Australia Releases Monthly Financial Statements For September 2009
The Australian Government monthly financial statements for 2009-10 have been prepared on a basis consistent with 2009-10 Budget as required under section 54 of the Financial Management and Accountability Act 1997.
The statements are based on the Australian Bureau of Statistics (ABS) Government Finance Statistics (GFS) except where Australian Accounting Standards (AAS) provide a better conceptual treatment for specific items. Departures will be limited to complying with either ABS GFS or AAS.
Kkey Points:
- The underlying cash balance for the 2009-10 year to 30 September 2009 was a deficit of $16,642 million.
- The fiscal balance for the 2009-10 year to 30 September 2009 was a deficit of $12,350 million.
Care needs to be taken when comparing monthly or cumulative data across years and to full year estimates. Revenues and expenses vary from month-to-month. The accrual framework, including the timing of payments and policy decisions can have a large impact on fiscal aggregates from one year to the next and on year-to-date outcomes.
Fiscal Outcomes: Underlying Cash Balance
The underlying cash balance includes cash from operations and net cash provided by investing activities in non-financial assets but excludes the cash earnings for the Future Fund.
The underlying cash balance for the year to 30 September 2009 was a deficit of $16,642 million. The difference between the pro rata Budget estimate underlying cash balance deficit of $14,398 million primarily reflects the timing of taxation receipts offset by dividends received and the timing of grant payments.
Fiscal Balance
The fiscal balance for the year to 30 September 2009 was a deficit of $12,350 million. The pro rata Budget estimate of the fiscal balance for 2009-10 is a deficit of $13,286 million.
Financial Outcomes: Revenues and Expenses
Revenues are $6,222 million lower and expenses are $5,907 million lower when compared with the pro rata Budget estimate for 2009-10.
The main driver of lower expenses is grants, whilst lower revenues are primarily due to the timing of taxation revenue offset by dividends received.
Assets and Liabilities
The net worth balance of the General Government sector is a positive net asset position of $8,436 million at 30 September 2009.
Lindsay Tanner MP
Minister for Finance and Deregulation
David Tune PSM
Secretary to the Department of Finance and Deregulation
Topics: AAS, ABS, Australia, Australian Accounting Standards, Australian Bureau of Statistics, budget, deficit, economic development, economic growth, Economy, Governance, Monthly Financial Statements
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