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Budget 2017 Home Page Budget Economic and Fiscal Update 2017

Forecast Financial Statements

Forecast Statement of Financial Performance for the years ending 30 June

Note 2016
Actual
$m
2017
Previous
Budget
$m
2017
Forecast
$m
2018
Forecast
$m
2019
Forecast
$m
2020
Forecast
$m
2021
Forecast
$m

Revenue

Taxation revenue 1 69,668 71,221 73,987 76,872 80,413 85,180 89,221
Other sovereign revenue 1 4,643 4,593 4,897 5,057 5,452 5,849 6,064
Total Revenue Levied through the Crown's Sovereign Power 74,311 75,814 78,884 81,929 85,865 91,029 95,285
Sales of goods and services 16,364 17,259 16,687 16,994 17,711 18,177 18,566
Interest revenue and dividends 2 3,603 4,267 3,638 3,724 3,878 4,108 4,362
Other revenue 3,881 3,615 3,687 3,700 3,765 3,826 3,874
Total revenue earned through the Crown's operations 23,848 25,141 24,012 24,418 25,354 26,111 26,802
Total revenue (excluding gains) 98,159 100,955 102,896 106,347 111,219 117,140 122,087

Expenses

Transfer payments and subsidies 3 24,312 25,395 25,504 26,462 27,652 28,443 29,386
Personnel expenses 4 21,763 22,144 22,221 23,003 23,160 23,264 23,561
Depreciation and amortisation 5 4,875 5,200 5,096 5,306 5,482 5,545 5,668
Other operating expenses 6 35,869 38,666 38,488 40,257 40,368 40,435 40,706
Finance costs 7 4,336 4,566 4,297 4,224 4,115 4,374 4,489
Insurance expenses 8 4,725 4,239 5,458 4,546 4,551 5,403 5,755
Forecast new operating spending 9 534 230 293 1,971 3,647 5,383
Top-down expense adjustment 9 (1,025) (450) (1,000) (545) (500) (500)
Total expenses (excluding losses) 95,880 99,719 100,844 103,091 106,754 110,611 114,448
Minority interest share of operating balance   before gains/(losses) (448) (517) (431) (398) (414) (444) (471)
Operating balance before gains/(losses) (excluding minority interests) 1,831 719 1,621 2,858 4,051 6,085 7,168
Net gains/(losses) on financial instruments 10 1,117 2,111 4,850 2,538 2,781 3,092 3,399
Net gains/(losses) on non-financial instruments 11 (8,636) (54) 2,694 (88) (76) (35) (45)
Less minority interest share of net gains/losses 12 (4) (24) (26) (7) (6) (7)
Total gains/(losses) (7,507) 2,053 7,520 2,424 2,698 3,051 3,347
Net surplus/(deficit) from associates and joint ventures 307 286 297 214 247 315 309
Operating balance (excluding minority interests) 12 (5,369) 3,058 9,438 5,496 6,996 9,451 10,824

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

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