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MEDIA RELEASE

Australian Government General Government Sector Monthly Financial Statements for December 2023

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

Date: Thursday, 25 January 2024

KEY POINTS

  • The Monthly Financial Statements for December 2023 report the budget position against the expected monthly profile for the 2023-24 financial year through to 31 December 2023, based on the 2023-24 Budget estimate published in the 2023-24 Budget in May 2023.
  • The 2023-24 Mid-Year Economic and Fiscal Outlook (MYEFO) was released on 13 December 2023. Commencing with the January 2024 monthly financial statements, the budget position will be reported against the expected monthly profile based on the updated estimates in the 2023-24 MYEFO.
  • The underlying cash balance for the 2023-24 financial year to 31 December 2023 was a deficit of $11.2 billion.
  • The fiscal balance for the 2023-24 financial year to 31 December 2023 was a deficit of $3.8 billion.
AGGREGATES(a)ACTUAL
2023-2024
December
$b
ACTUAL
2023-2024
YTD December
$b
BUDGET
ESTIMATE*
2023-2024
FULL YEAR
$b
MYEFO ESTIMATE^
2023-2024
FULL YEAR
$b
Receipts(b)58.4325.3668.1685.3
Payments(c)61.4336.5682.1686.4
Underlying cash balance-3.0-11.2-13.9-1.1
Headline cash balance-4.4-14.9-19.7-6.7
Revenue55.5331.2680.4700.6
Expenses60.3333.7684.1689.3
Net operating balance-4.7-2.4-3.711.3
Net capital investment0.51.410.48.9
Fiscal balance-5.3-3.8-14.12.4
Total assets 810.4804.2822.9
Total liabilities 1,369.61,363.31,302.6
Net worth(d) -559.2-559.1-479.8
Net debt(e) 530.9574.9491.0

*As published in the 2023-24 Budget.
^ As published in the 2023-24 Mid-Year Economic and Fiscal Outlook.
(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 December 2023 was a deficit of $11.2 billion.

  • Receipts
    Total receipts were $325.3 billion.
  • Payments
    Total payments were $336.5 billion.

Net Operating Balance

The net operating balance for the financial year to 31 December 2023 was a deficit of $2.4 billion.

Fiscal Balance

The fiscal balance for the financial year to 31 December 2023 was a deficit of $3.8 billion.

Assets and Liabilities

As at 31 December 2023:

  • net worth is negative $559.2 billion;
  • net debt is $530.9 billion; and
  • net financial liabilities are $808.1 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
December
$m
ACTUAL
2023-2024
YTD December
$m
Budget Profile
2023-2024
YTD December
$m
BUDGET
ESTIMATE*
2023-2024
FULL YEAR
$m
Revenue     
Taxation revenue1,252,514306,347292,000629,729
Sales of goods and services 70510,21210,18520,811
Interest income 7824,4963,2149,426
Dividend and distribution income 4962,6823,2576,913
Other 1,0407,5116,55213,494
Total revenue 55,538331,247315,209680,372
Expenses     
Gross operating expenses     
Wages and salaries(a) 2,04912,83213,23826,260
Superannuation 7704,5483,8107,608
Depreciation and amortisation 1,0386,1886,17912,570
Supply of goods and services 16,41493,81793,689188,790
Other operating expenses(a) 7234,7074,5519,346
Total gross operating expenses 20,994122,092121,468244,575
Superannuation interest expense 1,1146,6876,81613,631
Interest expenses 2,63813,51612,99627,762
Current transfers     
Current grants 18,97199,369102,014203,464
Subsidy expenses 1,5249,0348,47916,964
Personal benefits 13,62178,13777,700154,254
Total current transfers 34,116186,541188,193374,682
Capital transfers     
Mutually agreed write-downs 2611,2821,3743,012
Other capital grants 1,1623,5326,21020,423
Total capital transfers 1,4234,8147,58423,435
Total expenses360,285333,650337,056684,085
Net operating balance -4,747-2,403-21,848-3,713
Other economic flows     
- included in operating result     
Net write-downs of assets -974-5,234-3,024-6,871
Assets recognised for the first time 56157100232
Actuarial revaluations -2-11919
Net foreign exchange gains -100-1560-62
Net swap interest received -28-589-10-16
Market valuation of debt -21,853-15,578-4,461-8,847
Other gains/(losses) 3,6744,2244,5637,485
Total other economic flows
- included in operating result
 -19,228-17,185-2,824-8,060
Operating result(b) -23,975-19,588-24,672-11,773
Non-owner movements in equity     
Revaluation of equity investments 000-307
Actuarial revaluations 000-227
Other economic revaluations 78-1,081-30075
Total other economic flows
- included in equity
 78-1,080-300-458
Comprehensive result
- Total change in net worth
 -23,897-20,669-24,972-12,231
Net operating balance -4,747-2,403-21,848-3,713
Net acquisition of non-financial assets     
Purchases of non-financial assets 1,6358,42610,04822,251
less Sales of non-financial assets 57483653
less Depreciation 1,0386,1886,17912,570
plus Change in inventories -64-85203803
plus Other movements in non-financial assets 01000
Total net acquisition of non-financial assets 5291,4154,03610,431
Fiscal balance (Net lending/borrowing)(c) -5,276-3,818-25,884-14,144

*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 December 2023
$m
BUDGET 
ESTIMATE*
as at 30 June 2024
$m
Assets  
Financial assets  
Cash and deposits83,40060,841
Advances paid74,46876,032
Investments, loans and placements227,173241,748
Other receivables89,17879,944
Equity investments  
Investments in other public sector entities43,98247,347
Equity accounted investments5,8334,575
Investments - shares81,36380,167
Total financial assets605,397590,654
Non-financial assets  
Land13,57013,168
Buildings48,62450,944
Plant, equipment and infrastructure106,373111,491
Inventories12,78412,010
Intangibles10,66812,791
Investment properties236205
Biological assets416
Heritage and cultural assets12,60712,712
Assets held for sale87177
Other non-financial assets2516
Total non-financial assets204,978213,530
Total assets810,374804,184
Liabilities  
Interest bearing liabilities  
Deposits held329406
Government securities865,054902,988
Loans31,42631,007
Lease liabilities19,17419,073
Total interest bearing liabilities915,983953,474
Provisions and payables  
Superannuation liability(a)316,761282,487
Other employee liabilities44,04636,326
Suppliers payables7,96712,487
Personal benefits payables4,0514,008
Subsidies payables957901
Grants payables2,0922,658
Other payables11,1695,777
Provisions66,52765,151
Total provisions and payables453,570409,795
Total liabilities1,369,5521,363,269
Net worth(b)-559,178-559,085
Net financial worth(c)-764,156-772,615
Net financial liabilities(d)808,137819,962
Net debt(e)530,941574,852

*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
December
$m
ACTUAL
2023-2024
YTD December
$m
Budget Profile
2023-2024
YTD December
$m
BUDGET
ESTIMATE*
2023-2024
FULL YEAR
$m
Cash receipts from operating activities    
Taxes received53,514298,316286,213616,275
Receipts from sales of goods and services2,24211,48410,24120,792
Interest receipts7105,3003,9417,654
Dividends, distributions and income tax equivalents5682,9353,2496,889
Other receipts1,3897,0626,76814,255
Total operating receipts58,424325,098310,412665,865
Cash payments for operating activities    
Payments for employees(b)-3,169-21,079-20,906-41,669
Payments for goods and services-17,816-97,879-94,678-188,258
Grants and subsidies paid-21,743-113,861-118,812-246,189
Interest paid-1,634-9,956-9,568-21,052
Personal benefit payments-13,903-78,620-78,139-153,940
Other payments(b)-908-5,082-4,168-8,541
Total operating payments-59,173-326,476-326,272-659,649
Net cash flows from operating activities-749-1,378-15,8606,216
Cash flows from investments in non-financial assets    
Sales of non-financial assets81881662,277
Purchases of non-financial assets-2,014-8,686-8,407-19,861
Net cash flows from investments in non-financial assets-2,006-8,498-8,240-17,584
Net cash flows from investments in financial assets for policy purposes-1,422-3,708-584-5,795
Net cash flows from investments in financial assets for liquidity purposes-272-12,512-3,321-17,073
Cash flows from financing activities    
Borrowing (net)1,92023,47935,65935,363
Other financing (net)-369-3,696-2,974-4,651
Net cash flows from financing activities1,55219,78332,68530,712
Net increase/(decrease) in cash held-2,898-6,3134,679-3,523
GFS cash surplus(+)/deficit(-)(c)-2,755-9,876-24,100-11,368
plus Principal payments of lease liabilities(d)-238-1,321-1,258-2,550
Equals underlying cash balance(e)-2,993-11,197-25,358-13,918
plus Net cash flows from investments in financial assets for policy purposes-1,422-3,708-584-5,795
Equals headline cash balance-4,415-14,905-25,942-19,713

*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
December
$m
ACTUAL
2023-2024
YTD December
$m
Budget Profile
2023-2024
YTD December
$m
BUDGET
ESTIMATE*
2023-2024
FULL YEAR
$m
 
Individuals and other withholding taxes     
Gross income tax withholding24,139147,189141,483289,300 
Gross other individuals3,29633,85829,02673,600 
less Refunds1,37127,82627,79237,000 
Total individuals and other withholding taxation26,064153,222142,718325,900 
Fringe benefits tax272,1611,6383,500 
Company tax15,54069,42863,560131,100 
Superannuation fund taxes1,4707,6118,48416,620 
Petroleum resource rent tax-55631,4142,770 
Total income taxation revenue43,097232,985217,814479,890 

*As published in the 2023-24 Budget.

Note 2: Indirect Tax

 ACTUAL
2023-2024
December
$m
ACTUAL
2023-2024
YTD December
$m
Budget Profile
2023-2024
YTD December
$m
BUDGET
ESTIMATE*
2023-2024
FULL YEAR
$m
 
Goods and services tax4,65543,64744,23389,080 
Wine equalisation tax995595671,160 
Luxury car tax100677408860 
Excise duty2,57415,27615,13630,090 
Customs duty8857,2238,47517,270 
Other indirect tax1,1045,9795,36711,379 
Total indirect taxation revenue9,41873,36274,185149,839 

*As published in the 2023-24 Budget.

Note 3: Total expenses by function

 ACTUAL
2023-2024
December
$m
ACTUAL
2023-2024
YTD December
$m
BUDGET
ESTIMATE*
2023-2024
FULL YEAR
$m
Expenses by function   
General public services2,31314,06329,126
Defence3,31420,50042,850
Public order and safety6124,0257,434
Education2,69623,22148,258
Health8,18551,891106,538
Social security and welfare23,061128,930250,280
Housing and community amenities7072,6287,940
Recreation and culture3812,2884,776
Fuel and energy1,4705,77113,006
Agriculture, forestry and fishing2531,4445,156
Mining, manufacturing and construction3331,9385,022
Transport and communication8843,70217,508
Other economic affairs1,0236,52512,447
Other purposes   
Public debt interest1,92111,32722,611
Nominal superannuation interest1,1146,68713,631
General purpose inter-government transactions11,87048,46695,947
Natural disaster relief1472451,610
Contingency reserve00-56
Total expenses60,285333,650684,085

*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]