39/2008
9 December 2008
Lindsay Tanner, Minister for Finance and Deregulation released the Australian Government’s Consolidated Financial Statements (CFS) for 2007-08 today.
Prior to 2006-07, the CFS was qualified by the Auditor-General because the previous Government failed to recognise the GST as a Commonwealth tax.
The Commonwealth Auditor-General has issued an unqualified audit for the year ended June 2008.
In addition, all Australian Government entities whose audits have been completed, have received unqualified audit opinions.
This is a significant step forward for financial reporting and accountability within the Australian Government context.
The CFS shows the Australian Government has recorded a consolidated net result of $18.9 billion for 2007-08 ($31.3 billion in 2006-07).
The net asset position of the Commonwealth was $67.6 billion in 2007-08 ($43.6 billion 2006-07), and a positive net cash position of $4.8 billion in 2007-08 ($5.0 billion in 2006-07).
Consistent with accounting requirements, the CFS provides information on events that have occurred after the reporting date.
The escalation in the severity of the global financial crisis and associated weaker global economic outlook has impacted on the Government’s fiscal outlook, through the operation of automatic stabilisers and the discretionary measures to strengthen the economy.
The Government has introduced a range of measures in response to global developments including a $10.4 billion Economic Security Strategy, a guarantee of eligible deposits and wholesale funding of authorised deposit-taking institutions, and a plan to invest up to $8 billion in AAA rated residential mortgage-backed securities.
The Consolidated Financial Statements can be found on the Department of Finance and Deregulation website:
http://www.finance.gov.au/publications/commonwealth-consolidated-financial-statements/2008.html
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| Media Contact: | Website: |
|---|---|
| Nardia Dazkiw - 0418 144 690 | www.financeminister.gov.au |
