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Statement 9: Australian Government Budget Financial Statements

 

Consistent with the Charter of Budget Honesty Act 1998 (the Charter), the Government has produced a single set of financial statements for the Australian Government general government sector (GGS), the public non‑financial corporations (PNFC) sector, the total non‑financial public sector (NFPS) and the public financial corporations (PFC) sector. The financial statements comply with both Australian Bureau of Statistics' (ABS) accrual Government Finance Statistics (GFS) and Australian Accounting Standards (AAS), with departures disclosed. These statements are:

  • an operating statement, including other economic flows, which shows net operating balance and net lending/borrowing (fiscal balance);
  • a balance sheet, which also shows net worth, net financial worth, net financial liabilities and net debt; and
  • a cash flow statement, which includes the calculation of the underlying cash balance.

In addition to these general purpose statements, notes to the financial statements are required. These notes include a summary of accounting policies, disaggregated information and other disclosures required by AAS.

The statements reflect the policy that ABS GFS remains the basis of budget accounting policy, except where the Government applies AAS because it provides a better conceptual basis for presenting information of relevance to users of public sector financial reports.

The Australian, State and Territory governments have an agreed framework — the Uniform Presentation Framework (UPF) — for the presentation of government financial information on a basis broadly consistent with the Australian Accounting Standards Board standard AASB 1049. The budget financial statements are consistent with the requirements of the UPF.

In accordance with the UPF requirements, this statement also contains an update of the Australian Loan Council Allocation.

Table 1: Australian Government general government sector operating statement
    Estimates   Projections
    2015‑16 2016‑17 2017‑18   2018‑19 2019‑20
   Note $m $m $m   $m $m
Revenue              
Taxation revenue 3 371,923 391,283 419,944   449,793 478,563
Sales of goods and services 4 7,697 9,249 12,011   15,558 16,763
Interest income 5 3,506 4,280 4,841   5,775 6,825
Dividend income 5 5,564 3,242 3,666   4,045 3,845
Other 6 7,706 8,807 9,063   9,198 9,066
Total revenue   396,396 416,862 449,524   484,370 515,062
Expenses              
Gross operating expenses              
Wages and salaries(a) 7 19,767 20,071 19,864   20,015 20,417
Superannuation 7 7,052 4,618 4,693   4,783 4,828
Depreciation and amortisation 8 7,165 7,522 7,660   8,061 8,640
Supply of goods and services 9 81,414 86,745 87,558   97,400 101,857
Other operating expenses(a) 7 5,483 5,452 5,418   5,445 5,504
Total gross operating expenses   120,881 124,408 125,193   135,705 141,247
Superannuation interest expense 7 9,167 9,959 10,330   10,706 11,085
Interest expenses 10 16,774 18,725 19,764   20,539 20,818
Current transfers              
Current grants 11 128,393 138,966 148,480   162,171 168,786
Subsidy expenses   12,763 13,425 14,102   14,918 16,024
Personal benefits 12 133,416 132,562 134,844   137,165 146,374
Total current transfers   274,572 284,953 297,426   314,254 331,184
Capital transfers 11            
Mutually agreed write-downs   1,722 1,845 1,959   2,102 2,246
Other capital grants   8,354 10,663 10,139   6,018 5,024
Total capital transfers   10,076 12,508 12,098   8,121 7,270
Total expenses   431,470 450,553 464,812   489,324 511,604
Net operating balance   -35,074 -33,691 -15,287   -4,954 3,458
Other economic flows - included in operating result              
Net write-downs of assets (including bad and doubtful debts)   -7,106 -8,077 -8,602   -8,977 -9,350
Assets recognised for the first time   296 348 317   330 343
Liabilities recognised for the first time   0 0 0   0 0
Actuarial revaluations   0 0 0   0 0
Net foreign exchange gains   -9 8 119   150 33
Net swap interest received   -437 0 0   0 0
Market valuation of debt   -4,673 3,156 2,547   2,350 1,960
Other gains/(losses)   713 4,705 7,205   6,305 6,298
Total other economic flows - included in operating result   -11,215 140 1,586   157 -715
Operating result(b)   -46,289 -33,552 -13,701   -4,797 2,743
Non-owner movements in equity              
Revaluation of equity investments   -3,026 -2,880 31   49 0
Actuarial revaluations   1,032 -6 -16   -3 9
Other economic revaluations   371 536 7   -30 509
Total other economic flows - included in equity   -1,623 -2,350 21   16 518
Comprehensive result - Total change in net worth   -47,912 -35,902 -13,680   -4,780 3,262
Net operating balance   -35,074 -33,691 -15,287   -4,954 3,458
Net acquisition of non-financial assets              
Purchases of non-financial assets   11,559 11,416 12,993   13,255 14,046
less Sales of non-financial assets   404 932 2,030   562 233
less Depreciation   7,165 7,522 7,660   8,061 8,640
plus Change in inventories   310 449 239   260 346
plus Other movements in non-financial assets 56 26 -154   -7 -2
Total net acquisition of non-financial assets   4,355 3,437 3,388   4,885 5,517
Fiscal balance (Net lending/borrowing)(c)   -39,429 -37,129 -18,675   -9,839 -2,059

(a) Consistent with ABS GFS classification, other employee related expenses are reported under other operating expenses. Total employee expenses equal wages and salaries plus other operating expenses.

(b) Operating result under AAS.

(c) The term fiscal balance is not used by the ABS.

Table 2: Australian Government general government sector balance sheet
    Estimates   Projections
    2015‑16 2016‑17 2017‑18   2018‑19 2019‑20
   Note $m $m $m   $m $m
Assets              
Financial assets              
Cash and deposits   3,512 4,874 3,440   3,160 2,688
Advances paid 13 52,782 62,637 72,852   83,557 95,356
Investments, loans and placements 14 153,233 173,479 188,611   189,073 192,823
Other receivables 13 48,492 48,646 51,997   55,560 57,404
Equity investments              
Investments in other public sector entities   44,798 50,846 50,959   51,270 51,618
Equity accounted investments   344 354 364   374 384
Investments - shares   39,394 42,558 45,746   49,253 53,116
Total financial assets   342,555 383,395 413,970   432,248 453,389
Non-financial assets 15            
Land   9,729 9,674 9,610   9,604 9,617
Buildings   25,992 26,391 26,676   26,926 27,532
Plant, equipment and infrastructure   59,692 62,239 66,468   70,661 74,835
Inventories   8,195 8,184 7,933   7,691 7,513
Intangibles   6,881 7,414 7,820   8,017 8,173
Investment property   200 200 200   200 200
Biological assets   44 44 44   44 44
Heritage and cultural assets   11,697 11,658 11,620   11,582 11,543
Assets held for sale   174 147 80   80 80
Other non-financial assets   262 288 134   127 125
Total non-financial assets   122,866 126,238 130,584   134,930 139,662
Total assets   465,421 509,633 544,554   567,178 593,051
Liabilities              
Interest bearing liabilities              
Deposits held   218 218 218   218 218
Government securities   476,999 549,537 594,439   614,904 628,828
Loans 16 16,425 15,739 15,732   15,731 15,643
Other borrowing   1,569 1,458 1,356   1,310 1,244
Total interest bearing liabilities   495,211 566,952 611,745   632,163 645,933
Provisions and payables              
Superannuation liability 17 169,308 175,661 182,026   188,394 194,739
Other employee liabilities 17 17,004 17,332 17,671   18,046 18,445
Suppliers payable 18 5,868 6,092 6,188   6,307 6,319
Personal benefits provisions and payables 18 14,446 13,542 12,294   11,883 12,086
Subsidies provisions and payables 18 4,908 5,216 5,489   5,816 6,211
Grants provisions and payables 18 10,466 10,876 10,246   10,386 11,714
Other provisions and payables 18 13,237 14,891 13,503   13,573 13,731
Total provisions and payables   235,237 243,610 247,417   254,404 263,246
Total liabilities   730,448 810,561 859,163   886,567 909,178
Net worth(a)   -265,027 -300,929 -314,608   -319,389 -316,127
Net financial worth(b)   -387,893 -427,167 -445,192   -454,319 -455,789
Net financial liabilities(c)   432,691 478,013 496,152   505,589 507,407
Net debt(d)   285,684 325,962 346,842   356,373 355,066

(a) Net worth is calculated as total assets minus total liabilities.

(b) Net financial worth equals total financial assets minus total liabilities.

(c) Net financial liabilities equals total liabilities less financial assets other than investments in other public sector entities.

(d) Net debt equals the sum of deposits held, government securities, loans and other borrowing, minus the sum of cash and deposits, advances paid and investments, loans and placements.

Table 3: Australian Government general government sector cash flow statement(a)
  Estimates   Projections
  2015‑16 2016‑17 2017‑18   2018‑19 2019‑20
  $m $m $m   $m $m
Cash receipts from operating activities            
Taxes received 364,507 382,769 410,165   438,821 468,278
Receipts from sales of goods and services 7,686 9,176 11,954   15,499 16,709
Interest receipts 2,842 3,262 3,470   3,829 4,248
Dividends and income tax equivalents 5,332 5,833 3,462   3,886 4,304
Other receipts 7,321 7,879 7,737   7,324 6,970
Total operating receipts 387,688 408,919 436,788   469,358 500,509
Cash payments for operating activities            
Payments for employees -27,893 -28,259 -28,530   -29,128 -29,938
Payments for goods and services -80,834 -87,036 -87,498   -97,188 -101,994
Grants and subsidies paid -149,656 -161,853 -171,131   -180,047 -186,189
Interest paid -14,822 -15,903 -16,826   -18,054 -18,463
Personal benefit payments -134,887 -135,637 -138,318   -139,049 -147,135
Other payments -5,308 -5,141 -5,049   -5,060 -5,118
Total operating payments -413,400 -433,829 -447,353   -468,525 -488,837
Net cash flows from operating activities -25,712 -24,909 -10,565   833 11,673
Cash flows from investments in non-financial assets            
Sales of non-financial assets 339 2,365 597   562 233
Purchases of non-financial assets -11,559 -11,216 -12,581   -12,958 -13,719
Net cash flows from investments in non-financial assets -11,221 -8,851 -11,984   -12,396 -13,487
Net cash flows from investments in financial assets for policy purposes -14,553 -19,678 -11,698   -12,373 -12,562
Cash flows from investments in financial assets for liquidity purposes            
Increase in investments -9,396 -19,579 -13,223   1,719 -1,162
Net cash flows from investments in financial assets for liquidity purposes -9,396 -19,579 -13,223   1,719 -1,162
Cash receipts from financing activities            
Borrowing 63,753 77,572 49,696   25,470 17,927
Other financing 6 34 0   0 0
Total cash receipts from financing activities 63,759 77,606 49,696   25,470 17,927
Cash payments for financing activities            
Borrowing 0 0 0   0 0
Other financing -2,522 -3,227 -3,661   -3,533 -2,862
Total cash payments for financing activities -2,522 -3,227 -3,661   -3,533 -2,862
Net cash flows from financing activities 61,238 74,379 46,035   21,937 15,065
Net increase/(decrease) in cash held 356 1,362 -1,434   -280 -472
Net cash flows from operating activities and investments in non-financial assets (Surplus(+)/deficit(-)) -36,933 -33,760 -22,548   -11,563 -1,814
Finance leases and similar arrangements(b) -2 0 0   0 0
GFS cash surplus(+)/deficit(-) -36,934 -33,760 -22,548   -11,563 -1,814
less Net Future Fund earnings 3,012 3,321 3,574   3,843 4,140
Equals underlying cash balance(c) -39,946 -37,081 -26,123   -15,406 -5,955
plus Net cash flows from investments in financial assets for policy purposes -14,553 -19,678 -11,698   -12,373 -12,562
plus Net Future Fund earnings 3,012 3,321 3,574   3,843 4,140
Equals headline cash balance -51,487 -53,438 -34,246   -23,936 -14,376

(a) A positive number denotes a cash inflow; a negative number denotes a cash outflow.

(b) The acquisition of assets under finance leases decreases the underlying cash balance. The disposal of assets previously held under finance leases increases the underlying cash balance.

(c) The term underlying cash balance is not used by the ABS.

Table 4: Australian Government public non‑financial corporations sector operating statement
  Estimates
  2015‑16 2016‑17
  $m $m
Revenue    
Current grants and subsidies 80 154
Sales of goods and services 9,889 10,359
Interest income 49 32
Other 27 104
Total revenue 10,044 10,649
Expenses    
Gross operating expenses    
Wages and salaries(a) 4,093 4,185
Superannuation 348 439
Depreciation and amortisation 1,532 2,021
Supply of goods and services 5,458 6,800
Other operating expenses(a) 471 344
Total gross operating expenses 11,901 13,789
Interest expenses 456 567
Other property expenses 127 127
Current transfers    
Tax expenses 24 59
Total current transfers 24 59
Total expenses 12,509 14,543
Net operating balance -2,465 -3,894
Other economic flows -514 -68
Comprehensive result - Total change in net worth excluding contribution from owners -2,979 -3,962
Net acquisition of non-financial assets    
Purchases of non-financial assets 4,667 6,335
less Sales of non-financial assets 65 306
less Depreciation 1,532 2,021
plus Change in inventories 33 166
plus Other movements in non-financial assets 1,667 2,984
Total net acquisition of non-financial assets 4,771 7,158
Fiscal balance (Net lending/borrowing)(b) -7,236 -11,052

(a) Consistent with ABS GFS classification, other employee related expenses are reported under other operating expenses. Total employee expenses equal wages and salaries plus other operating expenses.

(b) The term fiscal balance is not used by the ABS.

Table 5: Australian Government public non‑financial corporations sector balance sheet
  Estimates
  2015‑16 2016‑17
  $m $m
Assets    
Financial assets    
Cash and deposits 2,524 1,120
Investments, loans and placements 817 505
Other receivables 1,805 1,637
Equity investments 3 4
Total financial assets 5,149 3,266
Non-financial assets    
Land and other fixed assets 21,974 27,969
Other non-financial assets(a) 5,247 8,230
Total non-financial assets 27,221 36,199
Total assets 32,370 39,466
Liabilities    
Interest bearing liabilities    
Advances received 277 280
Loans 2,553 2,324
Other borrowing 4,282 6,265
Total interest bearing liabilities 7,112 8,868
Provisions and payables    
Superannuation liability 4 1
Other employee liabilities 1,567 1,640
Other provisions and payables(a) 3,933 4,200
Total provisions and payables 5,504 5,840
Total liabilities 12,616 14,708
Shares and other contributed capital 19,754 24,757
Net worth(b) 19,754 24,757
Net financial worth(c) -7,467 -11,442
Net debt(d) 3,772 7,243

(a) Excludes the impact of commercial taxation adjustments.

(b) Under AASB 1049, net worth is calculated as total assets minus total liabilities. Under ABS GFS, net worth is calculated as total assets minus total liabilities minus shares and other contributed capital. The AASB 1049 method is used in this table.

(c) Under AASB 1049, net financial worth equals total financial assets minus total liabilities. Under ABS GFS, net financial worth equals total financial assets minus total liabilities minus shares and other contributed capital. The AASB 1049 method is used in this table.

(d) Net debt equals the sum of interest bearing liabilities (deposit held, advances received, loans and other borrowing), minus the sum of cash and deposits and investments, loans and placements.

Table 6: Australian Government public non‑financial corporations sector cash flow statement(a)
  Estimates
  2015‑16 2016‑17
  $m $m
Cash receipts from operating activities    
Receipts from sales of goods and services 11,357 11,913
GST input credit receipts 376 342
Other receipts 167 465
Total operating receipts 11,900 12,719
Cash payments for operating activities    
Payments to employees -4,930 -4,851
Payment for goods and services -6,952 -8,087
Interest paid -402 -518
GST payments to taxation authority 0 0
Other payments -18 -23
Total operating payments -12,302 -13,480
Net cash flows from operating activities -402 -760
Cash flows from investments in non-financial assets    
Sales of non-financial assets 65 300
Purchases of non-financial assets -6,267 -9,335
Net cash flows from investments in non-financial assets -6,203 -9,035
Net cash flows from investments in financial assets for policy purposes 0 0
Cash flows from investments in financial assets for liquidity purposes    
Increase in investments -18 133
Net cash flows from investments in financial assets for liquidity purposes -18 133
Net cash flows from financing activities    
Borrowing (net) 94 -61
Other financing (net) 7,135 8,454
Distributions paid (net) -125 -134
Net cash flows from financing activities 7,104 8,258
Net increase/(decrease) in cash held 482 -1,405
Cash at the beginning of the year 2,042 2,524
Cash at the end of the year 2,524 1,120
Net cash from operating activities and investments in non-financial assets -6,605 -9,795
Distributions paid -125 -134
Equals surplus(+)/deficit(-) -6,729 -9,930
Finance leases and similar arrangements(b) -7 0
GFS cash surplus(+)/deficit(-) -6,736 -9,930

(a) A positive number denotes a cash inflow; a negative number denotes a cash outflow.

(b) The acquisition of assets under finance leases decreases the surplus or increases the deficit. The disposal of assets previously held under finance leases increases the surplus or decreases the deficit.

Table 7: Australian Government total non‑financial public sector operating statement
  Estimates
  2015‑16 2016‑17
  $m $m
Revenue    
Taxation revenue 371,899 391,224
Sales of goods and services 16,636 18,758
Interest income 3,536 4,294
Dividend income 5,437 3,114
Other 7,733 8,911
Total revenue 405,241 426,301
Expenses    
Gross operating expenses    
Wages and salaries(a) 23,860 24,256
Superannuation 7,400 5,057
Depreciation and amortisation 8,697 9,543
Supply of goods and services 85,923 92,696
Other operating expenses(a) 5,953 5,796
Total gross operating expenses 131,833 137,348
Superannuation interest expense 9,167 9,959
Interest expenses 17,211 19,273
Current transfers    
Current grants 128,393 138,966
Subsidy expenses 12,684 13,271
Personal benefits 133,416 132,562
Total current transfers 274,492 284,799
Capital transfers 10,076 12,508
Total expenses 442,780 463,887
Net operating balance -37,539 -37,585
Other economic flows -10,727 1,568
Comprehensive result - Total change in net worth -48,266 -36,018
Net acquisition of non-financial assets    
Purchases of non-financial assets 16,226 17,752
less Sales of non-financial assets 469 1,238
less Depreciation 8,697 9,543
plus Change in inventories 343 615
plus Other movements in non-financial assets 1,723 3,010
Total net acquisition of non-financial assets 9,126 10,595
Fiscal balance (Net lending/borrowing)(b) -46,665 -48,181

(a) Consistent with ABS GFS classification, other employee related expenses are reported under other operating expenses. Total employee expenses equal wages and salaries plus other operating expenses.

(b) The term fiscal balance is not used by the ABS.

Table 8: Australian Government total non‑financial public sector balance sheet
  Estimates
  2015‑16 2016‑17
  $m $m
Assets    
Financial assets    
Cash and deposits 6,036 5,993
Advances paid 52,504 62,357
Investments, loans and placements 154,050 173,984
Other receivables 50,206 50,205
Equity investments 64,849 68,952
Total financial assets 327,645 361,492
Non-financial assets    
Land and other fixed assets 137,279 146,115
Other non-financial assets 12,808 16,323
Total non-financial assets 150,087 162,437
Total assets 477,732 523,930
Liabilities    
Interest bearing liabilities    
Deposits held 218 218
Advances received 0 0
Government securities 476,999 549,537
Loans 18,978 18,063
Other borrowing 5,851 7,723
Total interest bearing liabilities 502,046 575,540
Provisions and payables    
Superannuation liability 169,312 175,662
Other employee liabilities 18,571 18,972
Other provisions and payables 52,767 54,738
Total provisions and payables 240,650 249,371
Total liabilities 742,696 824,912
Shares and other contributed capital 19,754 24,757
Net worth(a) -264,964 -300,982
Net financial worth(b) -415,051 -463,419
Net debt(c) 289,456 333,205

(a) Under AASB 1049, net worth is calculated as total assets minus total liabilities. Under ABS GFS, net worth is calculated as total assets minus total liabilities minus shares and other contributed capital. The AASB 1049 method is used in this table.

(b) Under AASB 1049, net financial worth equals total financial assets minus total liabilities. Under ABS GFS, net financial worth equals total financial assets minus total liabilities minus shares and other contributed capital. The AASB 1049 method is used in this table.

(c) Net debt equals 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.

Table 9: Australian Government total non‑financial corporations sector cash flow statement(a)
  Estimates
  2015‑16 2016‑17
  $m $m
Cash receipts from operating activities    
Taxes received 364,526 382,756
Receipts from sales of goods and services 17,320 19,276
Interest receipts 2,876 3,276
Dividends and income tax equivalents 5,207 5,699
Other receipts 7,436 8,310
Total operating receipts 397,365 419,317
Cash payments for operating activities    
Payments to employees -32,823 -33,110
Payments for goods and services -85,687 -92,968
Grants and subsidies paid -149,656 -161,853
Interest paid -15,206 -16,403
Personal benefit payments -134,887 -135,637
Other payments -5,345 -5,151
Total operating payments -423,604 -445,121
Net cash flows from operating activities -26,239 -25,804
Cash flows from investments in non-financial assets    
Sales of non-financial assets 404 2,665
Purchases of non-financial assets -17,827 -20,551
Net cash flows from investments in non-financial assets -17,423 -17,886
Net cash flows from investments in financial assets for policy purposes -6,979 -10,712
Cash flows from investments in financial assets for liquidity purposes    
Increase in investments -9,414 -19,446
Net cash flows from investments in financial assets for liquidity purposes -9,414 -19,446
Net cash flows from financing activities    
Borrowing (net) 63,847 77,511
Other financing (net) -2,954 -3,706
Net cash flows from financing activities 60,893 73,805
Net increase/(decrease) in cash held 838 -43
Cash at the beginning of the year 5,198 6,036
Cash at the end of the year 6,036 5,993
Net cash from operating activities and investments in non-financial assets -43,662 -43,690
Distributions paid 0 0
Equals surplus(+)/deficit(-) -43,662 -43,690
Finance leases and similar arrangements(b) -8 0
GFS cash surplus(+)/deficit(-) -43,670 -43,690

(a) A positive number denotes a cash inflow; a negative number denotes a cash outflow.

(b) The acquisition of assets under finance leases decreases the surplus or increases the deficit. The disposal of assets previously held under finance leases increases the surplus or decreases the deficit.

Table 10: Australian Government public financial corporations sector operating statement
  Estimates
  2015‑16 2016‑17
  $m $m
Revenue    
Current grants and subsidies 150 150
Sales of goods and services 679 722
Interest income 2,447 2,904
Other 46 48
Total revenue 3,322 3,824
Expenses    
Gross operating expenses    
Wages and salaries(a) 149 157
Superannuation 50 32
Depreciation and amortisation 33 42
Supply of goods and services 400 483
Other operating expenses(a) 247 215
Total gross operating expenses 878 930
Interest expenses 1,234 1,305
Other property expenses 2,820 207
Current transfers    
Tax expenses 5 5
Total current transfers 5 5
Total expenses 4,938 2,446
Net operating balance -1,616 1,378
Other economic flows 1,249 -480
Comprehensive result - Total change in net worth excluding contribution from owners -367 898
Net acquisition of non-financial assets    
Purchases of non-financial assets 3 0
less Sales of non-financial assets 51 0
less Depreciation 33 42
plus Change in inventories -9 0
plus Other movements in non-financial assets 0 16
Total net acquisition of non-financial assets -90 -26
Fiscal balance (Net lending/borrowing)(b) -1,525 1,403

(a) Consistent with ABS GFS classification, other employee related expenses are reported under other operating expenses. Total employee expenses equal wages and salaries plus other operating expenses.

(b) The term fiscal balance is not used by the ABS.

Table 11: Australian Government public financial corporations sector balance sheet(a)
  Estimates
  2015‑16 2016‑17
  $m $m
Assets    
Financial assets    
Cash and deposits 519 506
Investments, loans and placements 161,902 161,036
Other receivables 262 244
Equity investments 410 410
Total financial assets 163,093 162,196
Non-financial assets    
Land and other fixed assets 707 703
Other non-financial assets(b) 32 49
Total non-financial assets 740 752
Total assets 163,832 162,948
Liabilities    
Interest bearing liabilities    
Deposits held 124,634 124,634
Borrowing 10,074 9,941
Total interest bearing liabilities 134,708 134,575
Provisions and payables    
Superannuation liability 64 64
Other employee liabilities 1,423 1,423
Other provisions and payables(b) 2,940 1,291
Total provisions and payables 4,427 2,778
Total liabilities 139,135 137,353
Shares and other contributed capital 24,697 25,595
Net worth(c) 24,697 25,595
Net financial worth(d) 23,958 24,844
Net debt(e) -27,713 -26,967

(a) Assumes no valuation or currency movement.

(b) Excludes the impact of commercial taxation adjustments.

(c) Under AASB 1049, net worth is calculated as total assets minus total liabilities. Under ABS GFS, net worth is calculated as total assets minus total liabilities minus shares and other contributed capital. The AASB 1049 method is used in this table.

(d) Under AASB 1049, net financial worth equals total financial assets minus total liabilities. Under ABS GFS, net financial worth equals total financial assets minus total liabilities minus shares and other contributed capital. The AASB 1049 method is used in this table.

(e) Net debt equals the sum of deposits held and borrowing, minus the sum of cash and deposits, advances paid and investments, loans and placements.

Table 12: Australian Government public financial corporations sector cash flow statement(a)
  Estimates
  2015‑16 2016‑17
  $m $m
Cash receipts from operating activities    
Receipts from sales of goods and services 692 721
Grants and subsidies received 0 0
GST input credit receipts 9 0
Interest receipts 2,516 2,970
Other receipts 369 228
Total operating receipts 3,585 3,920
Cash payments for operating activities    
Payments to employees -445 -404
Payment for goods and services -417 -480
Interest paid -1,269 -1,338
GST payments to taxation authority 0 0
Other payments -21 -27
Total operating payments -2,152 -2,248
Net cash flows from operating activities 1,433 1,672
Cash flows from investments in non-financial assets    
Sales of non-financial assets 51 0
Purchases of non-financial assets -3 -16
Net cash flows from investments in non-financial assets 48 -16
Net cash flows from investments in financial assets for policy purposes 0 0
Cash flows from investments in financial assets for liquidity purposes    
Increase in investments -431 945
Net cash flows from investments in financial assets for liquidity purposes -431 945
Net cash flows from financing activities    
Borrowing (net) -3,494 200
Deposits received (net) 0 0
Other financing (net) 5,056 -1
Distributions paid (net) -2,573 -2,812
Net cash flows from financing activities -1,011 -2,614
Net increase/(decrease) in cash held 39 -13
Cash at the beginning of the year 480 519
Cash at the end of the year 519 506
Net cash from operating activities and investments in non-financial assets 1,481 1,655
Distributions paid -2,573 -2,812
Equals surplus(+)/deficit(-) -1,092 -1,157
Finance leases and similar arrangements(b) 0 0
GFS cash surplus(+)/deficit(-) -1,092 -1,157

(a) A positive number denotes a cash inflow; a negative number denotes a cash outflow.

(b) The acquisition of assets under finance leases decreases the surplus or increases the deficit. The disposal of assets previously held under finance leases increases the surplus or decreases the deficit.