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MEDIA RELEASE

Australian Government General Government Sector Monthly Financial Statements April 2022

SENATOR THE HON KATY GALLAGHER
Minister for Finance
Senator for the Australian Capital Territory

Date: Friday, 27 May 2022

KEY POINTS

  • The Monthly Financial Statements for April 2022 report the budget position against the expected monthly profile for the 2021-22 financial year through to 30 April 2022, based on the 2021-22 Revised Budget estimates published in the 2022-23 Budget in March 2022.
  • The underlying cash balance for the 2021-22 financial year to 30 April 2022 was a deficit of $45.9 billion against the Revised Budget profile deficit of $56.0 billion.
  • The fiscal balance for the 2021-22 financial year to 30 April 2022 was a deficit of $36.9 billion against the Revised Budget profile deficit of $48.4 billion.
AGGREGATES ACTUAL
2021-2022
April
$b
ACTUAL
2021-2022
YTD April
$b
Revised Budget Profile
2021-2022
YTD April
$b
REVISED BUDGET
ESTIMATE*
2021-2022
FULL YEAR
$b
Receipts(a) 50.0 463.7 460.0 556.6
Payments(b) 51.6 509.5 516.0 636.4
Underlying cash balance -1.7 -45.9 -56.0 -79.8
Headline cash balance -1.3 -46.4 -58.1 -85.8
Revenue 53.1 476.2 472.4 566.4
Expenses 50.6 509.3 514.4 639.6
Net operating balance 2.5 -33.1 -41.9 -73.2
Net capital investment 1.4 3.8 6.4 11.1
Fiscal balance 1.1 -36.9 -48.4 -84.2
Total assets   770.9   757.6
Total liabilities   1,445.2   1,352.6
Net worth(c)   -674.2   -595.0
Net debt(d)   541.0   631.5

*As published in the 2022-23 Budget.
(a) Cash receipts for operating activities and sales of non-financial assets.
(b) Cash payments for operating activities, purchases of non-financial assets and net cash flows from financing activities for leases.
(c) Net worth is calculated as total assets minus total liabilities.
(d) Net debt is the sum of interest bearing liabilities less the sum of selected financial assets (cash and deposits, advances paid, and investments, loans and placements).

 

Monthly results are generally volatile due to timing differences between revenue and receipts, and expenses and payments. Care needs to be taken when comparing monthly or cumulative data across years and to full-year estimates, as revenue and receipts and expenses and payments vary from month to month.

 

 

FISCAL OUTCOMES

Underlying Cash Balance

The underlying cash balance for the financial year to 30 April 2022 was a deficit of $45.9 billion, which is $10.1 billion lower than the 2021-22 Revised Budget profile deficit of $56.0 billion.

  • Receipts
    Total receipts were $3.7 billion higher than the 2021-22 Revised Budget profile.
  • Payments
    Total payments were $6.5 billion lower than the 2021-22 Revised Budget profile.

Net Operating Balance

The net operating balance for the financial year to 30 April 2022 was a deficit of $33.1 billion, which is $8.9 billion lower than the 2021-22 Revised Budget profile deficit of $41.9 billion. The difference results from higher than expected revenue and lower than expected expenses.

Fiscal Balance

The fiscal balance for the financial year to 30 April 2022 was a deficit of $36.9 billion, which is $11.5 billion lower than the 2021-22 Revised Budget profile deficit of $48.4 billion. The difference results from higher than expected revenue and lower than expected expenses and net capital investment.

Assets and Liabilities

As at 30 April 2022:

  • net worth is negative $674.2 billion;
  • net debt is $541.0 billion; and
  • net financial liabilities are $921.8 billion.
Senator the Hon. Katy Gallagher
Minister for Finance
Senator for the Australian Capital Territory
Rosemary Huxtable PSM
Secretary
Department of Finance
Media Contact  
Patrick Cronan   0432 758 224

 

Australian Government general government sector operating statement

  Note ACTUAL
2021-2022
April
$m
ACTUAL
2021-2022
YTD April
$m
Revised Budget Profile
2021-2022
YTD April
$m
REVISED BUDGET
ESTIMATE*
2021-2022
FULL YEAR
$m
Revenue          
Taxation revenue(a) 1, 2 46,468 438,357 436,517 525,380
Sales of goods and services   3,202 16,370 16,237 17,628
Interest income   786 3,284 3,327 3,916
Dividend and distribution income   1,017 7,102 6,104 6,219  
Other(a)   1,624 11,087 10,227 13,273  
Total revenue   53,097 476,200 472,413 566,417  
Expenses          
Gross operating expenses          
Wages and salaries(b)   1,818 18,788 19,010 23,572
Superannuation   983 10,183 10,191 12,285
Depreciation and amortisation   916 9,246 9,747 11,745
Supply of goods and services   12,922 128,778 131,927 167,523
Other operating expenses(b)   644 6,660 6,666 8,168
Total gross operating expenses   17,283 173,655 177,541 223,293
Superannuation interest expense   748 7,479 7,479 8,976
Interest expenses   1,700 15,704 15,756 20,638
Current transfers          
Current grants   14,466 156,235 157,143 189,064
Subsidy expenses   1,076 14,526 14,643 18,017
Personal benefits   13,497 132,684 132,648 156,348
Total current transfers   29,038 303,445 304,434 363,429
Capital transfers          
Mutually agreed write-downs   198 2,062 2,186 2,768
Other capital grants   1,594 6,944 6,962 20,465
Total capital transfers   1,792 9,006 9,148 23,234
Total expenses 3 50,561 509,290 514,358 639,569
Net operating balance   2,536 -33,090 -41,945 -73,153
Other economic flows          
- included in operating result          
Net write-downs of assets   -647 -6,034 -6,262 -7,051
Assets recognised for the first time   73 168 144 242
Actuarial revaluations   0 0 0 -15
Net foreign exchange gains   57 98 0 -602
Net swap interest received   141 -328 -427 -427
Market valuation of debt   14,056 92,367 48,553 48,066
Other gains/(losses)   -1,331 -2,536 1,602 5,751
Total other economic flows
- included in operating result
  12,349 83,735 43,610 45,964
Operating Result(c)   14,885 50,646 1,665 -27,189
Non-owner movements in equity          
Revaluation of equity investments   2 34 19 -8,494
Actuarial revaluations   0 0 0 -880
Other economic revaluations   -67 303 344 1,061
Total other economic flows
- included in equity
  -65 336 363 -8,312
Comprehensive result
- Total change in net worth
  14,820 50,982 2,028 -35,502
Net operating balance   2,536 -33,090 -41,945 -73,153
Net acquisition of non-financial assets          
Purchases of non-financial assets   2,051 13,034 16,227 23,025
less Sales of non-financial assets   17 1,198 1,107 1,149
less Depreciation   916 9,246 9,747 11,745
plus Change in inventories   282 1,215 1,075 988
plus Other movements in non-financial assets   0 -16 -22 -27
Total net acquisition of non-financial assets   1,400 3,788 6,426 11,092
Fiscal balance (Net lending/borrowing)(d)   1,136 -36,878 -48,371 -84,245

*As published in the 2022-23 Budget.
(a) In the 2022-23 Budget, following a determination issued by the Australian Bureau of Statistics (ABS), the industry contribution levy collected by the Australian Transaction Reports and Analysis Centre has been reclassified from non-taxation revenue to taxation revenue to reflect the change in the nature of this revenue.
(b) Consistent with the ABS Government Finance Statistics (GFS) classification, other employee related expenses are classified separately from wages and salaries under other operating expenses. Total employee expenses equal wages and salaries plus other operating expenses.
(c) Operating result under Australian Accounting Standards.
(d) The term fiscal balance is not used by the ABS.

Australian Government general government sector balance sheet

  ACTUAL
as at 30 April 2022
$m
REVISED BUDGET ESTIMATE
*
as at 30 June 2022
$m
Assets    
Financial assets    
Cash and deposits 73,286 62,206
Advances paid 80,323 81,915
Investments, loans and placements 216,363 203,633
Other receivables 73,865 65,948
Equity investments    
Investments in other public sector entities 63,539 56,373
Equity accounted investments 3,772 4,034
Investments - shares 75,726 91,886
Total financial assets 586,874 565,993
Non-financial assets    
Land 12,095 12,327
Buildings 43,234 45,800
Plant, equipment and infrastructure 94,150 99,155
Inventories 11,363 11,196
Intangibles 10,874 10,706
Investment properties 208 214
Biological assets 13 21
Heritage and cultural assets 11,842 11,873
Assets held for sale 254 286
Other non-financial assets 24 13
Total non-financial assets 184,058 191,590
Total assets 770,932 757,583
Liabilities    
Interest bearing liabilities    
Deposits held 711 598
Government securities 863,898 929,091
Loans 27,628 29,640
Lease liabilities 18,738 19,901
Total interest bearing liabilities 910,975 979,230
Provisions and payables    
Superannuation liability(a) 414,575 251,251
Other employee liabilities 37,796 38,518
Suppliers payables 7,984 12,113
Personal benefits payables 3,233 2,950
Subsidies payables 885 985
Grants payables 2,735 3,648
Other payables 7,164 2,629
Provisions 59,805 61,263
Total provisions and payables 534,178 373,358
Total liabilities 1,445,153 1,352,588
Net worth(b) -674,221 -595,005
Net financial worth(c) -858,279 -786,594
Net financial liabilities(d) 921,818 842,967
Net debt(e) 541,003 631,477

*As published in the 2022-23 Budget.
(a) For budget reporting purposes, a discount rate of 5 per cent determined by actuaries in preparing the 2020 Long Term Cost Reports is used to value the superannuation liability. This reflects the average annual rate estimated to apply over the term of the liability and it reduces the volatility in reported liabilities that would occur from year to year if the spot rates on long-term government bonds were used. Consistent with Australian Accounting Standards, the superannuation liability for the 2021-22 Monthly Financial Statements was calculated using the spot rates on long-term government bonds as at 30 June 2021 that best matched each individual scheme’s liability duration. These rates were between 1.6 and 2.3 per cent per annum.
(b) Net worth equals total assets minus total liabilities.
(c) Net financial worth equals total financial assets minus total liabilities.
(d) Net financial liabilities equals total liabilities less financial assets other than investments in other public sector entities.
(e) Net debt is the sum of interest bearing liabilities less the sum of selected financial assets (cash and deposits, advances paid, and investments, loans and placements).

Australian Government general government sector cash flow statement(a)

  ACTUAL
2021-2022
April
$m
ACTUAL
2021-2022
YTD April
$m
Revised Budget Profile
2021-2022
YTD April
$m
REVISED BUDGET
ESTIMATE*
2021-2022
FULL YEAR
$m
Cash receipts from operating activities        
Taxes received(b) 44,931 423,638 421,306 512,480
Receipts from sales of goods and services 2,014 15,513 15,947 17,626
Interest receipts 152 2,073 2,174 2,557
Dividends, distributions and income tax equivalents 1,189 9,937 8,914 9,142
Other receipts(b)(c) 1,652 12,009 11,200 14,334
Total operating receipts 49,937 463,169 459,541 556,139
Cash payments for operating activities        
Payments for employees(c)(d) -2,969 -30,511 -30,466 -37,212
Payments for goods and services -12,386 -129,097 -132,713 -164,372
Grants and subsidies paid -17,423 -181,940 -182,924 -230,162
Interest paid -3,350 -13,570 -13,567 -17,456
Personal benefit payments -13,238 -133,109 -132,964 -157,130
Other payments(d) -651 -6,399 -6,088 -7,496
Total operating payments -50,017 -494,627 -498,722 -613,828
Net cash flows from operating activities -80 -31,457 -39,180 -57,689
Cash flows from investments in non-financial assets        
Sales of non-financial assets 31 490 438 487
Purchases of non-financial assets -1,410 -12,789 -15,215 -20,159
Net cash flows from investments in non-financial assets -1,379 -12,298 -14,777 -19,672
Net cash flows from investments in financial assets for policy purposes 317 -501 -2,111 -5,949
Net cash flows from investments in financial assets for liquidity purposes -1,857 -8,593 -7,585 -3,200
Cash flows from financing activities        
Borrowing (net) 18,249 69,573 67,729 93,589
Other financing (net) -1,307 -5,849 -6,146 -7,284
Net cash flows from financing activities 16,941 63,724 61,583 86,305
Net increase/(decrease) in cash held 13,943 10,874 -2,071 -206
GFS cash surplus(+)/deficit(-)(e) -1,459 -43,756 -53,957 -77,361
plus Net cash flows from financing activities for leases(f) -208 -2,122 -2,062 -2,460
Equals underlying cash balance(g) -1,667 -45,878 -56,019 -79,821
plus Net cash flows from investments in financial assets for policy purposes 317 -501 -2,111 -5,949
Equals headline cash balance -1,350 -46,379 -58,131 -85,770

*As published in the 2022-23 Budget.
(a) A positive number denotes a cash inflow; a negative number denotes a cash outflow.
(b) In the 2022-23 Budget, following a determination issued by the ABS, the industry contribution levy collected by the Australian Transaction Reports and Analysis Centre has been reclassified from non-taxation receipts to taxation receipts to reflect the change in the nature of these receipts.
(c) As a result of a voluntary accounting policy change, the pass-through of defined benefit member superannuation receipts and payments are reported on a gross basis in the cash flow statement. This was previously reported on a net basis.
(d) Consistent with the ABS GFS classification, other employee related payments are classified separately from wages and salaries under other payments.
(e) GFS cash surplus/deficit equals net cash flows from operating activities and investments in non-financial assets.
(f) Principal payments on lease liabilities, which are financing cash payments, are deducted in the calculation of the underlying cash balance to maintain consistency of measure following the implementation of AASB 16.
(g) The term underlying cash balance is not used by the ABS.

Note 1: Income Tax

  ACTUAL
2021-2022
April
$m
ACTUAL
2021-2022
YTD April
$m
Revised Budget Profile
2021-2022
YTD April
$m
REVISED BUDGET
ESTIMATE*
2021-2022
FULL YEAR
$m
 
Individuals and other withholding taxes          
Gross income tax withholding 18,349 197,581 198,686 238,500  
Gross other individuals 6,583 45,052 46,003 57,500  
less Refunds 1,257 34,342 34,445 38,200  
Total individuals and other withholding taxation 23,676 208,290 210,244 257,800  
Fringe benefits tax 666 3,003 2,961 3,180  
Company tax 10,494 97,545 93,993 111,500  
Superannuation fund taxes 1,522 23,759 23,125 24,580  
Petroleum resource rent tax 461 1,714 1,758 1,720  
Total income taxation revenue 36,820 334,311 332,081 398,780  

*As published in the 2022-23 Budget.

Note 2: Indirect Tax

  ACTUAL
2021-2022
April
$m
ACTUAL
2021-2022
YTD April
$m
Revised Budget Profile
2021-2022
YTD April
$m
REVISED BUDGET
ESTIMATE*
2021-2022
FULL YEAR
$m
 
Goods and services tax 6,067 61,925 62,346 76,409  
Wine equalisation tax 80 932 956 1,160  
Luxury car tax 98 759 733 880  
Excise duty 1,320 19,818 19,673 22,370  
Customs duty 1,573 14,177 14,092 16,980  
Other indirect tax(a) 511 6,435 6,636 8,801  
Total indirect taxation revenue 9,648 104,046 104,435 126,600  

*As published in the 2022-23 Budget.
(a) In the 2022-23 Budget, following a determination issued by the ABS, the industry contribution levy collected by the Australian Transaction Reports and Analysis Centre has been reclassified from non-taxation revenue to taxation revenue to reflect the change in the nature of this revenue. 

Note 3: Total expenses by function

  ACTUAL
2021-2022
April
$m
ACTUAL
2021-2022
YTD April
$m
REVISED BUDGET
ESTIMATE*
2021-2022
FULL YEAR
$m
Expenses by function      
General public services 2,348 24,424 33,121
Defence 3,155 29,348 35,882
Public order and safety 638 5,527 6,713
Education 2,424 38,010 43,357
Health 8,816 88,694 111,467
Social security and welfare 17,908 186,612 227,800
Housing and community amenities 578 5,068 8,431
Recreation and culture 290 3,419 4,716
Fuel and energy 359 6,957 8,444
Agriculture, forestry and fishing 322 2,413 4,119
Mining, manufacturing and construction 352 2,881 4,310
Transport and communication 775 5,653 16,070
Other economic affairs 1,373 18,604 23,631
Other purposes      
Public debt interest 1,590 15,164 18,462
Nominal superannuation interest 748 7,479 8,976
General purpose inter-government transactions 8,424 67,046 80,934
Natural disaster relief 461 1,991 5,176
Contingency reserve 0 0 -2,040
Total expenses 50,561 509,290 639,569

*As published in the 2022-23 Budget.

 

NOTES:

AASB 1049 Whole of Government and General Government Sector Financial Reporting (AASB 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 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 https://www.aofm.gov.au/data-hub .

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 .

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