Senator the Hon. Mathias Cormann
Minister for Finance
Deputy Leader of the Government in the Senate
Senator for Western Australia
Date: Friday, 15 December 2017
The Government continues to work hard to ensure that the economy and our Budget are on the best possible foundation and the best possible trajectory for the future.
Savings measures implemented since the 2013 Election have delivered a net improvement of more than $300 billion to the Budget bottom line over the medium term to 2026-27.
The Consolidated Financial Statements present the financial results for all Australian Government controlled entities, including those outside the general government sector, such as Australia Post and the Reserve Bank of Australia. The Final Budget Outcome, released on 26 September 2017, presents the financial results for the general government sector.
The Auditor-General has provided an unqualified audit opinion on the Consolidated Financial Statements.
Key highlights from the 2016-17 Consolidated Financial Statements are included in Table 1 below. A full copy of the Consolidated Financial Statements is available at: http://www.finance.gov.au/publications/commonwealth-consolidated-financial-statements.
|Net operating balance (a)||(36.6)||(39.2)||2.6|
|Per cent of GDP||2.1||2.4|
|Net capital investment||8.7||7.8||0.9|
|Fiscal balance (b)||(45.3)||(47.0)||1.7|
|Per cent of GDP||2.6||2.8|
|Net worth (c)||(391.3)||(413.6)||22.3|
|Per cent of GDP||22.3||25.0|
|Investing activities in non-financial assets||(15.0)||(15.7)||0.7|
Net operating balance equals total revenue minus total expenses.
(b) Fiscal balance (or net lending/borrowing) is the net operating balance less net capital investment.
(c) Net worth is calculated as total assets minus total liabilities.
The Consolidated Financial Statements comply with Australian Accounting Standards.
Karen Wu - 0428 350 139