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22/12/2024

Australian Government General Government Sector Monthly Financial Statements January 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 11/22
Monday, 28 February 2022

KEY POINTS

  • The Monthly Financial Statements for January 2022 report the budget position against the expected monthly profile for the 2021-22 financial year through to 31 January 2022, based on the 2021-22 Mid-Year Economic and Fiscal Outlook (MYEFO) estimates published in December 2021.
  • The January 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 31 January 2022 was a deficit of $52.2 billion against the MYEFO profile deficit of $65.4 billion.
  • The fiscal balance for the 2021-22 financial year to 31 January 2022 was a deficit of $45.2 billion against the MYEFO profile deficit of $61.3 billion.
AGGREGATES ACTUAL
2021-2022
January
$b 		ACTUAL
2021-2022
YTD January
$b 		MYEFO Profile
2021-2022
YTD January
$b 		MYEFO ESTIMATE*
2021-2022
FULL YEAR
$b
Receipts(a) 32.8 311.8 303.9 532.1
Payments(b) 47.7 364.0 369.3 631.4
Underlying cash balance -14.9 -52.2 -65.4 -99.2
Headline cash balance -16.2 -51.6 -64.9 -106.1
Revenue 40.4 317.8 308.9 542.5
Expenses 51.8 362.1 367.5 633.8
Net operating balance -11.4 -44.3 -58.6 -91.3
Net capital investment 0.7 0.9 2.7 11.6
Fiscal balance -12.1 -45.2 -61.3 -102.9
Total assets 738.1 759.5
Total liabilities 1,480.1 1,391.9
Net worth(c) -742.0 -632.4
Net debt(d) 609.4 673.4

*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 31 January 2022 was a deficit of $52.2 billion, which is $13.2 billion lower than the 2021-22 MYEFO profile deficit of $65.4 billion.

  • Receipts
    Total receipts were $7.9 billion higher than the 2021-22 MYEFO profile.
  • Payments
    Total payments were $5.3 billion lower than the 2021-22 MYEFO profile.

Net Operating Balance

The net operating balance for the financial year to 31 January 2022 was a deficit of $44.3 billion, which is $14.3 billion lower than the 2021-22 MYEFO profile deficit of $58.6 billion. The difference results from higher than expected revenue and lower than expected expenses.

Fiscal Balance

The fiscal balance for the financial year to 31 January 2022 was a deficit of $45.2 billion, which is $16.1 billion lower than the 2021-22 MYEFO profile deficit of $61.3 billion. The difference results from higher than expected revenue and lower than expected expenses and net capital investment.

Assets and Liabilities

As at 31 January 2022:

  • net worth is negative $742.0 billion;
  • net debt is $609.4 billion; and
  • net financial liabilities are $986.4 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
January
$m 		ACTUAL
2021-2022
YTD January
$m 		MYEFO Profile
2021-2022
YTD January
$m 		MYEFO ESTIMATE*
2021-2022
FULL YEAR
$m
Revenue
Taxation revenue 1, 2 35,754 292,431 284,452 504,041
Sales of goods and services 3,006 11,826 11,867 17,424
Interest income 275 1,862 2,233 3,619
Dividend and distribution income 412 4,523 3,597 5,178
Other 971 7,144 6,739 12,266
Total revenue 40,417 317,786 308,888 542,528
Expenses
Gross operating expenses
Wages and salaries(a) 1,558 13,015 13,310 23,102
Superannuation 1,014 7,179 7,111 12,091
Depreciation and amortisation 925 6,497 6,770 11,651
Supply of goods and services 10,722 88,895 91,750 175,257
Other operating expenses(a) 559 4,858 4,843 8,785
Total gross operating expenses 14,777 120,445 123,785 230,886
Superannuation interest expense 748 5,235 5,235 8,974
Interest expenses 1,589 10,900 11,084 20,070
Current transfers
Current grants 20,954 113,752 114,098 182,118
Subsidy expenses 1,398 10,694 10,737 18,938
Personal benefits 11,421 95,684 96,574 152,282
Total current transfers 33,773 220,129 221,409 353,338
Capital transfers
Mutually agreed write-downs 59 1,495 1,412 2,734
Other capital grants 871 3,865 4,560 17,836
Total capital transfers 931 5,360 5,973 20,570
Total expenses 3 51,817 362,069 367,486 633,838
Net operating balance -11,400 -44,283 -58,598 -91,310
Other economic flows
- included in operating result
Net write-downs of assets -387 -3,829 -3,397 -7,828
Assets recognised for the first time 8 97 82 242
Actuarial revaluations 0 0 0 109
Net foreign exchange gains 87 140 0 48
Net swap interest received -81 -474 -325 -343
Market valuation of debt 10,713 28,603 22,274 22,484
Other gains/(losses) -1,095 2,665 4,571 6,983
Total other economic flows
- included in operating result 		9,244 27,202 23,205 21,695
Operating Result(b) -2,156 -17,081 -35,393 -69,616
Non-owner movements in equity
Revaluation of equity investments 0 1 -1 -3,174
Actuarial revaluations 0 0 0 -22,072
Other economic revaluations -259 296 851 720
Total other economic flows
- included in equity 		-258 297 850 -24,526
Comprehensive result
- Total change in net worth 		-2,414 -16,785 -34,543 -94,141
Net operating balance -11,400 -44,283 -58,598 -91,310
Net acquisition of non-financial assets
Purchases of non-financial assets 1,885 8,748 10,241 23,518
less Sales of non-financial assets 46 1,103 768 930
less Depreciation 925 6,497 6,770 11,651
plus Change in inventories -250 -201 42 682
plus Other movements in non-financial assets 1 -20 -25 -26
Total net acquisition of non-financial assets 665 927 2,720 11,593
Fiscal balance (Net lending/borrowing)(c) -12,065 -45,210 -61,318 -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 31 January 2022
$m 		MYEFO ESTIMATE*
as at 30 June 2022
$m
Assets
Financial assets
Cash and deposits 45,848 57,497
Advances paid 79,083 82,967
Investments, loans and placements 215,588 205,481
Other receivables 70,487 65,103
Equity investments
Investments in other public sector entities 62,975 61,792
Equity accounted investments 3,724 4,037
Investments - shares 78,956 90,724
Total financial assets 556,662 567,601
Non-financial assets
Land 12,099 12,188
Buildings 42,918 46,330
Plant, equipment and infrastructure 93,951 98,724
Inventories 10,147 10,891
Intangibles 10,006 11,100
Investment properties 200 213
Biological assets 30 23
Heritage and cultural assets 11,841 11,869
Assets held for sale 258 562
Other non-financial assets 20 14
Total non-financial assets 181,469 191,914
Total assets 738,131 759,515
Liabilities
Interest bearing liabilities
Deposits held 633 598
Government securities 903,166 969,411
Loans 27,537 29,501
Lease liabilities 18,577 19,823
Total interest bearing liabilities 949,913 1,019,332
Provisions and payables
Superannuation liability(a) 412,386 250,958
Other employee liabilities 38,231 38,371
Suppliers payables 7,777 11,131
Personal benefits payables 3,502 2,977
Subsidies payables 759 995
Grants payables 2,745 4,314
Other payables 5,737 2,464
Provisions 59,069 61,349
Total provisions and payables 530,206 372,559
Total liabilities 1,480,119 1,391,891
Net worth(b) -741,988 -632,376
Net financial worth(c) -923,457 -824,290
Net financial liabilities(d) 986,432 886,082
Net debt(e) 609,394 673,387

*As published in the 2021-22 MYEFO.
(a) For budget reporting purposes, a discount rate of CPI plus 2.5 per cent determined by actuaries in preparing the latest 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
January
$m 		ACTUAL
2021-2022
YTD January
$m 		MYEFO Profile
2021-2022
YTD January
$m 		MYEFO ESTIMATE*
2021-2022
FULL YEAR
$m
Cash receipts from operating activities
Taxes received 30,781 282,343 275,298 490,487
Receipts from sales of goods and services 1,382 11,865 11,524 17,520
Interest receipts 143 1,597 1,902 2,732
Dividends, distributions and income tax equivalents 430 7,441 6,390 7,980
Other receipts(b) 15 8,130 8,666 13,139
Total operating receipts 32,751 311,375 303,780 531,859
Cash payments for operating activities
Payments for employees(b)(c) -2,525 -20,992 -21,494 -36,681
Payments for goods and services -9,380 -90,625 -92,550 -172,036
Grants and subsidies paid -22,600 -132,484 -133,744 -221,836
Interest paid -524 -9,128 -9,047 -17,496
Personal benefit payments -9,961 -95,630 -96,540 -152,756
Other payments(c) -921 -4,671 -4,435 -8,248
Total operating payments -45,911 -353,530 -357,811 -609,053
Net cash flows from operating activities -13,160 -42,155 -54,031 -77,194
Cash flows from investments in non-financial assets
Sales of non-financial assets 33 427 107 271
Purchases of non-financial assets -1,595 -9,002 -10,020 -19,877
Net cash flows from investments in non-financial assets -1,562 -8,575 -9,913 -19,606
Net cash flows from investments in financial assets for policy purposes -1,222 640 500 -6,888
Net cash flows from investments in financial assets for liquidity purposes -1,388 -6,126 -3,653 -2,979
Cash flows from financing activities
Borrowing (net) 3,025 43,850 52,684 108,996
Other financing (net) -413 -4,198 -4,089 -7,243
Net cash flows from financing activities 2,612 39,652 48,595 101,753
Net increase/(decrease) in cash held -14,720 -16,564 -18,503 -4,914
GFS cash surplus(+)/deficit(-)(d) -14,722 -50,730 -63,945 -96,801
plus Net cash flows from financing activities for leases(e) -206 -1,514 -1,491 -2,447
Equals underlying cash balance(f) -14,928 -52,244 -65,436 -99,247
plus Net cash flows from investments in financial assets for policy purposes -1,222 640 500 -6,888
Equals headline cash balance -16,150 -51,604 -64,936 -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
January
$m 		ACTUAL
2021-2022
YTD January
$m 		MYEFO Profile
2021-2022
YTD January
$m 		MYEFO ESTIMATE*
2021-2022
FULL YEAR
$m
Individuals and other withholding taxes
Gross income tax withholding 16,667 134,397 131,441 229,700
Gross other individuals 2,166 26,804 26,178 53,800
less Refunds 1,369 30,312 30,560 38,700
Total individuals and other withholding taxation 17,464 130,889 127,059 244,800
Fringe benefits tax 631 2,158 2,164 3,160
Company tax 7,565 66,819 63,532 102,700
Superannuation fund taxes 1,153 20,041 19,232 23,230
Petroleum resource rent tax 354 1,251 1,215 1,470
Total income taxation revenue 27,167 221,158 213,202 375,360

*As published in the 2021-22 MYEFO.

Note 2: Indirect Tax

ACTUAL
2021-2022
January
$m 		ACTUAL
2021-2022
YTD January
$m 		MYEFO Profile
2021-2022
YTD January
$m 		MYEFO ESTIMATE*
2021-2022
FULL YEAR
$m
Goods and services tax 4,206 41,982 42,093 76,410
Wine equalisation tax 73 646 671 1,160
Luxury car tax 77 522 475 770
Excise duty 2,240 14,577 14,412 24,850
Customs duty 1,557 9,379 9,356 17,190
Other indirect tax 433 4,167 4,242 8,301
Total indirect taxation revenue 8,586 71,273 71,250 128,681

*As published in the 2021-22 MYEFO.

Note 3: Total expenses by function

ACTUAL
2021-2022
January
$m 		ACTUAL
2021-2022
YTD January
$m 		MYEFO ESTIMATE*
2021-2022
FULL YEAR
$m
Expenses by function
General public services 2,818 17,204 33,264
Defence 2,654 19,745 35,201
Public order and safety 375 3,792 6,766
Education 10,082 31,168 43,378
Health 8,206 60,539 105,706
Social security and welfare 15,176 134,997 226,241
Housing and community amenities 476 3,532 8,139
Recreation and culture 375 2,392 4,567
Fuel and energy 744 5,126 9,770
Agriculture, forestry and fishing 207 1,607 4,456
Mining, manufacturing and construction 269 1,936 4,259
Transport and communication 895 3,518 15,312
Other economic affairs 983 14,805 23,519
Other purposes
Public debt interest 1,543 10,575 17,862
Nominal superannuation interest 748 5,235 8,974
General purpose inter-government transactions 6,256 45,807 78,324
Natural disaster relief 12 91 582
Contingency reserve 0 0 7,518
Total expenses 51,817 362,069 633,838

*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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