Territory Stories

February 2008 report to the Legislative Assembly

Details:

Title

February 2008 report to the Legislative Assembly

Collection

Report to the Legislative Assembly; Reports; PublicationNT

Date

2008

Description

Made available via the Publications (Legal Deposit) Act 2004 (NT).

Notes

Date:2008-02

Language

English

Subject

Northern Territory. Auditor-General's Office -- Periodicals; Finance, Public -- Northern Territory -- Accounting -- Periodicals; Northern Territory -- Appropriations and expenditures -- Periodicals

Publisher name

Northern Territory Auditor-General's Office

Place of publication

Darwin

ISSN

1323-7128

Copyright owner

Check within Publication or with content Publisher.

Parent handle

https://hdl.handle.net/10070/223559

Citation address

https://hdl.handle.net/10070/686148

Page content

Auditor-General for the Northern Territory February 2008 Report 37 Analysis of the Treasurers Annual Financial Statement cont Table 4 General Government Employment Expenses 2006-07 2006-07 2005-06 $million $million Wages and salaries 1,162.8 1,097.0 Funded superannuation expense 53.5 47.6 Unfunded superannuation expense 83.3 71.0 Nominal interest expense on unfunded superannuation 104.8 96.1 1,404.4 1,311.7 As can be seen from the above table, wage and salary growth for the year was almost 6 per cent. This growth was generally attributable to growth of approximately 2 per cent in the number of persons employed, coupled with salary increases of 3 per cent paid during the year as a result of earlier enterprise bargaining agreements. The funded superannuation expense represents the value of payments by the Government to superannuation schemes, in respect of services provided by employees during 2006-07, to finance future superannuation benefits. Also included are unfunded superannuation expenses, which are superannuation expense accrued for services provided by employees during 2006-07. Under a GFS model, the employer is regarded has having borrowed from employees an amount equal to the increase in the superannuation liability each period. For purposes of determining expenses for the period, the increase in the unfunded superannuation liability is divided between the superannuation expense and a nominal interest expense. Employee, depreciation and interest expenses together represented 55 per cent of total General Government sector expenses. A consequence of this relatively high level of costs that are essentially fixed is a lack of budgetary flexibility available to any government.


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