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Financial Statements

Forecast Statement of Financial Performance for the years ending 30 June
Note 2012
Actual
$m
2013
Previous
Budget
$m
2013
Forecast
$m
2014
Forecast
$m
2015
Forecast
$m
2016
Forecast
$m
2017
Forecast
$m

Revenue

Taxation revenue 1 54,665 57,663 56,874 61,248 64,878 68,079 71,022
Other sovereign revenue 1 5,130 5,446 5,128 5,320 5,454 5,394 5,544
Total revenue levied through the Crown's sovereign power 59,795 63,109 62,002 66,568 70,332 73,473 76,566
Sales of goods and services 16,785 16,337 15,735 16,131 17,010 17,671 18,294
Interest revenue and dividends 2 2,763 3,376 3,211 3,710 4,265 4,490 5,036
Other revenue 4,140 3,481 3,659 3,669 3,858 3,932 4,019
Total revenue earned through the Crown's operations 23,688 23,194 22,605 23,510 25,133 26,093 27,349
Total revenue (excluding gains) 83,483 86,303 84,607 90,078 95,465 99,566 103,915

Expenses

Transfer payments and subsidies 3 22,354 23,218 23,007 23,571 24,065 24,862 25,598
Personnel expenses 4 19,475 19,676 19,983 19,904 20,227 20,577 20,811
Depreciation and amortisation 5 6,350 4,687 4,531 4,720 4,876 4,963 5,043
Other operating expenses 5 35,678 38,929 37,455 34,867 35,113 35,160 35,748
Interest expenses 6 4,290 4,663 4,410 4,683 5,261 5,353 5,793
Insurance expenses 7 4,576 3,289 3,374 3,396 3,653 3,786 4,110
Forecast new operating spending 8 348 317 978 2,154 3,352 4,544
Top-down expense adjustment 8 (700) (1,150) (200) (200) (200) (200)
Total expenses (excluding losses) 92,723 94,110 91,927 91,919 95,149 97,853 101,447
Forgone profits from Government share offers (90) (20) (170) (250) (330) (420)
Operating balance before gains/(losses) (9,240) (7,897) (7,340) (2,011) 66 1,383 2,048
Net gains/(losses) on financial instruments 9 692 1,735 3,301 1,808 1,906 2,040 2,215
Net gains/(losses) on non-financial instruments 10 (6,526) 201 568 35 (90) (92) (95)
Total gains/(losses) (5,834) 1,936 3,869 1,843 1,816 1,948 2,120
Net surplus from associates and joint ventures 233 262 196 217 219 219 217
Attributable to minority interest (56)
Operating balance 11 (14,897) (5,699) (3,275) 49 2,101 3,550 4,385

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

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