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Publication

Pre-election Economic and Fiscal Update 2014

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 61,001 65,538 69,492 72,882 76,324
Other sovereign revenue 1 5,172 5,296 5,441 5,166 4,984 4,748 4,890
Total revenue levied through the Crown's sovereign power 63,306 67,069 66,442 70,704 74,476 77,630 81,214
Sales of goods and services 16,713 17,080 16,568 16,847 17,291 17,790 18,482
Interest revenue and dividends 2 2,939 3,588 3,174 3,717 4,090 4,815 5,257
Other revenue 3,697 3,867 3,388 3,783 3,875 4,022 4,084
Total revenue earned through the Crown's operations 23,349 24,535 23,130 24,347 25,256 26,627 27,823
Total revenue (excluding gains) 86,655 91,604 89,572 95,051 99,732 104,257 109,037

Expenses

Transfer payments and subsidies 3 22,708 23,485 23,360 23,889 24,516 25,348 26,406
Personnel expenses 4 19,935 20,172 20,468 20,812 21,131 21,338 21,586
Depreciation and amortisation 5 4,812 4,640 4,728 4,945 4,971 5,113 5,178
Other operating expenses 5 36,163 37,608 35,611 37,171 37,352 37,114 37,450
Interest expenses 6 4,358 4,516 4,387 4,707 5,111 5,642 5,765
Insurance expenses 7 3,031 3,215 3,466 3,567 4,099 4,443 4,713
Forecast new operating spending 8 461 191 1,834 3,340 4,864
Top-down expense adjustment 8 (600) (875) (485) (360) (360)
Total expenses (excluding losses) 91,007 93,497 92,020 94,407 98,529 101,978 105,602
Minority interest share of operating balance before gains/losses1 (62) (140) (147) (347) (385) (428) (471)
Operating balance before gains/(losses) (4,414) (2,033) (2,595) 297 818 1,851 2,964
Net gains/(losses) on financial instruments 9 7,270 1,748 4,822 2,528 2,674 2,759 2,914
Net gains/(losses) on non-financial instruments 10 3,674 443 328 (97) (109) (73) (74)
Total gains/(losses) 10,944 2,191 5,150 2,431 2,565 2,686 2,840
Net surplus from associates and joint ventures 395 200 271 255 255 256 256
Operating balance 11 6,925 358 2,826 2,983 3,638 4,793 6,060
  1. Minority interests include those who recently purchased shares in the Government Share Offer Programme as well as the pre-existing minority interests.

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

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