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Final Budget Outcome 2012−13

General enquiries regarding financial information papers should be directed to:

The Under Treasurer Department of Treasury and Finance State Administration Centre 200 Victoria Square Adelaide SA 5000

Copies may be obtained from:

SERVICE SA Government Legislation Outlet Ground Floor EDS Centre 108 North Terrace Adelaide SA 5000

Website: www.treasury.sa.gov.au

© Government of South Australia 2013

ISSN 1036-3807

Table of contents

Introduction .......................................................................................................................... 3

Chapter 1: 2012–13 Final Budget Outcome Overview .................................................................................................................................................. 5 General government sector operating results ........................................................................................... 6 Balance sheet indicators ......................................................................................................................... 11

Chapter 2: Economic performance The international and national economic context for the year 2012–13 ................................................ 17 South Australian economic performance for the year 2012–13 ............................................................. 18

Appendices Appendix A Uniform presentation framework tables and Loan Council allocation report ................. 19 Appendix B Consolidated Account ..................................................................................................... 41 Appendix C General government and non-financial public sector financial statistics time series ...... 49

Final Budget Outcome 2012–13 1

2 Final Budget Outcome 2012–13

Introduction

The Final Budget Outcome reports the 2012–13 financial results for the Government of South Australia’s key fiscal targets and provides an analysis of these results against earlier estimates.

Chapter 1 provides an overview of the 2012−13 final outcomes with a focus on the general government sector financial outcomes and financial liabilities. The chapter includes:

• a discussion of variations between the 2012−13 final outcome for revenues and expenses of the general government sector and 2012–13 estimates included in the 2013−14 Budget

• public sector net debt and superannuation liability levels as at 30 June 2013.

Chapter 2 provides an assessment of the performance of the South Australian economy in 2012−13.

The appendices to this document provide the following information.

• Appendix A contains the Uniform Presentation Framework reporting for the general government sector, the public non-financial corporations sector, the non-financial public sector and the public financial corporations sector. Further information is also provided on general government sector taxation revenue, grant revenue and expenses, and expenses and capital expenditure by function. This appendix also details the Loan Council Allocation for 2012−13.

• Appendix B summarises the receipts and payments of the Consolidated Account.

• Appendix C provides a time series of financial statistics.

This document provides explanation of variations between 2012–13 estimates included in the 2013−14 Budget and the 2012−13 outcome. Variations between the estimates included in the 2013−14 Budget and the 2012−13 Budget are discussed in the 2013−14 Budget Papers.



Introduction

Chapter 1: 2012–13 Final Budget Outcome

Overview

The Government of South Australia recorded a net operating deficit of $948 million for 2012–13 for the general government sector. This represents an improvement of $366 million from the $1314 million deficit estimated at the time of the 2013–14 Budget.

The improvement in 2012–13 largely reflects lower than expected expenditures.

The net operating deficit of $948 million follows a deficit of $258 million in 2011–12.

General government expenses increase by 0.7 per cent in nominal terms from 2011–12, a real reduction of 1.3 per cent. General government revenue reduced by 3.6 per cent in nominal terms, a real reduction of 5.5 per cent.

The net lending deficit was $1003 million in 2012–13, an improvement of $373 million over the estimate at the time of the 2013–14 Budget. The improvement primarily reflects the better than expected operating outcome.

Net debt for the general government sector at June 2013 was $5227 million, $384 million lower than estimated at the time of the 2013–14 Budget. The improved debt position reflects the better than expected operating result. Net debt to revenue at 30 June 2013 was 34.1 per cent. This compares favourably to the 36.8 per cent estimated at the time of the 2013–14 Budget. The improvement reflects the combined effect of lower debt and improved revenue.

The unfunded superannuation liability measured at 30 June 2013 improved significantly against the budget time estimate. The decrease in liability of $856 million arose because of an increase in the bond yield used to measure the liability ($1.4 billion), offset by lower than expected earnings on assets ($322 million) and other demographic and membership factors ($186 million).

Table 1.1 shows the 2012−13 outcomes for key general government financial indicators compared with earlier estimates and the 2011–12 outcomes.

Table 1.6 and table 1.7 provide reconciliations of variations between estimates and outcomes for net operating balance and net lending respectively.


Table 1.1: General government sector aggregates ($million)

2012−13 2012−13Estimate at Estimate at

2011−12 2012−13 2013−14 2012−13Outcome Budget Budget Outcome

Revenue 15 905 15 059 15 249 15 333Expenses -16 164 -15 926 -16 563 -16 282Net operating balance - 258 - 867 -1 314 - 948Net acquisition of non-financial assets 839 1 034 62 55Net lending -1 098 -1 901 -1 376 -1 003

Memorandum items:Net debt 4 165 5 329 5 611 5 227Net debt to revenue 26.2 35.4 36.8 34.1Unfunded superannuation 13 523 11 821 11 941 11 085

Note: Totals may not add due to rounding.

General government sector operating results

The major items contributing to the variation in the general government sector financial outcome compared with previous estimates are discussed on the following pages.

Operating revenue

Table 1.2: Operating revenue ($million)


2012−13 2013−14 2012−13Budget Budget Outcome

RevenueTaxation revenue 4 057 4 099 4 104Grants 7 871 7 717 7 669Sales of goods and services 2 006 2 045 2 115Interest income 167 133 134Dividend and income tax equivalent income 349 399 446Other 608 856 865Total revenue 15 059 15 249 15 333


Operating revenues for the general government sector for 2012−13 were $84 million higher than estimated at the time of the 2013−14 Budget.

Taxation revenue

Taxation revenue was $5 million higher than the estimated result due to higher than expected revenue from insurance, motor vehicle and gambling taxes partially offset by lower than expected revenues from payroll tax.

Payroll tax revenue was $22 million lower than estimated, mainly due to softer than expected employment conditions.


Chapter 1: Final Budget Outcome

Insurance tax revenue was $12 million higher than estimated mainly due to the timing of back payments of taxes following the resolution of a court case related to the treatment of insurance policies. The 2013–14 Budget anticipated that these back payments would be received in 2013–14.

Motor vehicle tax revenues exceeded the estimated result by $8 million largely due to higher than expected registration fee revenue.

Gambling tax revenues were higher than the estimated result mainly due to higher than expected distributions from SA Lotteries.

Table 1.3: Taxation variations ($million)

Payroll tax -22Taxes on property 1Gambling taxes 6Motor vehicle taxes 8Insurance taxes 12Total taxation 5

Variations in actual collections for 2012−13 against estimated result in the 2013−14 Budget


Grant revenue

Total grant revenue was $48 million lower than estimated in the 2013–14 Budget.

GST revenue grants were $29 million higher than expected due to stronger than anticipated growth in the total GST pool available for distribution in 2012–13. Commonwealth Government payments for specific purposes were broadly in line with expectations. National Partnership payments were around $37 million lower than expected mainly due to timing issues. Payments associated with the Coorong, Lower Lakes and Murray Mouth Recovery project and specialist disability services for people over 65 years of age were expected to be received in 2012–13 but will be paid in 2013–14. This impact was partially offset by the receipt of some funding for the South Road upgrade earlier than expected.

Total other contributions and grants were lower than expected mainly due to lower than expected health-related grants.

Sales of goods and services

Sales of goods and services revenues were $70 million higher than estimated. Health unit fee revenue was $69 million higher than estimated mainly due to the reclassification of revenue previously recorded as other revenue.

Dividend and income tax equivalent income

Dividend and income tax equivalent revenue was higher than estimated mainly due to higher than expected distributions from SA Water. Lower than expected operational costs associated with the Adelaide Desalination Plant, lower interest expenses and higher than expected water consumption contributed to the higher distributions from SA Water.

Other revenue

Other revenues were $9 million higher than the estimated result. Increases in a number of agency revenues were partially offset by lower health unit revenues arising from the reclassification of some health fee revenue to sales of goods and services.



Operating expenses

Table 1.4: Operating expenses ($million)



ExpensesEmployee expenses 6 930 7 134 7 105Superannuation expenses

Superannuation interest cost 340 314 314Other superannuation expenses 742 746 675

Depreciation and amortisation 822 830 762Interest expenses 414 404 386Other property expenses — — —Other operating expenses 3 987 4 329 4 313Grants 2 692 2 806 2 726Total expenses 15 926 16 563 16 282


The final outcome for total operating expenses in 2012−13 was $281 million lower than the estimate reported in the 2013−14 Budget.

Employee expenses and superannuation expenses

Employee expenses (including superannuation expenses) were $100 million lower than estimated mainly due to underspending in the Department for Education and Child Development and the reclassification of employee expenses to the other operating expense line by the Department of Planning, Transport and Infrastructure.

Depreciation and amortisation

Depreciation and amortisation was $68 million lower than estimated, reflecting changes in the timing of finalisation of capital investment projects primarily in the Department for Health and Ageing and the Department of Planning, Transport and Infrastructure, and other changes to agency depreciation.

Interest expenses

Interest expenses were $18 million lower than the estimated result reflecting the lower than expected net debt result combined with favourable borrowing costs.

Other operating expenses

Other operating expenses were $16 million lower than estimated, mainly due to delays in Commonwealth Government funded projects within the Department of Environment, Water and Natural Resources and lower than estimated expenditure across a range of agencies.



Grants

Grant expenses were $80 million lower than estimated. Of this, $30 million was due to an accounting treatment change associated with the transfer of Commonwealth Government funded assets, constructed by the Department for Health and Ageing to the SA Health and Medical Research Institute. The transfer was reflected as a donated asset in the 2012–13 estimated result, however based on advice from the Auditor General’s Department, has not been recognised as an operating expense in the final outcome. The remainder reflects lower than estimated grant payments across a number of agencies, including:

• lower than estimated payments from the Department for Communities and Social Inclusion, mainly due to changes in the timing of payments from the Community Benefit SA program

• lower than estimated payments to non-government schools from the Department for Education and Child Development associated with lower than expected grant revenue from the Commonwealth Government

• lower than estimated payments to local government for financial assistance from the Department of the Premier and Cabinet associated with lower than expected grant revenue from the Commonwealth Government.

Net acquisition of non-financial assets

Table 1.5: Net acquisition of non-financial assets ($million)



Net acquisition of non-financial assetsPurchases of non-financial assets 2 147 2 092 2 008less Sales of non-financial assets 291 1 200 1 197less Depreciation 822 830 762plus Change in inventories — — 7plus Other movements in non-financial assets — — —

equals Total net acquisition of non-financial assets 1 034 62 55


The general government sector net acquisition of non-financial assets is a positive $55 million in 2012−13. This outcome is $7 million lower than the 2012−13 estimate reported in the 2013−14 Budget.

The lower 2012−13 outcome for the net acquisition of non-financial assets compared with the estimate reported in the 2013−14 Budget reflects lower than estimated net capital expenditure ($84 million) across a range of agencies, mainly due to slippage of projects from 2012−13 into future years and reclassification of expenditure as operating for a range of infrastructure projects. These variations were offset in part by lower asset sales ($3 million) and lower depreciation expenses ($68 million) and an increase in inventories ($7 million).



Table 1.6: Net operating balance ― policy and parameter variations ($million)

2012−13Estimate at 2012−13 Budget - 867Parameter and other variationsRevenue — taxation 42Revenue — other 99Operating expenses - 515Net effect of parameter and other variations - 373Policy measures up to the BudgetRevenue measures — taxation —Revenue measures — other - 3Revenue — offsets 59Operating expenses - 301Net effect of policy measures up to the 2013−14 budget - 245Policy measures in the BudgetRevenue — other - 8Revenue offsets 1Operating expenses - 51Net effect of policy measures in the 2013−14 Budget - 58Use of provisions set aside in the 2012−13 Budget and the 2012−13 Mid-Year Budget ReviewOperating expenses 229Estimate at 2013−14 Budget -1 314Parameter and other variationsRevenue — taxation 5Revenue — other 79Operating expenses 281Net effect of parameter and other variations 366Final outcome - 948


Table 1.7: Net lending ― policy and parameter variations ($million)

2012−13Estimate at 2012−13 Budget -1 901

Net effect of operating variations - 447

Investing variations(a)

Net effect of parameter variations 966Policy variations up to the 2013−14 Budget - 2Policy variations in the 2013−14 Budget —Use of provisions set aside in the 2012−13 Budget and the 2012−13 Mid-Year Budget Review 8

Total investing variations 972

Estimate at 2013−14 Budget -1 376

Net effect of operating variations after the 2013−14 Budget 366

Investing variations(a)

Net effect of parameter variations 7

Final outcome -1 003


(a) Investing variations relate to the movements in the net acquisition of non-financial assets.



Balance sheet indicators

The following sections provide key balance sheet indicators and associated commentary for both the general government sector and the non-financial public sector.

General government sector

Table 1.8: General government sector ― key balance sheet indicators June 2013 June 2013

Estimate at Estimate atJune 2012 2012−13 2013−14 June 2013Outcome Budget Budget Outcome

Net debt$m 4 165 5 329 5 611 5 227% of total revenue 26.2 35.4 36.8 34.1

Unfunded superannuation liability $m 13 523 11 821 11 941 11 085% of total revenue 85.0 78.5 78.3 72.3

Net financial liabilities$m 20 332 19 782 20 368 19 079% of total revenue 127.8 131.4 133.6 124.4

Net financial worth$m 1 413 1 929 1 083 1 742% of total revenue 8.9 12.8 7.1 11.4

Net worth$m 37 199 37 933 38 463 39 363% of total revenue 233.9 251.9 252.2 256.7

Net debt

Net debt increased by $1.1 billion from 30 June 2012 to 30 June 2013, due mainly to the general government cash deficit.

Table 1.9 provides details of the movement in general government net debt in 2012–13.

Table 1.9: General government sector net debt ($million)

Net debt at 30 June 2012 4 165

Increase in net debt:General government cash deficit 1 166Repayment of equity capital contribution — ForestrySA - 5Repayment fo equity capital contribution — Adelaide Convention Centre - 48Other variations - 51Total increase in net debt 1 062

Net debt at 30 June 2013 5 227


The general government sector net debt of $5.2 billion at 30 June 2013 is a $384 million improvement compared to the estimate at the time of the 2013−14 Budget. The better than expected level of net debt primarily reflects an improvement in the net lending balance of $373 million, mainly due to favourable revenue and expenditure outcomes compared to the estimates at the time of the 2013−14 Budget.



Unfunded superannuation liability

The largest liability on the government’s balance sheet is the unfunded superannuation liability. The unfunded superannuation liability was $11.1 billion at 30 June 2013, $2.4 billion lower than at 30 June 2012, and $856 million lower than estimated in the 2013−14 Budget. Changes in the liability are the direct result of changed discount rate assumptions required under accounting standards, offset by lower than expected earnings and other demographic factors.

Table 1.10 provides details of the movements in the unfunded superannuation liability in 2012–13.

Table 1.10: Unfunded superannuation liability ($million)

Unfunded superannuation liability as at 30 June 2012 13 523Nominal superannuation interest expense(a) 314Past service payments - 438Higher than expected returns on investments(b) - 631Impact of change in discount rate from 3.4% to 3.7% - 755Other movements - 72Estimate of 30 June 2013 unfunded superannuation liability as at 2013−14 Budget 11 941Lower than expected returns on investments 322Impact of change in discount rate from 3.7% to 4.3% -1 364Other movements 169Adjustment to align with AASB119 reports 17Unfunded superannuation liability as at 30 June 2013 11 085


(a) The nominal superannuation interest expense represents the increase during the year in the present value of the defined benefit obligation, which arises because the benefits are one period closer to settlement.

(b) The 2012–13 earnings rate was 16.5 per cent, compared with the long-term earnings assumption of 7.0 per cent.

In addition to the normal annual movements in the unfunded superannuation liability arising from the nominal superannuation interest expense and past service payments, material changes arose from variations in the discount rate used to value the liability. The 2013–14 Budget used an effective annual rate of 3.7 per cent compared with 3.4 per cent used at 30 June 2012. This resulted in a decrease of $755 million to the unfunded superannuation liability when compared to the estimate in the 2013−14 Budget.

In the period between the release of the 2013−14 Budget and 30 June 2013 further material changes impacting on the value of the unfunded liability at 30 June 2013 included:

• the prevailing long-term Commonwealth bond rate at 30 June 2013 was 4.3 per cent, a 0.6 percentage point change from budget time. This resulted in a decrease of $1.4 billion to the liability

• a deterioration in the returns on superannuation assets added $322 million to the liability.

The government’s closed defined benefit superannuation schemes create a liability for the government to pay future benefits to scheme members in accordance with the terms of the schemes. A program began in 1994−95 to fully fund the superannuation liability by 2034. In 2012−13 a $438 million payment was made to the superannuation schemes as part of that program.

The accounting standard for employee entitlements requires that superannuation benefits are valued at the net present value of future obligations. This is calculated by discounting the gross liability using market yields on government bonds.



Given the long-term nature of the liability, the spot market yield of the longest term Commonwealth Government bond at balance date is used as the discount rate for the purpose of this valuation. As shown in table 1.10, small changes in the long-term bond rate have a material impact on the reported liability.

Net financial liabilities

In addition to net debt and unfunded superannuation liabilities, net financial liabilities include other financial liabilities and financial assets (excluding equity held in public non-financial corporations and public financial corporations).

Net financial liabilities amounted to $19.1 billion at 30 June 2013; $1.3 billion lower than the estimate at the time of the 2013−14 Budget. This decrease is primarily the result of the previously discussed movements in the unfunded superannuation liability and net debt.

Aside from net debt and unfunded superannuation liabilities other employee benefits liabilities are the next largest contributor to net financial liabilities. Other employee benefits (predominantly long service leave) totalled $2.46 billion at 30 June 2013 compared to the estimate of $2.44 billion at the time of the 2013–14 Budget.

The net financial liabilities to revenue ratio at 30 June 2013 is 124.4 per cent, compared with the 2013−14 Budget estimate of 133.6 per cent.

Net financial worth and net worth

General government sector net worth increased by $2.2 billion in 2012−13. This was primarily due to the revaluation of the unfunded superannuation liability ($2.3 billion) and increases in land and other fixed assets ($1.9 billion), partly offset by increases in borrowings ($1.3 billion) and a decrease in investments held in other public sector entities ($924 million).

Table 1.11 shows movements in net worth attributable to operating transactions and other items during 2012−13.



Table 1.11: General government sector net worth ($million)

2012−13 Estimated

Result2012−13

OutcomeNet worth at 30 June 2012 37 199 37 199

Change in net worth from operating transactions:Net operating balance -1 314 - 948

Change in net worth from other economic flows:Movement in net assets of PNFCs(a)(b) 641 - 412Movement in net assets of PFCs 198 455Non-financial asset revaluations — 811Revaluation of unfunded superannuation liability(c) 1 458 2 314Revaluation of annual leave liability - 10 - 18Revaluation of long service leave liability - 76 - 2Net gain on SA Lotteries master sale agreement(d) 394 403Net gain form disposal of standing timber(e) — 47Net loss on derecognition of land(e) — - 436Other revaluation adjustments - 26 - 49SubtotalTotal other economic flows 2 579 3 113Net worth at 30 June 2013 38 463 39 363


(a) Net of equity injections from, and the return of equity to, the general government sector.

(b) Net of distribution of assets and liabilities to the general government sector in relation to the realisation of value in government businesses.

(c) Represents the revaluation difference from the 30 June 2012 liability, which was measured using a 3.4 per cent discount rate.

(d) Recognition of intangible asset in the general government sector and the sale of this asset to Tatts Lotteries SA Pty Ltd for the right to operate SA Lotteries for the next 40 years.

(e) Net loss on derecognition of land in relation to the sale of the state’s Green Triangle forest plantations. The sale agreement included the sale of the standing timber and a 70 year lease with an option of a further 35 years over the land to OneFortyOne Plantations Pty Ltd. The lease arrangement for the land has been classified as a finance lease and therefore has been derecognised on disposal.

Revaluation of the unfunded superannuation liability increased net worth by $2.3 billion. This figure represents movement in the unfunded liability that is not attributable to past service payments or nominal superannuation interest expense, such as the effect of changes in the discount rate and higher than expected returns on investments, as discussed earlier under table 1.8.

During 2012−13, the value of non-financial assets within the general government sector increased by $811 million, mainly due to a $773 million increase in the value of the Department of Planning, Transport and Infrastructure’s network assets.

The general government sector’s investment in public non-financial corporations decreased by $412 million, mainly due to:

• a $403 million decrease associated with the revaluation of South Australian Housing Trust’s (SAHT) land and buildings. This was partially offset by a reduction of $320 million in SAHT’s borrowings following the once-off relief of state housing payments by the Commonwealth Government, announced in the 2013–14 Budget

• a $142 million decrease due to the revaluation of SA Water’s infrastructure, property, plant and equipment

• a $102 million decrease following revaluation of the Renewal SA’s inventories ($81 million) and investment properties ($21 million).



General government equity in the net assets of public financial corporations increased by $455 million in 2012−13. This was mainly due to a $371 million increase in the Motor Accident Commission’s net assets.

In addition, during 2012–13, the Government of South Australia entered into the following major asset transactions that impacted on the net worth of the general government sector.

• Forestry timber transaction: in October 2012 the government completed the forward sale of the state’s Green Triangle forest plantations. Under the transaction, the standing timber was sold and the associated land leased for an initial term of 70 years for consideration of $635.1 million (excluding stamp duty) deriving a gain of $47.0 million on this transaction.

• Forestry land lease accounting treatment: While the state retains title over the forest land, disposal has been deemed in accordance with the accounting standard on leases, resulting in an accounting loss of $436 million on derecognition. The land asset will return to the state for no consideration at the end of the lease arrangements. This treatment reduces net worth by $436 million.

• Lotteries transaction: in December 2012 the rights to operate SA Lotteries for the next 40 years were licensed to the Tatts Group for $403 million (excluding stamp duty). This transaction increased the general government net worth by $403 million in 2012–13. Consistent with accounting standards the value of the business had not previously been included in the government’s balance sheet.

Non-financial public sector

Table 1.12 sets out the key balance sheet indicators for the non-financial public sector (which is comprised of the general government sector and the public non-financial corporations sector).

Table 1.12: Non-financial public sector ― key balance sheet indicators at 30 June 2013

June 2013 June 2013Estimate at Estimate at

June 2012 2012−13 2013−14 June 2013Outcome Budget Budget Outcome

Net debt$m 7 996 9 684 9 478 8 949% of total revenue 47.4 59.9 57.9 54.3

Unfunded superannuation liability $m 13 523 11 821 11 941 11 085% of total revenue 80.2 73.1 72.9 67.2

Net financial liabilities$m 24 500 24 312 24 509 23 064% of total revenue 145.3 150.4 149.7 139.8

Net financial worth$m -25 123 -24 658 -24 933 -23 223% of total revenue - 149.0 - 152.5 - 152.3 - 140.8

Net worth$m 37 199 37 933 38 463 39 363% of total revenue 220.6 234.6 234.9 238.6



Non-financial public sector net debt increased by $1.0 billion in 2012−13 to $8.9 billion, primarily due to the general government cash deficit. The public non-financial corporations’ component of net debt at 30 June 2013 was $3.7 billion, $109 million lower than at 30 June 2012.

Net debt for the non-financial public sector at 30 June 2013 was $529 million less than the estimate included in the 2013–14 Budget, mainly due to favourable expenditure outcomes compared to the estimates at the time of the 2013−14 Budget.

The negative net financial worth position of the non-financial public sector of $23.2 billion contrasts with the positive net financial worth of the general government sector of $1.7 billion. This variation largely reflects equity in the public non-financial corporations sector held by the general government sector and recognised as a financial asset of that sector. This asset is eliminated in the consolidation of the non-financial public sector.

Net worth for the non-financial public sector increased by $2.2 billion in 2012−13.



Chapter 2: Economic performance

The international and national economic context for the year 2012–13

Having shown signs of strengthening in the first half of 2012, the pace of global economic expansion was further constrained through the course of the year by the deterioration of the euro area and moderating growth in the thus far strong economies of China and India. Economic recovery in the United States of America has continued at a moderate pace.

Although central banks in the advanced economies continued to provide policy stimulus and emerging economies moved to an easing monetary policy, these measures proved insufficient in producing a rapid recovery in global growth. The pace of world economic growth, therefore, remained below its long-run trend with most of what growth did occur coming from the emerging rather than advanced economies.

The Australian economy likewise softened over the course of 2012–13. Growth in real Gross Domestic Product of 2.6 per cent in 2012–13, while stronger than most advanced economies, was down from 3.6 per cent in 2011–12 and lower than the original 2012–13 Commonwealth Budget forecast for 3¼ per cent growth. Domestic demand growth eased considerably, primarily reflecting scaling back in spending on business investment, particularly in the resources sector, and fiscal measures being implemented by Australian governments. The 1.9 per cent growth in Domestic Final Demand for the full year 2012–13 was the weakest result in 3 years. The international economic environment also dampened Australia’s terms of trade, which fell by 9.7 per cent in 2012–13 after growing by 21 per cent in the previous two financial years.

Australia’s economy continued to experience mixed conditions across different industries. Mining and mining-related manufacturing and construction continued to benefit from solid, although moderating, international demand for resources. Other sectors, however, including non mining-related manufacturing, education and tourism continued to face challenges brought about by subdued consumer spending and the still high exchange rate. The household savings ratio remained high in 2012–13, in excess of 10 per cent, as households maintained a focus on savings and paying down debt. Reflecting an increasingly subdued outlook through the course of 2012–13, the Reserve Bank maintained an accommodative stance on monetary policy, cutting official interest rates twice in late 2012 and again in the June quarter of 2013, by ¾ of a percentage point in total during 2012–13.

The national labour market weakened through the course of 2012–13. Employment grew by 1.3 per cent through the year to the June quarter. By the end of 2012–13, the trend unemployment rate had edged higher to 5.7 per cent from 5.2 per cent a year earlier, with workforce participation falling slightly over this period.

Inflationary pressures picked up in 2012–13, with the national Consumer Price Index (CPI) rising by 2.4 per cent through the year to the June quarter 2013, compared with 1.2 per cent through the previous 12 months. Much of this acceleration in inflation resulted from price rises in health, housing, alcohol and tobacco and education. In year average terms the CPI rose 2.3 per cent nationally during 2012–13 (and by 2.0 per cent for Adelaide).


South Australian economic performance for the year 2012−13

South Australia’s economy in 2012–13 was largely supported by strong investment in the construction of economic and social infrastructure, including the new Royal Adelaide Hospital, the new science precinct at the University of Adelaide, the Adelaide Oval upgrade, the duplication of the southern expressway and South Road upgrade.

State Final Demand (SFD) measures total spending by households, business and governments in the South Australian economy. This measure fell by 0.2 per cent in real terms during 2012–13. The fall in SFD largely reflected lower levels of housing construction activity and a decline in business investment in machinery and equipment. The strongest component of South Australian State Final Demand was non-dwelling construction, which grew 19 per cent during 2012–13. The rise in household consumption spending was more subdued, growing by 1.2 per cent.

SFD, however, is an incomplete measure of the state economy’s performance as it does not capture net international and interstate exports of goods and services and changes in inventory levels. These are included in the Gross State Product (GSP) measure of economic growth. Imports are deducted because, although included in final expenditures, they do not form part of domestic production. The official 2012–13 GSP estimates were not available at the time of publication.

Housing construction activity improved in the second half of the 2012–13 financial year in response to lower interest rates and the Government of South Australia’s housing construction grants announced in October 2012. In September 2013, building approvals were 24 per cent higher than a year earlier. The Adelaide median metropolitan house price rose by 1.8 per cent in the year to the September quarter 2013. Population growth was relatively consistent through the course of 2012–13, growing by 0.9 per cent in the year to the March quarter 2013. The main contribution to population growth came from net overseas migration.

In the resources sector, exploration spending rose by 23 per cent during 2012–13, driven by strong growth of 123 per cent in petroleum exploration spending. Although the state’s crop production came in lower than in the previous year, strong crop prices meant a good year for the sector.

South Australia’s labour market was relatively flat in 2012–13, with employment rising by 0.1 per cent in year average terms, in line with the revised budget forecast. In June 2013, in excess of 125,000 net new jobs had been created in South Australia since March 2002. The trend unemployment rate in South Australia rose modestly from 5.6 per cent in June 2012 to 6.3 per cent in June 2013.

Table 2.1: Economic parameters ― Australia and South Australia growth rates (% per annum), 2012−13

2012−13 Forecast at 2012−13 Budget

2012−13 Forecast at 2013−14 Budget Outcome

Australia

Gross Domestic Product (real terms) 3¼ 3 2.6

Domestic Final Demand (real terms) 3¾ 3 1.9

South Australia

Gross State Product (real terms) 2¾ 1¼ n.a.

State Final Demand (real terms) 2¾ 1¼ -0.2

Employment ¾ — 0.1

Consumer Price Index 2½ 2¼ 2.0

Sources: 2013–14 Commonwealth Budget and South Australian Budget, and the Australian Bureau of Statistics.

Chapter 2: Economic performance


Appendix A: Uniform presentation framework tables


UNIFORM PRESENTATION FRAMEWORK TABLES

Table A.1: General government sector operating statement ($million)___________________________________________________________________________________________________________________________________________________________________________________________________________________________________

2012–13Estimate at

2013–14Budget

2012–13Outcome

RevenueTaxation revenue 4 099 4 104Grants 7 717 7 669Sales of goods and services 2 045 2 115Interest income 133 134Dividend and income tax equivalent income 399 446Other 856 865

Total revenue 15 249 15 333

lessExpensesEmployee expenses 7 134 7 105Superannuation expenses Superannuation interest cost 314 314 Other superannuation expenses 746 675Depreciation and amortisation 830 762Interest expenses 404 386Other property expenses — —Other operating expenses 4 329 4 313Grants 2 806 2 726

Total expenses 16 563 16 282

equals

Net operating balance -1 314 -948

plusOther economic flows 2 579 3 113

equals

Comprehensive result - total change in net worth 1 264 2 164


lessNet acquisition of non-financial assetsPurchases of non-financial assets 2 092 2 008less Sales of non-financial assets 1 200 1 197less Depreciation 830 762plus Change in inventories — 7plus Other movements in non-financial assets — —

equals Total net acquisition of non-financial assets 62 55

equals

Net lending / borrowing -1 376 -1 003



Appendix A: Uniform presentation framework tables and Loan Council allocation report

Table A.2: Public non-financial corporations (public trading enterprises) sectoroperating statement ($million)___________________________________________________________________________________________________________________________________________________________________________________________________________________________________


2013–14Budget

2012–13Outcome

RevenueTaxation revenue — —Grants 551 615Sales of goods and services 1 859 2 010Interest income 18 23Dividend and income tax equivalent income 4 8Other 521 403


lessExpensesEmployee expenses 210 195Superannuation expenses Superannuation interest cost — — Other superannuation expenses 24 25Depreciation and amortisation 406 403Interest expenses 246 239Other property expenses 349 364Other operating expenses 1 350 1 457Grants 366 85


equals

Net operating balance 2 291

plusOther economic flows -495 -1 679

equals

Comprehensive result - total change in net worth -493 -1 388

Net operating balance 2 291

lessNet acquisition of non-financial assetsPurchases of non-financial assets 762 676less Sales of non-financial assets 461 232less Depreciation 406 403plus Change in inventories 27 -32plus Other movements in non-financial assets — —

equals Total net acquisition of non-financial assets -79 9

equals

Net lending / borrowing 81 282




Table A.3: Non-financial public sector operating statement ($million)___________________________________________________________________________________________________________________________________________________________________________________________________________________________________


2013–14Budget

2012–13Outcome

RevenueTaxation revenue 3 722 3 726Grants 7 716 7 697Sales of goods and services 3 722 3 949Interest income 122 131Dividend and income tax equivalent income 50 56Other 1 045 935


lessExpensesEmployee expenses 7 343 7 299Superannuation expenses Superannuation interest cost 314 314 Other superannuation expenses 770 700Depreciation and amortisation 1 236 1 166Interest expenses 621 599Other property expenses — —Other operating expenses 4 786 4 849Grants 2 619 2 224


equals


plusOther economic flows 2 577 2 822

equals

Comprehensive result - total change in net worth 1 264 2 164


lessNet acquisition of non-financial assetsPurchases of non-financial assets 2 846 2 683less Sales of non-financial assets 1 654 1 428less Depreciation 1 236 1 166plus Change in inventories 27 -26plus Other movements in non-financial assets — —

equals Total net acquisition of non-financial assets -17 64

equals

Net lending / borrowing -1 295 -721




Table A.4: Public financial corporations sector operating statement ($million)___________________________________________________________________________________________________________________________________________________________________________________________________________________________________

2012–13Outcome

RevenueTaxation revenue —Grants 6Sales of goods and services 1 443Interest income 1 343Dividend and income tax equivalent income 37Other 183

Total revenue 3 012

lessExpensesEmployee expenses 38Superannuation expenses Superannuation interest cost — Other superannuation expenses 4Depreciation and amortisation 50Interest expenses 1 232Other property expenses 55Other operating expenses 1 122Grants 1

Total expenses 2 501

equals

Net operating balance 511

plusOther economic flows -47

equals

Comprehensive result - total change in net worth 464

Net operating balance 511

lessNet acquisition of non-financial assetsPurchases of non-financial assets 391less Sales of non-financial assets 83less Depreciation 50plus Change in inventories —plus Other movements in non-financial assets —

equals Total net acquisition of non-financial assets 258

equals

Net lending / borrowing 253




Table A.5: General government sector balance sheet ($million)___________________________________________________________________________________________________________________________________________________________________________________________________________________________________


2013–14Budget

2012–13Outcome

AssetsFinancial assets Cash and deposits 874 1 113 Advances paid 294 176 Investments, loans and placements 209 226 Receivables 599 730 Equity Investments in other public sector entities 21 451 20 821 Investments - other 832 831 Other financial assets 125 56

Total financial assets 24 383 23 954

Non-financial assets Land and other fixed assets 37 374 37 616 Other non-financial assets 6 5

Total non-financial assets 37 380 37 621

Total assets 61 763 61 575

LiabilitiesDeposits held 307 392Advances received 232 232Borrowing 6 448 6 118Superannuation 11 941 11 085Other employee benefits 2 443 2 457Payables 905 1 019Other liabilities 1 024 908

Total liabilities 23 301 22 212

Net worth 38 463 39 363

Net financial worth 1 083 1 742Net financial liabilities 20 368 19 079Net debt 5 611 5 227




Table A.6: Public non-financial corporations (public trading enterprises) sectorbalance sheet ($million)___________________________________________________________________________________________________________________________________________________________________________________________________________________________________


2013–14Budget

2012–13Outcome

AssetsFinancial assets Cash and deposits 349 547 Advances paid 33 29 Investments, loans and placements 44 44 Receivables 280 288 Equity Investments in other public sector entities — — Investments - other 14 17 Other financial assets 4 1

Total financial assets 723 926




LiabilitiesDeposits held — —Advances received 248 143Borrowing 4 044 4 200Superannuation — —Other employee benefits 78 74Payables 356 298Other liabilities 138 196


Net worth 21 875 20 980

Net financial worth -4 141 -3 985Net financial liabilities 4 141 3 985Net debt 3 867 3 723




Table A.7: Non-financial public sector balance sheet ($million)___________________________________________________________________________________________________________________________________________________________________________________________________________________________________


2013–14Budget

2012–13Outcome

AssetsFinancial assets Cash and deposits 1 094 1 440 Advances paid 78 62 Investments, loans and placements 253 270 Receivables 766 877 Equity Investments in other public sector entities -425 -159 Investments - other 846 848 Other financial assets 126 56

Total financial assets 2 738 3 394




LiabilitiesDeposits held 178 172Advances received 232 232Borrowing 10 492 10 318Superannuation 11 941 11 085Other employee benefits 2 520 2 531Payables 1 173 1 215Other liabilities 1 134 1 064


Net worth 38 463 39 363

Net financial worth -24 933 -23 223Net financial liabilities 24 509 23 064Net debt 9 478 8 949




Table A.8: Public financial corporations sector balance sheet ($million)___________________________________________________________________________________________________________________________________________________________________________________________________________________________________

2012–13Outcome

AssetsFinancial assets Cash and deposits 826 Advances paid 12 916 Investments, loans and placements 5 359 Receivables 504 Equity Investments in other public sector entities — Investments - other 2 939 Other financial assets 27

Total financial assets 22 571

Non-financial assets Land and other fixed assets 854 Other non-financial assets —

Total non-financial assets 854

Total assets 23 425

LiabilitiesDeposits held 860Advances received —Borrowing 15 933Superannuation —Other employee benefits 15Payables 126Other liabilities 6 651

Total liabilities 23 584

Net worth -159

Net financial worth -1 013Net financial liabilities 1 013Net debt -2 308




Table A.9: General government sector cash flow statement ($million)___________________________________________________________________________________________________________________________________________________________________________________________________________________________________


2013–14Budget

2012–13Outcome

Cash receipts from operating activitiesTaxes received 4 097 4 106Receipts from sales of goods and services 2 037 2 011Grants and subsidies received 7 763 7 689Interest receipts 133 145Dividends and income tax equivalents 387 417Other receipts 550 954

Total operating receipts 14 966 15 323

Cash payments for operating activitiesPayments for employees -8 358 -8 180Payments for goods and services -3 686 -3 666Grants and subsidies paid -2 930 -2 819Interest paid -404 -392Other payments -148 -713

Total operating payments -15 526 -15 771

Net cash flows from operating activities -560 -448

Net cash flows from investmentsin non-financial assetsSales of non-financial assets 1 167 1 166Purchases of non-financial assets (a) -2 089 -1 884

Net cash flows from investments -922 -718in non-financial assets

Net cash flows from investments in financialassets for policy purposes (b) 9 102

Net cash flows from investments in financialassets for liquidity purposes -12 76

Net cash flows from financing activitiesAdvances received (net) -20 -20Borrowing (net) 1 566 1 237Deposits received (net) -91 -4Dividends paid — —Other financing (net) — —

Net cash flows from financing activities 1 456 1 213

Net Increase/(decrease) in cash held -29 226

Net cash flows from operating activities -560 -448Net cash flows from investments -922 -718in non-financial assetsDividends paid — —

Cash surplus / (deficit) -1 482 -1 166

Note: Totals may not add due to rounding.(a) The ABS disaggregates this item into new and secondhand non-financial assets.(b) Includes equity acquisitions and disposals.



Table A.10: Public non-financial corporations (public trading enterprises) sectorcash flow statement ($million)___________________________________________________________________________________________________________________________________________________________________________________________________________________________________


2013–14Budget

2012–13Outcome

Cash receipts from operating activitiesTaxes received — —Receipts from sales of goods and services 1 817 1 922Grants and subsidies received 551 607Interest receipts 18 23Dividends and income tax equivalents 4 8Other receipts 162 86


Cash payments for operating activitiesPayments for employees -246 -237Payments for goods and services -954 -1 088Grants and subsidies paid -107 -112Interest paid -247 -237Other payments -495 -454


Net cash flows from operating activities 502 518

Net cash flows from investmentsin non-financial assetsSales of non-financial assets 203 227Purchases of non-financial assets (a) -728 -663

Net cash flows from investments -525 -436in non-financial assets

Net cash flows from investments in financialassets for policy purposes (b) 8 8

Net cash flows from investments in financialassets for liquidity purposes -2 —

Net cash flows from financing activitiesAdvances received (net) -18 -103Borrowing (net) 133 287Deposits received (net) — —Dividends paid -254 -235Other financing (net) — —

Net cash flows from financing activities -138 -51


Net cash flows from operating activities 502 518Net cash flows from investments -525 -436in non-financial assetsDividends paid -254 -235

Cash surplus / (deficit) -277 -153




Table A.11: Non-financial public sector cash flow statement ($million)___________________________________________________________________________________________________________________________________________________________________________________________________________________________________


2013–14Budget

2012–13Outcome

Cash receipts from operating activitiesTaxes received 3 722 3 723Receipts from sales of goods and services 3 676 3 751Grants and subsidies received 7 762 7 709Interest receipts 122 140Dividends and income tax equivalents 50 55Other receipts 697 1 042


Cash payments for operating activitiesPayments for employees -8 593 -8 407Payments for goods and services -4 476 -4 580Grants and subsidies paid -2 485 -2 344Interest paid -622 -601Other payments -165 -654


Net cash flows from operating activities -312 -165

Net cash flows from investmentsin non-financial assetsSales of non-financial assets 1 363 1 393Purchases of non-financial assets (a) -2 810 -2 547

Net cash flows from investments -1 447 -1 154in non-financial assets

Net cash flows from investments in financialassets for policy purposes (b) -1 7

Net cash flows from investments in financialassets for liquidity purposes -14 76

Net cash flows from financing activitiesAdvances received (net) -20 -20Borrowing (net) 1 699 1 524Deposits received (net) — -4Dividends paid — —Other financing (net) — —

Net cash flows from financing activities 1 680 1 501


Net cash flows from operating activities -312 -165Net cash flows from investments -1 447 -1 154in non-financial assetsDividends paid — —





Table A.12: Public financial corporations sector cash flow statement ($million)___________________________________________________________________________________________________________________________________________________________________________________________________________________________________

2012–13Outcome

Cash receipts from operating activitiesTaxes received —Receipts from sales of goods and services 1 471Grants and subsidies received 6Interest receipts 1 278Dividends and income tax equivalents 37Other receipts 118

Total operating receipts 2 911

Cash payments for operating activitiesPayments for employees -49Payments for goods and services -219Grants and subsidies paid -1Interest paid -1 396Other payments -842

Total operating payments -2 507

Net cash flows from operating activities 405

Net cash flows from investmentsin non-financial assetsSales of non-financial assets 83Purchases of non-financial assets (a) -392

Net cash flows from investments -310in non-financial assets

Net cash flows from investments in financialassets for policy purposes (b) -1 479

Net cash flows from investments in financialassets for liquidity purposes 195

Net cash flows from financing activitiesAdvances received (net) —Borrowing (net) 1 379Deposits received (net) 114Dividends paid -19Other financing (net) —

Net cash flows from financing activities 1 474

Net Increase/(decrease) in cash held 285

Net cash flows from operating activities 405Net cash flows from investments -310in non-financial assetsDividends paid -19

Cash surplus / (deficit) 76




Table A.13: General government sector derivation of ABS GFS cash surplus/deficit ($million)___________________________________________________________________________________________________________________________________________________________________________________________________________________________________


2013–14Budget

2012–13Outcome


Acquisitions under finance leases — —and similar arrangements(a)ABS GFS Surplus (+) / deficit (-) including -1 482 -1 166finance leases and similar arrangements

Table A.14: Public non-financial corporations (public trading enterprises) sectorderivation of ABS GFS cash surplus/deficit ($million)___________________________________________________________________________________________________________________________________________________________________________________________________________________________________

Cash surplus / (deficit) -277 -153

Acquisitions under finance leases — —and similar arrangements(a)ABS GFS Surplus (+) / deficit (-) including -277 -153finance leases and similar arrangements

Table A.15: Non-financial public sector derivation of ABS GFS cash surplus/deficit ($million)___________________________________________________________________________________________________________________________________________________________________________________________________________________________________


Acquisitions under finance leases — —and similar arrangements(a)ABS GFS Surplus (+) / deficit (-) including -1 759 -1 319finance leases and similar arrangements

Table A.16: Public financial corporations sector derivation of ABS GFS cashsurplus/deficit ($million)(b)___________________________________________________________________________________________________________________________________________________________________________________________________________________________________

Cash surplus / (deficit) 76

Acquisitions under finance leases —and similar arrangements(a)ABS GFS Surplus (+) / deficit (-) including 76finance leases and similar arrangements

Note: Totals may not add due to rounding.(a) Finance leases are shown with a negative sign as they are deducted in compiling the ABS GFS cash surplus/deficit.(b) Forward estimates are not collected for public financial corporations.



Table A.17: General government sector taxes ($million) (a)___________________________________________________________________________________________________________________________________________________________________________________________________________________________________


2013–14Budget

2012–13Outcome

Taxes on employers' payroll and labour force 1 098 1 077

Taxes on propertyLand taxes 565 562Stamp duties on financial and capital transactions 889 894Financial institutions' transaction taxes — —Other 176 175

Total 1 630 1 631

Taxes on the provision of goods and servicesExcises and levies — —Taxes on gambling 416 422Taxes on insurance 418 429

Total 833 851

Taxes on use of goods and performance of activitiesMotor vehicle taxes 537 545

Total 537 546

Total GFS taxation revenue 4 099 4 104

Note: Totals may not add due to rounding.(a) Excludes taxes paid by general government entities.



Table A.18(a): General government sector grant revenue ($million)__________________________________________________________________________________________________________________________________________________________________________________________________________________________________


2013–14Budget

2012–13Outcome

Current grant revenueCurrent grants from the Commonwealth General purpose grants 4 463 4 492 National partnership grants 436 385 National partnership grants for on-passing 190 184 Specific purpose grants 1 473 1 477 Specific purpose grants for on-passing 689 688

Total current grants from the Commonwealth 7 251 7 225

Other contributions and grants 153 128

Total current grant revenue 7 404 7 354

Capital grant revenueCapital grants from the Commonwealth General purpose grants — — National partnership grants 157 177 Specific purpose grants 119 119 Specific purpose grants for on-passing 13 11 Other capital grants 5 5

Total capital grants from the Commonwealth 294 313

Other contributions and grants 19 2

Total capital grant revenue 313 315

Total grant revenue 7 717 7 669

Table A.18(b): General government sector grant expense ($million)

___________________________________________________________________________________________________________________________________________________________________________________________________________________________________


2013–14Budget

2012–13Outcome

Current grant expense State/territory government 5 44 Local government 41 33 Local government on-passing 172 172 Private and not-for-profit sector 930 866 Private and not-for-profit sector on-passing 707 700 Grants to other sectors of government 503 526 Other 238 190

Total current grant expense 2 597 2 532

Capital grant expense State/territory government — — Local government 36 32 Local government on-passing — — Private and not-for-profit sector 112 104 Private and not-for-profit sector on-passing 13 11 Grants to other sectors of government 46 46 Other 2 2

Total capital grant expense 209 195

Total grant expense 2 806 2 726




Table A.19: General government sector dividend and income tax equivalent income ($million)___________________________________________________________________________________________________________________________________________________________________________________________________________________________________


2013–14Budget

2012–13Outcome

Dividend and income tax equivalent income from PNFC sector 353 398Dividend and income tax equivalent income from PFC sector 46 46Other dividend income 1 1

Total dividend and income tax equivalent income 399 446




Table A.20: General government sector expenses by function(a)(b) ($million)

2012−13Estimate at

2013−14 2012−13Budget Outcome

General public services 366 318Government superannuation benefits — —Other general public services 366 318

Defence(c) — —

Public order and safety 1 550 1 523Police and fire protection services 926 923Law courts and legal services 289 276Prisons and corrective services 253 258Other public order and safety 82 67

Education 4 126 4 095Primary and secondary education 3 323 3 281Tertiary education 559 563Pre-school education and education not definable by level 214 223Transportation of students 28 25Education(d) 3 3

Health 5 062 5 087Acute care institutions 4 370 4 396Mental health institutions n.a n.aNursing homes for the aged n.a n.aCommunity health services 340 331Public health services 156 155Pharmaceuticals, medical aids and appliances 10 13Health research 37 30Health administration(d) 147 162

Social security and welfare 1 180 1 131Social security 106 119Welfare services 966 896Social security and welfare services(d) 107 116

Housing and community amenities 1 167 1 068Housing and community development 551 540Water supply 299 274Sanitation and protection of the environment 314 245Other community amenities 2 9

Recreation and culture 339 390Recreation facilities and services 159 195Cultural facilities and services 167 179Broadcasting and film production 7 8Recreation and culture(d) 6 7



Table A.20: General government sector expenses by function(a)(b) ($million) (continued)



Fuel and energy 62 53Fuel affairs and services 10 11Electricity and other energy 8 1Fuel and energy(d) 45 42

Agriculture, forestry, fishing and hunting 175 156Agriculture 149 131Forestry, fishing and hunting 26 25

Mining and mineral resources other than fuels; manufacturing; 70 60and constructionMining and mineral resources other than fuels 42 41Manufacturing — —Construction 28 19

Transport and communications 1 030 1 007Road transport 390 394Water transport 16 25Rail transport 70 57Air transport 3 —Pipelines n.a n.aOther transport 497 504Communications 54 28

Other economic affairs 243 231Storage, saleyards and markets n.a n.aTourism and area promotion 72 63Labour and employment affairs 54 64Other economic affairs 118 104

Other purposes 1 194 1 164Public debt transactions 404 393General purpose inter-government transactions 127 127Natural disaster relief 9 6Nominal superannuation interest expense 314 314Other purposes(d) 340 323Total GFS expenses 16 563 16 282


(a) Expenses by function data are derived from information submitted by government agencies. The processes for deriving this data are subject to ongoing refinements. Consequently the data may be subject to future revisions.

(b) Some functional classifications are not readily distinguisable at agency level. Those instances are denoted as not available (n.a.).

(c) The ABS defines ‘defence’ as expenditure on military and civil defence affairs, foreign military aid and defence research. The expenditure of DefenceSA is included in other economic affairs.

(d) Not elsewhere classified.



Table A.21: General government sector capital expenditure by function(a) ($million)



General public services 7 9Defence(b) — —Public order and safety 102 94Education 230 228Health 387 359Social security and welfare 5 7Housing and community amenities 15 10Recreation and culture 319 275Fuel and energy 1 1Agriculture, forestry, fishing and hunting 6 6Mining and mineral resources other than fuels; manufacturing; and construction 22 22

Transport and communications 993 992Other economic affairs 5 4Other purposes — —Total capital expenditure 2 092 2 008


(a) Expenses by function data are derived from information submitted by government agencies. The processes for deriving this data are subject to ongoing refinements. Consequently the data may be subject to future revisions.

(b) The ABS defines ‘defence’ as expenditure on military and civil defence affairs, foreign military aid and defence research. The expenditure of DefenceSA is included in other economic affairs.



Loan Council allocation report

The Australian Loan Council — a ministerial body established in 1927 comprising Commonwealth, state and territory Treasurers — requires all jurisdictions to nominate a Loan Council Allocation (LCA) for consideration at its annual meeting.

LCA nominations, prepared in February, are intended to provide an indication of each government’s probable call on financial markets over the forthcoming financial year. The Loan Council, having regard to each jurisdiction’s fiscal position and reasonable infrastructure requirements, along with the macroeconomic implications of the aggregate figure, then considers the nominations.

Following the endorsement of LCA nominations, jurisdictions are further required to update their nominated LCAs at budget time for changes in economic parameters and policy decisions, and also provide an LCA outcome at the end of the financial year. A tolerance limit of 2 per cent of total public sector revenue, set at nomination time, applies between both the nomination and budget, and the budget and outcome LCAs.

Nominated LCAs for 2012–13, for all jurisdictions and in aggregate, were reviewed and endorsed at the meeting of the Australian Loan Council held in April 2012.

South Australia’s budget and outcome LCAs for 2012–13 are shown in table A.22. This table is prepared in accordance with the requirements of the accrual Uniform Presentation Framework, endorsed by the Loan Council in March 2000 and revised in April 2008 to recognise acquisitions under finance leases and similar arrangements.

As table A.22 indicates, South Australia recorded an LCA deficit of $424 million for 2012–13. This is lower than the 2012–13 Budget (May 2012) estimated deficit of $850 million. This largely reflects the impact of stronger than anticipated superannuation returns partially offset by an increase in the non-financial public sector cash deficit.

As a result of these movements, South Australia’s 2012–13 LCA outcome will exceed the 2 per cent of total revenue tolerance limit included in the 2012–13 LCA nomination.



Table A.22: Loan Council allocation 2012−13 ($million)(a)

2012−13 Estimate at 2012−13 Budget

2012−13 Outcome

General government sector cash deficit/surplus 1 952 1 166

PNFC sector cash deficit/surplus -677 153

Non-financial public sector cash deficit/surplus(b) 1 276 1319

Acquisitions under finance leases and similar arrangements – –

ABS Government Finance Statistics cash surplus 1 276 1319

Less: Net cash flows from investments in financial assets for policy purposes

8 7

Adjusted total non-financial public sector deficit/surplus 1 268 1312

Memorandum items(c)

Operating leases(d) -90 -4

Recourse asset sales – –

Superannuation(e) -495 -885

Local government 60 14

Home finance schemes 107 -13

Total memorandum items -418 -888

LCA deficit/surplus(f)(g) 850 424


(a) For the purposes of this table a surplus amount is represented as a negative number while a deficit is shown as a positive number.

(b) The sum of the deficits of the general government and PNFC sectors may not equal the non-financial public sector deficit due to intersectoral transfers, which are netted out in the calculation of the total figure. The figures exclude statutory marketing authorities.

(c) Excludes universities.

(d) Increase/decrease in the net present value (NPV) of operating leases with a NPV of $5 million or greater.

(e) Includes both ‘payments in excess of emerging costs of superannuation’ and ‘interest earnings on employer balances’.

(f) The 2 per cent of total revenue tolerance limit for South Australia’s 2012–13 LCA nomination was $323 million.

(g) South Australia had two infrastructure projects with private sector involvement that met the recognition criteria for 2012–13: The Northern Community Mental Health Centre and the Vita teaching, aged care and rehabilitation facility.



Appendix B: Consolidated Account

Table B.1: Summary of receipts and payments ($000)


ReceiptsTaxation 3 669 766 3 733 553Commonwealth general purpose grants 4 511 800 4 509 740Commonwealth specific purpose grants 567 311 596 398Commonwealth National Partnership payments 64 633 134 445Contributions from state undertakings 365 817 422 216Fees and charges 393 553 356 337Recoveries 46 312 278 330Royalties 235 570 171 899Other receipts 269 310 1 301 314Total receipts 10 124 072 11 504 233

PaymentsAppropriation Act 12 280 709 12 498 002Specific appropriation authorised in various Acts 120 994 121 480Total payments 12 401 703 12 619 482

Consolidated Account Financing Requirement 2 277 631 1 115 249


The deficit for 2012−13 has been funded by borrowings from the South Australian Government Financing Authority (SAFA), pursuant to section 16(2) of the Public Finance and Audit Act 1987, increasing the level of debt serviced from the Consolidated Account.


Table B.2: Receipts ($000)


Taxation Payroll tax 1 298 600 1 275 370Commonwealth places mirror payroll tax(a) 22 200 22 312Stamp duties 1 275 709 1 401 128Commonwealth places mirror stamp duties(a) 300 263Land tax 585 800 581 965Commonwealth places mirror land tax(a) 1 500 1 371Other taxes on property 10 49Save the River Murray Levy 25 400 26 380Gaming machines tax 318 908 287 911Contribution from Lotteries Commission of South Australia 111 592 108 791Contribution from casino operations 23 100 21 648Contribution from South Australian Totalizator Agency Board 3 500 3 682Contribution from on-course totalizators, bookmakers and small lotteries 3 147 2 682Total taxation receipts 3 669 766 3 733 553

Commonwealth general purpose paymentsGST revenue grants 4 511 800 4 509 740Total Commonwealth general purpose payments 4 511 800 4 509 740

Commonwealth specific purpose payments(b)

Council of Australian Governments funding arrangements 567 261 596 398Natural disaster relief and recovery arrangements 50 — Total Commonwealth specific purpose payments 567 311 596 398

Commonwealth National Partnership payments(c)

Council of Australian Governments funding arrangement 64 633 134 445Total Commonwealth National Partnership payments 64 633 134 445


(a) Taxes akin to state taxes are levied on activities conducted on Commonwealth places under the authority of Commonwealth mirror tax legislation. Revenue is retained by the state.

(b) Refers only to those Commonwealth specific purpose payments paid to the Consolidated Account.

(c) Refers only to National Partnership payments that are paid to Consolidated Account. The remainder of National Partnership payments are paid into the Intergovernmental Agreement on Federal Financial Relations special deposit account for subsequent disbursement to the relevant line agencies.



Table B.2: Receipts ($000) (continued)


Contributions from state undertakingsArrangements with private electricity entities Local government rate equivalent 228 225Austraining Pty Ltd Income Tax Equivalent — 657Department of Planning, Transport and Infrastructure Income tax equivalent 2 641 1 646 Local government rate equivalent 1 318 602ForestrySA Dividend 656 29 527 Income tax equivalent 4 727 501Funds SA Local government rate equivalent 196 204Generation Lessor Corporation Dividend — 1 150HomeStart Finance Dividend 6 195 6 329 Income tax equivalent 4 425 4 421Public Trustee Office Dividend 1 370 — Income tax equivalent 675 — Renewal SA Dividend 7 363 — Income tax equivalent 954 — Local government rate equivalent 682 789SA Lotteries Income tax equivalent 8 439 5 974 Local government rate equivalent 5 — SA Water Corporation Dividend 209 211 235 775 Income tax equivalent 100 276 96 447 Local government rate equivalent 1 473 1 513South Australian Asset Management Corporation Dividend — 4 620South Australian Government Employee Residential Properties Dividend 1 706 1 706 Income tax equivalent 351 — South Australian Government Financing Authority Dividend 8 230 8 230 Income tax equivalent 4 470 21 840West Beach Trust Income tax equivalent 226 59Total contributions from state undertakings 365 817 422 216






Fees and charges(d)

Auditor-General's Department — fees for audit and other sundry receipts 14 488 11 721Court fines 36 697 22 909Court regulatory fees 32 423 30 524Guarantee fees 80 216 74 931Infringement Notice Schemes — Expiation fees 89 759 78 738Land and Business Regulations 1 817 1 366Land Services regulatory fees 137 751 136 071Small lotteries 369 — Sundry fees 33 76Total fees and charges 393 553 356 337

RecoveriesContribution to the cost of private plated vehicles 10 — Department of Planning, Transport and InfrastructureIndentured Ports 4 279 26 679Department for Water — Qualco Sunlands 250 250Essential Services Commission of South Australia 6 467 8 718Helicopter service — recovery of costs and sponsorships 1 020 1 121Independent Gaming Corporation contribution to GamblersRehabilitation Fund 2 000 2 000Metropolitan Drainage Fund 7 7National Tax Equivalent Program 50 — Return of cash to Consolidated Account — Cash Alignment Policy — 192 301Return of deposit account balances — 4 682Return of deposit account balances — Superannuation 30 000 38 100Sale of government publications and subscriptions 183 146Sundry recoupment 142 — Unclaimed monies and personal property 1 904 4 325Total recoveries 46 312 278 330

RoyaltiesDepartment for Manufacturing, Innovation, Trade, Resources and Energy 235 570 171 899Total royalties 235 570 171 899


(d) Refers only to those fees and charges paid to the Consolidated Account.





Other receipts

InterestInterest on investments 109 671 94 065Interest recoveries from general government entities 1 051 2 982Interest recoveries from non commercial public trading enterprises 25 419 21 762Interest recoveries from the private sector 345 43

Repayment of advancesAdministered items for the Department of Planning, Transport and Infrastructure 209 466Department for Health and Ageing 19 059 1 870Department of Primary Industries and Regions 3 733 2 500Renmark Irrigation Trust 121 127Royal Zoological Society of South Australia 229 220South Australian Housing Trust 49 714 50 356Other repayments 6 6

Repayment of equity capital contributionsAdelaide Convention Centre 45 500 47 672Department of Planning, Transport and Infrastructure — 19 232Environment Protection Authority — 8 434ForestrySA — 4 984Renewal SA 1 971 —

OtherOther recoveries 1 947 — Proceeds from appointing a master agent to manage SA Lotteries brands and products — 402 771Proceeds from sale of the state's Green Triangle forest plantations — 635 077Sale of land and buildings 10 335 8 746Total other receipts 269 310 1 301 314

Total Consolidated Account receipts 10 124 072 11 504 233




Table B.3: Payments ($000)


Payments from Appropriation ActArts SA 123 727 129 926Attorney-General’s Department 89 409 84 076Administered items for the Attorney-General’s Department 43 344 36 385Auditor-General’s Department 15 444 15 444Courts Administration Authority 87 507 89 984Defence SA 23 225 21 695Department for Communities and Social Inclusion 961 839 973 301Administered items for the Department for Communities and Social Inclusion 164 327 165 309Department for Correctional Services 241 934 241 934Department for Education and Child Development 2 633 800 2 617 289Administered items for the Department for Education and Child Development 220 355 221 705Department for Health and Ageing 3 010 707 2 999 170Department for Manufacturing, Innovation, Trade, Resources and Energy 86 228 86 228Administered Items for the Department for Manufacturing, Innovation, Trade, Resources and Energy 959 959Department for Water(a) 87 728 83 224Administered items for the Department for Water(b) 7 009 7 009Department of Environment, Water and Natural Resources(a) 127 990 137 269Administered items for the Department of Environment, Water and Natural Resources(b) 12 443 12 502Department of Further Education, Employment, Science and Technology 519 768 527 767Department of Planning, Transport and Infrastructure 954 509 1 089 725Administered items for the Department of Planning, Transport andInfrastructure 4 041 3 837Department of Primary Industries and Regions 89 658 89 674Administered items for the Department of Primary Industries and Regions 3 471 3 471Department of the Premier and Cabinet 113 059 108 447Administered items for the Department of the Premier and Cabinet 20 551 19 833Department of Treasury and Finance 67 538 63 672Administered items for the Department of Treasury and Finance 1 799 067 1 890 414Electoral Commission of South Australia 3 122 3 605House of Assembly 8 239 7 379Independent Gambling Authority 1 657 1 657Joint Parliamentary Services 14 305 15 345Legislative Council 5 379 4 345Minister for Tourism 4 454 4 454South Australia Police 681 531 686 713Administered items for South Australia Police 171 173South Australian Tourism Commission 49 080 50 947State Governor’s Establishment 3 134 3 134Total payments appropriated for administrative units, statutory authorities and Ministers 12 280 709 12 498 002

Payments for which specific appropriation is authorised in various Acts 120 994 121 480

Total Consolidated Account payments 12 401 703 12 619 482


(a) On 1 July 2012, the Department for Water was abolished.

(b) Department of Environment, Water and Natural Resources previously known as the Department of Environment and Natural Resources. Change effective 1 July 2012.



Table B.4: Appropriation authorised in various Acts ($000)


Payments for which specific appropriation is authorised in various Acts

Salaries and allowancesAgent-General — Pursuant to Agent-General Act 1901 111 98Auditor-General — Pursuant to Public Finance and Audit Act 1987 294 297Commissioners of Environment, Resourceand Development Court— Pursuant to Remuneration Act 1990 1 154 1 196Commissioner of Police — Pursuant to Police Act 1998 418 754State Coroner and Deputy Coroner — Pursuant to Remuneration Act 1990 833 790Electoral Commissioner and Deputy Electoral Commissioner —Pursuant to Electoral Act 1985 365 367Employee Ombudsman — Pursuant to Fair Work Act 1994 140 202Governor — Pursuant to Constitution Act 1934 286 314Judges — Pursuant to Remuneration Act 1990

Chief Justice 670 636Judges and Masters 23 458 23 252

Magistrates — Pursuant to Remuneration Act 1990 14 354 13 106Members of Various Standing Committees — Pursuant to Parliamentary Remuneration Act 1990 and Parliamentary Committees (Miscellaneous) Act 1991 814 855Ombudsman — Pursuant to Ombudsman Act 1972 384 335Parliamentary Salaries and Electorate Other Allowances —Pursuant to Parliamentary Remuneration Act 1990

Ministers, Officers and Members of Parliament 13 807 14 225Senior Judge and Judges of the Industrial Relations Courtand Commission — Pursuant to Remuneration Act 1990 3 045 2 835Solicitor-General — Pursuant to Solicitor-General Act 1972 592 572Valuer-General — Pursuant to Valuation of Land Act 1971 129 170Total salaries and allowances 60 854 60 006

OtherCompensation for injuries resulting from criminalacts — Pursuant to Victims of Crime Act 2001 7 633 7 633First Home Owner Grant — Pursuant to First Home Owner Grant Act 2000 52 507 53 842Total other 60 140 61 475

Total payments for which specific appropriation is authorised invarious Acts 120 994 121 480




Appendix C: General government and non-financial public sector financial statistics time series

The following tables provide historical data on key fiscal aggregates. Data provided (excluding the unfunded superannuation liability) are sourced for 1998−99 from Australian Bureau of Statistics Government Finance Statistics 2007−08 (catalogue number 5512.0) and 1999−2000 to 2011−12 from Budget Outcome publications for South Australia.

Data is provided from 1998−99, the first year for which information is available in the accrual format. Before 1998−99, government finances were measured using a cash-based methodology.

Gross State Product (GSP) and Consumer Price Index (for real-growth calculations) data is sourced from the latest Australian Bureau of Statistics (ABS) publications.

As historical data in this time series has not been back-cast to reflect classification and accounting changes, care must be taken in interpreting the data.

General government

Table C.1: General government key operating statement aggregates

Revenue Expenses

Net operating

balance

Net acquisition

of non-financial

assetsNet

lending

$m% real

growth%

GSP $m% real growth

% GSP $m $m $m

1998−99 7 290 16.7 7 505 17.2 - 215 19 - 2331999−2000 7 644 2.3 16.8 7 974 3.6 17.5 - 330 140 - 4712000−01 8 108 3.0 16.6 8 406 2.4 17.2 - 297 102 - 3992001−02 8 538 2.1 16.2 8 713 0.5 16.5 - 174 - 50 - 1242002−03 9 346 5.2 16.7 8 898 -1.8 15.9 448 34 4142003−04 9 955 3.4 16.7 9 570 4.4 16.0 385 - 38 4242004−05 10 592 3.9 17.0 10 368 5.8 16.6 224 105 1192005−06 11 242 2.9 17.0 11 040 3.3 16.7 202 119 832006−07 11 757 1.9 16.5 11 547 1.9 16.2 209 139 712007−08 12 879 6.1 16.6 12 414 4.1 16.0 464 242 2222008−09 13 531 1.9 16.9 13 764 7.5 17.2 - 233 639 - 8722009−10(a) 15 534 12.3 18.6 15 347 9.1 18.4 187 1 279 -1 0922010−11(a) 15 017 -6.3 16.8 15 069 -4.9 16.9 - 53 1 370 -1 4222011−12 15 905 3.2 17.3 16 164 4.5 17.6 - 258 839 -1 0982012−13(b) 15 333 -5.5 16.3 16 282 -1.3 17.3 - 948 55 -1 003

Note: Table may not add due to rounding.

(a) In 2009–10 and 2010−11 revenue, expenses and net acquisition of non-financial assets are impacted by the Commonwealth Government’s Nation Building ― Economic Stimulus Plan.

(b) Gross State Product (GSP) in 2012−13 is based on the estimated result.


Table C.2: General government key balance sheet aggregates ($million)(a)

As at 30 June Net debt(b)Unfunded

superannuation(c)Net financial

liabilitiesNet financial

worth Net worth1988 8591989 6941990 8541991 1 8171992 4 6101993 7 8841994 7 1131995 5 8151996 5 5121997 4 9831998 4 7621999 4 779 3 909 9 733 1 894 10 6242000 1 920 3 543 6 911 2 986 12 4452001 1 246 3 249 6 093 4 091 14 8162002 1 303 3 998 6 907 3 559 14 7212003 666 4 445 6 974 3 500 15 2882004 224 5 668 7 858 3 842 15 7602005 144 7 227 9 393 3 853 16 3592006 - 119 6 146 8 171 5 846 19 7032007(d) - 24 5 075 7 254 8 110 22 1282008(e)(f)(g) - 276 6 468 8 078 7 580 23 7412009 475 8 939 11 562 5 551 24 1462010 1 402 9 478 13 182 6 551 36 2312011 2 930 9 096 14 313 7 299 40 9582012(h) 4 165 13 523 20 332 1 413 37 1992013 5 227 11 085 19 079 1 742 39 363

(a) During the implementation of the 2008 revised Uniform Presentation Framework (UPF) minor variances in some aggregates compared with earlier budget publications were discovered. This table reflects minor revisions resulting from the back-casting of budget aggregates associated with implementing the revised UPF.

(b) Net debt data for the years before 1999 are sourced from ABS, Government Financial Estimates 2003–04 (catalogue number 5501).

(c) There is a structural break in the methodology used to calculate superannuation liabilities between June 2003 and June 2004. This accounting change, which involved the adoption of the Commonwealth Government bond rate for valuation purposes in line with AASB 119, Employee Benefits, resulted in a significant increase in superannuation liabilities.

(d) There is a structural break in 2007 reflecting the amalgamation of SAFA and SAICORP on 1 July 2006. The transfer of SAICORP’s assets and liabilities from the general government sector to the public financial corporations sector resulted in an increase in general government net debt of $99 million at 1 July 2006 and an increase in net financial liabilities of $90 million at 1 July 2006.

(e) There is a structural break in 2008 reflecting the transfer of rail assets from TransAdelaide to the general government sector. This results in an increase in net debt and net financial liabilities of $66 million in 2007–08, and a reduction in net financial worth of $591 million, with no impact on net worth.

(f) There is a structural break in 2008 reflecting the transfer of assets from the Adelaide Festival Centre Trust to the general government sector. This results in an increase in net debt and net financial liabilities of $28 million in 2007–08, and a reduction in net financial worth of $76 million, with no impact on net worth.

(g) There is a structural break in 2008 reflecting the first time recognition on the general government balance sheet of South Australia’s share of the net assets of the Murray-Darling Basin Commission. This has no impact on net debt, however results in a reduction in net financial liabilities of $615 million in 2007–08, and increases in net financial worth and net worth of $615 million.

(h) There is a structural break in 2012 reflecting the transfer of the Rail Commissioner to the general government sector. This results in a reduction in net debt of $6 million, an increase in net financial liabilities of $37 million, and a reduction in net financial worth of $144 million in 2011–12, with no impact on net worth.



Table C.3: General government receipts, payments and surplus(a) ($million)

Receipts Payments ABS Cash Surplus1979−80 1 891 1 671 2201980−81 2 065 1 917 1481981−82 2 210 2 122 871982−83 2 664 2 507 1561983−84 2 988 2 734 2551984−85 3 380 3 057 3241985−86 3 634 3 161 4741986−87 3 956 3 416 5401987−88 4 307 3 858 4491988−89 4 630 3 977 6531989−90 4 973 4 370 6031990−91 5 260 4 796 4631991−92 5 387 5 396 - 101992−93 5 967 5 456 5121993−94 6 087 6 024 631994−95 6 155 6 220 - 661995−96 6 405 6 164 2411996−97 6 379 6 282 971997−98 6 988 6 724 2641998−99 7 165 7 041 1231999−2000 7 676 7 915 - 2392000−01 8 278 8 387 - 1082001−02 8 698 8 748 - 502002−03 9 522 8 864 6582003−04 10 023 9 502 5222004−05 11 252 11 059 1932005−06 11 480 11 293 1872006−07 12 090 12 116 - 262007−08 12 932 12 552 3792008−09 13 579 14 299 - 7212009−10 15 837 16 991 -1 1542010−11 15 331 16 851 -1 5202011−12 16 556 17 594 -1 0382012−13 16 489 17 655 -1 166


(a) There is a break in the series between 1998–99 and 1999–2000. Data for the years before 1999–2000 are sourced from the ABS and are consistent with ABS GFS reporting requirements on a cash basis. Capital receipts and payments, including payments associated with the provision of financial support for state owned financial institutions (which were treated by the ABS then as an ‘investment in financial assets for policy purposes’) are not included in the series before 1999–2000. After 1998–99, data is derived from an accrual ABS GFS reporting framework, with receipts proxied by receipts from operating activities and sales of non-financial assets, and payments proxied by payments for operating activities, purchases of non-financial assets and net acquisition of assets under finance leases and similar arrangements. Due to the associated methodological and data-source changes, time series data that encompass measures derived under both cash and accrual accounting should be used with caution.



Tabl

e C

.4: G

ener

al g

over

nmen

t sec

tor o

pera

ting

stat

emen

t ($m

illio

n)

2003

−04

2004

−05

2005

−06

2006

−07

2007

−08

2008

−09

2009

−10

2010

−11

2011

−12

2012

−13

Rev

enue

Taxa

tion

reve

nue

2 80

62

941

2 97

93

250

3 57

03

537

3 64

93

831

3 85

44

104

Gra

nts

5 07

35

406

5 76

65

969

6 61

67

249

8 88

18

185

8 66

87

669

Sal

es o

f goo

ds a

nd s

ervi

ces

1 16

51

244

1 33

31

464

1 57

21

697

1 93

61

879

2 01

52

115

Inte

rest

inco

me

172

161

147

167

203

150

138

168

172

134

Div

iden

d an

d in

com

e ta

x eq

uiva

lent

inco

me

468

455

575

450

429

382

433

403

385

446

Oth

er 2

72 3

86 4

41 4

56 4

90 5

17 4

97 5

50 8

11 8

65To

tal r

even

ue9

955

10 5

9211

242

11 7

5712

879

13 5

3115

534

15 0

1715

905

15 3

33le

ssEx

pens

esE

mpl

oyee

exp

ense

s3

903

4 22

04

644

4 93

35

268

5 74

96

221

6 40

06

770

7 10

5S

uper

annu

atio

n ex

pens

esS

uper

annu

atio

n in

tere

st c

ost

354

351

344

316

276

383

455

427

407

314

Oth

er s

uper

annu

atio

n ex

pens

es

410

429

480

506

546

580

600

621

666

675

Dep

reci

atio

n an

d am

ortis

atio

n 4

35 4

53 4

54 4

98 5

25 5

66 6

33 6

70 7

18 7

62In

tere

st e

xpen

ses

253

248

223

204

218

180

204

308

427

386

Oth

er p

rope

rty e

xpen

ses

——

——

——

——

——

Oth

er o

pera

ting

expe

nses

2 34

82

742

2 87

43

021

3 24

63

624

3 69

53

824

3 99

34

313

Gra

nts

1 86

61

925

2 02

12

069

2 33

72

682

3 54

02

819

3 18

32

726

Tota

l exp

ense

s9

570

10 3

6811

040

11 5

4712

414

13 7

6415

347

15 0

6916

164

16 2

82eq

uals

Net

ope

ratin

g ba

lanc

e 3

85 2

24 2

02 2

09 4

64- 2

33 1

87- 5

3- 2

58- 9

48pl

usO

ther

eco

nom

ic fl

ows

87

375

3 14

22

215

1 14

9 7

0811

830

2 90

5-3

556

3 11

3eq

uals

Com

preh

ensi

ve re

sult

- tot

al c

hang

e in

net

wor

th 4

72 5

993

344

2 42

41

613

475

12 0

172

852

-3 8

142

164

Net

ope

ratin

g ba

lanc

e 3

85 2

24 2

02 2

09 4

64- 2

33 1

87- 5

3- 2

58- 9

48le

ssN

et a

cqui

sitio

n of

non

-fina

ncia

l ass

ets

Pur

chas

es o

f non

-fina

ncia

l ass

ets

530

695

717

771

875

1 30

52

144

2 12

21

876

2 00

8le

ss S

ales

of n

on-fi

nanc

ial a

sset

s 1

24 1

19 1

44 1

34 1

08 1

08 2

9 8

2 3

221

197

less

Dep

reci

atio

n 4

35 4

53 4

54 4

98 5

25 5

66 6

33 6

70 7

18 7

62pl

us C

hang

e in

inve

ntor

ies

- 10

- 18

——

— 7

3—

3 7

plus

Oth

er m

ovem

ents

in n

on-fi

nanc

ial a

sset

s—

——

——

—- 2

06—

——

equa

ls T

otal

net

acq

uisi

tion

of n

on-fi

nanc

ial a

sset

s- 3

8 1

05 1

19 1

39 2

42 6

391

279

1 37

0 8

39 5

5eq

uals

Net

lend

ing

/ bor

row

ing

424

119

83

71

222

- 872

-1 0

92-1

422

-1 0

98-1

003

Not

e: T

otal

s m

ay n

ot a

dd d

ue to

roun

ding

.



Tabl

e C

.5: G

ener

al g

over

nmen

t sec

tor b

alan

ce s

heet

($m

illio

n)

As

at 3

0 Ju

ne20

0420

0520

0620

0720

0820

0920

1020

1120

1220

13As

sets

Fina

ncia

l ass

ets

Cas

h an

d de

posi

ts(a

)2

178

1 96

02

210

2 38

42

760

3 08

43

277

3 67

5 9

161

113

Adv

ance

s pa

id1

133

959

902

905

782

752

676

642

550

176

Inve

stm

ents

, loa

ns a

nd p

lace

men

ts 1

54 1

70 1

80 1

19 1

34 1

40 1

63 1

89 2

00 2

26R

ecei

vabl

es 3

43 3

74 4

54 4

71 4

98 6

10 7

13 5

75 5

39 7

30E

quity

Inve

stm

ents

in o

ther

pub

lic s

ecto

r ent

ities

11 7

0013

246

14 0

1715

364

15 6

5817

113

19 7

3421

612

21 7

4520

821

Inve

stm

ents

- ot

her

111

145

173

30

668

707

752

743

836

831

Oth

er fi

nanc

ial a

sset

s 4

3 6

0 4

4 3

9 3

8 4

3 4

7 8

0 1

25 5

6To

tal f

inan

cial

ass

ets

15 6

6116

915

17 9

7919

311

20 5

3922

449

25 3

6327

516

24 9

1223

954

Non

-fina

ncia

l ass

ets

Land

and

fixe

d as

sets

11 8

3512

411

13 8

4014

013

16 1

3818

590

29 6

7733

657

35 7

7937

616

Oth

er n

on-fi

nanc

ial a

sset

s 8

3 9

4 1

7 4

23

5 3

2 6

5To

tal n

on-fi

nanc

ial a

sset

s11

917

12 5

0513

857

14 0

1816

161

18 5

9529

680

33 6

5835

785

37 6

21To

tal a

sset

s27

579

29 4

2031

836

33 3

2936

700

41 0

4555

043

61 1

7560

698

61 5

75Li

abili

ties

Dep

osits

hel

d 3

09 2

83 2

82 3

31 3

28 3

35 3

87 3

54 3

97 3

92A

dvan

ces

rece

ived

733

686

682

659

644

628

610

592

590

232

Bor

row

ing(a

)2

648

2 26

52

209

2 39

42

427

3 48

84

522

6 49

14

843

6 11

8S

uper

annu

atio

n 5

668

7 22

76

146

5 07

56

468

8 93

99

478

9 09

613

523

11 0

85O

ther

em

ploy

ee b

enef

its1

233

1 30

51

393

1 49

21

646

1 86

71

922

2 02

22

408

2 45

7P

ayab

les

466

483

616

553

665

760

1 00

4 8

10 8

981

019

Oth

er li

abili

ties

763

812

805

699

779

881

888

853

840

908

Tota

l lia

bilit

ies

11 8

1913

061

12 1

3311

201

12 9

5916

898

18 8

1120

217

23 4

9922

212

Net

wor

th(b

)15

760

16 3

5919

703

22 1

2823

741

24 1

4636

231

40 9

5837

199

39 3

63N

et fi

nanc

ial w

orth

(b)(

c)(d

)(e)

3 84

23

853

5 84

68

110

7 58

05

551

6 55

17

299

1 41

31

742

Net

fina

ncia

l lia

bilit

ies(e

)7

858

9 39

38

171

7 25

48

078

11 5

6213

182

14 3

1320

332

19 0

79N

et d

ebt(c

)(d)

(e)(

f) 2

24 1

44- 1

19- 2

4- 2

76 4

751

402

2 93

04

165

5 22

7

Not

e: T

otal

s m

ay n

ot a

dd d

ue to

roun

ding

. (a

) Th

ere

is a

stru

ctur

al b

reak

in 2

012

refle

ctin

g th

at c

ash

and

depo

sits

hel

d by

the

Trea

sure

r are

offs

et w

ith b

orro

win

gs th

e Tr

easu

rer h

as w

ith S

AFA

. Thi

s re

sults

in a

redu

ctio

n in

cas

h an

d de

posi

ts,

and

borro

win

gs o

f $3.

134

billio

n, w

ith n

o im

pact

on

both

net

wor

th a

nd n

et d

ebt.

(b)

Ther

e is

a s

truct

ural

bre

ak in

200

8 re

flect

ing

the

first

tim

e re

cogn

ition

on

the

gene

ral g

over

nmen

t bal

ance

she

et o

f Sou

th A

ustra

lia’s

sha

re o

f the

net

ass

ets

of th

e M

urra

y-D

arlin

g B

asin

Com

mis

sion

. Th

is re

sults

in in

crea

ses

in n

et fi

nanc

ial w

orth

and

net

wor

th o

f $61

5 m

illio

n in

200

7−08

, with

no

impa

ct o

n ne

t deb

t. (c

) Th

ere

is a

stru

ctur

al b

reak

in 2

008

refle

ctin

g th

e tra

nsfe

r of r

ail a

sset

s fro

m T

rans

Ade

laid

e to

the

gene

ral g

over

nmen

t sec

tor.

This

resu

lts in

an

incr

ease

in n

et d

ebt o

f $66

mill

ion

in 2

007−

08, a

nd a

re

duct

ion

in n

et fi

nanc

ial w

orth

of $

591

mill

ion,

with

no

impa

ct o

n ne

t wor

th.

(d)

Ther

e is

a s

truct

ural

bre

ak in

200

8 re

flect

ing

the

trans

fer o

f ass

ets

from

the

Ade

laid

e Fe

stiv

al C

entre

Tru

st to

the

gene

ral g

over

nmen

t sec

tor.

This

resu

lts in

an

incr

ease

in n

et d

ebt o

f $28

milli

on in

20

07−0

8, a

nd a

redu

ctio

n in

net

fina

ncia

l wor

th o

f $76

milli

on, w

ith n

o im

pact

on

net w

orth

. (e

) Th

ere

is a

stru

ctur

al b

reak

in 2

012

refle

ctin

g th

e tra

nsfe

r of t

he R

ail C

omm

issi

oner

to th

e ge

nera

l gov

ernm

ent s

ecto

r. Th

is re

sults

in a

redu

ctio

n in

net

deb

t of $

6 m

illion

, an

incr

ease

in n

et fi

nanc

ial

liabi

litie

s of

$37

milli

on, a

nd a

redu

ctio

n in

net

fina

ncia

l wor

th o

f $14

4 m

illion

in 2

011–

12, w

ith n

o im

pact

on

net w

orth

. (f)

Th

ere

is a

stru

ctur

al b

reak

in 2

007

refle

ctin

g th

e am

alga

mat

ion

of S

AFA

and

SA

ICO

RP

on 1

Jul

y 20

06. T

he tr

ansf

er o

f SA

ICO

RP

’s a

sset

s an

d lia

bilit

ies

from

the

gene

ral g

over

nmen

t sec

tor t

o th

e pu

blic

fina

ncia

l cor

pora

tions

sec

tor r

esul

ted

in a

n in

crea

se in

gen

eral

gov

ernm

ent n

et d

ebt o

f $99

mill

ion

at 1

Jul

y 20

06.



Non-financial public sector

Table C.6: Non-financial public sector key operating statement aggregates

Net operating

balance

Net acquisition

of non-financial

assetsNet

lending

$m% real

growth%

GSP $m% real

growth%

GSP $m $m $m1998−99 9 468 21.7 9 597 22.0 - 129 - 115 - 141999−2000 9 206 -5.2 20.2 9 552 -2.9 20.9 - 346 -3 508 3 1612000−01 9 051 -4.5 18.6 9 279 -5.7 19.0 - 228 -1 111 8832001−02 9 367 0.3 17.8 9 487 -0.9 18.0 - 120 - 124 52002−03 10 172 4.4 18.2 9 696 -1.7 17.4 476 72 4052003−04 10 707 2.2 17.9 10 294 3.1 17.2 413 33 3792004−05 11 343 3.5 18.2 11 029 4.6 17.7 314 125 1892005−06 11 807 0.9 17.8 11 634 2.3 17.6 172 53 1192006−07 12 321 1.7 17.3 12 175 2.0 17.1 147 173 - 262007−08 13 634 7.1 17.5 13 065 3.9 16.8 569 303 2662008−09 14 360 2.1 18.0 14 567 8.1 18.2 - 207 1 249 -1 4562009−10(a) 16 315 11.2 19.6 15 679 5.3 18.8 636 2 361 -1 7252010−11(a) 15 960 -5.2 17.9 15 939 -1.5 17.8 21 1 920 -1 8982011−12 16 866 3.0 18.3 16 908 3.3 18.4 - 41 1 383 -1 4242012−13(b) 16 494 -4.1 17.5 17 152 -0.6 18.2 - 657 64 - 721

Revenue Expenses


(a) In 2009–10 and 2010–11 revenue, expenses and net acquisition of non-financial assets are impacted by the Commonwealth Government’s Nation Building ― Economic Stimulus Plan.

(b) Gross State Product (GSP) in 2012−13 is based on the estimated result.



Table C.7: Non-financial public sector key balance sheet aggregates ($million)

As at 30 June Net debt(a)Unfunded

superannuation(b)Net financial

liabilitiesNet financial

worth Net worth1988 4 3971989 4 1971990 4 4571991 5 4181992 8 1421993 11 6101994 10 5501995 8 8441996 8 4321997 8 1701998 7 9271999 7 657 3 909 13 099 -12 256 10 6242000 4 355 3 543 9 914 -8 986 12 4452001 3 223 3 249 8 151 -7 109 14 8162002 3 317 3 998 8 973 -7 902 14 7212003 2 696 4 445 9 096 -8 811 15 2882004 2 285 5 668 10 031 -9 550 15 7602005 2 126 7 227 11 511 -11 004 16 3592006 1 786 6 146 10 451 -9 889 19 7032007(c) 1 989 5 075 9 518 -8 795 22 1282008(d)(e) 1 611 6 468 10 208 -10 487 23 7412009 2 872 8 939 14 302 -14 921 24 1462010 4 487 9 478 16 626 -16 997 36 2312011 6 541 9 096 18 273 -18 402 40 9582012 7 996 13 523 24 500 -25 123 37 1992013 8 949 11 085 23 064 -23 223 39 363

(a) Net debt data for the years before 1999 are sourced from the ABS, Government Financial Estimates 2003–04 (catalogue number 5501).

(b) There is a structural break in the methodology used to calculate superannuation liabilities between June 2003 and June 2004. This accounting change, which involved the adoption of the Commonwealth Government bond rate for valuation purposes in line with AASB 119, Employee Benefits, resulted in a significant increase in superannuation liabilities.

(c) There is a structural break in 2007 reflecting the amalgamation of SAFA and SAICORP on 1 July 2006. The transfer of SAICORP’s assets and liabilities from the general government sector to the public financial corporations sector resulted in an increase in non-financial public sector net debt of $99 million at 1 July 2006 and an increase in net financial liabilities of $90 million at 1 July 2006.

(d) There is a structural break in 2008 reflecting the amalgamation of the public financial corporation, South Australian Community Housing Authority, with the public non-financial corporation, South Australian Housing Trust. This results in an increase in net debt and net financial liabilities and a decrease in net financial worth of $98 million in 2007−08, with no impact on net worth.

(e) There is a structural break in 2008 reflecting the first time recognition on the general government balance sheet of South Australia’s share of the net assets of the Murray-Darling Basin Commission. This has no impact on net debt, however results in a reduction in net financial liabilities of $615 million in 2007–08, and increases in net financial worth and net worth of $615 million.



Table C.8: Non-financial public sector receipts, payments and surplus(a) ($million)

Receipts Payments ABS Cash Surplus1979−80 2 681 2 388 2921980−81 2 877 2 649 2281981−82 3 145 2 963 1821982−83 3 651 3 356 2951983−84 4 383 4 014 3691984−85 4 887 4 356 5311985−86 5 172 4 415 7571986−87 5 542 4 790 7521987−88 6 078 5 299 7801988−89 6 946 5 784 1 1621989−90 7 517 6 465 1 0521990−91 7 830 6 839 9911991−92 8 352 7 969 3831992−93 8 939 7 946 9931993−94 8 761 8 119 6421994−95 8 570 8 142 4281995−96 8 985 8 654 3311996−97 8 908 8 532 3751997−98 9 426 8 895 5321998−99 9 301 8 692 6091999−2000 13 014 9 501 3 5132000−01 10 572 9 414 1 1582001−02 9 726 9 722 42002−03 10 439 9 805 6342003−04 10 891 10 403 4882004−05 12 051 11 786 2652005−06 12 239 11 868 3702006−07 12 684 12 809 - 1252007−08 13 943 13 477 4662008−09 14 563 15 806 -1 2432009−10 16 847 18 695 -1 8492010−11 16 548 18 553 -2 0042011−12 17 431 18 863 -1 4322012−13 17 814 19 133 -1 319


(a) There is a break in the series between 1998−99 and 1999−2000. Data for the years before 1999−2000 is sourced from the ABS and are consistent with ABS GFS reporting requirements on a cash basis. Capital receipts and payments, including payments associated with the provision of financial support for state owned financial institutions, which were treated by the ABS then as an ‘investment in financial assets for policy purposes, are not included in this series before 1999−2000. After 1998−99, data are derived from an accrual ABS GFS reporting framework, with receipts proxied by receipts from operating activities and sales of non-financial assets, and payments proxied by payments for operating activities, purchases of non-financial assets and net acquisition of assets under finance leases and similar arrangements. Due to the associated methodological and data-source changes, time series data that encompass measures derived under both cash and accrual accounting should be used with caution.



Tabl

e C

.9: N

on-fi

nanc

ial p

ublic

sec

tor o

pera

ting

stat

emen

t ($m

illio

n)

2003

−04

2004

−05

2005

−06

2006

−07

2007

−08

2008

−09

2009

−10

2010

−11

2011

−12

2012

−13

Rev

enue

Taxa

tion

reve

nue

2 62

92

731

2 74

93

009

3 30

83

244

3 33

13

467

3 47

63

726

Gra

nts

5 07

85

405

5 84

96

039

6 61

67

262

8 89

78

223

8 70

57

697

Sal

es o

f goo

ds a

nd s

ervi

ces

2 44

62

481

2 49

42

610

2 92

63

082

3 31

13

366

3 58

93

949

Inte

rest

inco

me

125

135

113

155

188

125

123

163

163

131

Div

iden

d an

d in

com

e ta

x eq

uiva

lent

inco

me

103

143

126

42

24

36

58

91

51

56

Oth

er 3

26 4

47 4

76 4

66 5

72 6

11 5

94 6

51 8

83 9

35To

tal r

even

ue10

707

11 3

4311

807

12 3

2113

634

14 3

6016

315

15 9

6016

866

16 4

94le

ssEx

pens

esE

mpl

oyee

exp

ense

s4

070

4 38

24

808

5 10

85

450

5 94

46

436

6 62

56

959

7 29

9S

uper

annu

atio

n ex

pens

esS

uper

annu

atio

n in

tere

st c

ost

354

351

344

316

276

383

455

427

407

314

Oth

er s

uper

annu

atio

n ex

pens

es

426

445

499

525

568

605

628

649

692

700

Dep

reci

atio

n an

d am

ortis

atio

n 6

51 6

82 6

92 7

55 7

98 8

52 9

581

024

1 07

81

166

Inte

rest

exp

ense

s 3

15 3

33 3

10 2

90 3

22 2

90 3

44 4

93 6

39 5

99O

ther

pro

perty

exp

ense

s—

——

——

——

——

—O

ther

ope

ratin

g ex

pens

es3

150

3 27

33

325

3 48

33

840

4 40

44

306

4 47

24

716

4 84

9G

rant

s1

328

1 56

31

655

1 69

81

811

2 08

92

553

2 24

92

417

2 22

4To

tal e

xpen

ses

10 2

9411

029

11 6

3412

175

13 0

6514

567

15 6

7915

939

16 9

0817

152

equa

lsN

et o

pera

ting

bala

nce

413

314

172

147

569

- 207

636

21

- 41

- 657

plus

Oth

er e

cono

mic

flow

s 5

9 2

863

172

2 27

81

044

682

11 3

822

831

-3 7

722

822

equa

lsC

ompr

ehen

sive

resu

lt —

tota

l cha

nge

in n

et w

orth

472

599

3 34

42

424

1 61

3 4

7512

017

2 85

2-3

814

2 16

4

Net

ope

ratin

g ba

lanc

e 4

13 3

14 1

72 1

47 5

69- 2

07 6

36 2

1- 4

1- 6

57le

ssN

et a

cqui

sitio

n of

non

-fina

ncia

l ass

ets

Pur

chas

es o

f non

-fina

ncia

l ass

ets

898

1 04

01

127

1 14

51

399

2 32

83

762

3 21

72

750

2 68

3le

ss S

ales

of n

on-fi

nanc

ial a

sset

s 2

11 2

34 3

81 2

17 2

98 3

04 3

36 2

81 3

311

428

less

Dep

reci

atio

n 6

51 6

82 6

92 7

55 7

98 8

52 9

581

024

1 07

81

166

plus

Cha

nge

in in

vent

orie

s- 3

1—

——

76

99

7 4

1- 2

6pl

us O

ther

mov

emen

ts in

non

-fina

ncia

l ass

ets

——

——

——

- 206

——

—eq

uals

Tot

al n

et a

cqui

sitio

n of

non

-fina

ncia

l ass

ets

33

125

53

173

303

1 24

92

361

1 92

01

383

64

equa

lsN

et le

ndin

g / b

orro

win

g 3

79 1

89 1

19- 2

6 2

66-1

456

-1 7

25-1

898

-1 4

24- 7

21

Not

e: T

able

may

not

add

due

to ro

undi

ng.



Tabl

e C

.10:

Non

-fina

ncia

l pub

lic s

ecto

r bal

ance

she

et ($

mill

ion)

As

at 3

0 Ju

ne20

0420

0520

0620

0720

0820

0920

1020

1120

1220

13As

sets

Fina

ncia

l ass

ets

Cas

h an

d de

posi

ts(a

)2

250

2 12

92

372

2 56

63

040

3 36

03

573

3 96

11

207

1 44

0A

dvan

ces

paid

186

80

83

34

81

71

72

99

77

62

Inve

stm

ents

, loa

ns a

nd p

lace

men

ts 1

64 1

80 2

04 1

39 1

63 1

76 2

32 2

28 2

42 2

70R

ecei

vabl

es 3

14 3

18 4

36 5

22 5

21 5

20 7

66 6

35 6

62 8

77E

quity

Inve

stm

ents

in o

ther

pub

lic s

ecto

r ent

ities

481

507

562

723

- 279

- 619

- 371

- 128

- 623

- 159

Inve

stm

ents

- ot

her

137

177

199

58

693

727

766

761

852

848

Oth

er fi

nanc

ial a

sset

s 4

2 5

8 4

6 4

1 4

0 8

2 1

04 8

3 1

26 5

6To

tal f

inan

cial

ass

ets

3 57

43

450

3 90

24

084

4 25

94

316

5 14

35

638

2 54

33

394

Non

-fina

ncia

l ass

ets

Land

and

fixe

d as

sets

25 2

8527

338

29 5

6430

917

34 2

0239

059

53 2

2459

302

62 3

1162

574

Oth

er n

on-fi

nanc

ial a

sset

s 2

4 2

5 2

8 6

25

8 4

57

12

12

Tota

l non

-fina

ncia

l ass

ets

25 3

0927

363

29 5

9230

922

34 2

2739

067

53 2

2859

359

62 3

2262

586

Tota

l ass

ets

28 8

8330

813

33 4

9435

006

38 4

8643

384

58 3

7164

997

64 8

6665

981

Liab

ilitie

sD

epos

its h

eld

122

155

147

159

166

174

171

171

177

172

Adv

ance

s re

ceiv

ed 7

33 7

19 7

15 6

59 6

44 6

28 6

10 5

92 5

90 2

32B

orro

win

g(a)

4 03

03

642

3 58

33

910

4 08

45

677

7 58

310

065

8 75

510

318

Sup

eran

nuat

ion

5 66

87

227

6 14

65

075

6 46

88

939

9 47

89

096

13 5

2311

085

Oth

er e

mpl

oyee

ben

efits

1 31

01

384

1 47

31

560

1 71

91

944

2 00

32

106

2 48

62

531

Pay

able

s 4

72 4

92 7

06 7

15 8

01 9

071

319

1 07

71

204

1 21

5O

ther

liab

ilitie

s 7

88 8

361

020

801

862

969

975

932

932

1 06

4To

tal l

iabi

litie

s13

124

14 4

5413

790

12 8

7814

745

19 2

3722

140

24 0

4027

667

26 6

17N

et w

orth

(b)

15 7

6016

359

19 7

0322

128

23 7

4124

146

36 2

3140

958

37 1

9939

363

Net

fina

ncia

l wor

th(b

)(c)

-9 5

50-1

1 00

4-9

889

-8 7

95-1

0 48

7-1

4 92

1-1

6 99

7-1

8 40

2-2

5 12

3-2

3 22

3N

et fi

nanc

ial l

iabi

litie

s(b)(

c)10

031

11 5

1110

451

9 51

810

208

14 3

0216

626

18 2

7324

500

23 0

64N

et d

ebt(c

)(d)

2 28

52

126

1 78

61

989

1 61

12

872

4 48

76

541

7 99

68

949

Not

e: T

otal

s m

ay n

ot a

dd d

ue to

roun

ding

.

(a)

Ther

e is

a s

truct

ural

bre

ak in

201

2 re

flect

ing

that

cas

h an

d de

posi

ts h

eld

by th

e Tr

easu

rer a

re o

ffset

with

bor

row

ings

the

Trea

sure

r has

with

SA

FA. T

his

resu

lts in

a re

duct

ion

in c

ash

and

depo

sits

, an

d bo

rrow

ings

of $

3.13

4 bi

llion,

with

no

impa

ct o

n bo

th n

et w

orth

and

net

deb

t.

(b)

Ther

e is

a s

truct

ural

bre

ak in

200

8 re

flect

ing

the

first

tim

e re

cogn

ition

on

the

gene

ral g

over

nmen

t bal

ance

she

et o

f Sou

th A

ustra

lia’s

sha

re o

f the

net

ass

ets

of th

e M

urra

y-D

arlin

g B

asin

C

omm

issi

on. T

his

resu

lts in

incr

ease

s in

net

fina

ncia

l wor

th a

nd n

et w

orth

of $

615

milli

on in

200

7 −08

, with

no

impa

ct o

n ne

t deb

t.

(c)

Ther

e is

a s

truct

ural

bre

ak in

200

8 re

flect

ing

the

amal

gam

atio

n of

the

publ

ic fi

nanc

ial c

orpo

ratio

n, S

outh

Aus

tralia

n C

omm

unity

Hou

sing

Aut

horit

y, w

ith th

e pu

blic

non

-fina

ncia

l cor

pora

tion,

Sou

th

Aus

tralia

n H

ousi

ng T

rust

. Thi

s re

sults

in a

n in

crea

se in

net

deb

t and

net

fina

ncia

l lia

bilit

ies

and

a de

crea

se in

net

fina

ncia

l wor

th o

f $98

mill

ion

in 2

007 −

08, w

ith n

o im

pact

on

net w

orth

.

(d)

Ther

e is

a s

truct

ural

bre

ak in

200

7 re

flect

ing

the

amal

gam

atio

n of

SAF

A a

nd S

AIC

OR

P on

1 J

uly

2006

. The

tran

sfer

of S

AIC

OR

P’s

ass

ets

and

liabi

litie

s fro

m th

e ge

nera

l gov

ernm

ent s

ecto

r to

the

publ

ic fi

nanc

ial c

orpo

ratio

ns s

ecto

r res

ulte

d in

an

incr

ease

in n

on-fi

nanc

ial p

ublic

sec

tor n

et d

ebt o

f $99

mill

ion

at 1

Jul

y 20

06.



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