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Australia's Coat of Arms topDepartment of Finance and Administration Annual Report 2001-2002
Department of Finance and Administration Annual Report 2001-2002
ContentsChapter 1Chapter 2Chapter 3Chapter 4Chapter 5Chapter 6Chapter 7Chapter 8Chapter 9AppendicesFinancial StatementsGlossarySite MapBack to Previous PageNext page
Outcome 1—Sustainable Government Finances

Performance Summary

Finance and the Federal Election

The Commonwealth Budget
 Budget Group Restructure

The Budget Estimates and Advice Framework

Financial Reporting

Private Financing Principles

Review of Accrual Budget Documentation
 Assistance to East Timor
Table 3: Performance Information for Outcome 1
- Effectiveness—Overall Achievement of Outcome 1
- Output 1.1.1: Whole-of-Government Financial and Ownership Advice
- Output 1.1.2: Outcome and Outputs Advice
- Output 1.1.3: Commonwealth Budget Coordination

Table 4: Resources for Outcome 1


Chapter 3
Sustainable Government Finaances

Financial Reporting

Consolidated Financial Statements and Final Budget Outcome

In 2001–02 Finance published both the Consolidated Financial Statements for the Commonwealth and the Final Budget Outcome for 2000—01.

The Consolidated Financial Statements are prepared under section 55 of the Financial Management and Accountability Act 1997 (the FMA Act) in accordance with the Australian Accounting Standards. This significant financial report includes consolidated results for 183 Commonwealth agencies as well as disaggregated information on the general government sector, public non-financial corporations, and public financial corporations.

The Final Budget Outcome was tabled on 26 September 2001, meeting the requirement in the Charter that requires tabling by the end of September.

Monthly Reporting

The FMA Act also requires the Minister for Finance and Administration to publish monthly financial statements, in a form consistent with the budget estimates, as soon as practicable after the end of each month. Finance met this statutory obligation during 2001–02.

Finance also provides financial statements on a quarterly basis to the Australian Bureau of Statistics for inclusion in the Australian National Accounts.

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