Senator the Hon. Mathias Cormann
Minister for Finance
Deputy Leader of the Government in the Senate
Senator for Western Australia
The Hon. Scott Morrison MP
The Final Budget Outcome for 2015-16 shows that the Government is continuing to repair the Budget by lowering the spending growth trajectory of the previous Labor government.
The Final Budget Outcome for the 2015-16 financial year recorded an underlying cash deficit of $39.6 billion, which represents 2.4 per cent of gross domestic product. The outcome was a $340 million improvement compared with the underlying cash deficit estimated at the time of the 2016-17 Budget.
The improvement in the bottom line was driven by Government spending being $1.6 billion lower than expected, partly offset by total receipts which were $1.1 billion lower than expected at the time of the 2016-17 Budget.
In fiscal balance terms, the Final Budget Outcome for 2015-16 improved by $2.0 billion compared with the fiscal balance deficit estimated at the time of the 2016-17 Budget, with revenue $1.3 billion lower, expenses $2.8 billion lower and net capital investment $526 million lower than expected at the time of the 2016 17 Budget.
Australian Government general government sector net debt was $296.4 billion (18.0 per cent of GDP). This is $10.7 billion higher than estimated at the time of the 2016-17 Budget as lower interest rates increased the market value of Commonwealth Government Securities on issue.
An electronic version of the Final Budget Outcome 2015-16 is available at www.budget.gov.au
For the Treasurer - Julian Leembruggen 0400 813 253, Kate Williams 0429 584 675
For the Minister for Finance – Karen Wu 0428 350 139