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Publication

Half Year Economic and Fiscal Update 2014

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 65,041 68,490 72,304 75,989 79,102
Other sovereign revenue 1 5,450 5,138 5,103 4,946 4,668 4,797 4,905
Total revenue levied through the Crown's sovereign power 66,329 70,962 70,144 73,436 76,972 80,786 84,007
Sales of goods and services 16,472 17,091 16,645 17,345 17,901 18,568 18,903
Interest revenue and dividends 2 3,175 3,672 3,709 4,181 4,883 5,362 5,743
Other revenue 3,420 3,842 3,802 3,902 3,967 4,018 4,096
Total revenue earned through the Crown's operations 23,067 24,605 24,156 25,428 26,751 27,948 28,742
Total revenue (excluding gains) 89,396 95,567 94,300 98,864 103,723 108,734 112,749

Expenses

Transfer payments and subsidies 3 23,360 23,876 23,890 24,480 25,246 26,201 27,102
Personnel expenses 4 20,484 20,881 21,058 21,380 21,595 21,846 22,005
Depreciation and amortisation 5 4,872 4,882 4,844 5,030 5,102 5,187 5,161
Other operating expenses 6 35,553 37,520 37,209 37,251 36,981 37,285 37,329
Interest expenses 7 4,400 4,763 4,665 4,988 5,481 5,609 5,599
Insurance expenses 8 3,501 3,517 3,678 4,206 4,563 4,822 5,128
Forecast new operating spending 9 291 123 1,156 2,176 4,661 6,198
Top-down expense adjustment 9 (875) (950) (595) (460) (435) (395)
Total expenses (excluding losses) 92,170 94,855 94,517 97,896 100,684 105,176 108,127
Minority interest share of operating balance before gains/(losses) (159) (340) (355) (403) (437) (484) (521)
Operating balance before gains/(losses) (2,933) 372 (572) 565 2,602 3,074 4,101
Net gains/(losses) on financial instruments 10 4,820 2,583 3,974 2,657 2,744 2,873 3,034
Net gains/(losses) on non-financial instruments 11 540 (82) (1,782) (58) (50) (51) (52)
Minority interest share of net gains/(losses) 21 (25) (36) (24) (15) (13) (1)
Total gains/(losses) 5,381 2,476 2,156 2,575 2,679 2,809 2,981
Net surplus from associates and joint ventures 360 254 316 335 337 338 338
Operating balance (excluding minority interests) 12 2,808 3,102 1,900 3,475 5,618 6,221 7,420

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

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