Media Release

Consolidated Financial Statements for the Australian Government for 2017-18

MC 88/18

Senator the Hon. Mathias Cormann
Minister for Finance and the Public Service
Leader of the Government in the Senate
Senator for Western Australia

12 December 2018

The Consolidated Financial Statements present the whole of government and general government sector financial reports. The Final Budget Outcome, released on 25 September 2018, 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 2017-18 Consolidated Financial Statements are included in Table 1 below. A full copy of the Consolidated Financial Statements is available at:

https://www.finance.gov.au/Commonwealth%20Consolidated%20Financial%20Statements/

Table 1: Financial results for the year ended 30 June 2018

 2017-18
$B
2016-17
$b
Change
$b
Revenue  467.9  425.2  42.7
Expenses  476.2  462.1  14.2
Net operating balance (a) (8.4) (36.9) 28.5
Per cent of GDP 0.5 2.1  
Net capital investment 6.7 8.7 (2.0)
Fiscal balance (b) (15.1) (45.6) 30.5
Per cent of GDP  0.8  2.6  
Total assets  688.9  642.6  46.3
Total liabilities 1,106.6 1,034.3 72.3
Net worth (c) (417.8)  (391.7)  26.0
Per cent of GDP 22.7 22.3  
Net cash flows from operating activities 4.4 (23.9) 28.3
Net cash flows from investments in non-financial assets (18.2) (15.0) (3.2)
Cash surplus/(deficit) (13.7) (38.9) 25.1

(a) 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.

[ENDS]

Media Contact(s): 

Karen Wu - 0428 350 139

Senator the Hon Mathias Cormann, Minister for Finance, Perth