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11/10/2024

Australian Government General Government Sector Monthly Financial Statements for May 2023

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

KG 19/23
Friday, 30 June 2023

KEY POINTS

  • The Monthly Financial Statements for May 2023 report the budget position against the expected monthly profile for the 2022-23 financial year through to 31 May 2023, based on the 2022-23 Revised Budget estimate published in the 2023-24 Budget in May 2023.
  • The underlying cash balance for the 2022-23 financial year to 31 May 2023 was a surplus of $19.0 billion.
  • The fiscal balance for the 2022-23 financial year to 31 May 2023 was a surplus of $29.6 billion.
AGGREGATES(a) ACTUAL
2022-2023
May
$b 		ACTUAL
2022-2023
YTD May
$b 		Revised Budget Profile
2022-2023
YTD May
$b 		REVISED BUDGET
ESTIMATE*
2022-2023
FULL YEAR
$b
Receipts(b) 76.8 579.6 571.1 635.6
Payments(c) 52.8 560.6 563.6 631.4
Underlying cash balance 24.0 19.0 7.5 4.2
Headline cash balance 26.8 11.6 -2.0 -7.5
Revenue 77.4 604.5 596.1 653.8
Expenses 53.4 568.6 571.4 644.8
Net operating balance 24.0 35.8 24.7 9.0
Net capital investment 1.8 6.3 6.7 10.4
Fiscal balance 22.2 29.6 18.0 -1.5
Total assets 788.4 763.8
Total liabilities 1349.2 1310.6
Net worth(d) -560.8 -546.9
Net debt(e) 516.7 548.6

*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 May 2023 was a surplus of $19.0 billion.

  • Receipts
    Total receipts were $8.5 billion higher than the 2022-23 Revised Budget profile.
  • Payments
    Total payments were $3.0 billion lower than the 2022-23 Revised Budget profile.

Net Operating Balance

The net operating balance for the financial year to 31 May 2023 was a surplus of $35.8 billion.

Fiscal Balance

The fiscal balance for the financial year to 31 May 2023 was a surplus of $29.6 billion. 

Assets and Liabilities

As at 31 May 2023:

  • net worth is negative $560.8 billion;
  • net debt is $516.7 billion; and
  • net financial liabilities are $801.2 billion.
Senator the Hon Katy Gallagher
Minister for Finance
Minister for the Public Service
Minister for Women		 Jenny Wilkinson PSM
Secretary
Department of Finance
Media Contact  
Patrick Cronan   0432 758 224

Australian Government general government sector operating statement

Note ACTUAL
2022-2023
May
$m 		ACTUAL
2022-2023
YTD May
$m 		Revised Budget Profile
2022-2023
YTD May
$m 		REVISED BUDGET
ESTIMATE*
2022-2023
FULL YEAR
$m
Revenue
Taxation revenue 1,2 73,896 558,428 550,666 604,169
Sales of goods and services 728 18,721 18,682 19,078
Interest income 979 8,467 7,904 9,053
Dividend and distribution income 447 4,385 4,643 5,361
Other 1,365 14,459 14,205 16,105
Total revenue 77,415 604,460 596,100 653,767
Expenses
Gross operating expenses
Wages and salaries(a) 2,201 21,652 21,757 24,254
Superannuation 796 8,388 8,175 8,754
Depreciation and amortisation 1,061 11,119 11,066 12,063
Supply of goods and services 14,586 152,541 154,458 175,719
Other operating expenses(a) 718 8,271 7,991 8,433
Total gross operating expenses 19,362 201,971 203,447 229,223
Superannuation interest expense 1,022 11,242 11,277 12,334
Interest expenses 3,829 23,999 23,466 26,789
Current transfers
Current grants 13,812 172,794 173,546 192,661
Subsidy expenses 1,651 15,942 15,764 17,373
Personal benefits 11,942 131,651 132,345 145,485
Total current transfers 27,405 320,387 321,655 355,520
Capital transfers
Mutually agreed write-downs 184 2,513 2,466 2,870
Other capital grants 1,614 8,537 9,073 18,052
Total capital transfers 1,798 11,049 11,539 20,922
Total expenses 3 53,416 568,647 571,384 644,788
Net operating balance 23,999 35,812 24,716 8,979
Other economic flows
- included in operating result
Net write-downs of assets -1,524 -10,244 -8,645 -8,365
Assets recognised for the first time 30 239 190 225
Actuarial revaluations 0 2 11 27
Net foreign exchange gains 91 6 -63 -514
Net swap interest received -684 -1,742 -881 -787
Market valuation of debt 13,138 -7,147 -21,248 -21,938
Other gains/(losses) -1,041 4,290 4,229 2,930
Total other economic flows
- included in operating result 		10,009 -14,598 -26,407 -28,423
Operating result(b) 34,009 21,214 -1,692 -19,444
Non-owner movements in equity
Revaluation of equity investments -0 -3 -3 -165
Actuarial revaluations 0 0 0 -3,975
Other economic revaluations 1,011 -1,195 1,389 951
Total other economic flows
- included in equity 		1,011 -1,198 1,386 -3,190
Comprehensive result
- Total change in net worth 		35,019 20,016 -306 -22,633
Net operating balance 23,999 35,812 24,716 8,979
Net acquisition of non-financial assets
Purchases of non-financial assets 2,156 15,618 15,790 21,897
less Sales of non-financial assets 2 254 244 238
less Depreciation 1,061 11,119 11,066 12,063
plus Change in inventories 722 2,009 2,253 851
plus Other movements in non-financial assets -3 5 -0 -6
Total net acquisition of non-financial assets 1,813 6,258 6,733 10,441
Fiscal balance (Net lending/borrowing)(c) 22,187 29,554 17,982 -1,462

*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 May 2023
$m

 REVISED BUDGET

ESTIMATE*
as at 30 June 2023
$m
Assets
Financial assets
Cash and deposits 91,198 64,365
Advances paid 73,347 76,862
Investments, loans and placements 215,362 219,031
Other receivables 87,234 73,895
Equity investments
Investments in other public sector entities 42,735 43,552
Equity accounted investments 4,917 4,250
Investments - shares 75,962 77,925
Total financial assets 590,755 559,881
Non-financial assets
Land 13,020 13,077
Buildings 46,668 48,616
Plant, equipment and infrastructure 100,366 105,567
Inventories 12,659 11,612
Intangibles 11,941 11,926
Investment properties 215 205
Biological assets 9 16
Heritage and cultural assets 12,652 12,664
Assets held for sale 130 179
Other non-financial assets 27 16
Total non-financial assets 197,686 203,878
Total assets 788,440 763,759
Liabilities
Interest bearing liabilities
Deposits held 292 406
Government securities 847,162 858,661
Loans 29,867 30,161
Lease liabilities 19,250 19,610
Total interest bearing liabilities 896,571 908,839
Provisions and payables
Superannuation liability(a) 329,125 275,796
Other employee liabilities 35,418 35,475
Suppliers payables 10,015 12,142
Personal benefits payables 3,593 3,083
Subsidies payables 1,452 909
Grants payables 3,189 2,992
Other payables 8,320 4,108
Provisions 61,543 67,270
Total provisions and payables 452,655 401,774
Total liabilities 1,349,225 1,310,613
Net worth(b) -560,785 -546,854
Net financial worth(c) -758,470 -750,732
Net financial liabilities(d) 801,205 794,285
Net debt(e) 516,664 548,581

*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 2022-23 Monthly Financial Statements was calculated using the spot rates on long-term government bonds as at 30 June 2022 that best matched each individual scheme’s liability duration. These rates were between 3.7 and 3.9 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
2022-2023
May
$m 		ACTUAL
2022-2023
YTD May
$m 		Revised Budget Profile
2022-2023
YTD May
$m 		REVISED BUDGET
ESTIMATE*
2022-2023
FULL YEAR
$m
Cash receipts from operating activities
Taxes received 73,335 535,914 527,943 588,050
Receipts from sales of goods and services 800 18,686 18,709 19,200
Interest receipts 1,272 6,243 5,499 6,115
Dividends, distributions and income tax equivalents 343 4,494 4,722 5,407
Other receipts 1,028 13,982 13,977 16,457
Total operating receipts 76,778 579,319 570,849 635,230
Cash payments for operating activities
Payments for employees(b) -3,176 -35,576 -35,116 -38,758
Payments for goods and services -15,131 -154,549 -157,086 -173,325
Grants and subsidies paid -17,000 -197,583 -198,454 -226,775
Interest paid -3,428 -17,589 -17,627 -18,792
Personal benefit payments -12,166 -131,675 -132,600 -145,664
Other payments(b) -401 -7,488 -7,424 -7,797
Total operating payments -51,301 -544,460 -548,308 -611,110
Net cash flows from operating activities 25,477 34,859 22,542 24,119
Cash flows from investments in non-financial assets
Sales of non-financial assets 11 305 293 363
Purchases of non-financial assets -1,322 -13,899 -12,990 -17,766
Net cash flows from investments in non-financial assets -1,311 -13,594 -12,697 -17,402
Net cash flows from investments in financial assets for policy purposes 2,768 -7,430 -9,471 -11,689
Net cash flows from investments in financial assets for liquidity purposes -1,696 -3,165 -8,050 -11,027
Cash flows from financing activities
Borrowing (net) -3,455 -5,866 -15,224 -6,544
Other financing (net) -1,800 -8,370 -7,431 -7,854
Net cash flows from financing activities -5,256 -14,235 -22,655 -14,399
Net increase/(decrease) in cash held 19,982 -3,565 -30,331 -30,398
GFS cash surplus(+)/deficit(-)(c) 24,165 21,265 9,845 6,717
plus Principal payments of lease liabilities(d) -166 -2,281 -2,333 -2,516
Equals underlying cash balance(e) 23,999 18,984 7,512 4,202
plus Net cash flows from investments in financial assets for policy purposes 2,768 -7,430 -9,471 -11,689
Equals headline cash balance 26,767 11,554 -1,959 -7,487

*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
2022-2023
May
$m 		ACTUAL
2022-2023
YTD May
$m 		Revised Budget Profile
2022-2023
YTD May
$m 		REVISED BUDGET
ESTIMATE*
2022-2023
FULL YEAR
$m
Individuals and other withholding taxes
Gross income tax withholding 27,247 249,150 248,750 272,300
Gross other individuals 10,795 68,737 68,781 73,000
less Refunds 2,321 40,475 40,430 42,100
Total individuals and other withholding taxation 35,721 277,412 277,102 303,200
Fringe benefits tax 285 3,679 3,602 3,510
Company tax 20,797 132,547 125,335 140,800
Superannuation fund taxes 734 9,536 9,273 9,670
Petroleum resource rent tax 1 2,184 2,199 2,230
Total income taxation revenue 57,539 425,358 417,511 459,410

*As published in the 2023-24 Budget.

Note 2: Indirect Tax

ACTUAL
2022-2023
May
$m 		ACTUAL
2022-2023
YTD May
$m 		Revised Budget Profile
2022-2023
YTD May
$m 		REVISED BUDGET
ESTIMATE*
2022-2023
FULL YEAR
$m
Goods and services tax 10,946 81,413 81,343 88,040
Wine equalisation tax 121 1,054 1,045 1,170
Luxury car tax 93 1,018 1,031 1,150
Excise duty 2,750 23,803 23,838 26,150
Customs duty 1,206 15,415 15,620 17,180
Other indirect tax 1,241 10,366 10,277 11,069
Total indirect taxation revenue 16,357 133,070 133,155 144,759

*As published in the 2023-24 Budget.

Note 3: Total expenses by function

ACTUAL
2022-2023
May
$m 		ACTUAL
2022-2023
YTD May
$m 		REVISED BUDGET
ESTIMATE*
2022-2023
FULL YEAR
$m
Expenses by function
General public services 3,161 26,523 30,106
Defence 4,115 36,734 40,059
Public order and safety 635 6,766 7,384
Education 2,341 42,422 45,876
Health 8,602 93,289 107,710
Social security and welfare 19,159 202,740 226,378
Housing and community amenities 456 4,974 7,135
Recreation and culture 434 3,851 4,840
Fuel and energy 622 7,558 8,953
Agriculture, forestry and fishing 288 2,798 4,737
Mining, manufacturing and construction 620 3,859 4,905
Transport and communication 1,623 8,718 13,461
Other economic affairs 1,372 12,888 14,935
Other purposes
Public debt interest 1,958 20,391 22,152
Nominal superannuation interest 1,022 11,242 12,334
General purpose inter-government transactions 6,974 82,257 89,841
Natural disaster relief 35 1,636 3,533
Contingency reserve 0 0 449
Total expenses 53,416 568,647 644,788

*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.

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