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Commonwealth statement of financial transactions - November 1979



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MINISTER FOR FINANCE

EMBARGO NO: 74

COMMONWEALTH STATEMENT OF FINANCIAL TRANSACTIONS -

NOVEMBER 1979

The Minister for Finance, Mr Eric Robinson, today released

the November Statement of Commonwealth Government Financial

Transactions.

The Statement shows that for the month of November receipts

totalled $2514 million, outlays $2826 million, and the

resultant deficit was $311 million.

Receipts for the five months to end-November were 18.0 per

cent higher than for the same period last year. Mr Robinson

pointed to a number of factors contributing to the expected

higher rate of growth in receipts for the earlier part

of the year, compared with the estimated outcome for the

year as a whole. These include effects of increased rates

of duty on beer, potable spirits and tobacco products and the

higher rates of levy on crude oil, which were announced in

the 1978-79 Budget, and consequently did not apply in the

early part of last year. Further, the reduction in

income tax rates effective from 1 December 1979 will reduce

collections of income tax in the last half of this year.

2

Outlays in November totalled $2826 million; an increase of

15.4 per cent on the same month last year.

Mr Robinson pointed out that the November result this

year included payment of $222 million in respect of local

government tax sharing entitlements. Similar payments for

local government in 1978-79 were made in September. Also

included in the November outlays was a payment of

$28 million to the Queensland Government to finance the

accumulation of special reserve stocks under the

International Sugar Agreement .

Mr Robinson explained that there were other differences

in the timing of payments in November which partially offset

these increases. He mentioned by way of example Hospital

Cost Sharing Payments (down by $47 million compared with

November last year) and payments to the ABC (down by

$29 million).

Over the first five months of this year outlays are up 8

per cent on the comparable period of 1978-79· Mr Robinson

noted that this is a little below the budget projection for

the full year of a 9*1 per cent increase, but he said that

taking account of timing factors, outlays are broadly

on track.

The deficit result of $311 million in November brings the

total deficit for the first five months to $2910 million;

$583 million lower than for the same period last year.

Mr Robinson said that the various timing factors affecting

the receipts and outlays and hence the deficit need to be kept

in mind when assessing the likely outcome for the year as a

whole. CANBERRA. 1 ^ December 1979

MINISTER FOR FINANCE

C O M M O N W E A L T H GO V E R N M E N T ST AT E M E N T OF FINANC IAL T R A N S A C T I O N S 19 79-8 0 $ m i l l i o n

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M O N T H OF ■ 5 M O N T H S TO 5 M O N T H S TO

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