Australian Government, 2011‑12 Budget
Budget

Statement 10: Historical
Australian Government Data (Continued)

Deflating real spending growth by the consumer price index

The 2011‑12 Budget, including the historical series, calculates real spending growth using the Consumer Price Index (CPI) as the deflator. This is also the benchmark against which the Government's fiscal strategy is based. Prior to the 2008‑09 Budget the non‑farm GDP deflator (NFGDP) was used and has therefore been shown in this statement for comparative purposes.

The change from using the non‑farm GDP deflator to the CPI provides a more accurate depiction of real government spending growth, especially in the current economic climate. The non‑farm GDP deflator incorporates fluctuations in global commodity prices through the terms of trade, which are not relevant for Government expenditures. Therefore, deflating government spending by the non‑farm GDP deflator distorts trends in real spending growth.

Table 1: Australian Government general government sector receipts,
payments and underlying cash balance(a)

Table 1: Australian Government general government sector receipts, payments and underlying cash balance(a)

  1. Data has been revised in the 2011‑12 Budget to improve accuracy and comparability through time.
  2. Receipts are equal to receipts from operating activities and sales of non‑financial assets.
  3. Payments are equal to payments for operating activities, purchases of non‑financial assets and net acquisition of assets under finance leases.
  4. Underlying cash balance is equal to receipts less payments, less expected Future Fund earnings. For the purposes of consistent comparison with years prior to 2005‑06 Future Fund earnings should be added back to the underlying cash balance.
  5. Estimates.
  6. Real spending growth using Non‑Farm GDP as the deflator has not been used as a basis for calculating real spending growth in the Budget since 2007‑08, and is included for comparative purposes only. Real spending growth, using the Consumer Price Index as the deflator, is the benchmark against which the Government's fiscal strategy has been based since it was introduced.
  1. Projections.

Table 2: Australian Government general government sector taxation
receipts, non‑taxation receipts and total receipts(a)

Table 2: Australian Government general government sector taxation receipts, non‑taxation receipts and total receipts(a)

  1. Data has been revised in the 2011‑12 Budget to improve accuracy and comparability through time.
  2. Receipts are equal to receipts from operating activities and sales of non‑financial assets.
  1. Estimates.
  1. Projections.

Table 3: Australian Government general government sector net debt and
net interest payments(a)

Table 3: Australian Government general government sector net debt and net interest payments(a)

  1. Data has been revised in the 2011‑12 Budget to improve accuracy and comparability through time.
  2. Net debt is equal to the sum of deposits held, advances received, government securities, loans and other borrowing, minus the sum of cash and deposits, advances paid and investments, loans and placements.
  3. Net interest payments are equal to the difference between interest paid and interest receipts.
  4. Net debt for the period 1999‑00 to 2005‑06 has been revised due to a reclassification of liabilities to the International Development Agency and Asian Development Fund from loans to grants payable.
  5. Estimates.
  1. Projections.

Table 4: Australian Government general government sector revenue, expenses, net capital investment and fiscal balance(a)

Table 4: Australian Government general government sector revenue, expenses, net capital investment and fiscal balance

  1. Data has been revised in the 2011‑12 Budget to improve accuracy and comparability through time.
  2. Fiscal balance is equal to revenue less expenses less net capital investment.
  1. Estimates.
  1. Projections.

Table 5: Australian Government general government sector net worth and
net financial worth(a)

Table 5: Australian Government general government sector net worth and net financial worth(a)

  1. Data has been revised in the 2011‑12 Budget to improve accuracy and comparability through time.
  2. Net worth is equal to assets less liabilities.
  3. Net financial worth is equal to financial assets less liabilities.
  1. Estimates.
  1. Projections.

Table 6: Australian Government general government sector accrual
taxation revenue, non‑taxation revenue and total revenue(a)

Table 6: Australian Government general government sector accrual taxation revenue, non‑taxation revenue and total revenue(a)

  1. Data has been revised in the 2011‑12 Budget to improve accuracy and comparability through time.
  1. Estimates.
  1. Projections.

Table 7: Australian Government cash receipts, payments and surplus by institutional sector ($m)(a)

Table 7: Australian Government cash receipts, payments and surplus by institutional sector ($m)(a)

  1. Data has been revised in the 2011‑12 Budget to improve accuracy and comparability through time.
  2. Receipts are equal to receipts from operating activities and sales of non‑financial assets.
  3. Payments are equal to payments for operating activities, purchases of non‑financial assets and net acquisition of assets under finance leases.
  4. These items exclude expected Future Fund earnings from 2005‑06 onwards. Expected Future Fund earnings are shown in Table 1.
  1. Estimates.
  1. Projections.

na Data not available.

Table 8: Australian Government accrual revenue, expenses and fiscal balance by institutional sector ($m)(a)

Table 8: Australian Government accrual revenue, expenses and fiscal balance by institutional sector ($m)(a)

  1. Data has been revised in the 2011‑12 Budget to improve accuracy and comparability through time.
  2. Fiscal balance is equal to revenue less expenses less net capital investment. Net capital investment is not shown in this table.
  1. Estimates.
  1. Projections.

na Data not available.

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