Statement 5: Revenue (Continued)
Revenue variations since MYEFO
The revenue estimates are the accrual accounting equivalent of the cash‑based receipts estimates. Changes in revenue are generally driven by the same factors — policy as well as parameter variation — as receipts. Where the revenue and receipts estimates tend to vary is in terms of the timing of their impacts.
Further information on the difference between the accrual and cash taxation estimates is provided in Appendix E: Taxation Revenue Recognition.
Table 17 provides a reconciliation of the Budget's revenue estimates with those at MYEFO.
Table 17: Reconciliation of total Australian Government general government
revenue estimates from the 2011‑12 MYEFO
(a) Excludes secondary impacts on public debt interest of policy decisions and offsets from the contingency reserve for decisions taken.
Since the 2011‑12 MYEFO, total revenue has been revised down by $7.7 billion in 2011‑12 and by $6.7 billion in 2012‑13. The downward revisions reflect lower estimated company taxes, superannuation tax, GST and excise. The factors affecting downward revisions to tax receipts are also at play with regards to revenue write‑downs.
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