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Publication

Pre-election 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 75,012 77,586 80,657 85,063 89,063
Other sovereign revenue 1 4,643 4,593 4,987 5,079 5,422 5,826 6,040
Total Revenue Levied through the Crown's Sovereign Power 74,311 75,814 79,999 82,665 86,079 90,889 95,103
Sales of goods and services 16,364 17,259 17,049 17,523 18,191 18,800 19,202
Interest revenue and dividends 2 3,603 4,267 3,626 3,772 3,921 4,142 4,361
Other revenue 3,881 3,615 3,626 3,780 3,871 3,926 3,975
Total revenue earned through the Crown's operations 23,848 25,141 24,301 25,075 25,983 26,868 27,538
Total revenue (excluding gains) 98,159 100,955 104,300 107,740 112,062 117,757 122,641

Expenses

Transfer payments and subsidies 3 24,312 25,395 25,379 26,494 27,646 28,498 29,471
Personnel expenses 4 21,763 22,144 22,405 22,985 23,180 23,333 23,637
Depreciation and amortisation 5 4,875 5,200 5,163 5,327 5,491 5,595 5,684
Other operating expenses 6 35,869 38,666 37,788 41,543 41,166 41,103 41,829
Finance costs 7 4,336 4,566 4,188 4,215 4,128 4,178 4,158
Insurance expenses 8 4,725 4,239 5,240 4,598 5,051 5,623 5,951
Forecast new operating spending 9 534 492 2,034 3,746 5,495
Top-down expense adjustment 9 (1,025) (1,175) (570) (525) (500)
Total expenses (excluding losses) 95,880 99,719 100,163 104,479 108,126 111,551 115,725
Minority interest share of operating balance before gains/(losses) (448) (517) (431) (392) (421) (460) (476)
Operating balance before gains/(losses) (excluding minority interests) 1,831 719 3,706 2,869 3,515 5,746 6,440
Net gains/(losses) on financial instruments 10 1,117 2,111 5,882 2,770 2,935 3,187 3,440
Net gains/(losses) on non-financial instruments 11 (8,636) (54) 1,388 (177) (78) (27) (32)
Less minority interest share of net gains/losses 12 (4) (12) (48) (19) (9) (9)
Total gains/(losses) (7,507) 2,053 7,258 2,545 2,838 3,151 3,399
Net surplus/(deficit) from associates and joint ventures 307 286 514 206 245 281 299
Operating balance (excluding minority interests) 12 (5,369) 3,058 11,478 5,620 6,598 9,178 10,138

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

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