200 5,352 5,505 5,602
Other operating expenses 6 35,910 37,689 37,303 38,666 38,633 38,474 38,648
Finance costs 7 4,563 4,687 4,472 4,566 4,812 4,806 4,863
Insurance expenses 8 4,110 4,348 4,335 4,239 4,412 4,818 5,098
Forecast new operating spending 9 305 2 534 1,847 3,382 4,876
Top-down expense adjustment 9 (1,025) (600) (1,025) (685) (510) (460)
Total expenses (excluding losses) 94,272 96,984 96,591 99,719 102,734 105,659 108,888
Minority interest share of operating balance before gains/(losses) (327) (441) (503) (517) (560) (591) (642)
Operating balance before gains/(losses) (excluding minority interests) 414 176 668 719 2,455 4,972 6,681
Net gains/(losses) on financial instruments 10 6,196 2,560 1,041 2,111 2,273 2,434 2,640
Net gains/(losses) on non-financial instruments 11 (1,649) (45) (4,496) (54) (45) (83) (7)
Less minority interest share of net gains/losses (218) (32) (62) (4) (11) (4) (4)
Total gains/(losses) 4,329 2,483 (3,517) 2,053 2,217 2,347 2,629
Net surplus/(deficit) from associates and joint ventures 1,028 331 284 286 285 287 289
Operating balance (excluding minority interests) 12 5,771 2,990 (2,565) 3,058 4,957 7,606 9,599

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

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