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Statement of Commonwealth Government Financial Transactions - April 1982



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MINISTER FOR FINANCE

EMBARGO NO: MG 8 2 / 5

STATEMENT OF COMMONWEALTH GOVERNMENT FINANCIAL TRANSACTIONS - APRIL 1982

MINISTER FOR FINANCE, SENATOR THE HONOURABLE DAME MARGARET GUILFOYLE .

The M i n i s t e r f o r F i n a n c e , S e n a t o r G u i l f o y l e , t o d a y r e l e a s e d t h e

Commonwealth G o v e r n m e n t's S t a t e m e n t o f F i n a n c i a l T r a n s a c t i o n s f o r A p r i l .

F o r t h e month o f A p r i l t h e r e was a s u r p l u s o f r e c e i p t s o v e r e x p e n d i t u r e

o f $1480 m i l l i o n . T h is h a s b r o u g h t t h e d e f i c i t f o r t h e y e a r t o d a t e t o

$2917 m i l l i o n , com pared t o a d e f i c i t o f $3141 m i l l i o n r e c o r d e d i n t h e

t e n m o n th s t o A p r i l l a s t y e a r .

The S t a t e m e n t shows t h a t B u d g et o u t l a y s f o r t h e month o f A p r i l were

1 8 .2 p e r c e n t h i g h e r t h a n i n t h e c o r r e s p o n d i n g m onth o f 1 981.

S e n a t o r G u i l f o y l e p o i n t e d t o a number o f f a c t o r s c o n t r i b u t i n g t o t h i s

i n c r e a s e . T h ese i n c l u d e d c h an g ed paym ent a r r a n g e m e n t s f o r t h e s c h o o l

and t e r t i a r y e d u c a t i o n s e c t o r s an d l a r g e r o u t l a y s i n r e s p e c t o f s o c i a l

s e c u r i t y and w e l f a r e p a y m e n ts , p u b l i c d e b t i n t e r e s t , and w ages and

s a l a r i e s , p a r t i c u l a r l y i n r e l a t i o n t o t h e D e fe n ce F o r c e s .

The i n c r e a s e i n o u t l a y s f o r A p r i l b r o u g h t t h e c u m u l a t i v e r a t e o f g r o w th

o v e r t h e t e n m onths t o e n d - A p r i l t o 14*0 p e r c e n t . The t i m i n g f a c t o r s

r e f e r r e d t o e a r l i e r e x p l a i n p a r t o f t h e i n c r e a s e a b o v e t h e B udget

e s t i m a t e w hich was f o r a n i n c r e a s e o f 1 2 .6 p e r c e n t i n o u t l a y s f o r t h e

y e a r a s a w h o le . The M i n i s t e r w en t on t o o b s e r v e , h o w e v e r, t h a t t h e

c u m u l a t i v e r a t e o f g ro w th o f o u t l a y s i s now a l s o r e f l e c t i n g t h e o v e r r u n

i n B udget o u t l a y s p r e v i o u s l y f o r e s h a d o w e d .

The M i n i s t e r r e i t e r a t e d t h a t t h e m a jo r c o n t r i b u t i n g f a c t o r s t o t h i s

o v e r r u n w ere t h e u n a n t i c i p a t e d e x t e n t o f wage and s a l a r y i n c r e a s e s ,

n o n - d i s c r e t i o n a i y i t e m s s u c h a s s o c i a l s e c u r i t y b e n e f i t s , and p u b l i c

2

d e b t i n t e r e s t , and s p e c i f i c p o s t - B u d g e t s p e n d in g d e c i s i o n s .

N o t w i t h s t a n d i n g t h i s , s h e n o t e d t h a t t h e Government h a s managed t o

p a r t i a l l y o f f s e t t h e e f f e c t s o f t h e s e i n c r e a s e s by c o n d u c t i n g a

t h o r o u g h e x a m i n a t i o n o f d e p a r t m e n t a l e x p e n d i t u r e s and by i d e n t i f y i n g

a r e a s w h e re t h e r e was s c o p e f o r a b s o r b i n g u n a v o i d a b l e c o s t i n c r e a s e s .

R e c e ip ts f o r th e ten months to en d -A p ril were 1 6 .4 p er cen t h ig h er than

in th e same p erio d l a s t y e a r .

R ev en u e fro m t h e e x c i s e on c r u d e o i l was a f f e c t e d by t h e s t r i k e o f t u g

crew s i n A p r i l b u t , d u e t o c o l l e c t i o n l a g s , t h e m ain p a r t o f t h e l o s s

t o r e v e n u e w i l l be r e f l e c t e d i n t h e May f i g u r e s .

The M i n i s t e r s a i d t h a t t h e b u l k o f p e r s o n a l incom e t a x on a s s e s s m e n t

h a d b e e n p a i d i n A p r i l , y i e l d i n g r e v e n u e o f $2180 m i l l i o n f o r t h a t

m o n th .

L a r g e l y b e c a u s e o f t h i s f a c t o r , a s u r p l u s o f r e c e i p t s o v e r o u t l a y s o f

$1480 m i l l i o n was r e c o r d e d i n A p r i l and t h e d e f i c i t f o r t h e y e a r t o

d a t e was r e d u c e d t o $2917 m i l l i o n , $223 m i l l i o n lo w e r t h a n i n t h e same

p e r i o d l a s t y e a r .

S e n a t o r G u i l f o y l e n o t e d t h a t t h e a c c o u n t s w ould c o n t i n u e i n s u r p l u s f o r

t h e m o n th s o f May an d Ju n e a s t h e r e m a i n d e r o f p e r s o n a l incom e t a x on

a s s e s s m e n t an d t h e f i n a l i n s t a l m e n t o f company t a x a r e r e c e i v e d .

CANBERRA

14 May 1982

J ,. A USTR ALIA , Lu

MINISTER FOR FINANCE

COMMONWEALTH GO V ER N ME N T

S T A T E M E N T 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 1 - 8 2

$ m i l l i o n

BUDGET Ρ ^ Τ Τ Μ Δ Τ ρ

MONTH o r 10 MONTHS TO 10 MONTHS TO

1981 -82 APRIL 1982 3 0 . 4 . 8 2 3 0. 4.81

OUTLAYS

L)e f e n c e 4 ,1 1 1 .8 335-4 3 , 2 3 5 . 9 2 , 7 6 7 .1

E d u c a t i o n 3 , 2 5 4 . 7 4 5 9 -4 3 , 1 8 3 - 4 2 , 4 8 1 . 7

H e a I t h 2 ,8 72.1 2 3 3 . 4 2 , 3 8 0 . 7 3, 0 1 0 .8

S o c i a l S e c u r i t y a n d W e l f a r e 1 1 ,3 5 6 .8 8 9 3 . 8 9 , 2 7 0 . 6 8 , 2 2 8 . 0

H o u s i n g 399-0 4 8 .3 4 3 4 . 4 3 2 4 .9

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 7 8 . 6 3 .7 4 5 -5 5 0 . 4

C u l t u r e a n d R e c r e a t i o n " 4 6 0 . 5 4 0 .5 4 1 7 . 5 34 9-6

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 , 1 0 0 . 5 8 2 . 2 965.1 8 4 4 .7

Water S u p p l y , E l e c t r i c i t y and Gas 5 2 .7 4 - 9 5 6 .7 4 5 .0

I n d u s t r y A s s i s t a n c e and Development 9 5 7 . 3 6 0 .3 669.1 6 0 4 .2

L a b o u r a n d E m p l o y m e n t 4 5 9 -3 4 0 .0 3 8 1 .0 3 1 8 .7

O t h e r E c o n o m i c S e r v i c e s 1 4 1 .8 15.1 1 2 2 .2 1 09.7

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 2 8 .8 1 2 .0 1 0 8 .0 9 0 .7

Law, O r d e r a n d P u b l i c S a f e t y 2 5 3 . 2 2 0 .3 2 0 3 .0 1 7 8 .2

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 Ai d 8 7 7 . 2 1 3 4 .8 7 2 1 .7 6 5 5 .7

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 8 0 .9 3 4 -4 3 4 1 . 8 27 5-7

A d m i n i s t r a t i v e S e r v i c e s , 1 , 2 0 6 . 7 9 5 - 9 1,0 2 7 .6 8 5 0 . 8

N o t AI 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 ) 9 , 9 0 2 . 3 8 1 2 .5 8 , 3 2 6 . 2 6 , 6 8 0 . 1

P u b l i c D e b t I n t e r e s t 2 , 8 0 7 . 7 3 1 3 .3 2 , 2 8 4 . 5 2 , 1 1 6 .9

A l l o w a n c e f o r P r o s p e c t i v e Wage a n d S a l a r y I n c r e a s e s 6 0 . 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 4 0 ,8 6 1 .8 3 , 6 4 0 .1 3 4 . 1 7 4 . 8 2 9 , 9 8 2 . 7

' · RECEI PTS

I a x a t i o n R e v e n u e -

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

I m p o r t s 1 , 9 9 5 . 0 1 6 9 .6 1 , 7 0 6 . 9 1, 4 9 5 .9

C o a I E x p o r t s 1 1 5 .0 8. 1 76.1 6 5 .0

E x c i s e D u t y 6 ,2 5 0 .0 485.1 5 , 0 0 7 . 9 4 , 9 0 0 .5

S a l e s Ta x . 2 , 9 1 3 . 0 2 4 8 .3 2 , 3 3 6 . 3 1, 7 3 1 .5

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 8 , 6 4 0 . 0 1, 6 8 4 .8 1 5 , 2 3 1 . 9 1 2, 3 7 2 .7

- R e f u n d s 1 , 3 8 5 . 0 DR 3 0 .7 DR 1 , 3 7 0 . 5 DR 1, 1 3 2 .5 DR

- N e t PAYE 1 7 ,2 5 5 .0 1 , 6 5 4 . 2 1 3 , 8 6 1 . 5 1 1, 2 4 0 .2

- O t h e r 3 ,6 0 5 ,0 2 , 1 8 0 . 3 3 , 1 2 0 . 3 2, 8 1 1 .4

- C o m p a n i e s 5 ,1 7 0 .0 1 1 2 .8 2 , 9 6 9 . 6 2, 5 3 2 .0

- W i t h h o l d i n g T a x - D i v i d e n d s . 1 2 4 .0 7 . 9 1 0 3 .4 8 8 . 6

- I n t e r e s t 5 1 .0 7 . 2 6 4 . 5 36.1

P a y r o l l Ta x 1 7 .0 1 . 7 1 6 .0 1 4 .0

D e p a r t u r e Ta x 3 4 .0 3- 8 2 8 .7 1 5 .7

E s t a t e D u t y 8 . 0 0 . 2 3 . 9 1 5 .3

G i f t D u t y 1 .3 - 0 . 2 0 . 1 DR

S t a m p D u t y · 1 4 .5 0 . 9 9 . 0 7 . 0

O t h e r T a x e s , F e e s a n d F i n e s 2 1 6 .4 3 6 .2 1 8 5 .3 1 5 8 .9

R e m i s s i o n s 1 .5 DR 0 . 1 DR 1 .4 DR 1. 1 DR

T o t a l T a x a t i o n R e v e n u e 3 7 ,7 6 7 .7 4 , 9 1 6 . 0 2 9 , 4 8 8 . 1 2 5, 1 1 0 .8

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 ,5 9 6 .0 2 0 2 .0 1 , 5 8 6 . 9 1 , 4 5 9 - 5

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 3 0 1 .0 0 . 6 DR 1 5 1 .7 9 0 . 4

S a l e o f E x i s t i n g A s s e t s ' 5 1 .0 2 . 2 3 0 .9 1 8 1 .4

T o t a I R e c e i p t s 4 0 ,7 1 5 .6 5 , 1 1 9 . 6 3 1, 2 5 7 .5 2 6 , 8 4 2 . 2

SURPLUS (+ ) DE F I C I T ( - ) - 1 4 6 .2 + 1 , 4 7 9 . 5 - 2 , 9 1 7 .3 - 3 , 1 4 0 . 5

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 ) 2 0 . 2 DR 3 0 6 .2 9 9 . 7 DR

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 i3 I B o n d s ) 7 3 - 5 DR 5 4 3 -9 DR 3 7 9 .2 DR

N e t c h a n g e i n T r e a s u r y N o t e s o n I s s u e ) 5 0 6 .2 DR 8 3 6 . 4 2 , 1 1 8 . 7

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 4 6 .2 342.1 DR 7 4 6 .9 ■ 466.1

B o r r o w i n g s f r o m R e s e r v e S a n k ) ' 5 0 0 . 0 DR 1 , 1 0 0 . 0 6 0 0 .0

Us e o f c a s h b a l a n c e s ) 36.1 DR 347-2 34 4-2

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 ) 1 .4 DR 1 2 4 .5 9 0 . 3

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 4 6 .2 1 , 4 7 9 . 5 DR 2 , 9 1 7 . 3 3 , H 0 . 5

UNFUNDED DEBT AND BANK BALANCES AT 30 APRIL 1982 $ m i l l i o n

T r e a s u r y B i l l s 3»0 0 0 . 0

T r e a s u r y N o t e s 4 ,3 6 3 .8

Ba n k B a l a n c e s 53·0

I . C a s t l e s

S . ' 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

14 MAY 1982

MARGARET GUILFOYLE M i n i s t e r f o r f i n a n c e