Media Releases → 2024

MEDIA RELEASE

Australian Government General Government Sector Monthly Financial Statements for March 2024

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

Date: Friday, 26 April 2024

KEY POINTS

  • The Monthly Financial Statements for March 2024 report the budget position against the expected monthly profile for the 2023-24 financial year through to 31 March 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 March 2024 was a deficit of $1.8 billion.
  • The fiscal balance for the 2023-24 financial year to 31 March 2024 was a deficit of $339 million.
AGGREGATES(a)ACTUAL
2023-2024
March
$b
ACTUAL
2023-2024
YTD March
$b
MYEFO Profile
2023-2024
YTD March
$b
MYEFO ESTIMATE*
2023-2024
FULL YEAR
$b
Receipts(b)54.3488.4489.0685.3
Payments(c)50.0490.2494.9686.4
Underlying cash balance4.3-1.8-5.9-1.1
Headline cash balance3.8-7.7-12.1-6.7
Revenue52.2500.5502.6700.6
Expenses54.5498.4501.2689.3
Net operating balance-2.42.21.411.3
Net capital investment0.32.54.68.9
Fiscal balance-2.7-0.3-3.22.4
Total assets 837.3 822.9
Total liabilities 1,385.4 1,302.6
Net worth(d) -548.1 -479.8
Net debt(e) 526.4 491.0

*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 March 2024 was a deficit of $1.8 billion.

  • Receipts
    Total receipts were $649 million lower than the 2023-24 MYEFO profile.
  • Payments
    Total payments were $4.8 billion lower than the 2023-24 MYEFO profile.

Net Operating Balance

The net operating balance for the financial year to 31 March 2024 was a surplus of $2.2 billion.

Fiscal Balance

The fiscal balance for the financial year to 31 March 2024 was a deficit of $339 million.

Assets and Liabilities

As at 31 March 2024:

  • net worth is negative $548.1 billion;
  • net debt is $526.4 billion; and
  • net financial liabilities are $799.8 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
March
$m
ACTUAL
2023-2024
YTD March
$m
MYEFO Profile
2023-2024
YTD March
$m
MYEFO ESTIMATE*
2023-2024
FULL YEAR
$m
Revenue     
Taxation revenue1,248,269462,377465,988649,256
Sales of goods and services 86415,38315,13620,058
Interest income 9667,0516,07210,034
Dividend and distribution income 7784,3594,8416,866
Other 1,27811,37010,57814,408
Total revenue 52,155500,541502,616700,622
Expenses     
Gross operating expenses     
Wages and salaries(a) 2,39919,48919,45926,570
Superannuation 8076,8536,7598,955
Depreciation and amortisation 1,1339,6299,42913,076
Supply of goods and services 16,230138,494140,348193,988
Other operating expenses(a) 1,1197,3887,0889,434
Total gross operating expenses 21,687181,853183,083252,023
Superannuation interest expense 1,11410,03010,03013,374
Interest expenses 2,33720,37020,21327,495
Current transfers     
Current grants 13,545149,638151,956204,614
Subsidy expenses 1,49213,69013,39817,843
Personal benefits 13,192114,946114,502152,262
Total current transfers 28,230278,274279,856374,719
Capital transfers     
Mutually agreed write-downs 851,7661,9322,787
Other capital grants 1,0776,0656,11418,908
Total capital transfers 1,1627,8318,04721,695
Total expenses354,531498,358501,230689,306
Net operating balance -2,3752,1831,38611,316
Other economic flows     
- included in operating result     
Net write-downs of assets -922-8,533-6,371-8,211
Assets recognised for the first time 58212223298
Actuarial revaluations -2-17-144,081
Net foreign exchange gains -20972218
Net swap interest received 113-240-562-15
Market valuation of debt -8,157-17,95912,7168,597
Other gains/(losses) 4,61914,2777,9768,290
Total other economic flows
- included in operating result
 -4,312-12,16313,99013,059
Operating result(b) -6,688-9,98015,37624,375
Non-owner movements in equity     
Revaluation of equity investments 000-761
Actuarial revaluations 000-11,462
Other economic revaluations 10371291734
Total other economic flows
- included in equity
 10371291-11,489
Comprehensive result
- Total change in net worth
 -6,678-9,60915,66712,886
Net operating balance -2,3752,1831,38611,316
Net acquisition of non-financial assets     
Purchases of non-financial assets 1,13412,90914,81822,533
less Sales of non-financial assets 9879797804
less Depreciation 1,1339,6299,42913,076
plus Change in inventories 3341157242
plus Other movements in non-financial assets -669-1
Total net acquisition of non-financial assets 3192,5214,6088,895
Fiscal balance (Net lending/borrowing)(c) -2,694-339-3,2222,421

*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 March 2024
$m
MYEFO ESTIMATE*
as at 30 June 2024
$m
Assets  
Financial assets  
Cash and deposits95,31080,472
Advances paid75,48072,270
Investments, loans and placements232,995240,437
Other receivables84,48882,315
Equity investments  
Investments in other public sector entities44,55545,563
Equity accounted investments5,8555,679
Investments - shares91,46383,127
Total financial assets630,145609,862
Non-financial assets  
Land13,51913,509
Buildings48,69150,520
Plant, equipment and infrastructure107,188110,669
Inventories12,49212,102
Intangibles12,28613,206
Investment properties236220
Biological assets45
Heritage and cultural assets12,60112,647
Assets held for sale94102
Other non-financial assets2014
Total non-financial assets207,133212,993
Total assets837,278822,855
Liabilities  
Interest bearing liabilities  
Deposits held271415
Government securities879,018832,437
Loans31,55932,231
Lease liabilities19,35819,144
Total interest bearing liabilities930,205884,226
Provisions and payables  
Superannuation liability(a)318,689286,123
Other employee liabilities43,44142,176
Suppliers payables10,77612,187
Personal benefits payables4,1623,964
Subsidies payables442550
Grants payables2,7533,565
Other payables7,3797,217
Provisions67,54962,625
Total provisions and payables455,190418,407
Total liabilities1,385,3951,302,633
Net worth(b)-548,118-479,777
Net financial worth(c)-755,250-692,771
Net financial liabilities(d)799,805738,333
Net debt(e)526,420491,047

*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
March
$m
ACTUAL
2023-2024
YTD March
$m
MYEFO Profile
2023-2024
YTD March
$m
MYEFO ESTIMATE*
2023-2024
FULL YEAR
$m
Cash receipts from operating activities    
Taxes received49,382448,253450,304632,666
Receipts from sales of goods and services1,81915,57015,72919,764
Interest receipts8147,9646,9968,862
Dividends, distributions and income tax equivalents7804,5834,6026,936
Other receipts1,53711,07510,48414,011
Total operating receipts54,331487,446488,114682,239
Cash payments for operating activities    
Payments for employees(b)-3,524-32,284-31,445-42,272
Payments for goods and services-15,178-140,001-142,030-192,674
Grants and subsidies paid-15,657-170,052-172,463-244,217
Interest paid-668-11,294-11,057-21,544
Personal benefit payments-12,487-114,625-115,381-152,518
Other payments(b)-806-7,869-7,800-10,172
Total operating payments-48,321-476,124-480,176-663,397
Net cash flows from operating activities6,01111,3227,93818,842
Cash flows from investments in non-financial assets    
Sales of non-financial assets59249043,027
Purchases of non-financial assets-1,520-12,110-12,854-20,498
Net cash flows from investments in non-financial assets-1,515-11,186-11,950-17,471
Net cash flows from investments in financial assets for policy purposes-472-5,960-6,232-5,552
Net cash flows from investments in financial assets for liquidity purposes-1,101-14,854-13,567-16,488
Cash flows from financing activities    
Borrowing (net)2,42430,23836,90416,000
Other financing (net)-99-3,962-4,117-4,572
Net cash flows from financing activities2,32526,27632,78711,427
Net increase/(decrease) in cash held5,2475,5988,976-9,241
GFS cash surplus(+)/deficit(-)(c)4,495136-4,0121,371
plus Principal payments of lease liabilities(d)-188-1,917-1,880-2,481
Equals underlying cash balance(e)4,307-1,781-5,892-1,110
plus Net cash flows from investments in financial assets for policy purposes-472-5,960-6,232-5,552
Equals headline cash balance3,834-7,741-12,124-6,661

*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
March
$m
ACTUAL
2023-2024
YTD March
$m
MYEFO Profile
2023-2024
YTD March
$m
MYEFO ESTIMATE*
2023-2024
FULL YEAR
$m
 
Individuals and other withholding taxes     
Gross income tax withholding25,041221,758220,904295,000 
Gross other individuals6,17549,67751,56578,600 
less Refunds1,46532,30232,00237,000 
Total individuals and other withholding taxation29,751239,134240,467336,600 
Fringe benefits tax263,2183,1824,190 
Company tax8,95099,73199,260140,300 
Superannuation fund taxes8908,48011,76515,740 
Petroleum resource rent tax188591,0132,380 
Total income taxation revenue39,634351,421355,688499,210 

*As published in the 2023-24 MYEFO.

Note 2: Indirect Tax

 ACTUAL
2023-2024
March
$m
ACTUAL
2023-2024
YTD March
$m
MYEFO Profile
2023-2024
YTD March
$m
MYEFO ESTIMATE*
2023-2024
FULL YEAR
$m
 
Goods and services tax4,44066,39664,80788,180 
Wine equalisation tax568438651,130 
Luxury car tax999479161,180 
Excise duty2,31322,32422,41630,080 
Customs duty78210,81012,17517,310 
Other indirect tax9469,6359,12212,166 
Total indirect taxation revenue8,635110,956110,301150,046 

*As published in the 2023-24 MYEFO.

Note 3: Total expenses by function

 ACTUAL
2023-2024
March
$m
ACTUAL
2023-2024
YTD March
$m
MYEFO ESTIMATE*
2023-2024
FULL YEAR
$m
Expenses by function   
General public services2,51022,32030,420
Defence3,89331,05545,006
Public order and safety6135,6757,905
Education2,44739,91748,699
Health8,98977,546107,357
Social security and welfare21,137187,302249,465
Housing and community amenities4154,1338,632
Recreation and culture3653,3684,878
Fuel and energy1,0938,75713,455
Agriculture, forestry and fishing2512,1455,104
Mining, manufacturing and construction4423,1725,173
Transport and communication1,2176,46716,120
Other economic affairs1,0459,50313,460
Other purposes   
Public debt interest1,93716,99422,404
Nominal superannuation interest1,11410,03013,374
General purpose inter-government transactions7,02569,57091,135
Natural disaster relief384041,630
Contingency reserve005,089
Total expenses54,531498,358689,306

*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]