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24/12/2024

Australian Government General Government Sector Monthly Financial Statements for January 2024

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

KG 10/24
Thursday, 29 February 2024

KEY POINTS

  • The Monthly Financial Statements for January 2024 report the budget position against the expected monthly profile for the 2023-24 financial year through to 31 January 2024, based on the 2023-24 Mid-Year Economic and Fiscal Outlook (MYEFO) estimates published in December 2023.
  • The underlying cash balance for the 2023-24 financial year to 31 January 2024 was a deficit of $22.4 billion.
  • The fiscal balance for the 2023-24 financial year to 31 January 2024 was a deficit of $13.9 billion.
AGGREGATES(a) ACTUAL
2023-2024
January
$b 		ACTUAL
2023-2024
YTD January
$b 		MYEFO Profile
2023-2024
YTD January
$b 		MYEFO ESTIMATE*
2023-2024
FULL YEAR
$b
Receipts(b) 42.7 368.0 367.0 685.3
Payments(c) 53.9 390.4 390.1 686.4
Underlying cash balance -11.3 -22.4 -23.2 -1.1
Headline cash balance -12.5 -27.4 -28.0 -6.7
Revenue 48.6 379.9 378.9 700.6
Expenses 58.7 392.4 392.4 689.3
Net operating balance -10.1 -12.5 -13.5 11.3
Net capital investment 0.0 1.4 1.5 8.9
Fiscal balance -10.1 -13.9 -15.0 2.4
Total assets 806.3 822.9
Total liabilities 1,371.4 1,302.6
Net worth(d) -565.1 -479.8
Net debt(e) 541.1 491.0

*As published in the 2023-24 MYEFO.
(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 31 January 2024 was a deficit of $22.4 billion.

  • Receipts
    Total receipts were $368.0 billion.
  • Payments
    Total payments were $390.4 billion.

Net Operating Balance

The net operating balance for the financial year to 31 January 2024 was a deficit of $12.5 billion.

Fiscal Balance

The fiscal balance for the financial year to 31 January 2024 was a deficit of $13.9 billion. 

Assets and Liabilities

As at 31 January 2024:

  • net worth is negative $565.1 billion;
  • net debt is $541.1 billion; and
  • net financial liabilities are $815.7 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
January
$m 		ACTUAL
2023-2024
YTD January
$m 		MYEFO Profile
2023-2024
YTD January
$m 		MYEFO ESTIMATE*
2023-2024
FULL YEAR
$m
Revenue
Taxation revenue 1,2 42,720 349,068 348,669 649,256
Sales of goods and services 3,494 13,705 13,753 20,058
Interest income 858 5,354 4,825 10,034
Dividend and distribution income 255 2,937 3,364 6,866
Other 1,278 8,789 8,291 14,408
Total revenue 48,606 379,853 378,902 700,622
Expenses
Gross operating expenses
Wages and salaries(a) 1,956 14,787 14,977 26,570
Superannuation 760 5,308 5,249 8,955
Depreciation and amortisation 1,134 7,322 7,278 13,076
Supply of goods and services 13,082 106,899 106,942 193,988
Other operating expenses(a) 662 5,370 5,451 9,434
Total gross operating expenses 17,594 139,686 139,898 252,023
Superannuation interest expense 1,114 7,801 7,801 13,374
Interest expenses 2,347 15,864 15,803 27,495
Current transfers
Current grants 23,414 122,784 123,195 204,614
Subsidy expenses 1,633 10,668 10,505 17,843
Personal benefits 11,691 89,828 89,388 152,262
Total current transfers 36,739 223,280 223,088 374,719
Capital transfers
Mutually agreed write-downs 248 1,530 1,491 2,787
Other capital grants 677 4,210 4,328 18,908
Total capital transfers 926 5,740 5,819 21,695
Total expenses 3 58,720 392,370 392,410 689,306
Net operating balance -10,114 -12,517 -13,508 11,316
Other economic flows
- included in operating result
Net write-downs of assets -513 -5,747 -5,835 -8,211
Assets recognised for the first time -13 144 177 298
Actuarial revaluations -2 -13 -12 4,081
Net foreign exchange gains 208 52 23 18
Net swap interest received 177 -412 -561 -15
Market valuation of debt 876 -14,702 15,531 8,597
Other gains/(losses) 2,005 6,229 5,664 8,290
Total other economic flows
- included in operating result 		2,737 -14,448 14,987 13,059
Operating result(b) -7,377 -26,965 1,479 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 1,448 368 239 734
Total other economic flows
- included in equity 		1,448 368 239 -11,489
Comprehensive result
- Total change in net worth 		-5,929 -26,598 1,718 12,886
Net operating balance -10,114 -12,517 -13,508 11,316
Net acquisition of non-financial assets
Purchases of non-financial assets 992 9,418 9,745 22,533
less Sales of non-financial assets 63 811 797 804
less Depreciation 1,134 7,322 7,278 13,076
plus Change in inventories 193 108 -148 242
plus Other movements in non-financial assets 2 12 10 -1
Total net acquisition of non-financial assets -9 1,406 1,531 8,895
Fiscal balance (Net lending/borrowing)(c) -10,105 -13,923 -15,039 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 31 January 2024
$m 		MYEFO ESTIMATE*
as at 30 June 2024
$m
Assets
Financial assets
Cash and deposits 72,420 80,472
Advances paid 74,940 72,270
Investments, loans and placements 230,611 240,437
Other receivables 87,925 82,315
Equity investments
Investments in other public sector entities 44,234 45,563
Equity accounted investments 5,810 5,679
Investments - shares 84,052 83,127
Total financial assets 599,994 609,862
Non-financial assets
Land 13,580 13,509
Buildings 48,561 50,520
Plant, equipment and infrastructure 106,354 110,669
Inventories 12,731 12,102
Intangibles 12,138 13,206
Investment properties 236 220
Biological assets 4 5
Heritage and cultural assets 12,604 12,647
Assets held for sale 87 102
Other non-financial assets 27 14
Total non-financial assets 206,323 212,993
Total assets 806,316 822,855
Liabilities
Interest bearing liabilities
Deposits held 397 415
Government securities 868,001 832,437
Loans 31,504 32,231
Lease liabilities 19,126 19,144
Total interest bearing liabilities 919,029 884,226
Provisions and payables
Superannuation liability(a) 317,415 286,123
Other employee liabilities 43,387 42,176
Suppliers payables 10,095 12,187
Personal benefits payables 3,615 3,964
Subsidies payables 854 550
Grants payables 2,842 3,565
Other payables 7,470 7,217
Provisions 66,716 62,625
Total provisions and payables 452,394 418,407
Total liabilities 1,371,423 1,302,633
Net worth(b) -565,107 -479,777
Net financial worth(c) -771,429 -692,771
Net financial liabilities(d) 815,663 738,333
Net debt(e) 541,057 491,047

*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
January
$m 		ACTUAL
2023-2024
YTD January
$m 		MYEFO Profile
2023-2024
YTD January
$m 		MYEFO ESTIMATE*
2023-2024
FULL YEAR
$m
Cash receipts from operating activities
Taxes received 37,912 336,228 335,665 632,666
Receipts from sales of goods and services 1,739 13,223 13,391 19,764
Interest receipts 926 6,226 5,743 8,862
Dividends, distributions and income tax equivalents 279 3,215 3,442 6,936
Other receipts 1,107 8,169 7,822 14,011
Total operating receipts 41,963 367,061 366,062 682,239
Cash payments for operating activities
Payments for employees(b) -3,402 -24,481 -24,150 -42,272
Payments for goods and services -11,903 -109,782 -109,610 -192,674
Grants and subsidies paid -24,754 -138,615 -138,681 -244,217
Interest paid -185 -10,140 -10,139 -21,544
Personal benefit payments -11,117 -89,737 -89,792 -152,518
Other payments(b) -1,308 -6,390 -6,162 -10,172
Total operating payments -52,669 -379,145 -378,533 -663,397
Net cash flows from operating activities -10,706 -12,084 -12,471 18,842
Cash flows from investments in non-financial assets
Sales of non-financial assets 727 915 904 3,027
Purchases of non-financial assets -1,043 -9,730 -10,117 -20,498
Net cash flows from investments in non-financial assets -317 -8,815 -9,213 -17,471
Net cash flows from investments in financial assets for policy purposes -1,221 -4,929 -4,796 -5,552
Net cash flows from investments in financial assets for liquidity purposes -784 -13,296 -13,061 -16,488
Cash flows from financing activities
Borrowing (net) 2,005 25,484 27,275 16,000
Other financing (net) 43 -3,653 -3,742 -4,572
Net cash flows from financing activities 2,048 21,831 23,533 11,427
Net increase/(decrease) in cash held -10,980 -17,293 -16,008 -9,241
GFS cash surplus(+)/deficit(-)(c) -11,023 -20,899 -21,684 1,371
plus Principal payments of lease liabilities(d) -230 -1,551 -1,495 -2,481
Equals underlying cash balance(e) -11,253 -22,450 -23,179 -1,110
plus Net cash flows from investments in financial assets for policy purposes -1,221 -4,929 -4,796 -5,552
Equals headline cash balance -12,474 -27,379 -27,975 -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
January
$m 		ACTUAL
2023-2024
YTD January
$m 		MYEFO Profile
2023-2024
YTD January
$m 		MYEFO ESTIMATE*
2023-2024
FULL YEAR
$m
Individuals and other withholding taxes
Gross income tax withholding 20,756 167,945 167,304 295,000
Gross other individuals 3,103 36,961 36,426 78,600
less Refunds 1,618 29,444 29,363 37,000
Total individuals and other withholding taxation 22,240 175,462 174,367 336,600
Fringe benefits tax 797 2,958 2,969 4,190
Company tax 8,833 78,261 77,938 140,300
Superannuation fund taxes -491 7,120 8,937 15,740
Petroleum resource rent tax 277 840 1,013 2,380
Total income taxation revenue 31,657 264,642 265,224 499,210

*As published in the 2023-24 MYEFO.

Note 2: Indirect Tax

ACTUAL
2023-2024
January
$m 		ACTUAL
2023-2024
YTD January
$m 		MYEFO Profile
2023-2024
YTD January
$m 		MYEFO ESTIMATE*
2023-2024
FULL YEAR
$m
Goods and services tax 5,911 49,559 48,379 88,180
Wine equalisation tax 97 656 682 1,130
Luxury car tax 90 767 762 1,180
Excise duty 2,453 17,729 17,750 30,080
Customs duty 1,299 8,522 8,775 17,310
Other indirect tax 1,213 7,192 7,096 12,166
Total indirect taxation revenue 11,063 84,426 83,444 150,046

*As published in the 2023-24 MYEFO.

Note 3: Total expenses by function

ACTUAL
2023-2024
January
$m 		ACTUAL
2023-2024
YTD January
$m 		MYEFO ESTIMATE*
2023-2024
FULL YEAR
$m
Expenses by function
General public services 3,300 17,364 30,420
Defence 3,166 23,666 45,006
Public order and safety 459 4,484 7,905
Education 11,779 35,000 48,699
Health 8,087 59,978 107,357
Social security and welfare 17,793 146,724 249,465
Housing and community amenities 419 3,047 8,632
Recreation and culture 362 2,650 4,878
Fuel and energy 913 6,683 13,455
Agriculture, forestry and fishing 237 1,681 5,104
Mining, manufacturing and construction 379 2,317 5,173
Transport and communication 729 4,431 16,120
Other economic affairs 954 7,479 13,460
Other purposes
Public debt interest 1,919 13,246 22,404
Nominal superannuation interest 1,114 7,801 13,374
General purpose inter-government transactions 7,037 55,503 91,135
Natural disaster relief 72 316 1,630
Contingency reserve 0 0 5,089
Total expenses 58,720 392,370 689,306

*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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