2012-13 Government Mid-year Financial Projections Statement

Financial ProjectionsGENERAL GOVERNMENTBalance Sheet at 30 JuneTable 52012 2013 2014 2015 2016$m $m $m $m $m2012-13 MID-YEAR REVIEWAssets 135,577 141,567 146,861 152,388 157,249Liabilities 24,101 26,521 28,649 30,523 31,672Net Worth 111,475 115,046 118,211 121,865 125,578Net Debt 2,050 4,800 7,991 9,447 9,9352012-13 BUDGETAssets 136,185 140,996 147,338 152,003 157,674Liabilities 22,231 24,452 27,098 28,067 28,494Net Worth 113,955 116,544 120,239 123,935 129,180Net Debt 2,699 5,552 8,053 8,715 8,535VARIANCEAssets -609 571 -477 385 -425Liabilities 1,871 2,069 1,551 2,455 3,177Net Worth -2,480 -1,498 -2,028 -2,070 -3,602Net Debt -649 -752 -62 732 1,401Note: Columns may not add due to rounding.General government assets at 30 June 2016 are forecast to be $157.2 billion, $425 millionlower than budget. Land values are forecast to be around $2.4 billion lower than forecastat budget-time, reflecting the lower land under roads valuation at 30 June 2012(detailed in the 2011-12 Annual Report on State Finances). Financial assets at30 June 2016 are forecast to be $1.6 billion higher than budget, including the higherpublic corporation equity holding noted above and movements in investments, loans andplacements (largely reflecting part of the change in the general government sectoroperating balance across the four years to 2015-16).General government liabilities are forecast to increase from $24.1 billion at 30 June 2012to $31.7 billion at 30 June 2016, an increase of $3.2 billion compared with the budgetforecast for 30 June 2016.Forecast levels of borrowing at 30 June 2016 have increased since budget-time(up $1.9 billion), reflecting the timing of borrowings supporting infrastructure spendingand revisions to the operating outlook.19