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Financial Overview

Resourcing of Defence

2002-03 Funding

Total funding for Defence in 2002-03 was $22,389m (see Table 1.6, serial 9). This comprised funding from the Government for outputs of $18,230m, an equity injection of $995m, own-source revenue of $387m, net capital receipts of $182m, as well as $2,595m in administered appropriations.

The actual result for 2002-03 was $487m higher than the projected result, comprising $129m in total departmental funding and $358m in the administered appropriation. Table 1.6 summarises the actual result for Defence in 2002-03 compared with the projected result which was published in the Portfolio Budget Statements 2003-04.

Administered Appropriation (+$358m)

Administered items are those assets, liabilities, revenues and expenses controlled by the Government and managed or overseen by Defence on behalf of the Government. Details of administered activities and the comparison of actual financial results to budget projections are discussed later in this section.

Military superannuation benefits accounted for $277m of the total variation in the administered appropriation of $358m. This was as a result of the Australian Government Actuary's most recent assessment of military superannuation liability compared with previous estimates.

Table 1.6: Defence Resourcing Summary - 2002-03
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2001-02 2002-03
Result Budget Estimate Revised Estimate Projected Result Result Variation
(1)
$'000 $'000 $'000 $'000 $'000 $'000
Departmental
1 17,843,477 Revenue from Government for Price of Outputs 18,235,351 18,337,625 18,230,325 18,230,325 -
2 754,175 Equity Injection 1,090,415 1,215,201 995,201 995,201 -
3 18,597,652 Total Revenue from Government (1+2) 19,325,766 19,552,826 19,225,526 19,225,526 -
4 430,043 Own-Source Revenue(2) 287,105 305,774 330,316 387,481 57,165
5 120,093 Net Capital Receipts(3) 40,266 63,162 109,482 181,517 72,035
6 550,136 Sub-Total (4+5) 327,371 368,936 439,798 568,998 129,200
7 19,147,788 Total Departmental Funding (3+6) 19,653,137 19,921,762 19,665,324 19,794,524 129,200
Administered
8 2,289,635 Administered appropriation 2,205,881 2,236,481 2,236,481 2,594,657 358,176
9 21,437,423 Total Defence Resourcing (7+8) 21,859,018 22,158,243 21,901,805 22,389,181 487,376
Note
  1. Variation is based on projected and actual result.
  2. To provide a better reflection of the resourcing of Defence's activities, this calculation includes resources received free of charge and excludes revenues recognising adjustments to the value of existing non-financial assets.
  3. Revenues from sales of assets are included in Net Capital Receipts.
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