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Forecast Financial Statements

Forecast Statement of Financial Performance for the years ending 30 June

Note 2013
Actual
$m
2014
Previous
Budget
$m
2014
Forecast
$m
2015
Forecast
$m
2016
Forecast
$m
2017
Forecast
$m
2018
Forecast
$m

Revenue

Taxation revenue 1 58,134 61,773 61,969 65,703 69,938 73,493 77,126
Other sovereign revenue 1 5,172 5,296 5,276 5,070 4,665 4,633 4,779
Total revenue levied through the Crown's sovereign power 63,306 67,069 67,245 70,773 74,603 78,126 81,905
Sales of goods and services 16,713 17,080 16,592 17,516 18,149 18,693 19,270
Interest revenue and dividends 2 2,939 3,588 3,378 3,679 4,011 4,676 5,192
Other revenue 3,697 3,867 3,767 3,799 3,988 4,037 3,960
Total revenue earned through the Crown's operations 23,349 24,535 23,737 24,994 26,148 27,406 28,422
Total revenue (excluding gains) 86,655 91,604 90,982 95,767 100,751 105,532 110,327

Expenses

Transfer payments and subsidies 3 22,708 23,485 23,338 23,817 24,566 25,468 26,396
Personnel expenses 4 19,935 20,172 20,246 20,384 20,746 21,034 21,350
Depreciation and amortisation 5 4,812 4,640 4,666 4,841 4,925 5,016 5,098
Other operating expenses 5 36,163 37,748 38,350 37,681 37,941 38,175 37,649
Interest expenses 6 4,358 4,516 4,418 4,695 5,027 5,473 5,621
Insurance expenses 7 3,031 3,215 3,439 3,657 4,068 4,395 4,775
Forecast new operating spending 8 461 220 1,106 2,104 3,167 4,115
Top-down expense adjustment 8 (600) (1,375) (500) (300) (300) (300)
Total expenses (excluding losses) 91,007 93,637 93,302 95,681 99,077 102,428 104,704
Minority interest share of operating balance before gains/losses1 (62)
Operating balance before gains/(losses) (4,414) (2,033) (2,320) 86 1,674 3,104 5,623
Net gains/(losses) on financial instruments 9 7,270 1,748 2,234 2,206 2,347 2,494 2,676
Net gains/(losses) on non-financial instruments 10 3,706 443 1,486 535 499 478 398
Total gains/(losses) 10,976 2,191 3,720 2,741 2,846 2,972 3,074
Net surplus from associates and joint ventures 395 200 239 253 254 254 253
Minority interest share of net gains/losses1 (32)
Operating balance 11 6,925 358 1,639 3,080 4,774 6,330 8,950
  1. Foregone profits from the Government Share Offer programme are not separately disclosed. Refer to pages 36 to 41 for further details.

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

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