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22/12/2024

Australian Government General Government Sector Monthly Financial Statements April 2021

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Senator the Hon. Simon Birmingham
Minister for Finance
Leader of the Government in the Senate

SB 35/21
Friday, 28 May 2021

KEY POINTS

  • The Monthly Financial Statements for April 2021 report the budget position against the expected monthly profile for the 2020-21 financial year through to 30 April 2021, based on the 2020-21 Mid-Year Economic and Fiscal Outlook (MYEFO) estimates published in December 2020.
  • The April 2021 year to date results include the impact of the Australian Government’s response to COVID-19.
  • The underlying cash balance for the 2020-21 financial year to 30 April 2021 was a deficit of $131.8 billion against the MYEFO profile deficit of $170.4 billion.
  • The fiscal balance for the 2020-21 financial year to 30 April 2021 was a deficit of $128.0 billion against the MYEFO profile deficit of $169.0 billion.
AGGREGATES ACTUAL
2020-2021
April
$b 		ACTUAL
2020-2021
YTD April
$b 		MYEFO Profile
2020-2021
YTD April
$b 		MYEFO ESTIMATE*
2020-2021
FULL YEAR
$b
Revenue 49.6 418.4 394.9 482.1
Expenses 42.6 542.2 557.2 667.3
Net operating balance 7.0 -123.8 -162.3 -185.2
Net capital investment 0.9 4.2 6.8 8.8
Fiscal balance 6.0 -128.0 -169.0 -193.9
Receipts(a) 48.6 415.9 392.4 473.1
Payments(b) 47.2 547.7 562.9 670.9
Underlying cash balance 1.4 -131.8 -170.4 -197.7
Headline cash balance 0.9 -137.4 -182.0 -214.9
Total assets 735.2 684.2
Total liabilities 1,475.7 1,330.8
Net worth(c) -740.4 -646.5
Net debt(d) 591.7 691.9

*As published in the 2020-21 MYEFO.
(a) Cash receipts for operating activities and sales of non-financial assets.
(b) Cash payments for operating activities, purchases of non-financial assets and net cash flows from financing activities for leases.
(c) Net worth is calculated as total assets minus total liabilities.
(d) Net debt is the sum of interest bearing liabilities less the sum of selected financial assets (cash and deposits, advances paid, and investments, loans and placements).

The 2020-21 estimates that were revised as part of the 2021-22 Budget (released on 11 May 2021) will be used as the basis for comparison for the May 2021 monthly financial statements. As at the 2021-22 Budget, the 2020-21 underlying cash balance is expected to be a deficit of $161.0 billion and net operating balance is expected to be a deficit of $154.5 billion.

The table below provides a breakdown of the underlying cash balance and net operating balance budget aggregates over the forward estimates.

MFS

 

                            

                            

                            

                            

Monthly results are generally volatile due to timing differences between revenue and receipts, and expenses and payments. Care needs to be taken when comparing monthly or cumulative data across years and to full-year estimates, as revenue and receipts and expenses and payments vary from month to month.

 

FISCAL OUTCOMES

Underlying Cash Balance

The underlying cash balance for the financial year to 30 April 2021 was a deficit of $131.8 billion, which is $38.6 billion lower than the 2020-21 MYEFO profile deficit of $170.4 billion.

  • Receipts
    Total receipts were $23.5 billion higher than the 2020-21 MYEFO profile.
  • Payments
    Total payments were $15.1 billion lower than the 2020-21 MYEFO profile.

Net Operating Balance

The net operating balance for the year to 30 April 2021 was a deficit of $123.8 billion, which is $38.5 billion lower than the 2020-21 MYEFO profile deficit of $162.3 billion. The difference results from higher than expected revenue and lower than expected expenses.

Fiscal Balance

The fiscal balance for the year to 30 April 2021 was a deficit of $128.0 billion, which is $41.1 billion lower than the 2020-21 MYEFO profile deficit of $169.0 billion. The difference results from higher than expected revenue, and lower than expected expenses and net capital investment.

Assets and Liabilities

As at 30 April 2021:

  • net worth is negative $740.4 billion;
  • net debt is $591.7 billion; and
  • net financial liabilities are $982.3 billion.
Senator the Hon. Simon Birmingham
Minister for Finance		 Rosemary Huxtable PSM
Secretary
Department of Finance
Media Contact  
Benn Ayre      0428 342 325

 

 

Australian Government general government sector operating statement

Note ACTUAL
2020-2021
April
$m 		ACTUAL
2020-2021
YTD April
$m 		MYEFO Profile
2020-2021
YTD April
$m 		MYEFO ESTIMATE*
2020-2021
FULL YEAR
$m
Revenue
Taxation revenue 1, 2 45,369 385,036 364,436 441,842
Sales of goods and services 1,936 13,792 13,107 15,765
Interest income 281 2,787 3,495 4,161
Dividend income 638 5,779 3,905 8,203
Other 1,355 11,007 9,977 12,165
Total revenue 49,578 418,400 394,920 482,136
Expenses
Gross operating expenses
Wages and salaries(a) 1,817 17,723 17,882 21,665
Superannuation 983 10,360 10,364 12,427
Depreciation and amortisation 968 9,515 10,042 12,087
Supply of goods and services 12,012 113,313 117,595 151,369
Other operating expenses(a) 635 6,378 6,712 8,322
Total gross operating expenses 16,415 157,288 162,596 205,870
Superannuation interest expense 584 5,836 5,836 7,004
Interest expenses(b) 759 15,402 16,418 20,596
Current transfers
Current grants 10,626 131,456 133,291 160,505
Subsidy expenses 1,244 83,937 85,940 88,718
Personal benefits 11,263 139,273 144,781 168,222
Total current transfers 23,133 354,666 364,012 417,446
Capital transfers
Mutually agreed write-downs(b) 61 2,528 2,105 2,286
Other capital grants 1,669 6,500 6,249 14,119
Total capital transfers 1,729 9,028 8,354 16,405
Total expenses 3 42,621 542,221 557,215 667,321
Net operating balance 6,957 -123,821 -162,295 -185,185
Other economic flows
- included in operating result
Net write-downs of assets -669 -4,084 -3,636 -4,618
Assets recognised for the first time 0 91 144 173
Actuarial revaluations -25 -5 0 111
Net foreign exchange gains -38 -474 -1 -278
Net swap interest received -12 1,246 678 608
Market valuation of debt -3,907 37,381 3,473 4,501
Other gains/(losses) 4,345 18,372 5,568 5,377
Total other economic flows
- included in operating result 		-306 52,526 6,226 5,873
Operating Result(c) 6,652 -71,294 -156,069 -179,311
Non-owner movements in equity
Revaluation of equity investments -8 -7 1 -4,201
Actuarial revaluations 0 0 0 54
Other economic revaluations -1,114 -1,865 264 -326
Total other economic flows
- included in equity 		-1,122 -1,871 265 -4,473
Comprehensive result
- Total change in net worth 		5,530 -73,166 -155,804 -183,785
Net operating balance 6,957 -123,821 -162,295 -185,185
Net acquisition of non-financial assets
Purchases of non-financial assets 1,597 11,641 15,133 18,813
less Sales of non-financial assets 2 170 138 274
less Depreciation 968 9,515 10,042 12,087
plus Change in inventories 294 2,193 1,789 2,310
plus Other movements in non-financial assets 4 20 12 -4
Total net acquisition of non-financial assets 926 4,170 6,754 8,758
Fiscal balance (Net lending/borrowing)(d) 6,032 -127,991 -169,049 -193,942

*As published in the 2020-21 MYEFO.
(a) Consistent with the Australian Bureau of Statistics' (ABS) Government Finance Statistics (GFS) classification, other employee related expenses are reported under other operating expenses. Total employee expenses equal wages and salaries plus other operating expenses.
(b) From the 2020-21 Budget, the value of Debt Not Expected to be Repaid (DNER) on initial recognition of income contingent concessional loans was reported as an expense. The expense is now reported as a mutually agreed write-down, which is a form of capital transfer. It was previously recorded in other financing costs.
(c) Operating result under Australian Accounting Standards.
(d) The term fiscal balance is not used by the ABS.

Australian Government general government sector balance sheet

ACTUAL
as at 30 April 2021
$m 		MYEFO ESTIMATE*
as at 30 June 2021
$m
Assets
Financial assets
Cash and deposits(a) 81,145 6,115
Advances paid 83,614 87,370
Investments, loans and placements(a) 177,394 204,339
Other receivables 68,686 67,649
Equity investments
Investments in other public sector entities 64,806 63,987
Equity accounted investments 3,461 3,547
Investments - shares 79,075 67,391
Total financial assets 558,181 500,397
Non-financial assets
Land 11,855 11,743
Buildings 42,762 43,671
Plant, equipment and infrastructure 88,868 93,954
Inventories 11,681 11,814
Intangibles 9,378 10,145
Investment properties 227 218
Biological assets 25 28
Heritage and cultural assets 11,961 11,992
Assets held for sale 242 241
Other non-financial assets 58 34
Total non-financial assets 177,056 183,840
Total assets 735,238 684,236
Liabilities
Interest bearing liabilities
Deposits held 460 484
Government securities 897,021 953,548
Loans 16,746 16,775
Lease liabilities 19,604 18,907
Total interest bearing liabilities 933,831 989,714
Provisions and payables
Superannuation liability(b) 437,656 236,687
Other employee liabilities 32,412 33,099
Suppliers payables 7,170 8,428
Personal benefits payables 3,003 3,105
Subsidies payables 737 1,000
Grants payables 2,496 3,972
Other payables 4,320 2,687
Provisions 54,057 52,061
Total provisions and payables 541,851 341,037
Total liabilities 1,475,683 1,330,751
Net worth(c) -740,445 -646,515
Net financial worth(d) -917,501 -830,355
Net financial liabilities(e) 982,307 894,342
Net debt(f) 591,679 691,891

*As published in the 2020-21 MYEFO.
(a) The Australian Office of Financial Management has moved from primarily using term deposits to a cash management account for investing cash for short-term liquidity management. This has resulted in a decrease in Investments, loans and placements and an increase in cash and deposits.
(b) For budget reporting purposes, a discount rate of 5 per cent determined by actuaries in preparing the 2017 Long Term Cost Reports is used to value the superannuation liability. This reflects the average annual rate estimated to apply over the term of the liability and it reduces the volatility in reported liabilities that would occur from year to year if the spot rates on long-term government bonds were used. Consistent with Australian Accounting Standards, the superannuation liability for the 2020-21 Monthly Financial Statements was calculated using the spot rates on long-term government bonds as at 30 June 2020 that best matched each individual scheme’s liability duration. These rates were between 1.0 and 1.7 per cent per annum.
(c) Net worth equals total assets minus total liabilities.
(d) Net financial worth equals total financial assets minus total liabilities.
(e) Net financial liabilities equals total liabilities less financial assets other than investments in other public sector entities.
(f) Net debt is the sum of interest bearing liabilities less the sum of selected financial assets (cash and deposits, advances paid, and investments, loans and placements).

Australian Government general government sector cash flow statement(a)

ACTUAL
2020-2021
April
$m 		ACTUAL
2020-2021
YTD April
$m 		MYEFO Profile
2020-2021
YTD April
$m 		MYEFO ESTIMATE*
2020-2021
FULL YEAR
$m
Cash receipts from operating activities
Taxes received 43,182 378,543 357,330 433,500
Receipts from sales of goods and services 2,375 15,634 14,879 16,233
Interest receipts 239 2,282 3,165 3,709
Dividends and income tax equivalents 718 8,378 6,503 7,115
Other receipts 2,079 10,915 10,437 12,295
Total operating receipts 48,594 415,752 392,315 472,853
Cash payments for operating activities
Payments for employees(b) -3,100 -26,545 -26,486 -32,600
Payments for goods and services -11,093 -112,679 -116,061 -148,265
Grants and subsidies paid -16,293 -235,293 -239,158 -276,728
Interest paid -3,179 -12,951 -13,087 -17,174
Personal benefit payments -11,659 -141,281 -146,940 -168,985
Other payments(b) -748 -6,332 -6,217 -7,520
Total operating payments -46,073 -535,082 -547,949 -651,271
Net cash flows from operating activities 2,521 -119,330 -155,634 -178,419
Cash flows from investments in non-financial assets
Sales of non-financial assets 20 165 135 280
Purchases of non-financial assets -898 -10,575 -12,970 -17,270
Net cash flows from investments in non-financial assets -879 -10,411 -12,835 -16,989
Net cash flows from investments in financial assets for policy purposes -572 -5,617 -11,523 -17,145
Net cash flows from investments in financial assets for liquidity purposes 57,290 60,276 4,580 38,608
Cash flows from financing activities
Borrowing (net) 16,650 151,152 180,342 176,924
Other financing (net) -1,397 -4,379 -4,674 -6,317
Net cash flows from financing activities 15,253 146,773 175,668 170,607
Net increase/(decrease) in cash held 73,614 71,691 256 -3,338
GFS cash surplus(+)/deficit(-)(c) 1,642 -129,740 -168,469 -195,408
plus Net cash flows from financing activities for leases(d) -206 -2,081 -1,963 -2,339
Equals underlying cash balance(e) 1,437 -131,821 -170,432 -197,747
plus Net cash flows from investments in financial assets for policy purposes -572 -5,617 -11,523 -17,145
Equals headline cash balance 865 -137,438 -181,955 -214,892

*As published in the 2020-21 MYEFO.
(a) A positive number denotes a cash inflow; a negative number denotes a cash outflow.
(b) Consistent with the ABS GFS classification, other employee related payments are classified separately from wages and salaries under other payments.
(c) GFS cash surplus/deficit equals net cash flows from operating activities and investments in non-financial assets.
(d) Principal payments on lease liabilities, which are cash flows from financing activities, are deducted in the calculation of the underlying cash balance to maintain consistency of measure following the implementation of AASB 16 Leases.
(e) The term underlying cash balance is not used by the ABS.

Note 1: Income Tax

ACTUAL
2020-2021
April
$m 		ACTUAL
2020-2021
YTD April
$m 		MYEFO Profile
2020-2021
YTD April
$m 		MYEFO ESTIMATE*
2020-2021
FULL YEAR
$m
Individuals and other withholding taxes
Gross income tax withholding 17,970 183,462 179,848 212,400
Gross other individuals 6,001 39,117 37,834 46,900
less Refunds 1,380 32,971 34,006 37,400
Total individuals and other withholding taxation 22,591 189,607 183,676 221,900
Fringe benefits tax 790 3,728 3,603 3,880
Company tax 9,564 77,079 71,927 89,100
Superannuation fund taxes 1,706 10,628 7,762 8,740
Petroleum resource rent tax 172 773 804 770
Total income taxation revenue 34,823 281,816 267,772 324,390

*As published in the 2020-21 MYEFO.

Note 2: Indirect Tax

ACTUAL
2020-2021
April
$m 		ACTUAL
2020-2021
YTD April
$m 		MYEFO Profile
2020-2021
YTD April
$m 		MYEFO ESTIMATE*
2020-2021
FULL YEAR
$m
Goods and services tax 6,138 59,528 54,431 65,750
Wine equalisation tax 94 886 849 1,060
Luxury car tax 94 679 505 610
Excise duty 1,936 20,090 19,451 23,400
Customs duty 1,940 15,343 15,509 19,090
Other indirect tax 344 6,694 5,919 7,542
Total indirect taxation revenue 10,545 103,220 96,664 117,452

*As published in the 2020-21 MYEFO.

Note 3: Total expenses by function

ACTUAL
2020-2021
April
$m 		ACTUAL
2020-2021
YTD April
$m 		MYEFO ESTIMATE*
2020-2021
FULL YEAR
$m
Expenses by function
General public services 2,357 25,719 32,618
Defence 2,909 26,181 34,407
Public order and safety 784 5,352 6,253
Education 1,332 37,076 43,318
Health 7,870 77,771 95,119
Social security and welfare 15,200 187,862 230,519
Housing and community amenities 473 3,965 6,871
Recreation and culture 301 3,179 4,393
Fuel and energy 710 7,026 8,899
Agriculture, forestry and fishing 264 2,396 3,982
Mining, manufacturing and construction 327 2,681 3,609
Transport and communication 1,551 6,667 13,337
Other economic affairs 1,104 80,096 87,070
Other purposes
Public debt interest 1,602 14,065 17,051
Nominal superannuation interest 584 5,836 7,004
General purpose inter-government transactions 5,252 56,346 67,199
Natural disaster relief 0 0 266
Contingency reserve 0 0 5,403
Total expenses 42,621 542,221 667,321

*As published in the 2020-21 MYEFO.

 

NOTES:

AASB 1049 Whole of Government and General Government Sector Financial Reporting (AASB 1049)

The Australian Government monthly financial statements have been prepared on a basis consistent with the Budget as required under section 47 of the Public Governance, Performance and Accountability Act 2013. The statements are prepared in accordance with AASB 1049, which require treatment based on the Australian Bureau of Statistics’ (ABS) Government Finance Statistics (GFS) except where Australian Accounting Standards (AAS) provide a better conceptual treatment for specific items. Departures are limited to complying with either ABS GFS or AAS.

AASB 16 Leases (AASB 16)

The new Australian Accounting Standard, AASB 16, applied to all Australian Government entities from 1 July 2019. AASB 16 introduced a single lease accounting framework for lessees and removed the distinction between operating and finance leases. As a result, new assets and liabilities have been recognised on the balance sheet for leases that were previously accounted for as operating expenses. The reduction in operating lease expenses is replaced with the depreciation charge for the right-of-use assets and interest expense on the lease liabilities.

The implementation of AASB 16 has implications for a number of budget aggregates, in particular, net debt and net financial worth due to the recognition of the new lease liabilities. To maintain consistency in the measurement of the underlying cash balance, the principal payments on lease liabilities which are recognised as cash flows from financing activities, have been included in the calculation following the implementation of AASB 16.

For General Government Sector financial reporting, the implementation of AASB 16 has been reflected in the 2019-20 MYEFO estimates and in the Australian Government General Government Sector Monthly Financial Statements from the December 2019 reporting period.

Taxation revenue

While total tax collections are known with certainty at the end of each month, the distribution across the relevant heads of revenue cannot be finalised until all business activity statements are received and processed. The outcomes for some revenue items provided in this statement are therefore estimates, in accordance with the best judgement of the Commissioner of Taxation, and subject to revision. The taxation revenue items not affected are: petroleum resource rent tax, excise duty, customs duty, other taxes and individuals refunds.

Style conventions

Figures in tables and generally in the text have been rounded. Discrepancies in tables between totals and sums of components are due to rounding.

International Monetary Fund Special Data Dissemination Standards

The Government is committed to releasing the monthly financial statements in a timely fashion and will endeavour to do so in accordance with International Monetary Fund (IMF) Special Data Dissemination Standards (SDDS). Under these standards the timeframe for releasing the monthly financial statements is by the end of the following month. Australia applies a special flexibility option which allows it to publish late the last and first month of a financial year.

In accordance with the IMF SDDS, the approximate date of release of the data on debt guaranteed by the Australian Government (central government), is given on the IMF’s Data Dissemination Advance Release Calendar http://dsbb.imf.org. Monthly and quarterly data on debt guaranteed by the Australian Government (central government) that meet the coverage and timeliness requirements of the SDDS are published on the Australian Office of Financial Management website at https://www.aofm.gov.au/data-hub.

Electronic access to monthly financial statements

The Australian Government general government sector monthly financial statements and the historical series are available in electronic format at:
http://data.gov.au/dataset/australian-government-general-government-sector-monthly-financial-statements-tables-and-data.

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