Australian Government General Government Sector Monthly Financial Statements for November 2024

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

KG 52/24
Tuesday, 24 December 2024

KEY POINTS

  • The Monthly Financial Statements for November 2024 report the budget position against the expected monthly profile for the 2024‑25 financial year through to 30 November 2024, based on the 2024‑25 Budget estimates published in the 2024‑25 Budget in May 2024.
  • The 2024-25 Mid-Year Economic and Fiscal Outlook (MYEFO) was released on 18 December 2024. Commencing with the January 2025 monthly financial statements, the budget position will be reported against the expected monthly profile based on the updated estimates in the 2024-25 MYEFO.
  • The underlying cash balance for the 2024‑25 financial year to 30 November 2024 was a deficit of $14.0 billion.
  • The fiscal balance for the 2024‑25 financial year to 30 November 2024 was a deficit of $5.1 billion.
AGGREGATES(a) ACTUAL
2024-2025
November
$b
ACTUAL
2024-2025
YTD November
$b
BUDGET
ESTIMATE*
2024-2025
FULL YEAR
$b
MYEFO ESTIMATE^
2024-2025
FULL YEAR
$b
Receipts(b) 66.3 280.5 698.4 704.2
Payments(c) 57.3 294.5 726.7 731.1
Underlying cash balance 9.0 -14.0 -28.3 -26.9
Headline cash balance 8.5 -15.8 -47.2 -47.8
Revenue 67.2 288.2 711.5 718.3
Expenses 57.1 293.7 734.5 758.6
Net operating balance 10.2 -5.5 -23.0 -40.4
Net capital investment 0.6 -0.4 6.3 5.5
Fiscal balance 9.5 -5.1 -29.3 -45.9
Total assets 858.9 837.6 851.5
Total liabilities 1,399.0 1,382.7 1,422.1
Net worth(d) -540.1 -545.1 -570.6
Net debt(e) 514.5 552.5 540.0

*As published in the 2024-25 Budget.
^ As published in the 2024-25 Mid-Year Economic and Fiscal Outlook.
(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 November 2024 was a deficit of $14.0 billion.

  • Receipts
    Total receipts were $280.5 billion.
  • Payments
    Total payments were $294.5 billion.

Net Operating Balance

The net operating balance for the financial year to 30 November 2024 was a deficit of $5.5 billion.

Fiscal Balance

The fiscal balance for the financial year to 30 November 2024 was a deficit of $5.1 billion.

Assets and Liabilities

As at 30 November 2024:

  • net worth is negative $540.1 billion;
  • net debt is $514.5 billion; and
  • net financial liabilities are $803.0 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
2024-2025
November
$m
ACTUAL
2024-2025
YTD November
$m
Budget Profile
2024-2025
YTD November
$m
BUDGET
ESTIMATE*
2024-2025
FULL YEAR
$m
Revenue
Taxation revenue 1,2 64,985 264,646 254,163 658,962
Sales of goods and services 739 9,988 9,641 21,636
Interest income 742 4,236 3,496 10,276
Dividend and distribution income^ -434 3,009 2,738 6,815
Other 1,210 6,274 5,232 13,815
Total revenue 67,242 288,153 275,270 711,505
Expenses
Gross operating expenses
Wages and salaries(a) 2,388 11,975 12,274 29,440
Superannuation 754 3,814 3,484 8,301
Depreciation and amortisation 1,340 5,887 5,437 13,003
Supply of goods and services 17,681 85,757 85,963 211,694
Other operating expenses(a) 1,287 5,821 3,986 9,925
Total gross operating expenses 23,450 113,255 111,144 272,364
Superannuation interest expense 1,180 5,902 6,092 14,620
Interest expenses 2,333 11,598 11,755 33,414
Current transfers
Current grants 13,874 82,833 86,175 208,915
Subsidy expenses 1,564 7,728 7,816 18,791
Personal benefits 13,144 69,021 68,160 161,051
Total current transfers 28,582 159,582 162,151 388,757
Capital transfers
Mutually agreed write-downs 213 1,202 1,264 5,137
Other capital grants 1,296 2,127 4,197 20,226
Total capital transfers 1,509 3,329 5,460 25,364
Total expenses 3 57,055 293,666 296,602 734,518
Net operating balance 10,187 -5,513 -21,332 -23,014
Other economic flows
- included in operating result
Net write-downs of assets -1,441 -5,956 -4,413 -11,427
Assets recognised for the first time 11 154 105 316
Actuarial revaluations -2 -9 -8 -20
Net foreign exchange gains -10 40 0 5
Net swap interest received -173 -324 -10 -24
Market valuation of debt -8,003 -6,357 -5,795 -13,050
Other gains/(losses) 5,835 9,404 3,630 9,093
Total other economic flows
- included in operating result
-3,782 -3,048 -6,490 -15,107
Operating result(b) 6,404 -8,561 -27,822 -38,120
Non-owner movements in equity
Revaluation of equity investments 0 0 0 -392
Actuarial revaluations 0 0 0 -228
Other economic revaluations 426 1,779 2,069 2,228
Total other economic flows
- included in equity
426 1,779 2,069 1,608
Comprehensive result
- Total change in net worth
6,831 -6,782 -25,753 -36,512
Net operating balance 10,187 -5,513 -21,332 -23,014
Net acquisition of non-financial assets
Purchases of non-financial assets 1,702 7,341 9,329 21,960
less Sales of non-financial assets 13 2,170 2,107 2,407
less Depreciation 1,340 5,887 5,437 13,003
plus Change in inventories 294 326 -961 -242
plus Other movements in non-financial assets 0 3 -2 -5
Total net acquisition of non-financial assets 642 -388 822 6,303
Fiscal balance (Net lending/borrowing)(c) 9,545 -5,125 -22,153 -29,316

*As published in the 2024-25 Budget.
^ The movement in November includes an adjustment between year-to-date 'Dividend and distribution income' and 'Other gains/(losses)' from the amounts reported in October 2024. This adjustment results in a decrease in the net operating balance and fiscal balance. 
(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 November 2024
$m
BUDGET
ESTIMATE*
as at 30 June 2025
$m
Assets
Financial assets
Cash and deposits 75,898 61,997
Advances paid 71,924 73,193
Investments, loans and placements 240,714 249,588
Other receivables 94,309 84,638
Equity investments
Investments in other public sector entities 48,147 51,451
Equity accounted investments 6,371 6,025
Investments - shares 106,779 91,336
Total financial assets 644,141 618,227
Non-financial assets
Land 14,681 13,473
Buildings 49,968 52,246
Plant, equipment and infrastructure 112,165 114,335
Inventories 11,424 12,007
Intangibles 13,365 14,280
Investment properties 237 227
Biological assets 5 5
Heritage and cultural assets 12,816 12,687
Assets held for sale 84 94
Other non-financial assets 8 9
Total non-financial assets 214,754 219,362
Total assets 858,895 837,590
Liabilities
Interest bearing liabilities
Deposits held 269 415
Government securities 853,275 885,886
Loans 31,175 32,360
Lease liabilities 18,334 18,649
Total interest bearing liabilities 903,054 937,310
Provisions and payables
Superannuation liability(a) 312,852 304,384
Other employee liabilities 61,463 41,848
Suppliers payables 16,553 13,582
Personal benefits payables 3,904 4,096
Subsidies payables 756 535
Grants payables 2,455 4,178
Other payables 11,219 4,797
Provisions 86,778 71,994
Total provisions and payables 495,980 445,413
Total liabilities 1,399,034 1,382,723
Net worth(b) -540,139 -545,133
Net financial worth(c) -754,893 -764,495
Net financial liabilities(d) 803,039 815,947
Net debt(e) 514,518 552,532

*As published in the 2024-25 Budget.
(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 2024-25 Monthly Financial Statements was calculated using the spot rates on long-term government bonds as at 30 June 2024 that best matched each individual scheme’s liability duration. These rates were between 4.2 and 4.8 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
2024-2025
November
$m
ACTUAL
2024-2025
YTD November
$m
Budget Profile
2024-2025
YTD November
$m
BUDGET
ESTIMATE*
2024-2025
FULL YEAR
$m
Cash receipts from operating activities
Taxes received 64,055 253,105 244,707 642,542
Receipts from sales of goods and services 699 10,913 9,728 21,396
Interest receipts 922 4,934 4,499 9,275
Dividends, distributions and income tax equivalents^ -581 3,134 2,720 6,789
Other receipts 1,149 8,203 7,047 18,231
Total operating receipts 66,243 280,290 268,701 698,233
Cash payments for operating activities
Payments for employees(b) -3,618 -19,653 -19,712 -46,840
Payments for goods and services -16,665 -86,727 -86,373 -210,763
Grants and subsidies paid -16,839 -95,067 -99,496 -251,111
Interest paid -4,589 -8,760 -9,389 -23,824
Personal benefit payments -13,006 -70,158 -68,916 -161,714
Other payments(b) -888 -5,174 -3,995 -10,389
Total operating payments -55,606 -285,538 -287,882 -704,641
Net cash flows from operating activities 10,638 -5,249 -19,181 -6,408
Cash flows from investments in non-financial assets
Sales of non-financial assets 29 236 146 213
Purchases of non-financial assets -1,453 -7,845 -8,340 -19,501
Net cash flows from investments in non-financial assets -1,424 -7,609 -8,194 -19,288
Net cash flows from investments in financial assets for policy purposes -483 -1,851 -5,297 -18,916
Net cash flows from investments in financial assets for liquidity purposes 540 -5,803 -6,490 -4,050
Cash flows from financing activities
Borrowing (net) -34,153 1,844 9,126 26,179
Other financing (net) -597 -2,751 -2,214 -4,830
Net cash flows from financing activities -34,750 -907 6,912 21,348
Net increase/(decrease) in cash held -25,479 -21,419 -32,250 -27,314
GFS cash surplus(+)/deficit(-)(c) 9,214 -12,858 -27,375 -25,696
plus Principal payments of lease liabilities(d) -228 -1,135 -1,108 -2,590
Equals underlying cash balance(e) 8,986 -13,993 -28,483 -28,286
plus Net cash flows from investments in financial assets for policy purposes -483 -1,851 -5,297 -18,916
Equals headline cash balance 8,503 -15,844 -33,780 -47,202

*As published in the 2024-25 Budget.
^ The movement in November includes an adjustment between year-to-date 'Dividends, distributions and income tax equivalents' and 'Net cash flows from investments in financial assets for policy purposes' from the amounts reported in October 2024. This adjustment results in a decrease in the underlying cash balance. 
(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) 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
2024-2025
November
$m
ACTUAL
2024-2025
YTD November
$m
Budget Profile
2024-2025
YTD November
$m
BUDGET
ESTIMATE*
2024-2025
FULL YEAR
$m
Individuals and other withholding taxes
Gross income tax withholding 26,511 123,392 118,827 293,700
Gross other individuals 5,852 32,547 29,768 82,500
less Refunds 2,851 27,267 27,555 40,600
Total individuals and other withholding taxation 29,512 128,672 121,040 335,600
Fringe benefits tax 235 2,387 2,020 4,130
Company tax 14,150 55,391 54,979 141,200
Superannuation fund taxes 4,587 10,944 9,174 19,830
Petroleum resource rent tax 44 768 1,628 2,590
Total income taxation revenue 48,529 198,162 188,842 503,350

*As published in the 2024-25 Budget.

Note 2: Indirect Tax

ACTUAL
2024-2025
November
$m
ACTUAL
2024-2025
YTD November
$m
Budget Profile
2024-2025
YTD November
$m
BUDGET
ESTIMATE*
2024-2025
FULL YEAR
$m
Goods and services tax 11,544 41,324 39,719 92,070
Wine equalisation tax 110 452 470 1,150
Luxury car tax 88 496 444 1,110
Excise duty 2,534 12,960 13,094 31,250
Customs duty 546 5,493 6,065 16,030
Other indirect tax 1,633 5,759 5,529 14,002
Total indirect taxation revenue 16,456 66,484 65,321 155,612

*As published in the 2024-25 Budget.

Note 3: Total expenses by function

ACTUAL
2024-2025
November
$m
ACTUAL
2024-2025
YTD November
$m
BUDGET
ESTIMATE*
2024-2025
FULL YEAR
$m
Expenses by function
General public services 2,435 11,871 32,395
Defence 4,285 18,826 47,986
Public order and safety 797 3,649 8,421
Education 2,550 22,363 53,046
Health 10,024 48,791 112,693
Social security and welfare 21,903 114,542 266,693
Housing and community amenities 675 2,468 9,999
Recreation and culture 420 2,091 5,372
Fuel and energy 1,020 5,321 20,121
Agriculture, forestry and fishing 249 1,308 4,317
Mining, manufacturing and construction 430 2,078 5,511
Transport and communication 1,204 2,534 16,769
Other economic affairs 1,068 5,216 13,386
Other purposes
Public debt interest 1,983 9,822 24,107
Nominal superannuation interest 1,180 5,902 14,620
General purpose inter-government transactions 6,807 36,740 97,995
Natural disaster relief 26 146 921
Contingency reserve 0 0 167
Total expenses 57,055 293,666 734,518

*As published in the 2024-25 Budget.

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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