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Financial Overview

2003-04 Summary

Defence is required to present three financial statements prepared according to Australian Accounting Standards (Operating Statement, Balance Sheet and Cash Flow Statement). Separately, a Defence resourcing presentation shows the total funds available to Defence in any given year. The total Departmental funding element of this presentation is the most common way of measuring Defence's budget, and is consistent with the presentation of the Defence White Paper 2000.

At the time of the publication of the 2004-05 Budget, the projected level of resourcing available to Defence in 2003-04 was $17,641m, comprising total departmental funding of $15,625m and a further $2,017m for the administered appropriation (see the Portfolio Budget Statements 2004-05, p.23). The total departmental funding allocation of $15,623m (serial 7) comprised funding from Government for outcomes of $14,570m, an equity injection of $618m, own-source revenue of $331m and net capital receipts of $106m.

The actual result for 2003-04 was $551m higher than the projected result due to an additional $249m in total departmental funding and a further $303m in the administered appropriation. Table 1.4 summarises the total Defence resourcing in 2003-04 compared to the projected result.

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Table 1.4 Total Defence Resourcing 2003-04
S
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r
i
a
l		 2002-03   2003-04
Actual
Result (1)
$'000		   Budget Estimate
$'000
 Revised Estimate
$'000
 Projected Result
$'000		 Actual Result
$'000		 Variation
$'000
  Departmental    
1 18,230,325 Revenue from Government for Price of Outcomes 14,398,319 14,579,557 14,569,666 14,636,157 66,491
2 995,201 Equity Injection 1,020,524 706,334 617,634 706,334 88,700
3 19,225,526 Total Revenue from Government (1+2) 15,418,843 15,285,891 15,187,300 15,342,491 155,191
4 387,481 Own-Source Revenue(2) 280,945 330,791 330,791 428,849 98,058
5 181,517 Net Capital Receipts 106,484 106,484 106,484 101,961 -4,523
6 268,998 Sub total 387,429 437,275 437,275 530,810 93,535
7 19,794,524 Total Departmental Funding (3+6) 15,806,272 15,723,166 15,624,575 15,873,301 248,726
  Administered    
8 2,594,657 Administered Appropriation(3) 2,236,481 2,228,600 2,016,900 2,319,500 302,600
9 22,389,181 Total Defence Resourcing (7+8) 18,042,753 17,951,766 17,641,475 18,192,801 551,326

Notes

  1. The revenue from the Government for Price of Outcomes in 2002-03 includes funding for the Capital Use Charge of $5,056m which was discontinued in 2003-04.
  2. Own-source Revenue (serial 4) includes sales of goods and services ($253m), interest ($143,000), net foreign exchange gains ($17m), other revenues ($156m) and resources received free of charge ($3m).
  3. The Administered Appropriation (serial 8) covers costs associated with the military superannuation schemes, and also covers the provision of housing subsidies to current and retired Defence personnel. The administered appropriation is managed by the Department of Finance and Administration (Commonwealth Superannuation) and the Defence Housing Authority (housing subsidies) on Defence's behalf. More details on the administered appropriation is provided at page 59 and Table 1.16.

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