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Wednesday, 15 May 1985
Page: 1975


Senator WALSH (Minister for Finance) —I lay on the table a proposed amended statement of Commonwealth financial transactions and seek leave of the Senate for an explanatory statement on the proposed amendment to be incorporated in Hansard.

Leave granted.

The statement read as follows-

EXPLANATORY STATEMENT

Amendment of the format of the Monthly Statement of Commonwealth Financial Transactions-Sub-section 49 (2) of the Audit Act 1901.

Sub-section 49 (1) of the Audit Act requires that, as soon as practicable after the end of each month, the Minister for Finance publish a Statement of Commonwealth Financial Transactions which is in accordance with, or substantially in accordance with, Form 4 in the Schedule to that Act.

In accordance with the requirement of sub-section 49 (2) of the Audit Act 1901-that the format of the Statement of Financial Transactions may be varied only with the prior approval of both Houses of Parliament-I hereby table particulars of an amended Statement for approval by the Senate.

The Statement, or CFT as it is commonly known, is in functional format and shows the receipts and outlays of the Commonwealth, the deficit and the ways in which the deficit has been financed. It compares transactions to date with budgeted receipts and outlays and with comparable figures for the previous year.

The proposed revisions are designed to improve the presentation by providing information in a form which is more readily comparable with the information provided in the Budget Papers, involving:

the addition of new items to separately identify the receipts from the new Prescribed Payments System, Bank Accounts Debit Tax, ACT Taxes and Charges, and crude oil and LPG excise duty;

reordering the presentation of receipts to accord more closely to that used in the receipts tables included in the Budget Papers;

deletion of redundant items;

amalgamation of some of the existing revenue heads which are now of lesser significance; and

expansion of the detail reported on financing transactions.

Parliament's approval of the revised format is sought in the current Session in order to have the necessary changes in place at the start of the 1985-86 financial year.