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22/12/2024

Australian Government General Government Sector Monthly Financial Statements February 2022

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

SB 28/22
Friday, 1 April 2022

KEY POINTS

  • The Monthly Financial Statements for February 2022 report the budget position against the expected monthly profile for the 2021-22 financial year through to 28 February 2022, based on the 2021-22 Mid-Year Economic and Fiscal Outlook (MYEFO) estimates published in December 2021.
  • The February 2022 year to date results include the impact of the Australian Government’s response to COVID-19.
  • The underlying cash balance for the 2021-22 financial year to 28 February 2022 was a deficit of $42.2 billion against the MYEFO profile deficit of $64.7 billion.
  • The fiscal balance for the 2021-22 financial year to 28 February 2022 was a deficit of $35.3 billion against the MYEFO profile deficit of $61.8 billion.
AGGREGATES ACTUAL
2021-2022
February
$b 		ACTUAL
2021-2022
YTD February
$b 		MYEFO Profile
2021-2022
YTD February
$b 		MYEFO ESTIMATE*
2021-2022
FULL YEAR
$b
Receipts(a) 53.2 365.0 350.9 532.1
Payments(b) 43.2 407.2 415.5 631.4
Underlying cash balance 10.1 -42.2 -64.7 -99.2
Headline cash balance 9.5 -42.1 -65.1 -106.1
Revenue 56.2 374.0 357.9 542.5
Expenses 45.8 407.8 415.2 633.8
Net operating balance 10.5 -33.8 -57.3 -91.3
Net capital investment 0.6 1.5 4.5 11.6
Fiscal balance 9.9 -35.3 -61.8 -102.9
Total assets 762.4 759.5
Total liabilities 1,487.3 1,391.9
Net worth(c) -724.9 -632.4
Net debt(d) 591.2 673.4

*As published in the 2021-22 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).

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 28 February 2022 was a deficit of $42.2 billion, which is $22.5 billion lower than the 2021-22 MYEFO profile deficit of $64.7 billion.

  • Receipts
    Total receipts were $14.2 billion higher than the 2021-22 MYEFO profile.
  • Payments
    Total payments were $8.3 billion lower than the 2021-22 MYEFO profile.

Net Operating Balance

The net operating balance for the financial year to 28 February 2022 was a deficit of $33.8 billion, which is $23.5 billion lower than the 2021-22 MYEFO profile deficit of $57.3 billion. The difference results from higher than expected revenue and lower than expected expenses.

Fiscal Balance

The fiscal balance for the financial year to 28 February 2022 was a deficit of $35.3 billion, which is $26.4 billion lower than the 2021-22 MYEFO profile deficit of $61.8 billion. The difference results from higher than expected revenue and lower than expected expenses and net capital investment.

Assets and Liabilities

As at 28 February 2022:

  • net worth is negative $724.9 billion;
  • net debt is $591.2 billion; and
  • net financial liabilities are $969.9 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
2021-2022
February
$m 		ACTUAL
2021-2022
YTD February
$m 		MYEFO Profile
2021-2022
YTD February
$m 		MYEFO ESTIMATE*
2021-2022
FULL YEAR
$m
Revenue
Taxation revenue 1, 2 53,337 345,768 331,441 504,041
Sales of goods and services 624 12,450 12,411 17,424
Interest income 272 2,134 2,490 3,619
Dividend and distribution income 939 5,461 3,876 5,178
Other 1,072 8,217 7,689 12,266
Total revenue 56,244 374,030 357,907 542,528
Expenses
Gross operating expenses
Wages and salaries(a) 1,869 14,884 15,187 23,102
Superannuation 1,006 8,185 8,148 12,091
Depreciation and amortisation 922 7,419 7,707 11,651
Supply of goods and services 12,819 101,714 105,508 175,257
Other operating expenses(a) 585 5,443 5,523 8,785
Total gross operating expenses 17,200 137,645 142,073 230,886
Superannuation interest expense 748 5,983 5,983 8,974
Interest expenses 1,457 12,357 12,578 20,070
Current transfers
Current grants 13,506 127,258 127,696 182,118
Subsidy expenses 1,341 12,035 12,186 18,938
Personal benefits 10,536 106,220 107,051 152,282
Total current transfers 25,384 245,513 246,933 353,338
Capital transfers
Mutually agreed write-downs 205 1,700 1,647 2,734
Other capital grants 787 4,652 5,968 17,836
Total capital transfers 992 6,352 7,615 20,570
Total expenses 3 45,781 407,850 415,182 633,838
Net operating balance 10,463 -33,820 -57,275 -91,310
Other economic flows
- included in operating result
Net write-downs of assets -1,561 -5,389 -4,062 -7,828
Assets recognised for the first time 22 119 100 242
Actuarial revaluations 0 0 0 109
Net foreign exchange gains -106 34 0 48
Net swap interest received -66 -540 -325 -343
Market valuation of debt 12,696 41,299 22,314 22,484
Other gains/(losses) -4,349 -1,685 5,230 6,983
Total other economic flows
- included in operating result 		6,636 33,838 23,258 21,695
Operating Result(b) 17,099 17 -34,017 -69,616
Non-owner movements in equity
Revaluation of equity investments 3 3 -1 -3,174
Actuarial revaluations 0 0 0 -22,072
Other economic revaluations -8 288 861 720
Total other economic flows
- included in equity 		-6 291 860 -24,526
Comprehensive result
- Total change in net worth 		17,093 308 -33,157 -94,141
Net operating balance 10,463 -33,820 -57,275 -91,310
Net acquisition of non-financial assets
Purchases of non-financial assets 1,227 9,975 12,895 23,518
less Sales of non-financial assets 32 1,134 775 930
less Depreciation 922 7,419 7,707 11,651
plus Change in inventories 325 124 122 682
plus Other movements in non-financial assets 1 -20 -25 -26
Total net acquisition of non-financial assets 598 1,525 4,509 11,593
Fiscal balance (Net lending/borrowing)(c) 9,865 -35,346 -61,784 -102,903

*As published in the 2021-22 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) Operating result under Australian Accounting Standards.
(c) The term fiscal balance is not used by the ABS.

Australian Government general government sector balance sheet

ACTUAL
as at 28 February 2022
$m 		MYEFO ESTIMATE*
as at 30 June 2022
$m
Assets
Financial assets
Cash and deposits 54,799 57,497
Advances paid 79,707 82,967
Investments, loans and placements 211,943 205,481
Other receivables 91,297 65,103
Equity investments
Investments in other public sector entities 63,064 61,792
Equity accounted investments 3,733 4,037
Investments - shares 75,890 90,724
Total financial assets 580,432 567,601
Non-financial assets
Land 12,093 12,188
Buildings 42,860 46,330
Plant, equipment and infrastructure 94,188 98,724
Inventories 10,394 10,891
Intangibles 10,041 11,100
Investment properties 200 213
Biological assets 30 23
Heritage and cultural assets 11,840 11,869
Assets held for sale 278 562
Other non-financial assets 21 14
Total non-financial assets 181,943 191,914
Total assets 762,375 759,515
Liabilities
Interest bearing liabilities
Deposits held 507 598
Government securities 891,104 969,411
Loans 27,532 29,501
Lease liabilities 18,467 19,823
Total interest bearing liabilities 937,609 1,019,332
Provisions and payables
Superannuation liability(a) 413,145 250,958
Other employee liabilities 38,436 38,371
Suppliers payables 8,479 11,131
Personal benefits payables 3,509 2,977
Subsidies payables 770 995
Grants payables 2,777 4,314
Other payables 23,301 2,464
Provisions 59,242 61,349
Total provisions and payables 549,660 372,559
Total liabilities 1,487,270 1,391,891
Net worth(b) -724,895 -632,376
Net financial worth(c) -906,838 -824,290
Net financial liabilities(d) 969,901 886,082
Net debt(e) 591,160 673,387

*As published in the 2021-22 MYEFO.
(a) For budget reporting purposes, a discount rate of 5 per cent determined by actuaries in preparing the 2020 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 2021-22 Monthly Financial Statements was calculated using the spot rates on long-term government bonds as at 30 June 2021 that best matched each individual scheme’s liability duration. These rates were between 1.6 and 2.3 per cent per annum.
(b) Net worth equals total assets minus total liabilities.
(c) Net financial worth equals total financial assets minus total liabilities.
(d) Net financial liabilities equals total liabilities less financial assets other than investments in other public sector entities.
(e) 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
2021-2022
February
$m 		ACTUAL
2021-2022
YTD February
$m 		MYEFO Profile
2021-2022
YTD February
$m 		MYEFO ESTIMATE*
2021-2022
FULL YEAR
$m
Cash receipts from operating activities
Taxes received 51,096 333,438 320,795 490,487
Receipts from sales of goods and services 560 12,425 12,099 17,520
Interest receipts 121 1,718 2,050 2,732
Dividends, distributions and income tax equivalents 724 8,164 6,670 7,980
Other receipts(b) 737 8,868 9,162 13,139
Total operating receipts 53,238 364,613 350,777 531,859
Cash payments for operating activities
Payments for employees(b)(c) -2,803 -23,795 -24,408 -36,681
Payments for goods and services -11,765 -102,390 -105,388 -172,036
Grants and subsidies paid -15,543 -148,027 -150,204 -221,836
Interest paid -747 -9,875 -9,790 -17,496
Personal benefit payments -10,599 -106,229 -107,048 -152,756
Other payments(c) -434 -5,105 -5,049 -8,248
Total operating payments -41,891 -395,421 -401,886 -609,053
Net cash flows from operating activities 11,347 -30,808 -51,109 -77,194
Cash flows from investments in non-financial assets
Sales of non-financial assets 7 434 114 271
Purchases of non-financial assets -1,075 -10,077 -11,962 -19,877
Net cash flows from investments in non-financial assets -1,068 -9,643 -11,848 -19,606
Net cash flows from investments in financial assets for policy purposes -639 1 -483 -6,888
Net cash flows from investments in financial assets for liquidity purposes -263 -6,389 -3,672 -2,979
Cash flows from financing activities
Borrowing (net) -103 43,748 59,029 108,996
Other financing (net) -323 -4,521 -4,250 -7,243
Net cash flows from financing activities -426 39,226 54,779 101,753
Net increase/(decrease) in cash held 8,951 -7,613 -12,332 -4,914
GFS cash surplus(+)/deficit(-)(d) 10,279 -40,451 -62,958 -96,801
plus Net cash flows from financing activities for leases(e) -186 -1,700 -1,698 -2,447
Equals underlying cash balance(f) 10,093 -42,151 -64,656 -99,247
plus Net cash flows from investments in financial assets for policy purposes -639 1 -483 -6,888
Equals headline cash balance 9,454 -42,150 -65,138 -106,135

*As published in the 2021-22 MYEFO.
(a) A positive number denotes a cash inflow; a negative number denotes a cash outflow.
(b) As a result of a voluntary accounting policy change, the pass-through of defined benefit member superannuation receipts and payments are reported on a gross basis in the cash flow statement. This was previously reported on a net basis.
(c) Consistent with the ABS GFS classification, other employee related payments are classified separately from wages and salaries under other payments.
(d) GFS cash surplus/deficit equals net cash flows from operating activities and investments in non-financial assets.
(e) Principal payments on lease liabilities, which are financing cash payments, are deducted in the calculation of the underlying cash balance to maintain consistency of measure following the implementation of AASB 16.
(f) The term underlying cash balance is not used by the ABS.

Note 1: Income Tax

ACTUAL
2021-2022
February
$m 		ACTUAL
2021-2022
YTD February
$m 		MYEFO Profile
2021-2022
YTD February
$m 		MYEFO ESTIMATE*
2021-2022
FULL YEAR
$m
Individuals and other withholding taxes
Gross income tax withholding 22,683 157,081 151,932 229,700
Gross other individuals 5,256 32,059 31,111 53,800
less Refunds 1,281 31,593 31,953 38,700
Total individuals and other withholding taxation 26,658 157,547 151,090 244,800
Fringe benefits tax 176 2,333 2,367 3,160
Company tax 10,006 76,825 70,428 102,700
Superannuation fund taxes 1,302 21,343 20,248 23,230
Petroleum resource rent tax 2 1,253 1,215 1,470
Total income taxation revenue 38,144 259,302 245,348 375,360

*As published in the 2021-22 MYEFO.

Note 2: Indirect Tax

ACTUAL
2021-2022
February
$m 		ACTUAL
2021-2022
YTD February
$m 		MYEFO Profile
2021-2022
YTD February
$m 		MYEFO ESTIMATE*
2021-2022
FULL YEAR
$m
Goods and services tax 10,092 52,074 52,129 76,410
Wine equalisation tax 143 789 793 1,160
Luxury car tax 70 591 524 770
Excise duty 1,967 16,544 16,385 24,850
Customs duty 1,862 11,240 11,186 17,190
Other indirect tax 1,060 5,227 5,076 8,301
Total indirect taxation revenue 15,193 86,466 86,093 128,681

*As published in the 2021-22 MYEFO.

Note 3: Total expenses by function

ACTUAL
2021-2022
February
$m 		ACTUAL
2021-2022
YTD February
$m 		MYEFO ESTIMATE*
2021-2022
FULL YEAR
$m
Expenses by function
General public services 2,276 19,480 33,264
Defence 2,865 22,610 35,201
Public order and safety 525 4,317 6,766
Education 2,208 33,376 43,378
Health 9,171 69,710 105,706
Social security and welfare 16,182 151,180 226,241
Housing and community amenities 452 3,984 8,139
Recreation and culture 355 2,747 4,567
Fuel and energy 741 5,867 9,770
Agriculture, forestry and fishing 315 1,921 4,456
Mining, manufacturing and construction 304 2,239 4,259
Transport and communication 571 4,089 15,312
Other economic affairs 1,094 15,899 23,519
Other purposes
Public debt interest 1,408 11,983 17,862
Nominal superannuation interest 748 5,983 8,974
General purpose inter-government transactions 6,561 52,369 78,324
Natural disaster relief 6 97 582
Contingency reserve 0 0 7,518
Total expenses 45,781 407,850 633,838

*As published in the 2021-22 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.

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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