85/2009
14 December 2009
The Minster for Finance and Deregulation, the Hon Lindsay Tanner MP, today released the Australian Government’s Consolidated Financial Statements (CFS) for 2008-09.
The CFS present the whole of government financial results inclusive of all Australian Government controlled entities, including entities outside the general government sector, such as Australia Post and the Reserve Bank of Australia.
The CFS has been prepared for the first time in accordance with the whole of government requirements of AASB 1049 Whole of Government and General Government Financial Reporting.
The adoption of this accounting standard has improved the transparency, reliability and understanding of the financial statements from the budget to the CFS. The Commonwealth Auditor-General has issued an unqualified audit report on the CFS. This is the third time the CFS has been unqualified since 2001.
The Australian Government recorded a fiscal balance deficit of $22.9 billion for 2008-09
($22.3 billion fiscal balance surplus in 2007-08). The CFS reported net worth of $15.8 billion in 2008-09 ($67.6 billion 2007-08), and a cash deficit of $22.8 billion in 2008-09 ($24.6 billion surplus in 2007-08).
The change in the Australian Government’s financial performance and position since 2007-08 primarily reflects the Government’s fiscal stimulus packages aimed at cushioning Australia’s economy for the worst impacts of the global recession. These packages included the Economic Security Strategy (October 2008), the Council of Australian Governments (COAG) package (November 2008), the Nation Building package (December 2008), and the Nation Building and Jobs Plan (February 2009).
The Consolidated Financial Statements can be accessed at:
| Media Contact: | Website: |
|---|---|
| Nardia Dazkiw - 0418 144 690 | www.financeminister.gov.au |
