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Budget Paper No.2 Fiscal and Economic Outlook 2008-2009



Budget Paper No.2 Fiscal and Economic Outlook 2008-2009

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Tabled paper 1293


Tabled papers for 10th Assembly 2005 - 2008; Tabled Papers for 10th Assembly 2005 - 2008; Tabled papers; ParliamentNT; Tabled Papers




Tabled By Delia Lawrie


Made available by the Legislative Assembly of the Northern Territory under Standing Order 240. Where copyright subsists with a third party it remains with the original owner and permission may be required to reuse the material.




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2008-09 Budget 108 Glossary A government owned corporation (GOC) is an entity whose objectives are to operate at least as efficiently as any corporate business and maximise sustainable return to government. The Government Owned Corporations Act adopts the shareholder model of corporate governance and the Power and Water Corporation became the Territorys first GOC on 1 July 2002. Classifies outlays or expenditure transactions by the purpose served, for example, health, education. The total value of goods and services produced in Australia over the period for final consumption. Intermediate goods, or those used in the production of other goods, are excluded. Gross domestic product can be calculated by summing total output, total income or total expenditure. Similar to gross domestic product, except that it measures the total value of goods and services produced in a jurisdiction. It is the sum of all income, namely wages, salaries and profits, plus indirect taxes less subsidies. It can also be calculated by measuring expenditure, where it is the sum of state final demand and international and interstate trade, changes in the level of stocks and a balancing item. An undertaking to answer for the debt or obligations of another person or entity. A written undertaking to compensate, protect or insure another person or entity against future financial loss, damage or liability. The Australian Loan Council endorses Commonwealth and state government borrowing levels. Current arrangements seek to emphasise transparency of public sector finances, through financial market scrutiny of proposed borrowing to restrict borrowing to prudent levels. The nomination to the Loan Council of the level of financing required. Net debt measures a governments net stock of selected gross financial liabilities less financial assets. It is calculated from the Uniform Presentation Framework balance sheet as the sum of deposits held, advances received and borrowing, minus the sum of cash and deposits, advances paid, and investments, loans and placements. Net financial worth measures a governments net holdings of financial assets. It is calculated from the Uniform Presentation Framework balance sheet as financial assets minus liabilities. Net financial worth is a broader measure than net debt, in that it incorporates provisions (such as superannuation, but excludes depreciation and doubtful debts) as well as holdings of equity. Net financial worth includes all classes of financial assets and liabilities. The net operating balance is calculated from the Uniform Presentation Framework operating statement as the excess of revenue over expenditure. This measure, which excludes capital expenditure, provides a good measure of a governments position over time and an indication of the sustainability of the existing level of government service provision. Government Owned Corporation Government Purpose Classification Gross Domestic Product Gross State Product Guarantee Indemnity Loan Council Loan Council Allocation Net Debt Net Financial Worth Net Operating Balance