The revised FY2005 budget position is a modest surplus of around $0.4 billion, slightly
higher than the surplus of $0.2 billion estimated at the start of the FY. Although operating
revenues are expected to be $1.4 billion lower than projected, this is more than offset by
lower expenditure ($0.8 billion) and higher Net Investment Income Contribution ($0.8 billion).
The revised FY2005 revenue and expenditure estimates are summarised in Table 1.1.