Annual Financial Statement Treasurer’s cont… Financial Performance and Position of the Total Public Sector Financial Performance The discussion that follows is based upon the financial statements submitted by the Treasurer for audit in accordance with the Financial Management Act. The financial performance of the Total Public Sector for 2011/12, as measured by the Net Operating Balance and by Net Lending or Borrowing is illustrated in Table 1 below: Table 1 Financial Performance of the Total Public Sector 2011/12 2010/11 million million $’ $’ Revenues 5,670.1 5,559.1 Expenses (5,504.4) (5,328.5) Net operating balance 165.7 230.6 Net acquisition of non-financial assets (783.3) (975.0) Net lending/(borrowing) (617.6) (744.4) Total Public Sector financial performance for 2011/12 was characterised by an increase in total revenues of 2.0 per cent, to $5,670.1 million. Grants received from the Commonwealth continued to dominate, with 70 per cent of the Total Public revenues coming from that source. Revenues received from the Sector’s Commonwealth increased by $175.4 million, with increases occurring in: million $’ Goods and Services Tax 161.8 Other grants and capital contributions 43.4 offset by decreases in: National partnerships (23.1) Specific purpose payments (6.7) Total 175.4
Treasurer’s Annual Financial Statement cont… Financial Performance and Position of the Total Public Sector Financial Performance The discussion that follows is based upon the financial statements submitted by the Treasurer for audit in accordance with the Financial Management Act. The financial performance of the Total Public Sector for 2011/12, as measured by the Net Operating Balance and by Net Lending or Borrowing is illustrated in Table 1 below: Table 1 Financial Performance of the Total Public Sector 2011/12 $’ million 2010/11 $’ million Revenues 5,670.1 5,559.1 Expenses (5,504.4) (5,328.5) Net operating balance 165.7 230.6 Net acquisition of non-financial assets (783.3) (975.0) Net lending/(borrowing) (617.6) (744.4) Total Public Sector financial performance for 2011/12 was characterised by an increase in total revenues of 2.0 per cent, to $5,670.1 million. Grants received from the Commonwealth continued to dominate, with 70 per cent of the Total Public Sector’s revenues coming from that source. Revenues received from the Commonwealth increased by $175.4 million, with increases occurring in: $’ million Goods and Services Tax 161.8 Other grants and capital contributions 43.4 offset by decreases in: National partnerships (23.1) Specific purpose payments (6.7) Total 175.4