MINISTER FOR FINANCE

EMBARGO

PRESS  RELEASE

NO: 87/57

STATEMENT OF COMMONWEALTH GOVERNMENT FINANCIAL

TRANSACTIONS - JULY 1987, MINISTER FOR FINANCE,

SENATOR THE HON PETER WALSH

Publication of the Commonwealth Government's Statement of

Financial Transactions (CFT) for the month of July has

traditionally been delayed until after the Budget is

brought down in August, so that the reporting structure

can be aligned with that adopted in the Budget Papers.

However, in view of the postponement of the 1987-88 Budget

to 15 September, (a consequence of the recent general

election), it has been decided to release the results for

the month of July 1987 in advance of the Budget so that

the monthly results are not unduly delayed. It should be

noted, however, as the reporting structure for the 1987-88

Budget has not been completely finalised there may be

changes to the figures particularly at the sub-functional

level. Should major changes occur, revised figures will

be made available with the September 1987 CFT.

The main components of the July 1987 outcome were as

follows:

Month of Month of Increase on

July 1986 July 1987 July 1986

$m $m $m %

Outlays 7107 7254 148 2.1

Receipts 4399 5213 814 18.5

Deficit 2708 2041 -667

2

A.

DEFICIT

The deficit for the month of July 1987 was $ 2 0 4 lm, some

$667m lower than for the same month last year.

Preliminary estimates of the overseas and domestic

components of the July 1987 deficit are $141m and $1900m

respectively. Estimates of the major components of the

overseas deficit are also provided at Attachment A.

The lower deficit for the month of July is largely the

combined result of a relatively low outlays outcome and

receipts being substantially higher than for the same

period last year (further details are provided below).

OUTLAYS

Outlays of $7254m for the month of July 1987 were up $148m

or 2.1% on July 1986.

Significant factors contributing to the month-on-month

increase were:

.  the bringing to account in July 1987 of 2 extra

paydays compared with July 1986 for Family Allowances

(+$119m);

.  Age Pensions and Allowances (+$56m) and Supporting

Parents Benefits (+$llm) - largely due to the cost of

the December 1986 and June 1987 indexation increases;

.  Net Superannuation Payments (+$25m) - largely due to

the cost of July 1987 indexation, higher beneficiary

numbers and a variation in the timing of payments

received from employing authorities.

.  Invalid Pensions and Allowances (+$21m) - mainly

resulting from the cost of the December 1986 and

June 1987 indexation and higher beneficiary n u m b e r s .

The above increases were partially offset by decreases in

the following p r o g r a m s :

.  Financial Assistance and Temporary/Special grants to

the States (-$102m) and Identified Health Grants

(-$15m) - due to the bringing to account of 4 paydays

in July 1987 compared with 5 paydays in July 1986.

.  Aid Payments to Papua New Guinea (-$56m) - reflecting

the change in the timing of >  payments from quarterly to

monthly payments; .

.  Defence Equipment and Stores (-$40m) - due to a delay

in payments to contractors as a consequence of

slippage in contractual performance; and

.  Public Debt Interest (-$39m) - largely reflecting

lower overseas, interest payments due mainly to Â·Â·'Â·;Ã¢ÂÂ Â· :

different timing of interest payments, and interest' on;.

Treasury Notes being lower due to fewer Treasury Note

sales and lower yields.

Estimates of outlays by function (further disaggregated ;

into sub-functions) are at Attachment B .  As mentioned

e a r l i e r ,  the figures particularly at the sub-functional

level are subject to change pending finalisation'of the

reporting structure to be adopted for the 1987-88 Budget.

RECEIPTS

Total receipts for July 1987 were $5213m, 18.5% higher

than in July 1986; $4922m of the total was taxation

receipts which increased 19.3% on July 1986. After

deducting refunds which were 18.2% higher than a year

earlier, net PAYE collections were $2756m, an increase of

11.9% on July 1986. The 1 July tax cuts will affect

August 1987 collections.

4

v

Collections from non-PAYE (other) individuals were $134m,.

21.0% higher than the July 1986 figure (which was 16.2%

below July 1985 collections).

Collections under the Prescribed Payments System (PPS)

were $7 8m in July 1987, a 52.3% increase on the

corresponding month in 1986. This increase is a

consequence of the rise (from 10% to 15%) in the basic

rate of deduction which occurred on 1 July 1986; h o w e v e r ,

increased collections were not payable until August 1986.

Company tax collections were $132m, a substantial increase

(146%) on July 1986 due largely to c h a nges,  introduced in

last year's B u d g e t , in the timing of payments where

substituted accounting periods (SAP) apply.

Fringe benefits tax collections in July were $135m; this

represents the major part of the first 1987-88 instalment

which became due on 28 July. Fringe benefits tax was

first collected in October last year.

Collections from sales tax were $541m, 22% higher than in

July 1986. This increase reflects a low July 1986 result

and the volatility of monthly figures rather than any

strong underlying trend.

Excise duty on crude oil and LPG in July amounted to $202m

compared with only $18m in July 1986. Last year's

unusually small figure reflected a low import parity price

(IPP) for crude o i l ,  low domestic production and large

excise rebates due to free market (mainly export) sales

made earlier.

Collections of petroleum products excise duty were $33lm,

12.3% lowers .thanUiJXidy ^1986 .  Â¥his follows a particularly

strong result'" in June 1987 and is indicative of the '

volatility of monthly data rather than the underlying

level of collections.

ÃÂ.  "'' yi;; * '? Â· Â·  :Â·> ^ .ÃÂ¯Â·Â·;Â· .  -  5 .

25  August 1987

Ã¢ÂÂ   l*.

.a t t a c h m e n t  a

6

. . . .  . .  Â· . . Â· Ã¢ÂÂ  : Ã¢ÂÂ   , Ã¢ÂÂ   ;  'Â·  v  . "  Â· 'Â·

D O M E S T I C  A N D  O V E R S E A S  C O M P O N E N T S  O F T H E  B U D G E T  DEFICIT.; '  :

J U L Y  1987 ( $M  ILL I ON) - B R E A K U P  B Y  M A J O R  C O M P O N E N T S  ;  :  :

. . Â·  V V .  :  .  Ã¢ÂÂ   Ã¢ÂÂ   Ã¢ÂÂ   '  '  '  ÃÂ

J u l y  1987

O V E R S E A S  B U D G E T  D E F I C I T  * .

.  D e f e n c e 26

Ã¢ÂÂ   fi

.  F o r e i g n  A f f a i r s

a n d  A D A B 40

.  L o a n  F l o a t a t i o n

E x p e n s e s 0

.  P u b l i c  D e b t  I nt e r e s t

.  '  J -

Â«?*.*Â·"

61

.  Other 14

T OTAL O V E R S E A S  DEFICIT Ã¢ÂÂ   141

D O M E S T I C  DEFI C I T

( + )/ S U RPLUS (-) 1900

T O T A L  BUDGET DEFI CIT 2041

p r e l i m i n a r y  estimates subject to change pend i n g

official advice of figures from departments and

authorities.

'  -‘ _ Â·

ÃÂ¿

Ã¢ÂÂ¢  Â·  ÃÂ½ :  ;..< ÃÂ¹\ ' Â·

'  ... .  .  ATTACHMENT Ã’

Â·  7 Â·  Â·  "

.  COMMONWEALTH OUTLAYS BY FUNCTION A N D 'BY SUB-FUNCTION   .  ,  ($MILLION) .  '  ;  .

Ã¢ÂÂ¢  ’  JULY .

'  1987 -

DEFENCE '  .  . . . . . . . .

Forces Personnel .  1  187.5

Civilian Personnel .  38.1

Def Forces Ret and Death Bens ’  48.0

Equipment & Stores 98.2

Defence Facilities 22.3

Defence Housing Ã¢ÂÂ   .  .  -  - 1 . 1

Industrial Capacity .. 25.6

Science & Tech Establishments .  .  13.1

Defence Co-op program ’  '  1.2

Other Defence Programs -45.5

Total 480.8

EDUCATION .. .  .

Universities . .  .  231.4

Advanced Education 157.5

Tech & Further Education 16.5

Other Tertiary. Education -1.1

Schls & Preschls - States & NT 316.7

Schools & Preschls - ACT -Ã¢ÂÂ  Â· ,  -:45.. 2 . .

Other Schools Education .  .  .  .  0.3 . . . .

Student Assistance "  ^  “  .  47.7’

Special Groups 26.4

General Administration .  .  . 5.3Â·.

Recoveries .  "  -.6

Total 845.4

HEALTH -  Â·  .  . .  .... .

Medical Services & Benefits 339.5 ,

Hospital Services & Benefits 209.2 '

Pharm Servs S  Benefits 89.6

Nur Hm & D.om Care Ben & Serv 1.01.0 .  '

Health Serv in the ACT 28.1

Other Health Services 36.8 Ã¢ÂÂ  .

General Administration . . . .  Ã¢ÂÂ 21.6

Total 825.8

8

JULY 1987

SOCIAL SECURITY AND WELFARE  Assistance to the Aged  Assist to Vets & Dependants  Assistance to the Handicapped  Assist to Widows Single.'Pars Assistance to Families  Assist t o Unemployed & Sick  Other Welfare Programs .

Aboriginal Advancement Nec  General Administration 7  .

Recoveries and Repayments

533.8 338.9

... 191.0- Ã¢ÂÂ   .  Â· Ã¢ÂÂ   Â·

-  191.1 '  '  '  ""

199.9 350.9 .

4.0 34.3 5 7.0 . . .

- o ,2 .  '  '  7

Total " ' Ã¢ÂÂ   '  1900.6 .  .  ,  ,

HOUSING AND COMMUNITY AMENITIES  Housing Assist - Other Govts .   Assist'to 1st Home Buyers  Defence Service Homes  Housing in the ACT  Housing Other .

General Admin (Housing) Urban & Regional Development  Protection of the Environment  Sewerage and Sanitation  Other Urban Administration

141.2 .. .  .  "

18.6' .

3.6 1.5 4.3 0.9 Â·

10.1  0.6 -0.3 .

6.3 '

Total '  ., . 186.8

CULTURE AND RECREATION .  .

Broadcasting & Television  National Collections  Arts and Culture  Youth, Sport and Recreation  National Estate and Parks

130.5  11.8 :  .

11.5 "  4.3 .

3.1

Total ' 161.4 .

TRANSPORT AND COMMUNICATION . Communication .

Air Transport .

Road Transport .  .  '

Rail Transport '

Sea Transport .

Pipelines .

Other Transport & Comm

'  1.8 '  '

.  20,4 " . . . .  v .

.160.0 . . .

8.6 '  v

'  6.9 . .  . . .  ' Ã¢ÂÂ

"  Ã¢ÂÂ   0 i  7 "  "

Total " 198.3

JULY '   1987

INDUSTRY ASSISTANCE 8. DEVELOPMENT .  .  ;

Forestry & Fishing Industries 0.4 ’

Agrcltr1 & Pastoral IndustÃ¢ÂÂ   11.7

Mining .  .  2; 6

.  Manufacturing 29.5

Tourist Industry f .  5.9

Export Industry Ã¢ÂÂ , " 58.3

.  Other Assistance to Industry '  2.9

Total -  111.3

LABOUR AND EMPLOYMENT .

Training Programs 31.9

Job Creation & Employment Ass .  26.2 .

Comm Based & Special Groups 15.9

Placement/Information Services 1.6

Industrial Relations 10.8

Economic & Labour Mkt Advising -  0.2

General Administration 1.0 '

Total . no i j s j j < 5 i:iÂ§ihbk nsu s u iiSuOu

OTHER ECONOMIC SERVICES .

Economic Trade & Regulation 4.9

Meteorological Services 7.3

National Mapping .  3.3

Water Supply 0 .1

Electricity Supply 2.2

Gas Supply .  ,  -

Other Economic Services --  1.6

Total 19.3

LEGISLATIVE SERVICES .

Pari House Construction Auth '  26.4

Parliamentary Expenditure ‘  9.4

Other Legislative Services 18.3

Total 54.0

LAW, ORDER & PUBLIC SAFETY Courts & Legal Services 26.0

Security and Intelligence 4.2

Police and Prison Services 9.9

Other Law, Order & P S 7.9

Total 48.0

10

FOREIGN AFFAIRS & OVERSEAS AID  Bilateral.a i d . Multilateral aid  Overseas Aid - Other .

Non-Aid Expenditure

Total

GENERAL & SCIENTIFIC RESEARCH  CSIRO Aust Atomic Energy Commission  Other Scientific Nec

Total

ADMINISTRATIVE SERVICES  Fin Affs & Fiscal Admin

Statistical Services  Admin of the ACT & Extrnl ter

Construction Services  Commonwealth Offices  Property Mgt and Services  Rent Net Superannuation Payments  Other Administrative Services

Proceeds from Asset Sales  Recoveries (Nec)

Total

PAYMENTS TO OTHER GOVERNMENTS  Gen Revenue Assistance  Capital Assistance  Debt Assistance

Local Government Assistance  Assistance t o ,SW Tasmania  Paymts Natural Disaster Relief

Total

JULY 1987

40.3

1.4  16'. 7 Ã¢ÂÂ

58.4

70.6  4.0  18 .  1

92.6

67.8  10.2 8 .3  15.5  13 .  1 10.3 19.8 70.4 49.8  -0.4  - 6 .4

258.2 -

1096.0  -1.3  4.3

1099.1

I

-'Â· Â·... . rÂ«s

11

JULY 1987

PUBLIC DEBT INTEREST .

Interest on Cwlth Behalf 575.5

Interest on Behalf of States 254.3

Interest Rec

Total 826.8

TOTAL OUTLAYS 7254.5

t 1

Â».-I fieinvfi5 * u o i  jtiutmBieqli'd

(a) The figures particularly at the sub-functional   are preliminary and subject to revision.

J ÃÂ til

level

-  Â· ÃÂ½

M I N I S T E R  F O R  F I N A N C E  COH;. , &( MONTH OF MONTH OF . Â«  - JULY 1967 JULY 1986'Â· '  OUTLAYS- Defence 460.S ' 4 9 4.6 Etiuca t ior. 845.4 736.2 He c1th 8 2 5.8 777.1 '  Socia 1 Security and Welfare 1,900.6 1,634.9 Housing ana Community Amenities use Â· 186.8 159.8 : Culture and Recreation ; Economic Services - .  Ã¢ÂÂ  161.4 14 7.3 Transport and Communication 198.3 214.8 Industry Assistance and Development 111.3 Ã¢ÂÂ¢  78.9 Lacour and Employment Â· ’  87.6 97.9 Other Economic Services  General Public Services - 19.3 24.7 Legislative.‘Services ' 54.0 .  "5 2.9 .  . Law,  Order and Puolic Safety 48.0 49.3 <  Foreign Affairs and Overseas Aia 58.4 Ã¢ÂÂ  126.4  .  General- and Scientific Research,  nec 92.6 . 83.6 Administratiive Services Ã¢ÂÂ   Not allocated to Function -  758.2 .  ' 200.1 Ã¢ÂÂ   Ã¢ÂÂ  Ã¢ÂÂ   . Payments to Other Governments,  nec 1,099.1 1,312.5  Public Debt ^Interest . Allowances for Prospective Wage and Salary 8 2 6.8 865.7 Increases (non-Defence) .  .  Total Outlays 7,254.5 7,106.9 ' Ã¢ÂÂ   Â·  .  RECEIPTS Income Tax - Individuals - Gross PAYE 2,875.8 2,564.9 .  - Refunds Ã¢ÂÂ  "  Ã¢ÂÂ   Ã¢ÂÂ   ' 12 0.0 DP. 101.5 DR .  -  - Net PAYE '  Ã¢ÂÂ   ' 2,755.8 Ã¢ÂÂ  2,463.4 .. .  - OtherÃ¢ÂÂ  '  133.5 '  110.3 . .. - Prescribed Payments System 78.0. . 5.1 .  2 ,  - Companies .  Ã¢ÂÂ  . Â·  132.4 . 53.9  - Withholding Tax - Dividends/Mining Ã¢ÂÂ  10.8 10.7 - Interest ' 54.0 45.0 . ' Fringe Benefits Tax Ã¢ÂÂ  135.0 - Ã¢ÂÂ   Sales Tax Â·  -  ' 540.7 4 4 3.1 .  .  ' Excise Duty - Crude Oil and LPG . 201.9 17.7 Ã¢ÂÂ  .  - Petroleum'Products '  '  . 331,4 377.7 .  .Â· - All other .  Â·  Â·  Â· Ã¢ÂÂ   205.4 209.0  Customs Duty -.Imports . 281.2 '  294.1 Â· - Coal Exports ' 2.9 Ã¢ÂÂ¢  4.0. Â· Bank Account Debits Tax '  ' 27.4 16.9 Â· ACT Taxes and Charges 12.8 13.3  Other Taxes,Â· Fees and Fines (net) '  Â· 19.0 .  16.2  Remissions . Total Taxation Revenue 4,922.2 4,126.3 Interest Â· 283.3 259. 2  Rent,  Dividends and Royalties 8.7 13.2 Miscellaneous Receipts from Commonwealth Enterprises '  0.9 DR 0.1 Ã¢ÂÂ   Total Receipts '  5,213.2 ' 4,398.8 DEFICIT 2,041.3 2,708.1 Continued over ÃÂ½ '  *  '  t Â· 1 MONTH OF  JULi' 198 7 m o n t h Â·  ÃÂ¿ ? ÃÂ½  : JULY 1986' 1 FINANCING TRANSACTIONS  Domestic Financing  '  'ÃÂÂ·: Â·; y-i (  1 )  Treasury Bonds Â·. .  - Official - Non-Official ’  - Less Discounts . 39.0 DR  212.5 DR  10.9 155.8 DR I   325.1. :   - 13.0 DR : .  Â·Sub-total 240.6 DR Ã¢ÂÂ¢  156.3 : (1) Treasury Indexed Bonds Â·  .  - Official '  - Non-Official  ,  - Less Discounts . -  - :  - Â· Sub-total - .  Â· - Ã¢ÂÂ   : (1) Treasury Notes  - Official .  - Non-Official 741.6 . 157.0 '  .  1 ,  265.2 Ã¢ÂÂ   .  Â· , .  Ã¢ÂÂ   .791.3. Â·  .  Â· .  : :  Sub-total ' 898.6 2,056.5 :  ! Australian Savings Bonds 2.6 DR Ã¢ÂÂ   26.7 "OR ! Other Borrowings from Reserve Bank - '  . Ã¢ÂÂ   Ã¢ÂÂ   i ! Use of Cash Balances . 1,834.9 1 , 265.5 . ’ Other Loans and Financing Transactions 262.3 DR 198.4 DR I Total Domestic Financing ' 2,228.0 ' 3 ,  253.2 '  I Overseas Financing 186.6 DR 545.1 DR 1 .  .  Â·  Total financing. Transactions 2,0'4T. r 2,7ÃÂ8 Â·  1 "  : OUTSTANDING SHORT TERM DEBT AND CASH BALANCES  Ã¢ÂÂ¢  ’ $ MILLION Other Borrowings from Reserve Bank  Treasury Notes  Cash Balances with Reserve Bank' - Net Public Account - Net Other Accounts ' NIL 9,038.9 477.5 Ã¢ÂÂ  377.1 (1) From July 1987 the data for changes in Treasury Bonds,  Treasury Indexed Bonds and Treasury Notes of  th^ official and non-official sectors exclude transactions in government securities between the  official and non-official sectors. The figures therefore reflect the role of primary debt issue in  funding the deficit. The previous year's data have been similarly adjusted. For example, this  Statement records primary net issue of Treasury Bonds to the non-official sector in July 1986 of  $3 2 5Â°. 1 mi.llion. In the July 1986 CFT Statement, non-official sector holdings of Treasury Bonds were  recorded as growing by $347.5 million. The difference between the figures reflects the official  sector being a net seller of Treasury Bonds in July 1986. Ã¢ÂÂ   ' '  M S KEATING .  , PETER WALSH Secretary to the Department of Finance ,  Minister for Finance  25 August 1987 .  '  .  Ã¢ÂÂ

MONTH OF MONTH OF

. Â«  -

JULY 1967 JULY 1986'Â·

'  OUTLAYS-

Defence 460.S ' 4 9 4.6

Etiuca t ior. 845.4 736.2

He c1th 8 2 5.8 777.1 '

Socia 1 Security and Welfare 1,900.6 1,634.9

Housing ana Community Amenities use Â· 186.8 159.8 :

Culture and Recreation ;

Economic Services - .  Ã¢ÂÂ

161.4 14 7.3

Transport and Communication 198.3 214.8

Industry Assistance and Development 111.3 Ã¢ÂÂ¢  78.9

Lacour and Employment Â· ’  87.6 97.9

Other Economic Services  General Public Services -

19.3 24.7

Legislative.‘Services ' 54.0 .  "5 2.9 .  .

Law,  Order and Puolic Safety 48.0 49.3 <

Foreign Affairs and Overseas Aia 58.4 Ã¢ÂÂ  126.4

.  General- and Scientific Research,  nec 92.6 . 83.6

Administratiive Services Ã¢ÂÂ   Not allocated to Function -

758.2 .  ' 200.1 Ã¢ÂÂ   Ã¢ÂÂ  Ã¢ÂÂ   .

Payments to Other Governments,  nec 1,099.1 1,312.5

Public Debt ^Interest .

Allowances for Prospective Wage and Salary

8 2 6.8 865.7

Increases (non-Defence)

.  .  Total Outlays 7,254.5 7,106.9 '

Ã¢ÂÂ   Â·  .  RECEIPTS

Income Tax - Individuals - Gross PAYE 2,875.8 2,564.9

.  - Refunds Ã¢ÂÂ  "  Ã¢ÂÂ   Ã¢ÂÂ   ' 12 0.0 DP. 101.5 DR

.  -  - Net PAYE '  Ã¢ÂÂ   ' 2,755.8 Ã¢ÂÂ  2,463.4

.. .  - OtherÃ¢ÂÂ  '  133.5 '  110.3 .

.. - Prescribed Payments System 78.0. . 5.1 .  2

,  - Companies .  Ã¢ÂÂ  . Â·  132.4 . 53.9

- Withholding Tax - Dividends/Mining Ã¢ÂÂ  10.8 10.7

- Interest ' 54.0 45.0 . '

Fringe Benefits Tax Ã¢ÂÂ  135.0 - Ã¢ÂÂ

Sales Tax Â·  -  ' 540.7 4 4 3.1 .  .  '

Excise Duty - Crude Oil and LPG . 201.9 17.7 Ã¢ÂÂ

.  - Petroleum'Products '  '  . 331,4 377.7 .  .Â·

- All other .  Â·  Â·  Â· Ã¢ÂÂ   205.4 209.0

Customs Duty -.Imports . 281.2 '  294.1 Â·

- Coal Exports ' 2.9 Ã¢ÂÂ¢  4.0. Â·

Bank Account Debits Tax '  ' 27.4 16.9 Â·

ACT Taxes and Charges 12.8 13.3

Other Taxes,Â· Fees and Fines (net) '  Â· 19.0 .  16.2

Remissions .

Total Taxation Revenue 4,922.2 4,126.3

Interest Â· 283.3 259. 2

Rent,  Dividends and Royalties 8.7 13.2

Miscellaneous Receipts from Commonwealth Enterprises '  0.9 DR 0.1

Ã¢ÂÂ   Total Receipts '  5,213.2 ' 4,398.8

DEFICIT 2,041.3 2,708.1

Continued over

ÃÂ½ '  *  '  t Â· 1

MONTH OF  JULi' 198 7

m o n t h Â·  ÃÂ¿ ? ÃÂ½  :

JULY 1986' 1

FINANCING TRANSACTIONS

Domestic Financing

'  'ÃÂÂ·: Â·; y-i

(  1 )  Treasury Bonds Â·. .

- Official - Non-Official

’  - Less Discounts .

39.0 DR  212.5 DR  10.9

155.8 DR I

325.1. :

- 13.0 DR :

.  Â·Sub-total 240.6 DR Ã¢ÂÂ¢  156.3 :

(1) Treasury Indexed Bonds Â·

.  - Official

'  - Non-Official  ,  - Less Discounts . -  - :  - Â·

Sub-total - .  Â· - Ã¢ÂÂ   :

(1) Treasury Notes  - Official .

- Non-Official

741.6 .

157.0 '  .

1 ,  265.2 Ã¢ÂÂ   .  Â· , .  Ã¢ÂÂ   .791.3. Â·  .  Â· .  :

:  Sub-total ' 898.6 2,056.5 :  !

Australian Savings Bonds 2.6 DR Ã¢ÂÂ   26.7 "OR !

Other Borrowings from Reserve Bank - '  . Ã¢ÂÂ   Ã¢ÂÂ   i !

Use of Cash Balances . 1,834.9 1 , 265.5 . ’

Other Loans and Financing Transactions 262.3 DR 198.4 DR I

Total Domestic Financing ' 2,228.0 ' 3 ,  253.2 '  I

Overseas Financing 186.6 DR 545.1 DR 1

.  .  Â·  Total financing. Transactions 2,0'4T. r 2,7ÃÂ8 Â·  1 "  :

OUTSTANDING SHORT TERM DEBT AND CASH BALANCES  Ã¢ÂÂ¢  ’

$ MILLION

Other Borrowings from Reserve Bank  Treasury Notes  Cash Balances with Reserve Bank' - Net Public Account

- Net Other Accounts '

NIL

9,038.9

477.5 Ã¢ÂÂ

377.1

(1) From July 1987 the data for changes in Treasury Bonds,  Treasury Indexed Bonds and Treasury Notes of  th^ official and non-official sectors exclude transactions in government securities between the  official and non-official sectors. The figures therefore reflect the role of primary debt issue in  funding the deficit. The previous year's data have been similarly adjusted. For example, this  Statement records primary net issue of Treasury Bonds to the non-official sector in July 1986 of  $3 2 5Â°. 1 mi.llion. In the July 1986 CFT Statement, non-official sector holdings of Treasury Bonds were

recorded as growing by $347.5 million. The difference between the figures reflects the official  sector being a net seller of Treasury Bonds in July 1986. Ã¢ÂÂ   '

'  M S KEATING .  , PETER WALSH

Secretary to the Department of Finance ,  Minister for Finance

25 August 1987 .  '  .  Ã¢ÂÂ

