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25/12/2025

PGPA Glossary

Senator the Hon Katy Gallagher
Minister for Finance
Minister for Women
Minister for the Public Service
Minister for Government Services

KG 38/25
Wednesday, 24 December 2025

KEY POINTS

  • The Monthly Financial Statements for November 2025 report the budget position against the expected monthly profile for the 2025‑26 financial year through to 30 November 2025, based on the 2025‑26 estimates published in the 2025‑26 Budget in March 2025.
  • The 2025‑26 Mid-Year Economic and Fiscal Outlook (MYEFO) was released on 17 December 2025. Commencing with the January 2026 Monthly Financial Statements, the budget position will be reported against the expected monthly profile based on the updated estimates in the 2025‑26 MYEFO.
  • The underlying cash balance for the 2025‑26 financial year to 30 November 2025 was a deficit of $24.7 billion.
  • The fiscal balance for the 2025‑26 financial year to 30 November 2025 was a deficit of $28.7 billion.
AGGREGATES(a) ACTUAL
2025-2026
November
$b 		ACTUAL
2025-2026
YTD November
$b 		BUDGET
ESTIMATE*
2025-2026
FULL YEAR
$b 		MYEFO ESTIMATE^
2025-2026
FULL YEAR
$b
Receipts(b) 69.4 296.5 735.4 749.8
Payments(c) 61.3 321.3 777.5 786.6
Underlying cash balance 8.1 -24.7 -42.1 -36.8
Headline cash balance 7.1 -28.6 -65.2 -58.6
Revenue 74.2 305.9 750.3 765.6
Expenses 72.2 331.5 785.7 809.2
Net operating balance 2.0 -25.6 -35.4 -43.6
Net capital investment 0.2 3.1 8.8 11.2
Fiscal balance 1.7 -28.7 -44.2 -54.8
Total assets 902.4 906.1 925.8
Total liabilities 1,521.6 1,527.9 1,570.1
Net worth(d) -619.2 -621.8 -644.3
Net debt(e) 551.9 620.3 587.5

Australian Government general government sector operating statement

Note ACTUAL
2025-2026
November
$m 		ACTUAL
2025-2026
YTD November
$m 		Budget Profile
2025-2026
YTD November
$m 		BUDGET
ESTIMATE*
2025-2026
FULL YEAR
$m
Revenue
Taxation revenue 1,2 70,551 282,181 271,602 694,304
Sales of goods and services 726 10,385 10,083 22,256
Interest income 637 3,495 3,621 10,619
Dividend and distribution income 702 2,906 3,100 7,434
Other 1,561 6,976 6,222 15,648
Total revenue 74,177 305,943 294,628 750,262
Expenses
Gross operating expenses
Wages and salaries(a) 2,487 12,932 12,767 30,450
Superannuation 750 3,868 3,696 8,771
Depreciation and amortisation 1,267 5,853 5,962 14,196
Supply of goods and services 18,663 92,297 93,885 229,440
Other operating expenses(a) 1,528 7,409 5,339 12,485
Total gross operating expenses 24,695 122,359 121,649 295,342
Superannuation interest expense 1,232 6,160 6,333 15,198
Interest expenses 2,694 15,985 15,875 38,696
Current transfers
Current grants 15,868 90,991 91,286 223,378
Subsidy expenses 1,773 8,754 8,627 21,352
Personal benefits 13,877 72,530 72,093 169,410
Total current transfers 31,518 172,275 172,005 414,140
Capital transfers
Mutually agreed write-downs 10,939 11,604 1,147 2,930
Other capital grants 1,130 3,143 5,131 19,364
Total capital transfers 12,069 14,746 6,278 22,294
Total expenses 3 72,208 331,525 322,139 785,670
Net operating balance 1,969 -25,582 -27,511 -35,408
Other economic flows
- included in operating result
Net write-downs of assets -1,496 -6,444 -6,442 -12,239
Assets recognised for the first time 26 119 105 393
Actuarial revaluations 12 24 -15 -1,060
Net foreign exchange gains -46 -102 0 183
Net swap interest received 101 435 -3 -7
Market valuation of debt 9,989 13,397 -5,785 -13,119
Other gains/(losses) 901 13,618 4,002 9,860
Total other economic flows
- included in operating result 		9,487 21,047 -8,138 -15,989
Operating result(b) 11,456 -4,535 -35,649 -51,396
Non-owner movements in equity
Revaluation of equity investments -1 -1 0 203
Actuarial revaluations 0 0 0 -228
Other economic revaluations -1 -188 0 145
Total other economic flows
- included in equity 		-2 -189 0 120
Comprehensive result
- Total change in net worth 		11,454 -4,724 -35,650 -51,277
Net operating balance 1,969 -25,582 -27,511 -35,408
Net acquisition of non-financial assets
Purchases of non-financial assets 1,495 8,845 8,256 22,224
less Sales of non-financial assets 4 21 2 117
less Depreciation 1,267 5,853 5,962 14,196
plus Change in inventories -1 127 -1 859
plus Other movements in non-financial assets 1 0 0 0
Total net acquisition of non-financial assets 224 3,098 2,292 8,771
Fiscal balance (Net lending/borrowing)(c) 1,745 -28,681 -29,803 -44,178

Australian Government general government sector balance sheet

ACTUAL
as at 30 November 2025
$m 		BUDGET
ESTIMATE*
as at 30 June 2026
$m
Assets
Financial assets
Cash and deposits 64,455 73,579
Advances paid 67,927 77,939
Investments, loans and placements 261,714 248,576
Other receivables 101,945 92,762
Equity investments
Investments in other public sector entities 48,319 57,342
Equity accounted investments 6,699 6,485
Investments - shares 121,633 121,108
Total financial assets 672,692 677,792
Non-financial assets
Land 15,447 14,756
Buildings 54,512 50,875
Plant, equipment and infrastructure 118,502 120,634
Inventories 13,501 12,691
Intangibles 14,284 16,212
Investment properties 228 221
Biological assets 4 5
Heritage and cultural assets 13,167 12,803
Assets held for sale 48 81
Other non-financial assets 7 6
Total non-financial assets 229,699 228,283
Total assets 902,391 906,074
Liabilities
Interest bearing liabilities
Deposits held 260 418
Government securities 892,767 968,449
Loans 33,435 33,885
Lease liabilities 19,486 17,689
Total interest bearing liabilities 945,949 1,020,440
Provisions and payables
Superannuation liability(a) 317,524 313,806
Other employee liabilities 96,449 60,538
Suppliers payables 13,530 15,127
Personal benefits payables 4,751 4,759
Subsidies payables 824 672
Grants payables 3,433 5,667
Other payables 9,225 5,866
Provisions 129,948 100,993
Total provisions and payables 575,685 507,430
Total liabilities 1,521,634 1,527,870
Net worth(b) -619,243 -621,796
Net financial worth(c) -848,942 -850,079
Net financial liabilities(d) 897,261 907,420
Net debt(e) 551,853 620,345

Australian Government general government sector cash flow statement(a)

ACTUAL
2025-2026
November
$m 		ACTUAL
2025-2026
YTD November
$m 		Budget Profile
2025-2026
YTD November
$m 		BUDGET
ESTIMATE*
2025-2026
FULL YEAR
$m
Cash receipts from operating activities
Taxes received 66,184 271,550 261,693 676,086
Receipts from sales of goods and services 818 10,031 10,012 21,921
Interest receipts 768 4,145 4,370 9,389
Dividends, distributions and income tax equivalents 540 3,113 3,090 7,416
Other receipts 1,090 7,564 7,861 20,286
Total operating receipts 69,400 296,403 287,026 735,098
Cash payments for operating activities
Payments for employees(b) -3,890 -21,178 -20,672 -48,917
Payments for goods and services -18,342 -95,353 -95,263 -228,248
Grants and subsidies paid -18,986 -105,016 -106,836 -266,344
Interest paid -5,150 -11,158 -11,324 -27,885
Personal benefit payments -13,312 -73,290 -72,510 -169,556
Other payments(b) -913 -5,843 -5,654 -13,739
Total operating payments -60,592 -311,838 -312,258 -754,689
Net cash flows from operating activities 8,807 -15,435 -25,232 -19,590
Cash flows from investments in non-financial assets
Sales of non-financial assets 2 144 131 254
Purchases of non-financial assets -484 -8,340 -8,078 -20,040
Net cash flows from investments in non-financial assets -482 -8,196 -7,946 -19,786
Net cash flows from investments in financial assets for policy purposes -1,013 -3,866 -6,446 -23,076
Net cash flows from investments in financial assets for liquidity purposes -1,787 -4,909 -4,800 -4,839
Cash flows from financing activities
Borrowing (net) -19,585 19,423 21,286 72,773
Other financing (net) 110 -1,435 -1,677 -4,911
Net cash flows from financing activities -19,475 17,988 19,608 67,863
Net increase/(decrease) in cash held -13,949 -14,418 -24,816 571
GFS cash surplus(+)/deficit(-)(c) 8,325 -23,631 -33,178 -39,376
plus Principal payments of lease liabilities(d) -198 -1,117 -1,165 -2,746
Equals underlying cash balance(e) 8,127 -24,748 -34,343 -42,122
plus Net cash flows from investments in financial assets for policy purposes -1,013 -3,866 -6,446 -23,076
Equals headline cash balance 7,114 -28,614 -40,790 -65,198

Note 1: Income Tax

ACTUAL
2025-2026
November
$m 		ACTUAL
2025-2026
YTD November
$m 		Budget Profile
2025-2026
YTD November
$m 		BUDGET
ESTIMATE*
2025-2026
FULL YEAR
$m
Individuals and other withholding taxes
Gross income tax withholding 27,876 130,405 130,284 314,100
Gross other individuals 9,307 37,899 31,449 84,500
less Refunds 3,068 28,058 28,576 40,800
Total individuals and other withholding taxation 34,114 140,245 133,158 357,800
Fringe benefits tax 247 2,541 2,354 5,150
Company tax 14,593 57,118 54,467 143,500
Superannuation fund taxes 4,450 14,775 11,615 25,580
Petroleum resource rent tax 7 729 1,161 1,980
Total income taxation revenue 53,412 215,409 202,755 534,010

Note 2: Indirect Tax

ACTUAL
2025-2026
November
$m 		ACTUAL
2025-2026
YTD November
$m 		Budget Profile
2025-2026
YTD November
$m 		BUDGET
ESTIMATE*
2025-2026
FULL YEAR
$m
Goods and services tax 12,366 43,750 43,693 99,300
Wine equalisation tax 119 385 490 1,210
Luxury car tax 92 494 519 1,210
Excise duty 2,607 12,832 13,103 32,450
Customs duty 296 3,368 5,424 11,350
Other indirect tax 1,659 5,943 5,619 14,774
Total indirect taxation revenue 17,139 66,772 68,847 160,294

Note 3: Total expenses by function

ACTUAL
2025-2026
November
$m 		ACTUAL
2025-2026
YTD November
$m 		BUDGET
ESTIMATE*
2025-2026
FULL YEAR
$m
Expenses by function
General public services 2,429 11,978 31,418
Defence 4,296 19,733 51,483
Public order and safety 647 3,859 9,145
Education 13,124 34,256 54,030
Health 10,599 52,860 124,803
Social security and welfare 23,802 124,173 290,966
Housing and community amenities 521 2,485 8,952
Recreation and culture 454 2,268 5,867
Fuel and energy 1,709 9,871 19,237
Agriculture, forestry and fishing 328 1,413 4,427
Mining, manufacturing and construction 459 2,175 5,522
Transport and communication 710 2,808 16,557
Other economic affairs 1,241 5,699 13,558
Other purposes
Public debt interest 2,208 10,867 28,429
Nominal superannuation interest 1,232 6,160 15,198
General purpose inter-government transactions 8,414 40,722 104,363
Natural disaster relief 35 198 874
Contingency reserve 0 0 842
Total expenses 72,208 331,525 785,670

Finance supports a delegation of emerging political leaders from the USA

The Australian Political Exchange Council recently hosted a delegation of young American political leaders across six Australian cities over two weeks.

Finance provides secretariat support to the Council and plays an important role in supporting these delegations by developing the political exchange programs and accompanying delegations during their visit.

The delegation met with Ministers, parliamentarians, public servants, and academics – exchanging ideas on governance, policy, and the future of US-Australia relations.

AIDE and GovAI: moving from experimentation to impact across the APS

Matt Yannopoulos PSM
Secretary, Department of Finance

Artificial intelligence is no longer something the Australian Public Service (APS) can treat as an emerging curiosity. It is a practical capability that is already changing how work is done across government – and it will continue to accelerate. The task for us now is to shape that change in a way that strengthens public trust, builds workforce confidence and delivers tangible benefits for Australians.

Finance's Leadership values    The Department of Finance acknowledges the Traditional Owners and Custodians throughout Australia and their continuing connection to land, water and community.