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Statement of Commonwealth Government Financial Transactions - May 1981



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MINISTER FOR FINANCE

PRESS

EMBARGO NO: MG 81A

STATEMENT OF COMMONWEALTH GOVERNMENT FINANCIAL TRANSACTIONS - MAY 1981

MINISTER FOR FINANCE, SENATOR THE HONOURABLE DAME MARGARET GUILFOYLE

S e n a to r G u ilfo y le to d a y r e le a s e d th e Commonwealth's S tatem en t o f

F in a n c ia l T r a n s a c tio n s f o r May.

The grow th in cu m u la tiv e o u tla y s to end-May sto o d a t 13.8 p e r c e n t . The

Budget p r o je c tio n f o r th e y e a r a s a whole was 13.7 p e r c e n t. The

M in is te r s a i d t h a t th e r e s u l t s f o r th e y e a r - t o - d a t e c o n tin u e to c o n firm

t h a t o u tla y s a re b ro a d ly on t r a c k .

Growth in o u tla y s d u rin g May 1981 compared w ith th e same month l a s t y e a r

was 10.9 p e r c e n t. S e n a to r G u ilfo y le s a id t h a t th e r e were a number o f

a r e a s where e x p e n d itu re s in May t h i s y e a r were l e s s th a n i n May 1980,

r e f l e c t i n g changes in tim in g o f paym ents. The p r i n c i p a l item s were

fa m ily a llo w a n c e s ( r e f l e c t i n g th e in c id e n c e o f paydays) and e x p o rt

expan s i cxi g r a n t s . These d e c re a s e s were p a r t l y o f f s e t by h ig h e r May

e x p e n d itu re th a n in 1980 in r e s p e c t o f d ro u g h t r e l i e f and g r a n ts f o r

governm ent s c h o o ls .

T o ta l r e c e i p t s i n th e e le v e n months to end-May w ere 17Λ p e r c e n t h ig h e r

th a n in th e c o rre s p o n d in g p e rio d o f 1979-80 and p o in t to a f u l l y e a r

outcome somewhat in e x c e ss o f th e Budget e s tim a te o f an in c r e a s e o f

16.2 p e r c e n t.

2 .

S e n a to r G u ilf o y le n o te d th e v e ry l a r g e m onthly s u r p lu s o f $1307 m i l l i o n ,

$594 m i lli o n h ig h e r th a n i n May 1980. T h is a r o s e m a in ly from th e la r g e

f i n a l in s ta lm e n t o f company ta x on a s s e s s m e n t, th e M in is te r s a i d , w hich

t , . , · , ■ ·.. - .v : t -r. !. - ; i ·.. . v. . .· > “ ·. .:

in t u r n r e f l e c t e d th e in c r e a s e d ta x a b l e incom e i n 1979-80 on w hich

··' . . . : " t j i/ }r. - Γ /* · i i. .1 . ■ ■ ■ ' , : > ' ·* ’ i . S n i ' - . ·

1980-81 a s s e s s m e n ts a r e m ade. _ . · , ■· " . r „ v - . - - , - · v ·.· ' ; r . ’ . ; - 1 . ' .

. ■; (-■ . _ ‘ . r ’ / 1 , | " ' * . ■ ■ ■

The c u m u la tiv e d e f i c i t to end-May was $1834 m i l l i o n , $638 m i lli o n low er

th a n i n th e co m p arab le p e r io d o f 1979-80.

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MINISTER FOR FINANCE

COMMONWEALTH GOVERNMENT

S T AT EME NT OF F I N A N C I A L T R A N S A C T I O N S 1 9 8 0 - 8 1 $ m i 1 l i o n

RlinCFT ESTIMATE

MONTH o r 11 MONTHS TO 11 MONTHS TO

1 9 8 0 - 8 1 MAY 1981 3 1 - 5 - 8 1 3 1 - 5 - 8 0 ■

OUTLAYS

D e f e n c e 3 , 5 4 1 . 4 2 9 0 . 2 3 , 0 5 7 . 3 2 , 6 4 4 . 4

E d u c a t i o n 2 , 8 6 6 . 9 2 3 5 . 9 2 , 7 1 7 . 6 2 , 3 9 5 - 5

He a I t h 3 , 6 4 3 . 9 3 3 8 . 4 3 , 3 4 9 . 2 2 , 9 0 5 . 2

S o c i a l S e c u r i t y a n d W e l f a r e 9 , 8 8 9 . 7 8 0 9 . 7 9 , 0 4 4 . 7 8 , 0 6 4 . 2

H o u s i n g 3 6 5 . 5 3 1 . 5 3 5 6 . 4 3 8 0 . 2

U r b a n a n d R e g i o n a l D e v e l o p m e n t ( n e c ) a n d t h e

E n v i r o n m e n t 1 0 4 . 6 4 - 4 4 5 - 2 46. Ο

C u l t u r e a n d R e c r e a t i o n 3 8 3 . 1 2 7 . 6 3 7 7 - 3 3 0 5 . 6

E c o n o m i c S e r v i c e s - ·

T r a n s p o r t a n d C o m m u n i c a t i o n 1 , 0 0 0 . 0 5 0 . 5 · 8 9 5 . 2 7 1 7 . 1 .

Wa t e r S u p p l y , E l e c t r i c i t y and Gas 6 0 . 4 5 - 4 5 0 . 4 2 3. 1

I n d u s t r y A s s i s t a n c e and Devel opment 8 2 4 . 6 1 0 1 . 2 7 1 0 . 0 5 8 0 . 0

L a b o u r a n d E m p l o y m e n t 3 4 9 . 5 3 7 . 0 3 5 5 . 7 2 6 5 . 9

O t h e r E c o n o m i c S e r v i c e s 1 2 5 . 3 1 1 . 8 1 2 1 . 4 1 1 5 . 4

G e n e r a l P u b l i c S e r v i c e s - .

L e g i s l a t i v e S e r v i c e s 1 0 9 . 6 9 . 3 1 0 0 . 0 6 9 . 4

L a w , O r d e r a n d P u b l i c S a f e t y 2 1 4 . 9 1 7 . 0 1 9 5 . 2 1 7 7 . 9

F o r e i g n A f f a i r s a n d O v e r s e a s A i d , 7 3 9 . 8 4 3 . 8 6 9 9 . 5 6 0 0 . 3

G e n e r a l a n d S c i e n t i f i c R e s e a r c h ' ( n e c ) 3 0 7 . 0 2 0 . 0 2 9 5 . 7 2 6 0 . 1

A d m i n i s t r a t i v e S e r v i c e s 1 , 0 7 0 . 7 - 9 4 . 5 9 4 5 . 3 8 5 4 . 9

N o t A l l o c a t e d t o F u n c t i o n -

P a y m e n t s t o o r f o r t h e S t a t e s , t h e N o r t h e r n T e r r i t o r y

a n d L o c a l G o v e r n m e n t A u t h o r i t i e s ( n e c ) 7 , 9 0 5 . 8 6 4 0 . 8 7 , 3 2 0 . 9 6 , 5 3 2 . 3

P u b l i c D e b t I n t e r e s t 2 , 4 0 9 . 1 3 2 0 . 3 2 , 4 3 7 - 2 2 , 1 3 8 . 2

A l l o w a n c e f o r P r o s p e c t i v e Wa ge a n d S a l a r y I n c r e a s e s 1 2 5 . 0 - - _ -

U n a l l o c a t e d A d m i n i s t r a t i v e S a v i n g s - - - - .

T o t a l O u t l a y s 3 6 , 0 3 6 . 7 3 , 0 8 9 . 5 3 3 , 0 7 4 . 2 2 9 . 0 7 5 . 7

RECEI P TS

1a x a t ί o n R e v e n u e -

C u s t o m s D u t y -

1mpo r t s 1 , 7 7 0 . 0 1 4 7 . 6 1 , 6 4 3 . 5 1 , 4 0 7 . 8

C o a 1 E x p o r t s 9 0 . 0 9 . 3 7 4 . 3 8 1 . 7

E x c i s e D u t y » 5 , 9 0 2 . 0 500. 1 5 , 4 0 0 . 6 4 , 6 3 6 . 1

S a l e s T a x 2 , 0 6 0 . 0 I 8 3 . 2 1 , 9 1 4 . 7 1 , 6 9 9 . 6

I n c o m e T a x - I n d i v i d u a l s - G r o s s PAYE 1 5 , 1 2 0 . 0 1 , 3 9 3 - 8 1 3 , 7 6 6 . 5 1 2 , 0 0 3 . 1

- R e f u n d s 1 . 3 0 0 . 0 DR 2 2 . 8 DR 1 . 1 5 5 . 5 DR 1 . 1 1 4 t 9, DR

" - N e t PAYE 1 3 , 8 2 0 . 0 1 , 3 7 0 . 9 1 2 , 6 1 1 . 1 1 0 , 8 8 8 . 2

- O t h e r 3 , 2 5 0 . 0 3 6 1 . 0 3 , 1 7 2 . 4 2 , 6 7 1 . 3 - Comp a n i e s 4 , 5 0 0 . 0 1 , 6 1 6 . 2 4 , 1 4 8 . 2 3 , 2 1 0 . 1 - W i t h h o l d i n g T a x - D i v i d e n d s 1 1 5 . 0 1 2 . 4 1 0 1 . 0 9 0 . 4 - I n t e r e s t 4 5 . 0 4 . 2 4 0 . 3 3 8 . 3 P a y r o I I T a x y 1 7 . 0 1 - 5 1 5 . 5 1 4 . 4 D e p a r t u r e T a x 2 0 . 0 1 - 3 1 7 . 0 1 6 . 7 E s t a t e D u t y 2 0 . 0 1. 1 1 6 . 4 4 5 - 4 G i f t D u t y 1 . 5 - 0 . 1 DR 0 . 5 S t a m p D u t y 7 . 5 0 . 6 7 . 6 6 . 2 O t h e r T a x e s , F e e s a n d F i n e s 1 7 9 . 3 1 8 . 2 177. 1 1 4 8 . 5 R e m i s s i o n s 1 . 5 DR 0 . 2 DR 1 . 3 DR 1 . 3 DR • T o t a l T a x a t i o n R e v e n u e 3 1 , 7 9 5 . 8 4 , 2 2 7 . 7 2 9 , 3 3 8 . 5 2 4 , 9 5 4 . 1 I n t e r e s t , R e n t a n d D i v i d e n d s 2 , 2 1 7 . 0 1 6 2 . 4 1 , 6 2 1 . 9 i ; 5 1 7 . 8 N e t R e c e i p t s f r o m G o v e r n m e n t E n t e r p r i s e T r a n s a c t i o n s 2 7 7 . 0 2 . 9 9 3 . 3 7 8 . 2 S a l e o f E x i s t i n g A s s e t s 1 8 1 . 4 3 . 2 1 8 6 . 6 5 4 . 2 T o t a l R e c e i p t s 3 4 , 4 7 1 . 2 4 , 3 9 6 . 2 3 1 , 2 4 0 . 4 2 6 , 6 0 4 - 3 D E F I C I T 1 , 5 6 5 . 5 1 , 3 0 6 . 7 + 1 , 8 3 3 . 8 - 2 , 4 7 1 . 4 - FI NANCI NG TRANSACTI ONS N e t o v e r s e a s b o r r o w i n g s ) 7 3 . 9 DR 1 7 3 . 6 DR 2 3 5 . 2 N e t p r o c e e d s o f A u s t r a l i a n S a v i n g s B o n d s a n d ) S p e c i a 1 B o n d s ) 9. 1 37 0 . 1 DR 2 1 7 . 0 N e t c h a n g e i n T r e a s u r y N o t e s on I s s u e ) 648. Ο DR 1 , 4 7 0 . 7 3 0 6 . 9 N e t p r o c e e d s o f o t h e r l o a n s r a i s e d i n A u s t r a l i a ) 1 , 5 6 5 . 5 5 1 . 1 DR 4 1 5 . 0 3 6 4 . 6 DR B o r r o w i n g s f r o m R e s e r v e Ba n k ) ' 2 0 0 . 0 DR 4 0 0 . 0 7 0 0 . 0 Us e o f c a s h b a l a n c e s ) 2 4 4 . 1 DR 100. 1 9 8 2 . 8 O t h e r f i n a n c i n g t r a n s a c t i o n s i n A u s t r a l i a ) 9 8 . 5 DR 8 . 2 DR 3 9 4 . 2 T o t a l F i n a n c i n g T r a n s a c t i o n s . 1 , 5 6 5 . 5 1 , 3 0 6 . 7 ' 1 , 8 3 3 . 8 2 , 4 7 1 . 4 UNFUNDED DEBT AND BANK BALANCES AT 31 MAY 1981 $ m i l l i o n T r e a s u r y B i l l s 2 ,9 0 0 .0 T r e a s u r y N o t e s . 3 ,0 8 5 .9 Ba n k B a l a n c e s 5 7 .9 0/DJ . L . CARROLLA /g S e c r e t a r y t o t h e D e p a r t m e n t o f F i n a n c e 12 JUNE 1981MARGARET GUILFOYLE M i n i s t e r f o r F i n a n c e