Australian Government General Government Sector Monthly Financial Statements for February 2025

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

KG 15/25
Friday, 28 March 2025

KEY POINTS

  • The Monthly Financial Statements for February 2025 report the budget position against the expected monthly profile for the 2024‑25 financial year through to 28 February 2025, based on the 2024‑25 Mid-Year Economic and Fiscal Outlook (MYEFO) estimates published in December 2024.
  • The underlying cash balance for the 2024‑25 financial year to 28 February 2025 was a deficit of $22.2 billion.
  • The fiscal balance for the 2024‑25 financial year to 28 February 2025 was a deficit of $14.6 billion.
AGGREGATES(a) ACTUAL
2024-2025
February
$b
ACTUAL
2024-2025
YTD February
$b
MYEFO Profile
2024-2025
YTD February
$b
MYEFO ESTIMATE*
2024-2025
FULL YEAR
$b
Receipts(b) 67.9 455.4 451.9 704.2
Payments(c) 53.0 477.6 481.7 731.1
Underlying cash balance 14.9 -22.2 -29.8 -26.9
Headline cash balance 14.2 -29.2 -38.6 -47.8
Revenue 67.4 467.8 461.4 718.3
Expenses 56.5 480.9 484.2 758.6
Net operating balance 10.9 -13.1 -22.8 -40.4
Net capital investment 0.4 1.5 2.0 5.5
Fiscal balance 10.5 -14.6 -24.7 -45.9
Total assets 890.4 851.5
Total liabilities 1,442.0 1,422.1
Net worth(d) -551.6 -570.6
Net debt(e) 536.7 540.0

*As published in the 2024-25 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 28 February 2025 was a deficit of $22.2 billion.

  • Receipts
    Total receipts were $3.5 billion higher than the 2024-25 MYEFO profile.
  • Payments
    Total payments were $4.2 billion lower than the 2024-25 MYEFO profile.

Net Operating Balance

The net operating balance for the financial year to 28 February 2025 was a deficit of $13.1 billion.

Fiscal Balance

The fiscal balance for the financial year to 28 February 2025 was a deficit of $14.6 billion.

Assets and Liabilities

As at 28 February 2025:

  • net worth is negative $551.6 billion;
  • net debt is $536.7 billion; and
  • net financial liabilities are $816.7 billion.
Senator the Hon Katy Gallagher
Minister for Finance
Minister for Women
Minister for the Public Service
Minister for Government Services
 
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
February
$m
ACTUAL
2024-2025
YTD February
$m
MYEFO Profile
2024-2025
YTD February
$m
MYEFO ESTIMATE*
2024-2025
FULL YEAR
$m
Revenue
Taxation revenue 1,2 64,587 431,590 425,721 663,609
Sales of goods and services 749 15,089 14,869 21,067
Interest income 637 6,385 6,074 11,046
Dividend and distribution income 304 4,580 4,866 7,137
Other 1,165 10,163 9,906 15,394
Total revenue 67,443 467,806 461,435 718,253
Expenses
Gross operating expenses
Wages and salaries(a) 2,334 18,915 19,107 29,452
Superannuation 745 6,084 5,895 8,791
Depreciation and amortisation 989 9,197 9,017 13,708
Supply of goods and services 17,239 135,476 138,683 214,694
Other operating expenses(a) 1,202 9,080 8,877 12,674
Total gross operating expenses 22,508 178,752 181,578 279,319
Superannuation interest expense 1,180 9,443 9,410 14,241
Interest expenses 2,231 18,600 18,809 31,499
Current transfers
Current grants 14,950 145,584 145,746 217,606
Subsidy expenses 1,593 12,489 12,426 18,955
Personal benefits 12,203 108,490 107,884 161,934
Total current transfers 28,745 266,563 266,056 398,495
Capital transfers
Mutually agreed write-downs 147 1,684 1,577 14,894
Other capital grants 1,688 5,840 6,761 20,200
Total capital transfers 1,835 7,524 8,337 35,093
Total expenses 3 56,500 480,882 484,190 758,648
Net operating balance 10,943 -13,075 -22,755 -40,394
Other economic flows
- included in operating result
Net write-downs of assets -2,369 -9,271 -8,855 -13,350
Assets recognised for the first time -15 238 205 368
Actuarial revaluations -2 -14 -15 -806
Net foreign exchange gains -17 288 -74 273
Net swap interest received -428 -1,339 -468 -187
Market valuation of debt -5,989 -12,062 -2,189 -7,018
Other gains/(losses) 876 16,357 10,080 7,005
Total other economic flows
- included in operating result
-7,943 -5,805 -1,316 -13,715
Operating result(b) 3,000 -18,880 -24,071 -54,109
Non-owner movements in equity
Revaluation of equity investments 0 -72 -72 -1,052
Actuarial revaluations 0 0 0 -7,520
Other economic revaluations -42 728 611 719
Total other economic flows
- included in equity
-42 656 539 -7,853
Comprehensive result
- Total change in net worth
2,958 -18,224 -23,532 -61,962
Net operating balance 10,943 -13,075 -22,755 -40,394
Net acquisition of non-financial assets
Purchases of non-financial assets 1,305 12,131 12,641 21,875
less Sales of non-financial assets 12 2,188 2,160 2,503
less Depreciation 989 9,197 9,017 13,708
plus Change in inventories 119 746 488 -171
plus Other movements in non-financial assets 1 4 2 0
Total net acquisition of non-financial assets 424 1,496 1,955 5,493
Fiscal balance (Net lending/borrowing)(c) 10,519 -14,572 -24,710 -45,887

*As published in the 2024-25 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 28 February 2025
$m
MYEFO ESTIMATE*
as at 30 June 2025
$m
Assets
Financial assets
Cash and deposits 95,486 72,301
Advances paid 74,455 67,346
Investments, loans and placements 239,190 250,888
Other receivables 94,747 85,311
Equity investments
Investments in other public sector entities 49,036 51,407
Equity accounted investments 6,148 6,311
Investments - shares 115,207 97,372
Total financial assets 674,269 630,937
Non-financial assets
Land 14,687 14,733
Buildings 50,130 51,798
Plant, equipment and infrastructure 112,632 114,601
Inventories 11,920 11,477
Intangibles 13,594 14,836
Investment properties 240 233
Biological assets 5 5
Heritage and cultural assets 12,816 12,792
Assets held for sale 83 86
Other non-financial assets 10 5
Total non-financial assets 216,115 220,566
Total assets 890,384 851,503
Liabilities
Interest bearing liabilities
Deposits held 218 418
Government securities 895,809 879,842
Loans 31,294 32,250
Lease liabilities 18,485 18,066
Total interest bearing liabilities 945,807 930,575
Provisions and payables
Superannuation liability(a) 315,270 302,602
Other employee liabilities 60,785 62,260
Suppliers payables 13,184 15,815
Personal benefits payables 3,424 4,327
Subsidies payables 576 680
Grants payables 3,008 5,957
Other payables 11,726 6,372
Provisions 88,187 93,515
Total provisions and payables 496,159 491,527
Total liabilities 1,441,965 1,422,102
Net worth(b) -551,581 -570,599
Net financial worth(c) -767,696 -791,164
Net financial liabilities(d) 816,732 842,571
Net debt(e) 536,676 540,039

*As published in the 2024-25 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 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
February
$m
ACTUAL
2024-2025
YTD February
$m
MYEFO Profile
2024-2025
YTD February
$m
MYEFO ESTIMATE*
2024-2025
FULL YEAR
$m
Cash receipts from operating activities
Taxes received 64,639 414,438 411,141 645,565
Receipts from sales of goods and services 1,040 15,950 15,874 22,039
Interest receipts 751 7,240 7,024 9,968
Dividends, distributions and income tax equivalents 137 4,705 4,996 7,206
Other receipts 1,366 12,823 12,667 19,142
Total operating receipts 67,934 455,155 451,702 703,919
Cash payments for operating activities
Payments for employees(b) -3,442 -31,336 -31,019 -46,906
Payments for goods and services -16,582 -136,259 -139,628 -211,530
Grants and subsidies paid -18,353 -164,670 -165,802 -251,369
Interest paid -217 -12,483 -12,771 -24,579
Personal benefit payments -12,339 -110,182 -109,635 -162,616
Other payments(b) -925 -8,535 -8,233 -11,800
Total operating payments -51,857 -463,465 -467,088 -708,799
Net cash flows from operating activities 16,076 -8,309 -15,385 -4,880
Cash flows from investments in non-financial assets
Sales of non-financial assets 1 244 197 266
Purchases of non-financial assets -919 -12,311 -12,880 -19,562
Net cash flows from investments in non-financial assets -918 -12,067 -12,683 -19,296
Net cash flows from investments in financial assets for policy purposes -763 -7,000 -8,711 -20,816
Net cash flows from investments in financial assets for liquidity purposes 410 -5,986 -6,881 -4,842
Cash flows from financing activities
Borrowing (net) 24,926 36,061 29,500 29,989
Other financing (net) -710 -4,530 -3,396 -5,172
Net cash flows from financing activities 24,216 31,531 26,104 24,817
Net increase/(decrease) in cash held 39,021 -1,832 -17,556 -25,016
GFS cash surplus(+)/deficit(-)(c) 15,158 -20,377 -28,069 -24,176
plus Principal payments of lease liabilities(d) -242 -1,797 -1,777 -2,772
Equals underlying cash balance(e) 14,916 -22,174 -29,845 -26,949
plus Net cash flows from investments in financial assets for policy purposes -763 -7,000 -8,711 -20,816
Equals headline cash balance 14,153 -29,174 -38,556 -47,764

*As published in the 2024-25 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) 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
February
$m
ACTUAL
2024-2025
YTD February
$m
MYEFO Profile
2024-2025
YTD February
$m
MYEFO ESTIMATE*
2024-2025
FULL YEAR
$m
Individuals and other withholding taxes
Gross income tax withholding 25,764 196,157 197,402 296,800
Gross other individuals 6,825 46,561 46,225 87,400
less Refunds 1,412 32,082 32,322 39,900
Total individuals and other withholding taxation 31,177 210,636 211,305 344,300
Fringe benefits tax 245 3,531 3,485 5,030
Company tax 12,919 91,243 87,072 135,500
Superannuation fund taxes 1,793 19,280 17,787 21,930
Petroleum resource rent tax 1 1,151 1,092 1,400
Total income taxation revenue 46,136 325,841 320,742 508,160

*As published in the 2024-25 MYEFO.

Note 2: Indirect Tax

ACTUAL
2024-2025
February
$m
ACTUAL
2024-2025
YTD February
$m
MYEFO Profile
2024-2025
YTD February
$m
MYEFO ESTIMATE*
2024-2025
FULL YEAR
$m
Goods and services tax 13,290 65,701 64,508 94,770
Wine equalisation tax 132 780 779 1,130
Luxury car tax 72 747 753 1,170
Excise duty 2,280 20,592 20,568 30,970
Customs duty 1,154 8,301 9,004 12,980
Other indirect tax 1,524 9,627 9,366 14,429
Total indirect taxation revenue 18,452 105,749 104,979 155,449

*As published in the 2024-25 MYEFO.

Note 3: Total expenses by function

ACTUAL
2024-2025
February
$m
ACTUAL
2024-2025
YTD February
$m
MYEFO ESTIMATE*
2024-2025
FULL YEAR
$m
Expenses by function
General public services 2,506 20,241 33,297
Defence 4,297 30,047 48,270
Public order and safety 657 5,573 8,776
Education 2,571 39,625 63,805
Health 9,358 75,769 116,887
Social security and welfare 20,795 181,289 274,667
Housing and community amenities 826 4,328 16,208
Recreation and culture 378 3,446 5,676
Fuel and energy 1,115 9,235 16,321
Agriculture, forestry and fishing 269 2,157 4,568
Mining, manufacturing and construction 413 3,306 5,544
Transport and communication 1,341 5,856 15,974
Other economic affairs 973 8,252 14,039
Other purposes
Public debt interest 1,887 15,743 24,380
Nominal superannuation interest 1,180 9,443 14,241
General purpose inter-government transactions 7,911 66,343 97,760
Natural disaster relief 22 227 810
Contingency reserve 0 0 -2,575
Total expenses 56,500 480,882 758,648

*As published in the 2024-25 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/data/dataset/australian-government-general-government-sector-monthly-financial-statements-tables-and-data


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