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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; ParliamentNT




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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109 The Uniform Presentation Framework net worth measure provides a relatively comprehensive picture of a governments overall financial position. It is calculated as total assets less total liabilities less shares and other contributed capital. It includes a governments non financial assets, such as land and other fixed assets, which may be sold and used to repay debt, as well as its financial assets and liabilities, including debtors, creditors and superannuation liabilities. Net worth also shows asset acquisitions over time, giving an indication of the extent to which borrowings are used to finance asset purchases, rather than only current expenditure. The sector formed through a consolidation of the general government and public non financial corporation subsectors. Government-controlled entities, which perform central bank functions, and/or have the authority to incur liabilities and acquire financial assets in the market on their own account. Public enterprises primarily engaged in the production of goods or services of a non financial nature, for sale in the market place, at prices which aim to recover most of the costs involved. Public private partnerships (PPPs) is a term used to describe a method of procuring Government infrastructure and associated services. PPPs create opportunities with the private sector for increasing investment in social and economic infrastructure and the Territorys PPP policy framework, Territory Partnerships, defines the protocol for such commercial dealings between the public and private sectors. Specific purpose payments (SPPs) are tied grants received from the Commonwealth, which are earmarked for specific purposes. Final consumption expenditure plus gross fixed capital formation in each jurisdiction. It represents the total expenditure on consumption and investment in a jurisdiction. The mechanism to ensure that GBDs and GOCs incur tax liabilities similar to privately owned organisations. Thus, greater parity exists between the cost structures of government-controlled trading entities and the private sector, aiding in the achievement of competitive neutrality. An allocation of that name, as specified in an Appropriation Act, which provides a pool of funds specifically set aside in each Budget to meet operational contingencies that arise during the year. A uniform reporting framework (UPF) agreed by the Australian Loan Council in 2000, which is a revision of the agreement reached at the 1991 Premiers Conference. The UPF was further updated and reissued in April 2008 to incorporate the new accounting standard AASB 1049 Whole of Government and General Government Sector Financial Reporting. The UPF specifies that the Commonwealth, state and territory governments will present a minimum set of budget and financial outcome information on the Government Finance Statistics basis according to an agreed format and specified Loan Council reporting arrangements. Net Worth Non Financial Public Sector Public Financial Corporations Public Non Financial Corporations Public Private Partnerships Specific Purpose Payments State Final Demand Tax Equivalents Regime Treasurers Advance Uniform Presentation Framework