2012-13 Government Mid-year Financial Projections Statement

More documents

Recommendations

Info

2012-13 Government Mid-year Financial Projections StatementForecast unfunded superannuation liabilities are projected to increase by around$1.1 billion by 30 June 2016 (relative to the 2012-13 Budget). This reflects the impact ofthe persistently low ten year bond rate, used by the actuary to value these liabilities eachyear at 30 June. This increase is expected to slowly wind back across the forwardestimates period, on the assumption that the discount rate will trend back to the long termaverage (around 6%) over time. This valuation effect does not substantially changeexpectations that unfunded superannuation liabilities will become immaterial over thenext two or three decades (as the vast majority of new superannuation entitlements havebeen fully funded since 1998-99), and will not impact cash payments from theConsolidated Account, which are dependent on individual employee entitlements ratherthan the annual valuation of all such obligations.General government sector net debt is discussed later in this chapter.3530$ BillionLIABILITIES AT 30 JUNEGeneral Government SectorBorrowings Unfunded Superannuation Other LiabilitiesFigure 425201510502012 2013 2014 2015 201620
Financial ProjectionsCash Flow StatementCash shortfalls are in prospect between 2012-13 and 2014-15, with a cash surplus of$17 million forecast for the 2015-16 financial year.The general government sector is forecast to record cash surpluses from operatingactivities (the cash equivalent of the operating surplus discussed earlier) in each year ofthe forward estimates period, increasing from $1.0 billion at 30 June 2013 to $2.6 billionat 30 June 2016. This reflects the expected trend in the accrual operating balancediscussed earlier in this chapter.However, net cash flows from investing activities are expected to drive growth in net debtuntil 2015-16 when a small cash surplus is expected to arise as the operating outlookstrengthens.21
Page 1: 2012‐13GovernmentMid‐year Finan
Page 4 and 5: 2012-13 Government Mid-year Financi
Page 7: ForewordThis Government Mid-year Fi
Page 78 and 79:
2012-13 Government Mid-year Financi
Page 80 and 81:
Page 82 and 83:
Page 84 and 85:
Page 86 and 87:
Page 88 and 89:
Page 90 and 91:
Page 92 and 93:
Page 94 and 95:
Page 96 and 97:
Page 98 and 99:
Page 100 and 101:
Page 102 and 103:
Page 104 and 105:
Page 106 and 107:
Page 108 and 109:
Page 110 and 111:
Page 112 and 113:
Page 114 and 115:
Page 116 and 117:
Page 118 and 119:
Page 120 and 121:
Page 122 and 123:
Page 124 and 125:
Page 126 and 127:
Page 128 and 129:
Page 130 and 131:
Page 132 and 133:
Page 134 and 135:
Page 136 and 137:
Page 138 and 139:
Page 140 and 141:
Page 142 and 143:
Page 144 and 145:
Page 146 and 147:
Page 148 and 149:
Page 150 and 151:
Page 152 and 153:
Page 154 and 155:
Page 156 and 157:
Page 158 and 159:
Page 160:
show all

2012-13 Government Mid-year Financial Projections Statement

Create successful ePaper yourself

Delete template?

Save as template?