In the September quarter 2018:Taxation revenue decreased by 13.6% from $146,635m in the June quarter 2018 to $126,721m in the September quarter 2018.General government sector expenses exceeded revenue resulting in a GFS net operating balance of -$7,317m.The GFS net lending(+)/borrowing(-) position for the general government sector was -$12,681m.
GFS KEY FIGURES: ALL LEVELS OF GOVERNMENT, ORIGINAL
Jun Qtr 2018 toSep Qtr 2018
FORTHCOMING CHANGES TO GOVERNMENT FINANCE STATISTICSThis information paper provides an overview of forthcoming changes to the 2017-18 release of the annual Government Finance Statistics (GFS) publication resulting from the implementation of the new Australian System of Government Finance Statistics 2015 framework (AGFS15). This information paper follows asimilar paperreleased prior to the adoption of AGFS15 in GFS quarterly statistics.
Australia's system for producing GFS has been updated as a result of revised international standards for compiling national accounts (2008 System of National Accounts) and the consequent revision of the International Monetary Fund's GFS Manual 2014 (IMF GFSM 2014). An updated ABS GFS Manual was released in late 2015 to reflect the AGFS15 changes and can be found in Australian System of Government Finance Statistics: Concepts, Sources and Methods, 2015 (cat. no. 5514.0).
AGFS15 became effective for all GFS data reported from 1 July 2017 onwards, beginning with the September quarter 2017 publication that was released on 5 December 2017.
The introduction of AGFS15 requires data providers to comply with a new reporting framework which will result in changes to some data series. The ABS has been working with data providers to limit the effect on key GFS data items that flow into public sector measures of the Australian National Accounts.CONCEPTUAL CHANGES THAT WILL IMPACT ON ANNUAL DATATREATMENT OF CURRENT TRANSFER EXPENSES TO THE NON-PUBLIC SECTORCurrent transfer expenses refer to regular payments that are current in nature and where no economic benefits are received in return for payment.
Under the previous framework (AGFS05), current transfer expenses from the general government sector to the non-public sector were typically recorded against current grant expenses. Under AGFS15 this has changed to align with the clearer IMF GFSM 2014 definition whereby grants only include transfers between units within the general government sector or between the general government sector and international organisations.
Thank you, Anna. It's an honor to be part of this important occasion. Tonight is an opportunity to recognize the vital contributions of the Federal Reserve's community development staff, and an opportunity to honor Chair Yellen, who did so much to advance the Fed's community development mission.
Briefly, I would like to focus on the importance of promoting a strong economy that extends opportunity to all and on the role our community development staff plays to advance that goal.
The Federal Reserve's mission is to promote a strong economy and sound financial system; I am glad to say we have made a great deal of progress toward those goals. Unemployment is 3.7 percent, the lowest in nearly half a century. Over 17 million jobs have been created during this expansion, with an additional 250,000 created in October.
Beyond the labor market, there are other signs of economic strength. The steady decline in the unemployment rate is mirrored by the decline in financial hardship reported by respondents to the Federal Reserve's Survey of Household Economics and Decisionmaking over the past five years.1 Wage gains, increased household wealth, and elevated consumer confidence are supporting robust consumer spending. Since the crisis, we have also taken numerous steps to make the financial system safer and stronger, leaving it better equipped to support the financial needs of consumers and communities through good times and bad.2
However, the benefits of this strong economy and sound financial system have not reached all Americans. The aggregate statistics tend to mask important disparities by income, race, and geography.
(Tempe, Arizona) — Economic activity in the manufacturing sector expanded in November, and the overall economy grew for the 115th consecutive month, say the nation’s supply executives in the latest Manufacturing ISM® Report On Business®.
The report was issued today by Timothy R. Fiore, CPSM, C.P.M., Chair of the Institute for Supply Management® (ISM®) Manufacturing Business Survey Committee: “The November PMI® registered 59.3 percent, an increase of 1.6 percentage points from the October reading of 57.7 percent. The New Orders Index registered 62.1 percent, an increase of 4.7 percentage points from the October reading of 57.4 percent. The Production Index registered 60.6 percent, a 0.7 percentage-point increase compared to the October reading of 59.9 percent. The Employment Index registered 58.4 percent, an increase of 1.6 percentage points from the October reading of 56.8 percent. The Supplier Deliveries Index registered 62.5 percent, a 1.3-percentage point decrease from the October reading of 63.8 percent. The Inventories Index registered 52.9 percent, an increase of 2.2 percentage points from the October reading of 50.7 percent. The Prices Index registered 60.7 percent, a 10.9-percentage point decrease from the October reading of 71.6 percent, indicating higher raw materials prices for the 33rd consecutive month.
“Comments from the panel reflect continued expanding business strength. Demand remains strong, with the New Orders Index rebounding to above 60 percent, the Customers’ Inventories Index declining and remaining too low, and the Backlog of Orders Index steady. Consumption strengthened, with production and employment continuing to expand, both at higher levels compared to October. Inputs — expressed as supplier deliveries, inventories and imports — gained as a result of inventory growth. Supplier delivery easing improved factory consumption as well as inventory growth, and import expansion was relatively stable. Lead-time extensions continue, while steel and aluminum prices are declining. Supplier labor issues and transportation difficulties are at more manageable levels, but they continue to limit production potential.
“The expansion of new export orders was stable and at a recent historical low. However, four of six major industries contributed, down from five in October. Prices pressure continues, but at notably lower levels than in prior periods. The manufacturing community continues to expand, with November adding positively to the three-month rolling PMI® average,” says Fiore.
Of the 18 manufacturing industries, 13 reported growth in November, in the following order: Computer & Electronic Products; Plastics & Rubber Products; Paper Products; Textile Mills; Electrical Equipment, Appliances & Components; Miscellaneous Manufacturing; Machinery; Transportation Equipment; Chemical Products; Food, Beverage & Tobacco Products; Apparel, Leather & Allied Products; Furniture & Related Products; and Petroleum & Coal Products. The three industries reporting contraction in November are: Printing & Related Support Activities; Nonmetallic Mineral Products; and Primary Metals.