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22/12/2024

Australian Government General Government Sector Monthly Financial Statements for April 2024

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Senator the Hon Katy Gallagher
Minister for Finance
Minister for Women
Minister for the Public Service

KG 28/24
Friday, 31 May 2024

KEY POINTS

  • The Monthly Financial Statements for April 2024 report the budget position against the expected monthly profile for the 2023-24 financial year through to 30 April 2024, based on the 2023-24 Mid-Year Economic and Fiscal Outlook (MYEFO) estimates published in December 2023. 
  • The 2023-24 estimates were revised as part of the 2024-25 Budget and will be used as the basis of comparison for the May 2024 Monthly Financial Statements. 
  • The underlying cash balance for the 2023-24 financial year to 30 April 2024 was a surplus of $267 million. 
  • The fiscal balance for the 2023-24 financial year to 30 April 2024 was a surplus of $9.4 billion. 
AGGREGATES(a) ACTUAL
2023-2024
April
$b 		ACTUAL
2023-2024
YTD April
$b 		MYEFO ESTIMATE*
2023-2024
FULL YEAR
$b 		REVISED BUDGET
ESTIMATE^
2023-2024
FULL YEAR
$b
Receipts(b) 58.9 547.3 685.3 692.3
Payments(c) 56.8 547.0 686.4 683.0
Underlying cash balance 2.0 0.3 -1.1 9.3
Headline cash balance 1.2 -6.5 -6.7 6.5
Revenue 65.4 565.9 700.6 706.9
Expenses 54.6 553.0 689.3 691.1
Net operating balance 10.8 12.9 11.3 15.8
Net capital investment 1.1 3.6 8.9 7.8
Fiscal balance 9.7 9.4 2.4 8.1
Total assets 816.2 822.9 825.9
Total liabilities 1,336.9 1,302.6 1,334.6
Net worth(d) -520.7 -479.8 -508.6
Net debt(e) 503.4 491.0 499.9

*As published in the 2023-24 MYEFO.
^As published in the 2024-25 Budget.
(a) Discrepancies in tables between totals and sums of components are due to rounding. 
(b) Cash receipts for operating activities and sales of non-financial assets.
(c) Cash payments for operating activities, purchases of non-financial assets and principal payments of lease liabilities.
(d) Net worth is calculated as total assets minus total liabilities.
(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).

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 2024 was a surplus of $267 million.

  • Receipts
    Total receipts were $547.3 billion.
  • Payments
    Total payments were $547.0 billion.

Net Operating Balance

The net operating balance for the financial year to 30 April 2024 was a surplus of $12.9 billion.

Fiscal Balance

The fiscal balance for the financial year to 30 April 2024 was a surplus of $9.4 billion.

Assets and Liabilities

As at 30 April 2024:

  • net worth is negative $520.7 billion;
  • net debt is $503.4 billion; and
  • net financial liabilities are $776.8 billion.
Senator the Hon Katy Gallagher
Minister for Finance
Minister for Women
Minister for the Public Service
 		Jenny Wilkinson PSM
Secretary
Department of Finance

 
Media Contact 
Patrick Cronan 0432 758 224

Australian Government general government sector operating statement

Note ACTUAL
2023-2024
April
$m 		ACTUAL
2023-2024
YTD April
$m 		MYEFO Profile
2023-2024
YTD April
$m 		MYEFO ESTIMATE*
2023-2024
FULL YEAR
$m
Revenue
Taxation revenue 1,2 58,973 521,349 520,844 649,256
Sales of goods and services 3,756 19,139 18,718 20,058
Interest income 815 7,867 6,615 10,034
Dividend and distribution income 653 5,012 5,521 6,866
Other 1,165 12,535 11,406 14,408
Total revenue 65,361 565,902 563,104 700,622
Expenses
Gross operating expenses
Wages and salaries(a) 2,349 21,838 21,686 26,570
Superannuation 777 7,629 7,510 8,955
Depreciation and amortisation 1,278 10,907 10,504 13,076
Supply of goods and services 16,570 155,064 155,983 193,988
Other operating expenses(a) 753 8,141 7,898 9,434
Total gross operating expenses 21,727 203,579 203,581 252,023
Superannuation interest expense 1,114 11,145 11,145 13,374
Interest expenses 2,412 22,782 22,354 27,495
Current transfers
Current grants 14,065 163,703 166,416 204,614
Subsidy expenses 1,480 15,170 14,833 17,843
Personal benefits 12,772 127,718 127,225 152,262
Total current transfers 28,317 306,591 308,474 374,719
Capital transfers
Mutually agreed write-downs 74 1,841 2,184 2,787
Other capital grants 962 7,027 7,706 18,908
Total capital transfers 1,036 8,867 9,890 21,695
Total expenses 3 54,607 552,965 555,445 689,306
Net operating balance 10,755 12,937 7,659 11,316
Other economic flows
- included in operating result
Net write-downs of assets -1,695 -10,229 -6,708 -8,211
Assets recognised for the first time 98 310 243 298
Actuarial revaluations -2 -19 -16 4,081
Net foreign exchange gains 1 98 22 18
Net swap interest received 36 -204 -563 -15
Market valuation of debt 18,355 396 11,323 8,597
Other gains/(losses) -3,406 10,871 9,133 8,290
Total other economic flows
- included in operating result 		13,388 1,225 13,434 13,059
Operating result(b) 24,143 14,163 21,094 24,375
Non-owner movements in equity
Revaluation of equity investments 0 0 0 -761
Actuarial revaluations 0 0 0 -11,462
Other economic revaluations 3,244 3,615 339 734
Total other economic flows
- included in equity 		3,244 3,615 339 -11,489
Comprehensive result
- Total change in net worth 		27,387 17,778 21,432 12,886
Net operating balance 10,755 12,937 7,659 11,316
Net acquisition of non-financial assets
Purchases of non-financial assets 2,308 15,217 16,915 22,533
less Sales of non-financial assets -2 877 797 804
less Depreciation 1,278 10,907 10,504 13,076
plus Change in inventories 38 153 24 242
plus Other movements in non-financial assets -10 -4 1 -1
Total net acquisition of non-financial assets 1,061 3,582 5,638 8,895
Fiscal balance (Net lending/borrowing)(c) 9,694 9,355 2,021 2,421

*As published in the 2023-24 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 30 April 2024
$m 		MYEFO ESTIMATE*
as at 30 June 2024
$m
Assets
Financial assets
Cash and deposits 66,282 80,472
Advances paid 75,606 72,270
Investments, loans and placements 233,335 240,437
Other receivables 88,707 82,315
Equity investments
Investments in other public sector entities 44,973 45,563
Equity accounted investments 5,868 5,679
Investments - shares 90,338 83,127
Total financial assets 605,109 609,862
Non-financial assets
Land 14,280 13,509
Buildings 50,302 50,520
Plant, equipment and infrastructure 108,606 110,669
Inventories 12,581 12,102
Intangibles 12,384 13,206
Investment properties 237 220
Biological assets 4 5
Heritage and cultural assets 12,604 12,647
Assets held for sale 95 102
Other non-financial assets 10 14
Total non-financial assets 211,102 212,993
Total assets 816,211 822,855
Liabilities
Interest bearing liabilities
Deposits held 414 415
Government securities 827,177 832,437
Loans 31,643 32,231
Lease liabilities 19,359 19,144
Total interest bearing liabilities 878,593 884,226
Provisions and payables
Superannuation liability(a) 319,353 286,123
Other employee liabilities 43,444 42,176
Suppliers payables 12,285 12,187
Personal benefits payables 3,991 3,964
Subsidies payables 545 550
Grants payables 2,493 3,565
Other payables 8,073 7,217
Provisions 68,166 62,625
Total provisions and payables 458,349 418,407
Total liabilities 1,336,942 1,302,633
Net worth(b) -520,731 -479,777
Net financial worth(c) -731,833 -692,771
Net financial liabilities(d) 776,806 738,333
Net debt(e) 503,370 491,047

*As published in the 2023-24 MYEFO.
(a) For budget reporting purposes, a discount rate of 5.0 per cent determined by actuaries 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 2023-24 Monthly Financial Statements was calculated using the spot rates on long-term government bonds as at 30 June 2023 that best matched each individual scheme’s liability duration. These rates were between 4.0 and 4.4 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
2023-2024
April
$m 		ACTUAL
2023-2024
YTD April
$m 		MYEFO Profile
2023-2024
YTD April
$m 		MYEFO ESTIMATE*
2023-2024
FULL YEAR
$m
Cash receipts from operating activities
Taxes received 53,523 501,776 502,719 632,666
Receipts from sales of goods and services 2,819 18,389 18,409 19,764
Interest receipts 941 8,904 7,605 8,862
Dividends, distributions and income tax equivalents 593 5,176 5,122 6,936
Other receipts 1,037 12,112 11,812 14,011
Total operating receipts 58,913 546,359 545,667 682,239
Cash payments for operating activities
Payments for employees(b) -3,401 -35,685 -34,826 -42,272
Payments for goods and services -15,405 -155,406 -156,072 -192,674
Grants and subsidies paid -16,541 -186,593 -189,928 -244,217
Interest paid -5,706 -16,999 -15,940 -21,544
Personal benefit payments -12,588 -127,213 -127,637 -152,518
Other payments(b) -944 -8,813 -8,642 -10,172
Total operating payments -54,585 -530,708 -533,044 -663,397
Net cash flows from operating activities 4,328 15,650 12,623 18,842
Cash flows from investments in non-financial assets
Sales of non-financial assets -19 905 904 3,027
Purchases of non-financial assets -1,959 -14,069 -15,998 -20,498
Net cash flows from investments in non-financial assets -1,978 -13,164 -15,094 -17,471
Net cash flows from investments in financial assets for policy purposes -855 -6,815 -7,094 -5,552
Net cash flows from investments in financial assets for liquidity purposes -592 -15,447 -14,166 -16,488
Cash flows from financing activities
Borrowing (net) -30,094 144 5,901 16,000
Other financing (net) 162 -3,800 -4,030 -4,572
Net cash flows from financing activities -29,932 -3,656 1,871 11,427
Net increase/(decrease) in cash held -29,029 -23,431 -21,860 -9,241
GFS cash surplus(+)/deficit(-)(c) 2,350 2,486 -2,471 1,371
plus Principal payments of lease liabilities(d) -302 -2,219 -2,068 -2,481
Equals underlying cash balance(e) 2,048 267 -4,539 -1,110
plus Net cash flows from investments in financial assets for policy purposes -855 -6,815 -7,094 -5,552
Equals headline cash balance 1,194 -6,548 -11,634 -6,661

*As published in the 2023-24 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) 'Net cash flows from financing activities for leases' has been renamed to 'principal payments of lease liabilities'. Principal payments of 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.
(e) The term underlying cash balance is not used by the ABS.

Note 1: Income Tax

ACTUAL
2023-2024
April
$m 		ACTUAL
2023-2024
YTD April
$m 		MYEFO Profile
2023-2024
YTD April
$m 		MYEFO ESTIMATE*
2023-2024
FULL YEAR
$m
Individuals and other withholding taxes
Gross income tax withholding 22,693 244,451 242,034 295,000
Gross other individuals 11,221 60,898 61,447 78,600
less Refunds 1,694 33,996 33,494 37,000
Total individuals and other withholding taxation 32,220 271,354 269,986 336,600
Fringe benefits tax 868 4,086 3,974 4,190
Company tax 12,322 112,053 109,250 140,300
Superannuation fund taxes 1,479 9,959 13,214 15,740
Petroleum resource rent tax 299 1,158 2,009 2,380
Total income taxation revenue 47,188 398,609 398,433 499,210

*As published in the 2023-24 MYEFO.

Note 2: Indirect Tax

ACTUAL
2023-2024
April
$m 		ACTUAL
2023-2024
YTD April
$m 		MYEFO Profile
2023-2024
YTD April
$m 		MYEFO ESTIMATE*
2023-2024
FULL YEAR
$m
Goods and services tax 7,246 73,642 71,434 88,180
Wine equalisation tax 73 916 950 1,130
Luxury car tax 105 1,052 1,014 1,180
Excise duty 2,777 25,101 25,409 30,080
Customs duty 810 11,620 13,765 17,310
Other indirect tax 773 10,409 9,839 12,166
Total indirect taxation revenue 11,785 122,740 122,411 150,046

*As published in the 2023-24 MYEFO.

Note 3: Total expenses by function

ACTUAL
2023-2024
April
$m 		ACTUAL
2023-2024
YTD April
$m 		MYEFO ESTIMATE*
2023-2024
FULL YEAR
$m
Expenses by function
General public services 2,919 25,238 30,420
Defence 4,002 35,057 45,006
Public order and safety 708 6,383 7,905
Education 2,497 42,415 48,699
Health 8,725 86,271 107,357
Social security and welfare 20,907 208,209 249,465
Housing and community amenities 480 4,614 8,632
Recreation and culture 352 3,720 4,878
Fuel and energy 1,037 9,794 13,455
Agriculture, forestry and fishing 313 2,457 5,104
Mining, manufacturing and construction 408 3,580 5,173
Transport and communication 1,096 7,563 16,120
Other economic affairs 1,134 10,637 13,460
Other purposes
Public debt interest 1,851 18,845 22,404
Nominal superannuation interest 1,114 11,145 13,374
General purpose inter-government transactions 7,034 76,604 91,135
Natural disaster relief 29 432 1,630
Contingency reserve 0 0 5,089
Total expenses 54,607 552,965 689,306

*As published in the 2023-24 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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