expenditure into 201415, which has been more than offset by the oneoff increase in GST revenue and ongoing increases in Territory revenue. The net operating balance is expected to return to surplus in 201415, two years ahead of the fiscal strategy target, with small surpluses projected across the forward estimates. Non Financial Public Sector Fiscal Balance The general government sector excludes the Power and Water Corporation (PWC) and due to the fact that PWC is not yet selfsupporting, the fiscal balance measure is assessed at the non financial public sector. The improvement in the fiscal balance follows the same trend as the improvement in the general government operating balance, except for the improving financial position of the PWC and the revised timing of the handover of the Darwin Correctional Precinct. As shown in Table 2.1, the fiscal balance deficit is now projected to peak at $723 million in 201415, before trending to improvement with a small deficit of $39 million estimated in 201718. The key offsetting revenue and expenserelated variations that have contributed to the movements in the fiscal balance are described in more detail below. Policy and Non-Policy Changes Since May 2013 Budget 2.2 sets out changes that have affected the non financial public sector fiscal balance for 201314 and 201415 since the May 2013 Budget was delivered. Table 2.2: Variations to the Non Financial Public Sector’s Fiscal Balance since May 2013 201314 201415 Accrual Accrual $M $M 201314 BUDGET - 1 185.0 - 350.9 Revenue policy – Revenue increase in bookmakers turnover tax 2.8 – Revenue Measures across agencies 6.9 Total revenue Policy 9.7 – REVENUE Revenue non policy – Stamp duty 17.9 18.4 Payroll tax 42.1 34.8 Other taxes 8.2 8.4 GST revenue 3.0 157.0 Timing of new/expanded Commonwealth revenue 116.4 192.1 Mining royalties 41.5 50.8 Agency ownsource revenue 14.3 12.0 Power and Water Corporation revised revenue estimates 36.0 21.9 Other revenue 40.1 4.5 Total revenue non policy 319.5 499.9 – REVENUE 319.5 509.6 OPERATING EXPENSES Expenses policy – Policy initiatives 31.6 57.2
expenditure into 201415, which has been more than offset by the oneoff increase in GST revenue and ongoing increases in Territory revenue. The net operating balance is expected to return to surplus in 201415, two years ahead of the fiscal strategy target, with small surpluses projected across the forward estimates. Non Financial Public Sector Fiscal Balance The general government sector excludes the Power and Water Corporation (PWC) and due to the fact that PWC is not yet selfsupporting, the fiscal balance measure is assessed at the non financial public sector. The improvement in the fiscal balance follows the same trend as the improvement in the general government operating balance, except for the improving financial position of the PWC and the revised timing of the handover of the Darwin Correctional Precinct. As shown in Table 2.1, the fiscal balance deficit is now projected to peak at $723 million in 201415, before trending to improvement with a small deficit of $39 million estimated in 201718. The key offsetting revenue and expenserelated variations that have contributed to the movements in the fiscal balance are described in more detail below. Policy and Non-Policy Changes Since May 2013 Budget 2.2 sets out changes that have affected the non financial public sector fiscal balance for 201314 and 201415 since the May 2013 Budget was delivered. Table 2.2: Variations to the Non Financial Public Sector’s Fiscal Balance since May 2013 201314 Accrual 201415 Accrual $M $M 201314 BUDGET - 1 185.0 - 350.9 Revenue – policy Revenue – increase in bookmakers turnover tax 2.8 Revenue Measures across agencies 6.9 Total revenue – Policy 9.7 REVENUE Revenue – non policy Stamp duty 17.9 18.4 Payroll tax 42.1 34.8 Other taxes 8.2 8.4 GST revenue 3.0 157.0 Timing of new/expanded Commonwealth revenue 116.4 192.1 Mining royalties 41.5 50.8 Agency ownsource revenue 14.3 12.0 Power and Water Corporation revised revenue estimates 36.0 21.9 Other revenue 40.1 4.5 Total revenue – non policy 319.5 499.9 REVENUE 319.5 509.6 OPERATING EXPENSES Expenses – policy Policy initiatives 31.6 57.2