Report of the Auditor-General on the statement of financial operations 1995-96
Overview
The Report on the Government's Statement of Financial Operations
for the year ended 30 June 1996 outlines the results of the annual
audit of the Statement, including an analysis of the operating
result achieved in the year and the State's liabilities and
financial assets at year-end. The Report highlights the positive
impact of the Government's privatisation program on the level of
the State's liabilities and on the operating result achieved for
the financial year. In particular, the privatisation program has
been the largest contributing factor to an unprecedented $10
billion reduction in the level of the State's liabilities, which
now stand at
$57.2 billion. In addition, the program has contributed to the
achievement of a substantial budget sector surplus for the year.
Specifically, the Consolidated Fund operating result for the year
prior to abnormal items which cover the proceeds from
privatisation, was $1 billion which was consistent with that
achieved in the previous financial year.