Senator the Hon Penny Wong
Minister for Finance and Deregulation
271/11
13 December 2011
The Minster for Finance and Deregulation, the Senator the Hon Penny Wong, today released the Australian Government’s Consolidated Financial Statements (CFS) for 2010-11.
The CFS presents the Whole of Government financial results inclusive of all Australian Government controlled entities outside the General Government Sector (GGS), such as Australia Post and the Reserve Bank of Australia.
The Commonwealth Auditor‑General has issued an unqualified audit report on the CFS. This is the fifth consecutive time the CFS has been unqualified.
The Australian Government recorded a fiscal balance deficit of $52.4 billion for 2010-11 ($59.4 billion fiscal balance deficit in 2009-10). The CFS reported a closing net worth position of -$103.4 billion at 30 June 2011 (-$54.0 billion in 2009-10), and a cash deficit of $45.1 billion in 2010-11 ($56.8 billion cash deficit in 2009-10).
The change in the Australian Government’s financial performance and position since 2009-10 primarily reflects the recovery of the global financial crisis.
The CFS can be accessed via the Department of Finance and Deregulation website [
].
| AGGREGATES | 2010-11 $b |
2009-10 $b |
Movement $b |
|---|---|---|---|
| Revenue | 322.3 | 298.9 | 23.4 |
| Expenses | 368.0 | 350.7 | 17.3 |
| Net operating balance | (45.7) | (51.8) | 6.1 |
| less Net acquisitions of non-financial assets | 6.7 | 7.5 | (0.8) |
| Fiscal balance | (52.4) | (59.4) | 7.0 |
| Total assets | 376.9 | 377.2 | (0.3) |
| Total liabilities | 480.3 | 431.2 | 49.1 |
| Net worth | (103.4) | (54.0) | (49.4) |
| Cash surplus/(deficit) | (45.1) | (56.8) | 11.7 |
