Media Releases → 2024

MEDIA RELEASE

Australian Government General Government Sector Monthly Financial Statements for January 2024

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

Date: Thursday, 29 February 2024

KEY POINTS

  • The Monthly Financial Statements for January 2024 report the budget position against the expected monthly profile for the 2023-24 financial year through to 31 January 2024, based on the 2023-24 Mid-Year Economic and Fiscal Outlook (MYEFO) estimates published in December 2023.
  • The underlying cash balance for the 2023-24 financial year to 31 January 2024 was a deficit of $22.4 billion.
  • The fiscal balance for the 2023-24 financial year to 31 January 2024 was a deficit of $13.9 billion.
AGGREGATES(a)ACTUAL
2023-2024
January
$b
ACTUAL
2023-2024
YTD January
$b
MYEFO Profile
2023-2024
YTD January
$b
MYEFO ESTIMATE*
2023-2024
FULL YEAR
$b
Receipts(b)42.7368.0367.0685.3
Payments(c)53.9390.4390.1686.4
Underlying cash balance-11.3-22.4-23.2-1.1
Headline cash balance-12.5-27.4-28.0-6.7
Revenue48.6379.9378.9700.6
Expenses58.7392.4392.4689.3
Net operating balance-10.1-12.5-13.511.3
Net capital investment0.01.41.58.9
Fiscal balance-10.1-13.9-15.02.4
Total assets 806.3 822.9
Total liabilities 1,371.4 1,302.6
Net worth(d) -565.1 -479.8
Net debt(e) 541.1 491.0

*As published in the 2023-24 MYEFO.
(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 January 2024 was a deficit of $22.4 billion.

  • Receipts
    Total receipts were $368.0 billion.
  • Payments
    Total payments were $390.4 billion.

Net Operating Balance

The net operating balance for the financial year to 31 January 2024 was a deficit of $12.5 billion.

Fiscal Balance

The fiscal balance for the financial year to 31 January 2024 was a deficit of $13.9 billion. 

Assets and Liabilities

As at 31 January 2024:

  • net worth is negative $565.1 billion;
  • net debt is $541.1 billion; and
  • net financial liabilities are $815.7 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
January
$m
ACTUAL
2023-2024
YTD January
$m
MYEFO Profile
2023-2024
YTD January
$m
MYEFO ESTIMATE*
2023-2024
FULL YEAR
$m
Revenue     
Taxation revenue1,242,720349,068348,669649,256
Sales of goods and services 3,49413,70513,75320,058
Interest income 8585,3544,82510,034
Dividend and distribution income 2552,9373,3646,866
Other 1,2788,7898,29114,408
Total revenue 48,606379,853378,902700,622
Expenses     
Gross operating expenses     
Wages and salaries(a) 1,95614,78714,97726,570
Superannuation 7605,3085,2498,955
Depreciation and amortisation 1,1347,3227,27813,076
Supply of goods and services 13,082106,899106,942193,988
Other operating expenses(a) 6625,3705,4519,434
Total gross operating expenses 17,594139,686139,898252,023
Superannuation interest expense 1,1147,8017,80113,374
Interest expenses 2,34715,86415,80327,495
Current transfers     
Current grants 23,414122,784123,195204,614
Subsidy expenses 1,63310,66810,50517,843
Personal benefits 11,69189,82889,388152,262
Total current transfers 36,739223,280223,088374,719
Capital transfers     
Mutually agreed write-downs 2481,5301,4912,787
Other capital grants 6774,2104,32818,908
Total capital transfers 9265,7405,81921,695
Total expenses358,720392,370392,410689,306
Net operating balance -10,114-12,517-13,50811,316
Other economic flows     
- included in operating result     
Net write-downs of assets -513-5,747-5,835-8,211
Assets recognised for the first time -13144177298
Actuarial revaluations -2-13-124,081
Net foreign exchange gains 208522318
Net swap interest received 177-412-561-15
Market valuation of debt 876-14,70215,5318,597
Other gains/(losses) 2,0056,2295,6648,290
Total other economic flows
- included in operating result
 2,737-14,44814,98713,059
Operating result(b) -7,377-26,9651,47924,375
Non-owner movements in equity     
Revaluation of equity investments 000-761
Actuarial revaluations 000-11,462
Other economic revaluations 1,448368239734
Total other economic flows
- included in equity
 1,448368239-11,489
Comprehensive result
- Total change in net worth
 -5,929-26,5981,71812,886
Net operating balance -10,114-12,517-13,50811,316
Net acquisition of non-financial assets     
Purchases of non-financial assets 9929,4189,74522,533
less Sales of non-financial assets 63811797804
less Depreciation 1,1347,3227,27813,076
plus Change in inventories 193108-148242
plus Other movements in non-financial assets 21210-1
Total net acquisition of non-financial assets -91,4061,5318,895
Fiscal balance (Net lending/borrowing)(c) -10,105-13,923-15,0392,421

*As published in the 2023-24 MYEFO
(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 January 2024
$m
MYEFO ESTIMATE*
as at 30 June 2024
$m
Assets  
Financial assets  
Cash and deposits72,42080,472
Advances paid74,94072,270
Investments, loans and placements230,611240,437
Other receivables87,92582,315
Equity investments  
Investments in other public sector entities44,23445,563
Equity accounted investments5,8105,679
Investments - shares84,05283,127
Total financial assets599,994609,862
Non-financial assets  
Land13,58013,509
Buildings48,56150,520
Plant, equipment and infrastructure106,354110,669
Inventories12,73112,102
Intangibles12,13813,206
Investment properties236220
Biological assets45
Heritage and cultural assets12,60412,647
Assets held for sale87102
Other non-financial assets2714
Total non-financial assets206,323212,993
Total assets806,316822,855
Liabilities  
Interest bearing liabilities  
Deposits held397415
Government securities868,001832,437
Loans31,50432,231
Lease liabilities19,12619,144
Total interest bearing liabilities919,029884,226
Provisions and payables  
Superannuation liability(a)317,415286,123
Other employee liabilities43,38742,176
Suppliers payables10,09512,187
Personal benefits payables3,6153,964
Subsidies payables854550
Grants payables2,8423,565
Other payables7,4707,217
Provisions66,71662,625
Total provisions and payables452,394418,407
Total liabilities1,371,4231,302,633
Net worth(b)-565,107-479,777
Net financial worth(c)-771,429-692,771
Net financial liabilities(d)815,663738,333
Net debt(e)541,057491,047

*As published in the 2023-24 MYEFO.
(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
January
$m
ACTUAL
2023-2024
YTD January
$m
MYEFO Profile
2023-2024
YTD January
$m
MYEFO ESTIMATE*
2023-2024
FULL YEAR
$m
Cash receipts from operating activities    
Taxes received37,912336,228335,665632,666
Receipts from sales of goods and services1,73913,22313,39119,764
Interest receipts9266,2265,7438,862
Dividends, distributions and income tax equivalents2793,2153,4426,936
Other receipts1,1078,1697,82214,011
Total operating receipts41,963367,061366,062682,239
Cash payments for operating activities    
Payments for employees(b)-3,402-24,481-24,150-42,272
Payments for goods and services-11,903-109,782-109,610-192,674
Grants and subsidies paid-24,754-138,615-138,681-244,217
Interest paid-185-10,140-10,139-21,544
Personal benefit payments-11,117-89,737-89,792-152,518
Other payments(b)-1,308-6,390-6,162-10,172
Total operating payments-52,669-379,145-378,533-663,397
Net cash flows from operating activities-10,706-12,084-12,47118,842
Cash flows from investments in non-financial assets    
Sales of non-financial assets7279159043,027
Purchases of non-financial assets-1,043-9,730-10,117-20,498
Net cash flows from investments in non-financial assets-317-8,815-9,213-17,471
Net cash flows from investments in financial assets for policy purposes-1,221-4,929-4,796-5,552
Net cash flows from investments in financial assets for liquidity purposes-784-13,296-13,061-16,488
Cash flows from financing activities    
Borrowing (net)2,00525,48427,27516,000
Other financing (net)43-3,653-3,742-4,572
Net cash flows from financing activities2,04821,83123,53311,427
Net increase/(decrease) in cash held-10,980-17,293-16,008-9,241
GFS cash surplus(+)/deficit(-)(c)-11,023-20,899-21,6841,371
plus Principal payments of lease liabilities(d)-230-1,551-1,495-2,481
Equals underlying cash balance(e)-11,253-22,450-23,179-1,110
plus Net cash flows from investments in financial assets for policy purposes-1,221-4,929-4,796-5,552
Equals headline cash balance-12,474-27,379-27,975-6,661

*As published in the 2023-24 MYEFO.
(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
January
$m
ACTUAL
2023-2024
YTD January
$m
MYEFO Profile
2023-2024
YTD January
$m
MYEFO ESTIMATE*
2023-2024
FULL YEAR
$m
 
Individuals and other withholding taxes     
Gross income tax withholding20,756167,945167,304295,000 
Gross other individuals3,10336,96136,42678,600 
less Refunds1,61829,44429,36337,000 
Total individuals and other withholding taxation22,240175,462174,367336,600 
Fringe benefits tax7972,9582,9694,190 
Company tax8,83378,26177,938140,300 
Superannuation fund taxes-4917,1208,93715,740 
Petroleum resource rent tax2778401,0132,380 
Total income taxation revenue31,657264,642265,224499,210 

*As published in the 2023-24 MYEFO.

Note 2: Indirect Tax

 ACTUAL
2023-2024
January
$m
ACTUAL
2023-2024
YTD January
$m
MYEFO Profile
2023-2024
YTD January
$m
MYEFO ESTIMATE*
2023-2024
FULL YEAR
$m
 
Goods and services tax5,91149,55948,37988,180 
Wine equalisation tax976566821,130 
Luxury car tax907677621,180 
Excise duty2,45317,72917,75030,080 
Customs duty1,2998,5228,77517,310 
Other indirect tax1,2137,1927,09612,166 
Total indirect taxation revenue11,06384,42683,444150,046 

*As published in the 2023-24 MYEFO.

Note 3: Total expenses by function

 ACTUAL
2023-2024
January
$m
ACTUAL
2023-2024
YTD January
$m
MYEFO ESTIMATE*
2023-2024
FULL YEAR
$m
Expenses by function   
General public services3,30017,36430,420
Defence3,16623,66645,006
Public order and safety4594,4847,905
Education11,77935,00048,699
Health8,08759,978107,357
Social security and welfare17,793146,724249,465
Housing and community amenities4193,0478,632
Recreation and culture3622,6504,878
Fuel and energy9136,68313,455
Agriculture, forestry and fishing2371,6815,104
Mining, manufacturing and construction3792,3175,173
Transport and communication7294,43116,120
Other economic affairs9547,47913,460
Other purposes   
Public debt interest1,91913,24622,404
Nominal superannuation interest1,1147,80113,374
General purpose inter-government transactions7,03755,50391,135
Natural disaster relief723161,630
Contingency reserve005,089
Total expenses58,720392,370689,306

*As published in the 2023-24 MYEFO.

 

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]