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BUDGET 2007 - 2008: Budget Paper No. 1: STATEMENT 13: Historical Australian Government Data



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STATEMENT 13: HISTORICAL AUSTRALIAN GOVERNMENT DATA

This statement reports historical data for the Australian Government fiscal aggregates across the general government, public non-financial corporations and non-financial public sectors.

Table 1: Australian Government general government sector receipts, payments and underlying cash balance...................................................13-5

Table 2: Australian Government general government sector taxation receipts, non-taxation receipts and total receipts.....................................13-6

Table 3: Australian Government general government sector net debt and net interest payments...............................................................................13-7

Table 4: Australian Government general government sector revenue, expenses, net capital investment, fiscal balance and net worth ..............13-8 Table 5: Australian Government general government sector accrual taxation revenue, non-taxation revenue and total revenue......................13-9 Table 6: Australian Government cash receipts, payments and surplus by

institutional sector...................................................................................13-10

Table 7: Australian Government accrual revenue, expenses and fiscal balance by institutional sector ................................................................13-11

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STATEMENT 13: HISTORICAL AUSTRALIAN GOVERNMENT DATA

Statement 13 provides historical data for the Australian Government fiscal aggregates across the general government, public non-financial corporations and non-financial public sectors.

Under the accrual Government Finance Statistics (GFS) framework, flows are recorded in the period in which they occurred. As a result, prior period outcomes may be revised where information arises that could reasonably be expected to have been

known in the past, is material in at least one of the affected periods and can be reliably assigned to the relevant period(s).

Estimates up to and including 1998-99 are calculated on cash terms, while estimates from 1999-00 onwards are derived from an accrual framework. Due to methodological and data source changes associated with the move to an accrual accounting framework, time series data that include measures derived under both cash and accrual accounting should be used with caution.

There are other structural breaks within the data set, prior to the shift to accrual reporting. Classification differences and revisions, as well as changes to the structure of the budget, can impact on comparisons over such an extended period.

Specific factors that affect the comparability of data between years include:

• classification differences in the data relating to the period prior to 1976-77 (which means that earlier data may not be entirely consistent with data for 1976-77 onwards);

• adjustments in the coverage of agencies included in the accounts of the different sectors. These include the reclassification of Central Banking Authorities from the general government to the public financial corporations sector in 1998-99, and subsequent back casting to account for this change;

• consistent with the revised GFS treatment announced by the Australian Bureau of Statistics (ABS) (cat. no. 5501.0, released October 2002), the general government surplus measures in this statement, from 1998-99 onwards, incorporate the interest component of superannuation related payments by the Australian Government general government sector in respect of accumulated public non-financial corporations’ superannuation liabilities;

• transfers of taxing powers between the Australian Government and the States;

• other changes in financial arrangements between the Australian Government and the State/local government sector; and

Statement 13: Historical Australian Government Data

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• changes in arrangements for transfer payments, where tax concessions or rebates are replaced by payments through the social security system. This has the effect of increasing both cash receipts and payments, as compared with earlier periods, but not changing cash balances. Changes in the opposite direction (tax expenditures replacing payments) reduce both cash payments and receipts.

Cash data from 1998-99 onwards, net debt data from 1999-00 onwards and accrual data are sourced from Australian Government Final Budget Outcomes and Treasury estimates. Cash data prior to 1998-99 are sourced from the Australian Bureau of Statistics (ABS) 1997-98 Government Finance Statistics (cat. no. 5512.0), net debt data from 1987-88 to 1998-99 are from ABS 1999-2000 Government Financial Estimates (cat. no. 5501.0) and ABS 1998 Public Sector Financial Assets and Liabilities (cat. no. 5513.0), and net debt data prior to 1987-88 are Treasury estimates.

Occasionally classification changes are made that require revisions to the historic series. Where appropriate, the changes are back cast to 1999-00 to ensure that data is consistent across the accrual period. For example, the back casting to account for the market valuation of net debt as discussed on page 2-12 of Budget Paper No. 1, Budget Strategy and Outlook 2003-04.

While approximate adjustments can be made to identify trends in budget aggregates on a generally consistent basis, the further back the analysis is taken, the more difficult the task becomes.

Statement 13: Historical Australian Government Data

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

Receipts Payments earnings balance(b)

Per cent Per cent

real Per cent real Per cent Per cent

$m growth of GDP $m growth of GDP $m $m of GDP

1974-75 15,325 5.7 22.0 15,275 15.7 21.9 - 50 0.1

1975-76 18,316 3.7 22.4 19,876 12.9 24.3 - -1,560 -1.9

1976-77 21,418 4.1 22.7 22,657 1.5 24.1 - -1,239 -1.3

1977-78 23,491 0.8 22.8 25,489 3.4 24.8 - -1,998 -1.9

1978-79 25,666 3.3 22.1 27,753 2.9 23.8 - -2,087 -1.8

1979-80 29,780 5.9 22.5 31,041 2.1 23.5 - -1,261 -1.0

1980-81 35,148 6.7 23.5 35,260 2.7 23.6 - -112 -0.1

1981-82 40,831 2.8 23.7 40,394 1.4 23.4 - 437 0.3

1982-83 44,675 -1.7 24.1 47,907 6.5 25.8 - -3,232 -1.7

1983-84 49,102 3.0 23.4 55,966 9.5 26.7 - -6,864 -3.3

1984-85 57,758 11.8 25.0 63,639 8.0 27.5 - -5,881 -2.5

1985-86 64,845 5.7 25.4 69,838 3.3 27.4 - -4,993 -2.0

1986-87 73,145 5.4 26.2 75,392 0.9 27.0 - -2,247 -0.8

1987-88 81,217 3.0 25.4 79,440 -2.2 24.9 - 1,777 0.6

1988-89 88,369 -0.2 24.4 82,202 -5.1 22.7 - 6,167 1.7

1989-90 95,517 1.8 24.0 88,882 1.8 22.4 - 6,635 1.7

1990-91 97,705 -2.6 23.9 97,333 4.2 23.8 - 372 0.1

1991-92 92,966 -6.7 22.3 104,551 5.3 25.1 - -11,585 -2.8

1992-93 94,448 0.3 21.6 111,484 5.2 25.4 - -17,036 -3.9

1993-94 100,142 5.1 21.8 117,252 4.3 25.5 - -17,110 -3.7

1994-95 109,720 8.6 22.5 122,901 3.9 25.3 - -13,181 -2.7

1995-96 121,105 7.7 23.4 131,182 4.1 25.3 - -10,077 -1.9

1996-97 129,845 5.5 23.8 135,126 1.4 24.8 - -5,281 -1.0

1997-98 135,779 3.2 23.5 134,608 -1.7 23.3 - 1,171 0.2

1998-99 146,496 7.6 24.1 142,159 5.3 23.4 - 4,337 0.7

1999-00 166,089 na 25.7 153,030 na 23.7 - 13,059 2.0

2000-01 161,114 -7.1 23.4 155,143 -2.9 22.5 - 5,970 0.9

2001-02 162,884 -1.2 22.1 163,867 3.2 22.3 - -983 -0.1

2002-03 176,503 5.2 22.6 169,017 0.1 21.6 - 7,486 1.0

2003-04 187,336 2.1 22.3 179,300 2.1 21.3 - 8,036 1.0

2004-05 203,960 4.7 22.7 190,344 2.1 21.2 - 13,616 1.5

2005-06 221,834 3.7 23.0 205,991 3.1 21.3 51 15,792 1.6

2006-07(e) 234,619 1.1 22.7 218,859 1.5 21.2 2,130 13,631 1.3

2007-08(e) 245,611 2.1 22.4 231,983 3.4 21.1 2,991 10,637 1.0

2008-09(p) 259,218 4.4 22.7 243,713 3.9 21.3 2,793 12,712 1.1

2009-10(p) 272,937 4.1 22.9 256,212 4.0 21.5 2,913 13,812 1.2

2010-11(p) 285,839 2.5 22.8 270,398 3.3 21.6 2,994 12,447 1.0

(a) There is a break in the series between 1998-99 and 1999-00. Data for the years up to and including 1998-99 are consistent with the cash ABS GFS reporting requirements. From 1999-00, 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. Due to associated methodological and data source changes, time series data that encompass measures derived under both cash and accrual accounting should be used with caution.

(b) Underlying cash balance is equal to receipts less payments less expected Future Fund earnings. For the purposes of consistent comparison with years prior to 2005-06, Future Fund earnings should be added back to the underlying cash balance.

(e) Estimates. (p) Projections. na Not applicable, due to a structural break in the series.

Statement 13: Historical Australian Government Data

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

Per cent Per cent Per cent

real Per cent real Per cent real Per cent

$m growth of GDP $m growth of GDP $m growth of GDP

1974-75 14,141 7.1 20.3 1,184 -8.2 1.7 15,325 5.7 22.0

1975-76 16,920 3.8 20.7 1,396 2.3 1.7 18,316 3.7 22.4

1976-77 19,714 3.8 20.9 1,704 8.7 1.8 21,418 4.1 22.7

1977-78 21,428 -0.1 20.8 2,063 11.3 2.0 23,491 0.8 22.8

1978-79 23,409 3.3 20.1 2,257 3.4 1.9 25,666 3.3 22.1

1979-80 27,473 7.2 20.8 2,307 -6.7 1.7 29,780 5.9 22.5

1980-81 32,641 7.4 21.8 2,507 -1.7 1.7 35,148 6.7 23.5

1981-82 37,880 2.7 22.0 2,951 4.2 1.7 40,831 2.8 23.7

1982-83 41,025 -2.7 22.1 3,650 11.1 2.0 44,675 -1.7 24.1

1983-84 44,849 2.4 21.4 4,253 9.2 2.0 49,102 3.0 23.4

1984-85 52,970 12.2 22.9 4,788 7.0 2.1 57,758 11.8 25.0

1985-86 58,841 4.6 23.1 6,004 18.0 2.4 64,845 5.7 25.4

1986-87 66,467 5.5 23.8 6,678 3.9 2.4 73,145 5.4 26.2

1987-88 75,076 4.8 23.5 6,141 -14.7 1.9 81,217 3.0 25.4

1988-89 83,452 1.9 23.0 4,917 -26.6 1.4 88,369 -0.2 24.4

1989-90 90,773 2.5 22.8 4,744 -9.1 1.2 95,517 1.8 24.0

1990-91 92,739 -2.8 22.7 4,966 -0.4 1.2 97,705 -2.6 23.9

1991-92 87,364 -7.7 20.9 5,602 10.6 1.3 92,966 -6.7 22.3

1992-93 88,760 0.3 20.3 5,688 0.3 1.3 94,448 0.3 21.6

1993-94 93,362 4.3 20.3 6,780 18.2 1.5 100,142 5.1 21.8

1994-95 104,921 11.4 21.6 4,799 -29.8 1.0 109,720 8.6 22.5

1995-96 115,700 7.6 22.3 5,405 9.9 1.0 121,105 7.7 23.4

1996-97 124,559 5.9 22.8 5,286 -3.8 1.0 129,845 5.5 23.8

1997-98 130,984 3.8 22.7 4,795 -10.5 0.8 135,779 3.2 23.5

1998-99 141,105 7.5 23.2 5,391 12.1 0.9 146,496 7.6 24.1

1999-00 151,313 na 23.5 14,777 na 2.3 166,089 na 25.7

2000-01 146,698 -7.2 21.3 14,416 -6.6 2.1 161,114 -7.1 23.4

2001-02 148,343 -1.2 20.2 14,541 -1.5 2.0 162,884 -1.2 22.1

2002-03 161,418 5.7 20.7 15,084 0.7 1.9 176,503 5.2 22.6

2003-04 173,023 3.1 20.6 14,313 -8.7 1.7 187,336 2.1 22.3

2004-05 188,176 4.6 21.0 15,784 6.1 1.8 203,960 4.7 22.7

2005-06 203,918 3.3 21.1 17,916 8.2 1.9 221,834 3.7 23.0

2006-07(e) 216,400 1.4 20.9 18,220 -2.8 1.8 234,619 1.1 22.7

2007-08(e) 226,857 2.3 20.7 18,754 0.4 1.7 245,611 2.1 22.4

2008-09(p) 239,562 4.4 20.9 19,656 3.6 1.7 259,218 4.4 22.7

2009-10(p) 252,073 4.1 21.2 20,864 5.0 1.8 272,937 4.1 22.9

2010-11(p) 262,845 2.1 21.0 22,994 7.9 1.8 285,839 2.5 22.8

Taxation receipts Non-taxation receipts Total receipts

(a) There is a break in the series between 1998-99 and 1999-00. Data for the years up to and including 1998-99 are consistent with the cash ABS GFS reporting requirements. From 1999-00, data are derived from an accrual ABS GFS reporting framework, with receipts proxied by receipts from operating activities and sales of non-financial assets. Due to associated methodological and data source changes, time series data that encompass measures derived under both cash and accrual accounting should be used with caution.

(e) Estimates. (p) Projections. na Not applicable, due to a structural break in the series.

Statement 13: Historical Australian Government Data

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

Per cent Per cent

$m of GDP $m of GDP

1974-75 -1,901 -2.7 -267 -0.4

1975-76 -341 -0.4 -389 -0.5

1976-77 898 1.0 -161 -0.2

1977-78 2,896 2.8 -106 -0.1

1978-79 4,983 4.3 126 0.1

1979-80 6,244 4.7 290 0.2

1980-81 6,356 4.2 444 0.3

1981-82 5,919 3.4 475 0.3

1982-83 9,151 4.9 654 0.4

1983-84 16,015 7.6 1,327 0.6

1984-85 21,896 9.5 2,462 1.1

1985-86 26,889 10.5 3,626 1.4

1986-87 29,136 10.4 4,387 1.6

1987-88 27,359 8.6 4,019 1.3

1988-89 21,982 6.1 3,722 1.0

1989-90 16,121 4.1 3,848 1.0

1990-91 16,936 4.1 2,834 0.7

1991-92 31,132 7.5 2,739 0.7

1992-93 55,218 12.6 2,912 0.7

1993-94 70,223 15.3 4,549 1.0

1994-95 83,492 17.2 6,310 1.3

1995-96 95,831 18.5 7,812 1.5

1996-97 96,281 17.6 8,449 1.5

1997-98 82,935 14.4 7,381 1.3

1998-99 70,402 11.6 6,901 1.1

1999-00 54,538 8.5 6,014 0.9

2000-01 43,465 6.3 4,855 0.7

2001-02 38,642 5.3 4,238 0.6

2002-03 30,375 3.9 3,641 0.5

2003-04 23,948 2.8 2,994 0.4

2004-05 12,453 1.4 2,463 0.3

2005-06 -5,337 -0.6 2,265 0.2

2006-07(e) -28,444 -2.8 175 0.0

2007-08(e) -12,049 -1.1 -391 0.0

2008-09(p) -28,366 -2.5 -161 0.0

2009-10(p) -43,887 -3.7 -1,175 -0.1

2010-11(p) -59,233 -4.7 -1,051 -0.1

(a) There is a break in the net debt and net interest series between 1998-99 and 1999-00 (the first year of accrual budgeting). Up to 1998-99, Australian Government general government debt instruments are valued at historic cost. From 1999-00, Australian Government general government debt instruments are valued at market prices, consistent with accrual GFS standards. (b) Net debt has been revised upwards for the period from 1999-00 to 2005-06 due to a reclassification of

liabilities to the International Development Agency and Asian Development Fund from operating to loans. (c) Excludes superannuation related interest flows. (e) Estimates. (p) Projections.

Statement 13: Historical Australian Government Data

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

(a)

Revenue Expenses Net capital investment Fiscal balance Net worth(b)

Per cent Per cent Per cent Per cent Per cent

$m of GDP $m of GDP $m of GDP $m of GDP $m of GDP

1996-97 141,688 26.0 145,809 26.7 90 0.0 -4,211 -0.8 -74,354 -13.6

1997-98 146,820 25.4 148,646 25.7 147 0.0 -1,973 -0.3 -68,544 -11.9

1998-99 151,897 25.0 146,620 24.1 1,433 0.2 3,844 0.6 -76,150 -12.5

1999-00 167,158 25.9 156,492 24.3 -1,225 -0.2 11,892 1.8 -40,552 -6.3

2000-01 162,074 23.5 157,667 22.9 -1,168 -0.2 5,575 0.8 -43,299 -6.3

2001-02 162,956 22.1 166,758 22.7 -369 -0.1 -3,433 -0.5 -48,429 -6.6

2002-03 175,513 22.5 170,999 21.9 -219 0.0 4,734 0.6 -53,251 -6.8

2003-04 187,924 22.4 182,371 21.7 724 0.1 4,830 0.6 -39,595 -4.7

2004-05 206,605 23.0 195,680 21.8 147 0.0 10,778 1.2 -30,279 -3.4

2005-06 221,918 23.0 206,096 21.3 1,052 0.1 14,770 1.5 -22,835 -2.4

2006-07(e) 235,539 22.8 221,625 21.5 2,025 0.2 11,888 1.2 -10,852 -1.1

2007-08(e) 246,761 22.5 235,590 21.5 1,171 0.1 9,999 0.9 -587 -0.1

2008-09(p) 260,726 22.8 247,489 21.6 1,377 0.1 11,860 1.0 14,064 1.2

2009-10(p) 274,614 23.1 259,652 21.8 861 0.1 14,101 1.2 29,122 2.4

2010-11(p) 287,312 22.9 272,669 21.8 939 0.1 13,704 1.1 44,137 3.5

(a) The fiscal balance is equal to revenue less expenses less net capital investment. Net worth is calculated as assets less liabilities. (b) There is a break in the net worth series between 1998-99 and 1999-00. Data up to 1998-99 are sourced from the Australian Government’s Consolidated Financial Statements based on Australian accounting standards. Data beginning in 1999-00 are based on the GFS framework. For the general government sector, the major change across the break in the series is an improvement in net worth. This is primarily due to the move from valuing investments in public corporations at historic

cost to current market value (which is calculated using the share price for listed corporations). This is partly offset by defence weapons platforms no longer being recorded as assets and valuing debt at current market value. (e) Estimates. (p) Projections.

Statement 13: Historical Australian Government Data

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Table 5: Australian Government general government sector accrual taxation revenue, non-taxation revenue and total revenue

Per cent Per cent Per cent

real Per cent real Per cent real Per cent

$m growth of GDP $m growth of GDP $m growth of GDP

1999-00 153,473 na 23.8 13,685 na 2.1 167,158 na 25.9

2000-01 152,080 -5.1 22.1 9,994 -30.1 1.4 162,074 -7.2 23.5

2001-02 150,873 -3.1 20.5 12,083 18.1 1.6 162,956 -1.8 22.1

2002-03 163,957 5.5 21.0 11,556 -7.1 1.5 175,513 4.6 22.5

2003-04 175,838 3.2 20.9 12,085 0.6 1.4 187,924 3.0 22.4

2004-05 194,150 6.2 21.7 12,455 -0.9 1.4 206,605 5.8 23.0

2005-06 206,832 1.5 21.4 15,086 15.5 1.6 221,918 2.4 23.0

2006-07(e) 220,466 1.8 21.3 15,072 -4.5 1.5 235,539 1.4 22.8

2007-08(e) 231,069 2.3 21.1 15,691 1.6 1.4 246,761 2.2 22.5

2008-09(p) 244,066 4.4 21.3 16,660 5.0 1.5 260,726 4.5 22.8

2009-10(p) 256,636 4.0 21.5 17,978 6.7 1.5 274,614 4.2 23.1

2010-11(p) 267,262 1.9 21.3 20,050 9.2 1.6 287,312 2.4 22.9

Taxation revenue Non-taxation revenue Total revenue

(e) Estimates. (p) Projections. na Data not available.

Statement 13: Historical Australian Government Data

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Table 6: Australian Government cash receipts, payments and surplus by institutional sector ($m)

(a)

General government Public non-financial corporations Non-financial public sector

Underlying cash

Receipts Payments balance(b) Receipts Payments Cash surplus Receipts Payments Cash surplus(b)

1988-89 88,369 82,202 6,167 4,177 6,035 257 91,544 87,188 6,424

1989-90 95,517 88,882 6,635 3,926 11,322 -5,261 98,387 99,081 1,374

1990-91 97,705 97,333 372 4,804 9,351 -2,139 101,315 105,476 -1,767

1991-92 92,966 104,551 -11,585 3,899 7,713 101 95,063 110,448 -11,484

1992-93 94,448 111,484 -17,036 4,385 7,819 -196 97,327 117,775 -17,232

1993-94 100,142 117,252 -17,110 5,178 6,476 1,482 103,065 121,457 -15,628

1994-95 109,720 122,901 -13,181 5,262 7,318 1,956 113,013 128,247 -11,225

1995-96 121,105 131,182 -10,077 4,927 8,190 -527 123,269 136,607 -10,604

1996-97 129,845 135,126 -5,281 4,782 7,373 473 131,512 139,385 -4,808

1997-98 135,779 134,608 1,171 6,238 7,923 1,119 139,560 140,006 2,290

1998-99 146,496 142,159 4,337 na na -353 na na 3,984

1999-00 166,089 153,030 13,059 na na -2,594 na na 10,465

2000-01 161,114 155,143 5,970 na na 391 na na 6,362

2001-02 162,884 163,867 -983 na na 1,210 na na 227

2002-03 176,503 169,017 7,486 27,386 26,105 1,280 na na 8,766

2003-04 187,336 179,300 8,036 27,718 26,142 1,575 207,797 196,614 9,611

2004-05 203,960 190,344 13,616 29,621 28,071 1,550 225,922 209,514 15,167

2005-06 221,834 205,991 15,792 30,875 31,874 -999 244,145 229,300 14,794

2006-07(e) 234,619 218,859 13,631 17,154 18,671 -1,517 248,096 233,853 12,114

2007-08(e) 245,611 231,983 10,637 7,924 8,679 -756 252,314 239,442 9,881

2008-09(p) 259,218 243,713 12,712 na na na na na na

2009-10(p) 272,937 256,212 13,812 na na na na na na

2010-11(p) 285,839 270,398 12,447 na na na na na na

(a) There is a break in the series between 1998-99 and 1999-00. Data for the years up to and including 1998-99 are consistent with the cash ABS GFS reporting requirements. From 1999-00 onwards, 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. Due to associated methodological and data source changes, time series data which encompass measures derived under both cash and accrual accounting should be used with caution.

(b) These items exclude expected Future Fund earnings from 2005-06 onwards. Expected Future Fund earnings are shown in Table 1. (e) Estimates. (p) Projections. na Data not available.

Statement 13: Historical Australian Government Data

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Table 7: Australian Government accrual revenue, expenses and fiscal balance by institutional sector ($m)

(a)

General government Public non-financial corporations Non-financial public sector

Revenue Expenses Fiscal balance Revenue Expenses Fiscal balance Revenue Expenses Fiscal balance

1996-97 141,688 145,809 -4,211 27,431 26,015 -331 na na -4,542

1997-98 146,820 148,646 -1,973 29,618 26,999 2,360 na na 387

1998-99 151,897 146,620 3,844 27,687 26,088 -816 175,682 168,806 3,028

1999-00 167,158 156,492 11,892 25,485 23,542 1,062 188,695 174,929 12,953

2000-01 162,074 157,667 5,575 25,869 24,762 -826 183,337 177,823 4,750

2001-02 162,956 166,758 -3,433 26,638 25,341 793 184,986 187,491 -2,640

2002-03 175,513 170,999 4,734 24,339 22,916 1,975 194,725 188,829 6,709

2003-04 187,924 182,371 4,830 25,449 23,444 2,143 207,628 200,070 6,973

2004-05 206,605 195,680 10,778 26,965 25,191 1,473 227,685 214,986 12,250

2005-06 221,918 206,096 14,770 28,143 29,531 -2,442 243,276 228,841 12,328

2006-07(e) 235,539 221,625 11,888 15,523 16,119 -1,289 247,744 234,426 10,600

2007-08(e) 246,761 235,590 9,999 6,930 6,857 -929 252,165 240,922 9,070

2008-09(p) 260,726 247,489 11,860 na na na na na na

2009-10(p) 274,614 259,652 14,101 na na na na na na

2010-11(p) 287,312 272,669 13,704 na na na na na na

(a) The fiscal balance is equal to revenue less expenses less net capital investment. Net capital investment is not shown in this table. (e) Estimates. (p) Projections. na Data not available.