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22/12/2024

Australian Government General Government Sector Monthly Financial Statements March 2022

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Friday, 29 April 2022

KEY POINTS

  • The Monthly Financial Statements for March 2022 report the budget position against the expected monthly profile for the 2021-22 financial year through to 31 March 2022, based on the 2021-22 Mid-Year Economic and Fiscal Outlook (MYEFO) estimates published in December 2021.
  • The March 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 March 2022 was a deficit of $44.2 billion against the MYEFO profile deficit of $73.1 billion.
  • The fiscal balance for the 2021-22 financial year to 31 March 2022 was a deficit of $38.0 billion against the MYEFO profile deficit of $70.5 billion.
AGGREGATES ACTUAL
2021-2022
March
$b 		ACTUAL
2021-2022
YTD March
$b 		MYEFO Profile
2021-2022
YTD March
$b 		MYEFO ESTIMATE*
2021-2022
FULL YEAR
$b
Receipts(a) 48.6 413.7 392.5 532.1
Payments(b) 50.7 457.9 465.6 631.4
Underlying cash balance -2.1 -44.2 -73.1 -99.2
Headline cash balance -2.9 -45.0 -74.4 -106.1
Revenue 49.1 423.1 400.8 542.5
Expenses 50.9 458.7 465.5 633.8
Net operating balance -1.8 -35.6 -64.7 -91.3
Net capital investment 0.9 2.4 5.8 11.6
Fiscal balance -2.7 -38.0 -70.5 -102.9
Total assets 751.6 759.5
Total liabilities 1,440.6 1,391.9
Net worth(c) -689.0 -632.4
Net debt(d) 558.0 673.4

*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).

The 2021-22 estimates were revised as part of the 2022-23 Budget, released on 29 March 2022, and will be used as the basis for comparison for the April 2022 monthly financial statements.

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 March 2022 was a deficit of $44.2 billion, which is $28.8 billion lower than the 2021-22 MYEFO profile deficit of $73.1 billion.

  • Receipts
    Total receipts were $21.2 billion higher than the 2021-22 MYEFO profile.
  • Payments
    Total payments were $7.7 billion lower than the 2021-22 MYEFO profile.

Net Operating Balance

The net operating balance for the financial year to 31 March 2022 was a deficit of $35.6 billion, which is $29.1 billion lower than the 2021-22 MYEFO profile deficit of $64.7 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 March 2022 was a deficit of $38.0 billion, which is $32.5 billion lower than the 2021-22 MYEFO profile deficit of $70.5 billion. The difference results from higher than expected revenue and lower than expected expenses and net capital investment.

Assets and Liabilities

As at 31 March 2022:

  • net worth is negative $689.0 billion;
  • net debt is $558.0 billion; and
  • net financial liabilities are $935.1 billion.
Rosemary Huxtable PSM
Secretary
Department of Finance		  
Media Contact
Department of Finance Media Enquiries
02 6215 2665

 

Australian Government general government sector operating statement

Note ACTUAL
2021-2022
March
$m 		ACTUAL
2021-2022
YTD March
$m 		MYEFO Profile
2021-2022
YTD March
$m 		MYEFO ESTIMATE*
2021-2022
FULL YEAR
$m
Revenue
Taxation revenue 1, 2 46,122 391,889 372,105 504,041
Sales of goods and services 718 13,168 13,061 17,424
Interest income 364 2,497 2,748 3,619
Dividend and distribution income 624 6,086 4,155 5,178
Other 1,246 9,462 8,696 12,266
Total revenue 49,073 423,103 400,765 542,528
Expenses
Gross operating expenses
Wages and salaries(a) 2,086 16,970 17,162 23,102
Superannuation 1,015 9,200 9,202 12,091
Depreciation and amortisation 911 8,330 8,653 11,651
Supply of goods and services 14,142 115,856 120,642 175,257
Other operating expenses(a) 573 6,016 6,204 8,785
Total gross operating expenses 18,727 156,372 161,863 230,886
Superannuation interest expense 748 6,731 6,731 8,974
Interest expenses 1,647 14,004 14,185 20,070
Current transfers
Current grants 14,512 141,770 140,812 182,118
Subsidy expenses 1,415 13,450 13,536 18,938
Personal benefits 12,968 119,187 118,650 152,282
Total current transfers 28,894 274,407 272,998 353,338
Capital transfers
Mutually agreed write-downs 164 1,864 1,891 2,734
Other capital grants 698 5,350 7,843 17,836
Total capital transfers 862 7,214 9,734 20,570
Total expenses 3 50,879 458,728 465,511 633,838
Net operating balance -1,806 -35,626 -64,746 -91,310
Other economic flows
- included in operating result
Net write-downs of assets 3 -5,387 -5,756 -7,828
Assets recognised for the first time -24 95 119 242
Actuarial revaluations 0 0 0 109
Net foreign exchange gains 7 41 0 48
Net swap interest received 71 -469 -325 -343
Market valuation of debt 37,012 78,311 22,365 22,484
Other gains/(losses) 480 -1,205 5,892 6,983
Total other economic flows
- included in operating result 		37,549 71,386 22,296 21,695
Operating Result(b) 35,743 35,761 -42,450 -69,616
Non-owner movements in equity
Revaluation of equity investments 29 32 -1 -3,174
Actuarial revaluations 0 0 0 -22,072
Other economic revaluations 82 369 865 720
Total other economic flows
- included in equity 		110 401 864 -24,526
Comprehensive result
- Total change in net worth 		35,853 36,162 -41,586 -94,141
Net operating balance -1,806 -35,626 -64,746 -91,310
Net acquisition of non-financial assets
Purchases of non-financial assets 1,008 10,983 14,888 23,518
less Sales of non-financial assets 46 1,180 782 930
less Depreciation 911 8,330 8,653 11,651
plus Change in inventories 810 933 355 682
plus Other movements in non-financial assets 3 -17 -26 -26
Total net acquisition of non-financial assets 863 2,389 5,781 11,593
Fiscal balance (Net lending/borrowing)(c) -2,669 -38,014 -70,526 -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 classified separately from wages and salaries 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 March 2022
$m 		MYEFO ESTIMATE*
as at 30 June 2022
$m
Assets
Financial assets
Cash and deposits 59,343 57,497
Advances paid 80,469 82,967
Investments, loans and placements 211,574 205,481
Other receivables 73,776 65,103
Equity investments
Investments in other public sector entities 63,318 61,792
Equity accounted investments 3,771 4,037
Investments - shares 76,594 90,724
Total financial assets 568,845 567,601
Non-financial assets
Land 12,074 12,188
Buildings 42,911 46,330
Plant, equipment and infrastructure 94,177 98,724
Inventories 11,069 10,891
Intangibles 10,160 11,100
Investment properties 201 213
Biological assets 14 23
Heritage and cultural assets 11,839 11,869
Assets held for sale 276 562
Other non-financial assets 23 14
Total non-financial assets 182,745 191,914
Total assets 751,590 759,515
Liabilities
Interest bearing liabilities
Deposits held 621 598
Government securities 862,903 969,411
Loans 27,502 29,501
Lease liabilities 18,378 19,823
Total interest bearing liabilities 909,404 1,019,332
Provisions and payables
Superannuation liability(a) 413,866 250,958
Other employee liabilities 37,804 38,371
Suppliers payables 7,824 11,131
Personal benefits payables 2,720 2,977
Subsidies payables 809 995
Grants payables 2,862 4,314
Other payables 5,547 2,464
Provisions 59,795 61,349
Total provisions and payables 531,227 372,559
Total liabilities 1,440,631 1,391,891
Net worth(b) -689,041 -632,376
Net financial worth(c) -871,786 -824,290
Net financial liabilities(d) 935,105 886,082
Net debt(e) 558,018 673,387

*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
March
$m 		ACTUAL
2021-2022
YTD March
$m 		MYEFO Profile
2021-2022
YTD March
$m 		MYEFO ESTIMATE*
2021-2022
FULL YEAR
$m
Cash receipts from operating activities
Taxes received 45,269 378,707 360,304 490,487
Receipts from sales of goods and services 1,074 13,499 12,828 17,520
Interest receipts 203 1,921 2,214 2,732
Dividends, distributions and income tax equivalents 584 8,748 6,952 7,980
Other receipts(b) 1,489 10,357 10,083 13,139
Total operating receipts 48,619 413,232 392,381 531,859
Cash payments for operating activities
Payments for employees(b)(c) -3,748 -27,543 -27,750 -36,681
Payments for goods and services -14,321 -116,711 -120,322 -172,036
Grants and subsidies paid -16,489 -164,516 -166,469 -221,836
Interest paid -344 -10,220 -10,185 -17,496
Personal benefit payments -13,643 -119,872 -119,474 -152,756
Other payments(c) -643 -5,748 -5,676 -8,248
Total operating payments -49,188 -444,609 -449,876 -609,053
Net cash flows from operating activities -569 -31,377 -57,496 -77,194
Cash flows from investments in non-financial assets
Sales of non-financial assets 25 459 121 271
Purchases of non-financial assets -1,301 -11,379 -13,769 -19,877
Net cash flows from investments in non-financial assets -1,276 -10,919 -13,648 -19,606
Net cash flows from investments in financial assets for policy purposes -819 -818 -1,367 -6,888
Net cash flows from investments in financial assets for liquidity purposes -348 -6,737 -2,642 -2,979
Cash flows from financing activities
Borrowing (net) 7,576 51,324 71,082 108,996
Other financing (net) -20 -4,541 -4,457 -7,243
Net cash flows from financing activities 7,556 46,783 66,625 101,753
Net increase/(decrease) in cash held 4,544 -3,069 -8,527 -4,914
GFS cash surplus(+)/deficit(-)(d) -1,846 -42,296 -71,144 -96,801
plus Net cash flows from financing activities for leases(e) -214 -1,914 -1,907 -2,447
Equals underlying cash balance(f) -2,060 -44,211 -73,051 -99,247
plus Net cash flows from investments in financial assets for policy purposes -819 -818 -1,367 -6,888
Equals headline cash balance -2,879 -45,029 -74,418 -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
March
$m 		ACTUAL
2021-2022
YTD March
$m 		MYEFO Profile
2021-2022
YTD March
$m 		MYEFO ESTIMATE*
2021-2022
FULL YEAR
$m
Individuals and other withholding taxes
Gross income tax withholding 22,151 179,232 172,670 229,700
Gross other individuals 6,409 38,468 36,329 53,800
less Refunds 1,493 33,085 33,607 38,700
Total individuals and other withholding taxation 27,067 184,615 175,392 244,800
Fringe benefits tax 3 2,336 2,445 3,160
Company tax 10,225 87,051 76,632 102,700
Superannuation fund taxes 894 22,237 21,119 23,230
Petroleum resource rent tax 0 1,253 1,215 1,470
Total income taxation revenue 38,189 297,491 276,803 375,360

*As published in the 2021-22 MYEFO.

Note 2: Indirect Tax

ACTUAL
2021-2022
March
$m 		ACTUAL
2021-2022
YTD March
$m 		MYEFO Profile
2021-2022
YTD March
$m 		MYEFO ESTIMATE*
2021-2022
FULL YEAR
$m
Goods and services tax 3,784 55,858 57,286 76,410
Wine equalisation tax 63 852 866 1,160
Luxury car tax 70 661 584 770
Excise duty 1,954 18,498 18,511 24,850
Customs duty 1,364 12,604 12,497 17,190
Other indirect tax 697 5,924 5,559 8,301
Total indirect taxation revenue 7,932 94,398 95,303 128,681

*As published in the 2021-22 MYEFO.

Note 3: Total expenses by function

ACTUAL
2021-2022
March
$m 		ACTUAL
2021-2022
YTD March
$m 		MYEFO ESTIMATE*
2021-2022
FULL YEAR
$m
Expenses by function
General public services 2,596 22,077 33,264
Defence 3,582 26,192 35,201
Public order and safety 573 4,890 6,766
Education 2,210 35,586 43,378
Health 10,169 79,878 105,706
Social security and welfare 17,524 168,703 226,241
Housing and community amenities 506 4,490 8,139
Recreation and culture 382 3,129 4,567
Fuel and energy 731 6,598 9,770
Agriculture, forestry and fishing 169 2,090 4,456
Mining, manufacturing and construction 290 2,529 4,259
Transport and communication 789 4,878 15,312
Other economic affairs 1,331 17,230 23,519
Other purposes
Public debt interest 1,592 13,575 17,862
Nominal superannuation interest 748 6,731 8,974
General purpose inter-government transactions 6,254 58,622 78,324
Natural disaster relief 1,433 1,530 582
Contingency reserve 0 0 7,518
Total expenses 50,879 458,728 633,838

*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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