This report encompasses Australian Government general government sector fiscal outcomes for the 2011‑12 financial year and is based on external reporting standards.
The Final Budget Outcome 2011‑12 has been prepared in a manner consistent with the Charter of Budget Honesty Act 1998 (the Charter). The Charter requires that, inter alia, the Government provide a final budget outcome report no later than three months after the end of the financial year.
Part 1 provides the general government sector budget aggregates for 2011‑12 together with an analysis of the 2011‑12 Final Budget Outcome. This includes summary analysis of cash flows, revenue, expenses, net capital investment and the balance sheet (net debt, net financial worth and net worth).
Part 2 presents the Australian Government financial statements for 2011‑12 with the Australian Bureau of Statistics' (ABS) accrual Government Finance Statistics (GFS) as the basis for accounting policy, except for where the Government has decided to depart because Australian Accounting Standards provide a better conceptual treatment for presenting information of relevance to users of public sector financial reports.This data covers the general government sector as well as the Australian Government public corporations sectors.
Part 3 provides details for 2011‑12 on Australia's Federal Relations, updated from that contained in the 2012‑13 Budget Paper No. 3, Australia's Federal Relations.