Media Releases → 2023

MEDIA RELEASE

Australian Government General Government Sector Monthly Financial Statements for October 2023

SENATOR THE HON KATY GALLAGHER
Minister for Finance
Minister for Women
Minister for the Public Service
 

Date: Friday, 24 November 2023

KEY POINTS

  • The Monthly Financial Statements for October 2023 report the budget position against the expected monthly profile for the 2023-24 financial year through to 31 October 2023, based on the 2023-24 Budget estimate published in the 2023-24 Budget in May 2023.
  • The underlying cash balance for the 2023-24 financial year to 31 October 2023 was a deficit of $17.0 billion.
  • The fiscal balance for the 2023-24 financial year to 31 October 2023 was a deficit of $9.3 billion.
AGGREGATES(a)ACTUAL
2023-2024
October
$b
ACTUAL
2023-2024
YTD October
$b
Budget Profile
2023-2024
YTD October
$b
BUDGET
ESTIMATE*
2023-2024
FULL YEAR
$b
Receipts(b)52.1202.8194.4668.1
Payments(c)57.4219.7220.5682.1
Underlying cash balance-5.2-17.0-26.1-13.9
Headline cash balance-5.7-18.5-26.3-19.7
Revenue56.5211.4200.2680.4
Expenses57.8219.7223.7684.1
Net operating balance-1.4-8.3-23.5-3.7
Net capital investment0.01.02.610.4
Fiscal balance-1.4-9.3-26.1-14.1
Total assets 797.4 804.2
Total liabilities 1,323.5 1,363.3
Net worth(d) -526.2 -559.1
Net debt(e) 484.5 574.9

*As published in the 2023-24 Budget.
(a) Discrepancies in tables between totals and sums of components are due to rounding. 
(b) Cash receipts for operating activities and sales of non-financial assets.
(c) Cash payments for operating activities, purchases of non-financial assets and principal payments of lease liabilities.
(d) Net worth is calculated as total assets minus total liabilities.
(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).

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 31 October 2023 was a deficit of $17.0 billion.

  • Receipts
    Total receipts were $8.4 billion higher than the 2023-24 Budget profile.
  • Payments
    Total payments were $0.8 billion lower than the 2023-24 Budget profile.

Net Operating Balance

The net operating balance for the financial year to 31 October 2023 was a deficit of $8.3 billion.

Fiscal Balance

The fiscal balance for the financial year to 31 October 2023 was a deficit of $9.3 billion.

Assets and Liabilities

As at 31 October 2023:

  • net worth is negative $526.2 billion;
  • net debt is $484.5 billion; and
  • net financial liabilities are $774.9 billion.
Senator the Hon Katy Gallagher
Minister for Finance
Minister for Women
Minister for the Public Service
 
Jenny Wilkinson PSM
Secretary
Department of Finance
Media Contact 
Patrick Cronan 0432 758 224

Australian Government general government sector operating statement

 NoteACTUAL
2023-2024
October
$m
ACTUAL
2023-2024
YTD October
$m
Budget Profile
2023-2024
YTD October
$m
BUDGET
ESTIMATE*
2023-2024
FULL YEAR
$m
Revenue     
Taxation revenue1,250,732192,486182,908629,729
Sales of goods and services 3,4578,7778,74420,811
Interest income 7852,9262,0359,426
Dividend and distribution income 3961,7972,1756,913
Other 1,0965,3814,34213,494
Total revenue 56,465211,367200,205680,372
Expenses     
Gross operating expenses     
Wages and salaries(a) 2,2568,5058,89026,260
Superannuation 6642,9972,5517,608
Depreciation and amortisation 9574,1134,11812,570
Supply of goods and services 16,42161,37661,220188,790
Other operating expenses(a) 7933,0223,0269,346
Total gross operating expenses 21,09080,01479,805244,575
Superannuation interest expense 1,2394,4584,54413,631
Interest expenses 2,3408,7308,54227,762
Current transfers     
Current grants 18,33465,86168,253203,464
Subsidy expenses 1,5525,9705,70116,964
Personal benefits 12,28751,97252,922154,254
Total current transfers 32,172123,803126,875374,682
Capital transfers     
Mutually agreed write-downs 2018309403,012
Other capital grants 7951,8673,02420,423
Total capital transfers 9952,6973,96323,435
Total expenses357,836219,701223,729684,085
Net operating balance -1,371-8,335-23,524-3,713
Other economic flows     
- included in operating result     
Net write-downs of assets -1,726-3,524-2,259-6,871
Assets recognised for the first time 308266232
Actuarial revaluations -2-7619
Net foreign exchange gains 801790-62
Net swap interest received -537-404-6-16
Market valuation of debt 16,74828,683-3,004-8,847
Other gains/(losses) -1,032-4,0013,0427,485
Total other economic flows
- included in operating result
 13,55921,007-2,156-8,060
Operating result(b) 12,18912,673-25,680-11,773
Non-owner movements in equity     
Revaluation of equity investments 000-307
Actuarial revaluations 000-227
Other economic revaluations -19-472-30675
Total other economic flows
- included in equity
 -19-472-306-458
Comprehensive result
- Total change in net worth
 12,17012,200-25,986-12,231
Net operating balance -1,371-8,335-23,524-3,713
Net acquisition of non-financial assets     
Purchases of non-financial assets 8035,2036,72622,251
less Sales of non-financial assets -29113353
less Depreciation 9574,1134,11812,570
plus Change in inventories 158-118-10803
plus Other movements in non-financial assets 2900
Total net acquisition of non-financial assets 369702,56610,431
Fiscal balance (Net lending/borrowing)(c) -1,407-9,305-26,091-14,144

*As published in the 2023-24 Budget.
(a) Consistent with the Australian Bureau of Statistics' (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.
(b) Operating result under Australian Accounting Standards.
(c) The term fiscal balance is not used by the ABS.

Australian Government general government sector balance sheet

 ACTUAL
as at 31 October 2023
$m
BUDGET 
ESTIMATE*
as at 30 June 2024
$m
Assets  
Financial assets  
Cash and deposits86,58860,841
Advances paid73,25676,032
Investments, loans and placements225,779241,748
Other receivables83,78279,944
Equity investments  
Investments in other public sector entities43,39047,347
Equity accounted investments5,8214,575
Investments - shares73,37980,167
Total financial assets591,995590,654
Non-financial assets  
Land13,60013,168
Buildings48,58550,944
Plant, equipment and infrastructure105,554111,491
Inventories12,59212,010
Intangibles12,06612,791
Investment properties232205
Biological assets416
Heritage and cultural assets12,61112,712
Assets held for sale94177
Other non-financial assets2416
Total non-financial assets205,364213,530
Total assets797,358804,184
Liabilities  
Interest bearing liabilities  
Deposits held380406
Government securities818,665902,988
Loans31,60431,007
Lease liabilities19,45119,073
Total interest bearing liabilities870,101953,474
Provisions and payables  
Superannuation liability(a)315,735282,487
Other employee liabilities43,58936,326
Suppliers payables10,06812,487
Personal benefits payables3,6094,008
Subsidies payables850901
Grants payables2,3432,658
Other payables11,6535,777
Provisions65,58265,151
Total provisions and payables453,429409,795
Total liabilities1,323,5301,363,269
Net worth(b)-526,171-559,085
Net financial worth(c)-731,535-772,615
Net financial liabilities(d)774,925819,962
Net debt(e)484,478574,852

*As published in the 2023-24 Budget.
(a) For budget reporting purposes, a discount rate of 5.0 per cent determined by actuaries 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 2023-24 Monthly Financial Statements was calculated using the spot rates on long-term government bonds as at 30 June 2023 that best matched each individual scheme’s liability duration. These rates were between 4.0 and 4.4 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
2023-2024
October
$m
ACTUAL
2023-2024
YTD October
$m
Budget Profile
2023-2024
YTD October
$m
BUDGET
ESTIMATE*
2023-2024
FULL YEAR
$m
Cash receipts from operating activities    
Taxes received45,871183,926175,893616,275
Receipts from sales of goods and services3,6378,5438,83120,792
Interest receipts9273,6392,7247,654
Dividends, distributions and income tax equivalents4892,0952,1696,889
Other receipts1,2004,3874,61314,255
Total operating receipts52,123202,590194,230665,865
Cash payments for operating activities    
Payments for employees(b)-3,544-14,142-13,994-41,669
Payments for goods and services-15,492-64,237-62,281-188,258
Grants and subsidies paid-21,033-75,503-77,748-246,189
Interest paid-3,183-4,435-4,332-21,052
Personal benefit payments-11,832-51,988-52,934-153,940
Other payments(b)-950-3,449-2,859-8,541
Total operating payments-56,033-213,754-214,148-659,649
Net cash flows from operating activities-3,910-11,165-19,9186,216
Cash flows from investments in non-financial assets    
Sales of non-financial assets71781632,277
Purchases of non-financial assets-1,086-5,074-5,484-19,861
Net cash flows from investments in non-financial assets-1,079-4,896-5,321-17,584
Net cash flows from investments in financial assets for policy purposes-456-1,535-220-5,795
Net cash flows from investments in financial assets for liquidity purposes-186-2,477-3,677-17,073
Cash flows from financing activities    
Borrowing (net)10,27319,27823,80535,363
Other financing (net)-1,771-2,331-1,885-4,651
Net cash flows from financing activities8,50216,94821,91930,712
Net increase/(decrease) in cash held2,872-3,125-7,217-3,523
GFS cash surplus(+)/deficit(-)(c)-4,989-16,060-25,240-11,368
plus Principal payments of lease liabilities(d)-245-893-845-2,550
Equals underlying cash balance(e)-5,234-16,954-26,085-13,918
plus Net cash flows from investments in financial assets for policy purposes-456-1,535-220-5,795
Equals headline cash balance-5,689-18,489-26,304-19,713

*As published in the 2023-24 Budget.
(a) A positive number denotes a cash inflow; a negative number denotes a cash outflow.
(b) Consistent with the ABS GFS classification, other employee related payments are classified separately from wages and salaries under other payments.
(c) GFS cash surplus/deficit equals net cash flows from operating activities and investments in non-financial assets. 
(d) 'Net cash flows from financing activities for leases' has been renamed to 'principal payments of lease liabilities'. Principal payments of 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.
(e) The term underlying cash balance is not used by the ABS.

Note 1: Income Tax

 ACTUAL
2023-2024
October
$m
ACTUAL
2023-2024
YTD October
$m
Budget Profile
2023-2024
YTD October
$m
BUDGET
ESTIMATE*
2023-2024
FULL YEAR
$m
 
Individuals and other withholding taxes     
Gross income tax withholding21,32493,78290,405289,300 
Gross other individuals8,46925,27821,19573,600 
less Refunds4,00122,87023,57037,000 
Total individuals and other withholding taxation25,79396,19088,030325,900 
Fringe benefits tax9141,9191,5113,500 
Company tax10,59541,86540,130131,100 
Superannuation fund taxes1,0224,3585,11016,620 
Petroleum resource rent tax3305801,4142,770 
Total income taxation revenue38,653144,911136,195479,890 

*As published in the 2023-24 Budget.

Note 2: Indirect Tax

 ACTUAL
2023-2024
October
$m
ACTUAL
2023-2024
YTD October
$m
Budget Profile
2023-2024
YTD October
$m
BUDGET
ESTIMATE*
2023-2024
FULL YEAR
$m
 
Goods and services tax7,10027,54527,37189,080 
Wine equalisation tax813513651,160 
Luxury car tax132466280860 
Excise duty2,89610,14810,16530,090 
Customs duty1,0035,4405,29417,270 
Other indirect tax8673,6263,23811,379 
Total indirect taxation revenue12,07947,57546,713149,839 

*As published in the 2023-24 Budget.

Note 3: Total expenses by function

 ACTUAL
2023-2024
October
$m
ACTUAL
2023-2024
YTD October
$m
BUDGET
ESTIMATE*
2023-2024
FULL YEAR
$m
Expenses by function   
General public services2,5649,25929,126
Defence3,61413,63542,850
Public order and safety6092,6517,434
Education7,01018,30348,258
Health8,78234,445106,538
Social security and welfare20,46384,718250,280
Housing and community amenities5461,5187,940
Recreation and culture3021,5494,776
Fuel and energy8853,48513,006
Agriculture, forestry and fishing1989355,156
Mining, manufacturing and construction3111,2725,022
Transport and communication1,0052,21817,508
Other economic affairs1,0494,32012,447
Other purposes   
Public debt interest1,8927,55222,611
Nominal superannuation interest1,2394,45813,631
General purpose inter-government transactions7,34929,30595,947
Natural disaster relief18801,610
Contingency reserve00-56
Total expenses57,836219,701684,085

*As published in the 2023-24 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

[ENDS]