Financial Performance
This section compares the actual 2004/05 financial performance with actual 2003/04 financial performance.
The operating balance was $6,247 million for the year ended 30 June 2005. The following table provides a breakdown of the operating balance at a total Crown level (eg, revenues and expenses include those of all entities, including SOEs and Crown entities (except Tertiary Education Institutions - TEIs)).
| $ million | 30 June 2005 Actual | 30 June 2004 Actual | Change |
|---|---|---|---|
| Revenue | |||
| Taxation revenue | 46,624 | 42,532 | 4,092 |
| Levies, fees, fines & penalties | 3,115 | 2,986 | 129 |
| Other revenue | 17,326 | 14,869 | 2,457 |
| Total Revenue | 67,065 | 60,387 | 6,678 |
| Expenses | |||
| Functional expenses | 54,720 | 50,629 | 4,091 |
| Finance and FX movts | 2,743 | 2,573 | 170 |
| GSF and ACC liability movts | 3,447 | (145) | 3,592 |
| Total Expenses | 60,910 | 53,057 | 7,853 |
| Net surplus of TEIs | 133 | 139 | (6) |
| Minority interest | (41) | (45) | 4 |
| Operating Balance | 6,247 | 7,424 | (1,177) |
These results can be broken down into three institutional segments. The following table is a summary of the information shown in the Statement of Segments.
| $ million | Core Crown | Crown entities | State-owned enterprises | Inter-segment eliminations | Total Crown |
|---|---|---|---|---|---|
| Revenue | |||||
| June 2005 actual | 52,065 | 22,811 | 10,265 | (18,076) | 67,065 |
| June 2004 actual | 46,932 | 21,172 | 8,957 | (16,674) | 60,387 |
| Variance | 5,133 | 1,639 | 1,308 | (1,402) | 6,678 |
| Expenses | |||||
| June 2005 actual | 46,234 | 23,045 | 9,266 | (17,635) | 60,910 |
| June 2004 actual | 41,608 | 19,602 | 8,240 | (16,393) | 53,057 |
| Variance | 4,626 | 3,443 | 1,026 | (1,242) | 7,853 |
| TEI Surplus and Minority Interest | |||||
| June 2005 actual | - | 133 | (41) | - | 92 |
| June 2004 actual | - | 139 | (45) | - | 94 |
| Variance | - | (6) | 4 | - | (2) |
| Operating Balance | |||||
| June 2005 actual | 5,831 | (101) | 958 | (441) | 6,247 |
| June 2004 actual | 5,324 | 1,709 | 672 | (281) | 7,424 |
| Variance | 507 | (1,810) | 286 | (160) | (1,177) |
The following section discusses revenue and expenses of the Crown by segment of reported government activity (ie, core Crown, SOEs and Crown entities).
