2012-13 Government Mid-year Financial Projections Statement

Appendix 1GENERAL GOVERNMENTOperating StatementTable 1.1Results from TransactionsNote 2011-12 2012-13 2012-13 2013-14 2014-15 2015-16Budget Mid-year Mid-year Mid-year Mid-yearActual Estimate Revision Revision Revision Revision$m $m $m $m $m $mREVENUETaxation 7,173 7,739 8,195 8,831 9,576 10,425Current grants and subsidies 8,678 8,083 8,139 7,594 7,458 8,272Capital grants 1,082 929 688 631 731 651Sales of goods and services 1,929 1,933 2,030 2,167 2,277 2,393Interest income 304 268 281 235 271 279Revenue from public corporationsDividends from other sector entities 704 764 820 818 995 1,112Tax equivalent income 381 504 382 481 582 647Royalty income 4,343 4,871 4,366 5,178 5,594 6,116Other 627 388 417 421 427 429Total 3 25,220 25,477 25,318 26,356 27,910 30,323EXPENSESSalaries 9,605 10,013 9,881 10,376 10,997 11,603SuperannuationConcurrent costs 913 949 935 1,002 1,083 1,190Superannuation interest cost 317 343 281 306 318 326Other employee costs 419 406 443 447 445 469Depreciation and amortisation 990 1,101 1,064 1,181 1,211 1,216Services and contracts 1,728 1,916 1,862 1,990 2,049 2,096Other gross operating expenses 4,656 4,611 4,942 4,858 4,920 5,158Other interest 371 424 400 454 559 687Current transfers 4 5,053 4,902 4,903 5,242 5,213 5,249Capital transfers 4 520 616 467 688 722 560Total 5 24,571 25,281 25,178 26,543 27,517 28,553NET OPERATING BALANCE 6 649 196 140 -187 393 1,770Other economic flowsNet gains on assets/liabilities 92 2 3 5 15 42Net actuarial gains - superannuation -1,676 234 -330 -4 -33 -88Provision for doubtful debts -26 -2 -2 - - -All other - - - - - -Total other economic flows -1,611 233 -329 - -19 -47OPERATING RESULT -962 430 -189 -187 374 1,723All other movements in equityRevaluations -4 1,656 2,104 2,029 2,176 2,073Gains recognised directly in equity -7 -1 -1 -1 -1 -1Changes in accounting policy/correction of prior period errors -263 -92 -706 -117 14 -73Change in net w orth of the public corporations sectors 508 596 2,362 1,440 1,090 -10All other - - - - - -Total all other movements in equity 234 2,160 3,760 3,351 3,280 1,990TOTAL CHANGE IN NET WORTH -728 2,589 3,571 3,165 3,654 3,713KEY FISCAL AGGREGATESNET OPERATING BALANCE 6 649 196 140 -187 393 1,770Less Net acquisition of non-financial assetsPurchase of non-financial assets 5 3,358 3,301 3,191 3,140 2,925 2,796Changes in inventories - -1 -2 - - -Other movement in non-financial assets 183 -47 1 314 -163 4less:Sales of non-financial assets 184 220 262 243 179 226Depreciation 990 1,101 1,064 1,181 1,211 1,216Total net acquisition of non-financial assets 2,366 1,931 1,864 2,031 1,372 1,358NET LENDING/-BORROWING 6 -1,717 -1,735 -1,724 -2,218 -979 412Note: Columns may not add due to rounding.73