Historical and forward estimates financial statements - general government sector
All historical accounting based tables have been presented in the format adopted under Australian equivalent to International Financial Reporting Standards (A-IFRS), and Government Finance Statistics (GFS) statistical aggregates have been converted to an accruals basis.
The historical operating statement and cash flow statement have also been revised back to 2004-05 for consistency with AASB 1049 Whole of Government and General Government Sector Financial Reporting. However, some breaks in series remain. Additionally, several new accounting standards issued by the Australian Accounting Standards Board (AASB) have been applied for the first time from 2019-20 onwards. These accounting standards include AASB 1059 Service Concession Arrangements: Grantor (Service Concession Arrangements), AASB 16 Leases (Leases), AASB 15 Revenue from Contracts with Customers and AASB 1058 Income of Not-for-Profit Entities (Revenue).
All data sets incorporate financial information published in the 2024-25 Budget, 2024-25 Budget Update and 2023-24 Financial Report.
Consolidated comprehensive operating statement
This statement contains the general government sector net operating result from 1996-97 presented in A-IFRS format which was first introduced for the 2005-06 budget, including the effect of removing one-off Commonwealth grants on the net result from transactions.
Consolidated balance sheet
This contains the general government sector balance sheet from 30 June 2005.
The current year budget and forward estimates are based on estimated opening balances. At budget update (December each year), the budget numbers are updated based on actual opening balances at 1 July plus current year budgeted movements.
Consolidated cash flow statement
This statement contains the trends in general government sector aggregate cash flows from 1986-87. This table of historical and current data has been compiled as far as possible on an A-IFRS basis.
The data from 1997-98 includes the transactions of government schools and the arts institutions on a gross operating basis, as well as the full trading operations of TAFE institutes and hospitals, nursing homes and ambulance services.
Consolidated statement of changes in equity
This contains the general government statement of changes in equity series from 30 June 2010.
This table of current data presents reconciliations of each non-owner and owner equity opening balance at the beginning of the year to the closing balance at the end of the year.
Consolidated government finance statistics classification data
This data contains general government sector operating expenses, sourced from the Australian Bureau of Statistics historical data and the Department of Treasury and Finance, categorised by ‘government purpose classification’ (GPC) and ‘classification of the functions of government’ (COFOG).
The Australian system of Government Finance Statistics (GFS) was revised by the Australian Bureau of Statistics, with the release of the Australian System of Government Finance Statistics: Concepts, Sources and Methods 2015 Cat. No. 5514.0.
Implementation of the updated GFS manual has resulted in the COFOG framework replacing the former GPC framework, with effect from the 2018-19 financial year for financial reporting under AASB 1049.
The underlying data from 1961-62 to 1997-98 represents a conversion from the original cash series to an accruals basis by estimating depreciation and superannuation expenses based on statistical modelling.
Although the conversion provides a basis for comparison with total expenses in the current series of accrual GFS information from 1998 (in the attached table), the estimated accrued expense items have not been apportioned to individual purpose classifications.
The absence of these splits between functional classifications in the attached table data therefore represents a break in the series and it is not possible to compare individual purpose categories with those in other tables.
Similarly, the transition from GPC to COFOG represents an additional break in the series and comparability between the two frameworks will not be possible.
The key reporting changes from GPC to COFOG are as follows:
- the number of categories has reduced from 12 under GPC to 10 under COFOG
- the fuel and energy, agriculture, forestry, fishing and hunting categories have been abolished and are now part of the new economic affairs category. The majority of the outputs in other economic affairs are also included in this new category
- public debt transactions have moved from the other purposes category (i.e. primarily interest expense on borrowings) to general public services category
- a new environmental protection category was created to include functions such as waste management, water waste management, pollution and production of biodiversity and landscape, which were previously classified under housing and community amenities category, as well as national and state parks functions from the recreation and culture category
- housing functions such as housing assistance and housing concessions are now part of the social protection category.
Controlled entities list
This is a list of significant controlled government entities which contribute to the financial statements in this budget.
Minor subsidiaries of these entities are not separately included in this list.
For further information about the consolidation policy, refer to Controlled entities online data set.
Historical financial statements – whole of State
The datasets provide historical information from 2007-08. Wherever possible, adjustments have been made to make the series consistent with AASB 1049 Whole of Government and General Government Sector Financial Reporting. Additionally, several new accounting standards issued by the Australian Accounting Standards Board (AASB) have been applied for the first time from 2019-20 onwards. These accounting standards include AASB 1059 Service Concession Arrangements: Grantor (Service Concession Arrangements), AASB 16 Leases (Leases), AASB 15 Revenue from Contracts with Customers and AASB 1058 Income of Not-for-Profit Entities (Revenue).
It is important to note that due to the elimination of transactions occurring between the general government, public non-financial corporations and public financial corporations sectors in arriving at a consolidated position, not all variations in each sector will affect the overall State of Victoria result.
All data sets incorporate financial information published in the 2024-25 Budget, 2024-25 Budget Update and 2023-24 Financial Report.
Consolidated comprehensive operating statement
This contains the whole of State consolidated comprehensive operating statement from 2007-08.
Consolidated balance sheet
This contains the whole of State consolidated balance sheet from 30 June 2008.
Consolidated cash flow statement
This contains the whole of State consolidated statement of cash flows from 2007-08.
Consolidated statement of changes in equity
This contains the whole of State statement of changes in equity from 2007-08.
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