Media Release

Australian Government General Government Sector Monthly Financial Statements May 2016

MC 33/16

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

24 June 2016
 KEY POINTS
 
  • The underlying cash balance for the 2015-16 financial year to 31 May 2016 was a deficit of $34,860 million.
  • The fiscal balance for the 2015-16 financial year to 31 May 2016 was a deficit of
    $30,611 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.
 
FISCAL OUTCOMES
 
Underlying Cash Balance
The underlying cash balance for the year to 31 May 2016 was a deficit of $34,860 million, compared to the Revised Budget profile deficit of $37,227 million. The difference of $2,368 million primarily relates to lower than expected cash payments.
 
Fiscal Balance
The fiscal balance for the year to 31 May 2016 was a deficit of $30,611 million, compared to the Revised Budget profile deficit of $34,775 million. The difference of $4,164 million primarily relates to lower than expected expenses and higher than expected revenue.
  • Revenues
    Total revenue was $1,317 million higher than the Revised Budget profile, primarily due to higher than expected taxation revenue.
  • Expenses
    Total expenses were $2,315 million lower than the Revised Budget profile, primarily due to lower than expected grants, supply of goods and services, personal benefits, wages and salaries, partially offset by higher other operating expenses.

Assets and Liabilities
As at 31 May 2016:
  • Net worth is negative $343,889 million;
  • Net debt is $284,657 million; and
  • Net financial liabilities are $514,964 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:
 

[ENDS]

Media Contact(s): 

Karen Wu - 0428 350 139

Senator the Hon Mathias Cormann, Minister for Finance, Perth