Media Release

Australian Government General Government Sector Monthly Financial Statements April 2016

MC 32/16

Senator the Hon. Mathias Cormann
Minister for Finance
Deputy Leader of the Government in the Senate

27 May 2016

KEY POINTS

  • The underlying cash balance for the 2015-16 financial year to 30 April 2016 was a deficit of $38,983 million.
  • The fiscal balance for the 2015-16 financial year to 30 April 2016 was a deficit of $33,815 million.

 

 

Care needs to be taken when comparing monthly or cumulative data across years and to full-year estimates, as revenues and expenses vary from month to month.

The April 2016 monthly financial statements are compared against the 2015-16 Mid-Year Economic and Fiscal Outlook (MYEFO) profile. The 2015-16 estimates were revised as part of the 2016-17 Budget and the Revised Budget profile will be used as the basis of comparison for the May 2016 monthly financial statements.

FISCAL OUTCOMES

Underlying Cash Balance

The underlying cash balance for the year to 30 April 2016 was a deficit of $38,983 million, compared to the MYEFO profile deficit of $40,405 million. The difference of $1,422 million primarily relates to lower than expected cash payments, partially offset by lower than expected cash receipts (net of Future Fund earnings).

Fiscal Balance

The fiscal balance for the year to 30 April 2016 was a deficit of $33,815 million, compared to the MYEFO profile deficit of $34,413 million. The difference of $597 million primarily relates to lower than expected expenses, partially offset by lower than expected revenue.

  • Revenues
    Total revenue was $2,829 million lower than the MYEFO profile, primarily due to lower than expected taxation revenue.
  • Expenses
    Total expenses were $2,545 million lower than the MYEFO profile, primarily due to lower than expected grants, and salaries and wages expenses.

Assets and Liabilities

As at 30 April 2016:

  • Net worth is negative $347,391 million;
  • Net debt is $284,210 million; and
  • Net financial liabilities are $513,813 million.

  

Senator The Hon. Mathias Cormann 

 

Minister for Finance 

 

MEDIA CONTACT: Karen Wu (02) 6277 7400

 

Australian Government general government sector operating statement

 

Australian Government general government sector balance sheet

 

Australian Government general government sector cash flow statement

 

 

Note 1: Income Tax

 

 

Note 2: Indirect Tax

 

 

Note 3: Total expenses by function

 

 

NOTES:

Australian Accounting Standard 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 the Australian Accounting Standards Board 1049 – Whole of Government and General Government Sector Financial Reporting (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 http://aofm.gov.au/cgs-quarterly/quarterley-data-march-2016/.

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.

[ENDS]

Media Contact(s): 

Karen Wu - 0428 350 139

Senator the Hon Mathias Cormann, Minister for Finance, Perth