Media Release

Australian Government General Government Sector Monthly Financial Statements March 2019

MC 43/19

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

23 April 2019
KEY POINTS
  • The underlying cash balance for the 2018-19 financial year to 31 March 2019 was a deficit of $8,073 million.
  • The fiscal balance for the 2018-19 financial year to 31 March 2019 was a deficit of $4,574 million.

Comparators for the March 2019 monthly financial statements are based on the
2018-19 Mid-Year Economic and Fiscal Outlook (MYEFO) published in December 2018. The 2018-19 estimates that were revised as part of the 2019-20 Budget (released on 2 April 2019) will be used as the basis for comparison for the April and May 2019 monthly financial statements.

FISCAL OUTCOMES
 
Underlying Cash Balance
The underlying cash balance for the financial year to 31 March 2019 was a deficit of $8,073 million, which is $4,604 million lower than the 2018-19 MYEFO profile deficit of $12,677 million.
 
  • Receipts
     Total receipts were $544 million higher than the 2018-19 MYEFO profile.
  • Payments
     Total payments were $4,165 million lower than the 2018-19 MYEFO profile.
 
Net Operating Balance
The net operating balance for the year to 31 March 2019 was a deficit of $2,652 million, which is $3,509 million lower than the 2018-19 MYEFO profile deficit of $6,160 million. The difference primarily results from higher than expected revenue and lower expenses.

Fiscal Balance
The fiscal balance for the year to 31 March 2019 was a deficit of $4,574 million, which is $4,869 million lower than the 2018-19 MYEFO profile deficit of $9,443 million. As with the net operating balance, the difference primarily results from higher than expected revenue, lower expenses and lower net capital investments.
 
Assets and Liabilities
As at 31 March 2019:
  • net worth is negative $450,556 million;
  • net debt is $376,718 million; and
  • net financial liabilities are $656,411 million.
 

Senator the Hon. Mathias Cormann  
Minister for Finance and the Public Service 

Media Contact
Karen Wu                   0428 350 139
 
Australian Government general government sector operating statement
 
Australian Government general government sector balance sheet
 
Australian Government general government sector cash flow statement(a)
 
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/.
 
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