Australian Government General Government Sector Monthly Financial Statements for April 2025

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

KG 16/25
Friday, 30 May 2025

KEY POINTS

  • The Monthly Financial Statements for April 2025 report the budget position against the expected monthly profile for the 2024-25 financial year through to 30 April 2025, based on the 2024-25 Revised Budget estimates published in the 2025-26 Budget in March 2025.
  • The underlying cash balance for the 2024-25 financial year to 30 April 2025 was a deficit of $19.2 billion.
  • The fiscal balance for the 2024-25 financial year to 30 April 2025 was a deficit of $11.7 billion.
AGGREGATES(a) ACTUAL
2024-2025
April
$b
ACTUAL
2024-2025
YTD April
$b
Revised Budget Profile
2024-2025
YTD April
$b
REVISED BUDGET
ESTIMATE*
2024-2025
FULL YEAR
$b
Receipts(b) 63.2 576.7 572.8 703.9
Payments(c) 61.2 595.9 596.8 731.5
Underlying cash balance 2.0 -19.2 -24.0 -27.6
Headline cash balance 0.8 -28.6 -34.5 -46.7
Revenue 65.5 593.5 586.3 717.6
Expenses 59.4 601.4 604.0 762.8
Net operating balance 6.1 -7.9 -17.8 -45.2
Net capital investment 1.5 3.8 2.8 5.5
Fiscal balance 4.6 -11.7 -20.6 -50.6
Total assets 876.2 857.6
Total liabilities 1,434.8 1,428.1
Net worth(d) -558.6 -570.5
Net debt(e) 543.6 556.0

*As published in the 2025-26 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 30 April 2025 was a deficit of $19.2 billion.

  • Receipts
    Total receipts were $3.9 billion higher than the 2024-25 Revised Budget profile.
  • Payments
    Total payments were $851 million lower than the 2024-25 Revised Budget profile.

Net Operating Balance

The net operating balance for the financial year to 30 April 2025 was a deficit of $7.9 billion.

Fiscal Balance

The fiscal balance for the financial year to 30 April 2025 was a deficit of $11.7 billion.

Assets and Liabilities

As at 30 April 2025:

  • net worth is negative $558.6 billion;
  • net debt is $543.6 billion; and
  • net financial liabilities are $829.8 billion.
Senator the Hon Katy Gallagher
Minister for Finance
Minister for Women
Minister for the Public Service
Minister for Government Services
 
Jenny Wilkinson PSM
Secretary
Department of Finance
Media Contact 
Phoenix Campbell0411 113 850

Australian Government general government sector operating statement

Note ACTUAL
2024-2025
April
$m
ACTUAL
2024-2025
YTD April
$m
Revised Budget Profile
2024-2025
YTD April
$m
REVISED BUDGET
ESTIMATE*
2024-2025
FULL YEAR
$m
Revenue
Taxation revenue 1,2 58,752 546,578 540,564 663,208
Sales of goods and services 3,717 19,677 19,458 21,166
Interest income 840 8,137 7,415 10,532
Dividend and distribution income 435 5,824 6,074 7,205
Other 1,758 13,301 12,741 15,458
Total revenue 65,502 593,517 586,252 717,568
Expenses
Gross operating expenses
Wages and salaries(a) 2,526 23,972 23,958 29,439
Superannuation 811 7,688 7,487 8,728
Depreciation and amortisation 389 10,794 11,605 14,092
Supply of goods and services 17,679 170,733 173,430 214,656
Other operating expenses(a) 1,257 11,809 11,267 12,707
Total gross operating expenses 22,661 224,996 227,747 279,622
Superannuation interest expense 1,180 11,804 11,829 14,241
Interest expenses 2,509 23,862 23,824 31,157
Current transfers
Current grants 15,202 176,294 176,513 219,567
Subsidy expenses 1,769 15,868 15,965 19,965
Personal benefits 13,779 136,050 135,622 162,616
Total current transfers 30,749 328,212 328,099 402,147
Capital transfers
Mutually agreed write-downs 289 2,495 2,476 14,884
Other capital grants 1,967 10,033 10,050 20,706
Total capital transfers 2,256 12,528 12,526 35,589
Total expenses 3 59,355 601,401 604,025 762,756
Net operating balance 6,147 -7,884 -17,774 -45,188
Other economic flows
- included in operating result
Net write-downs of assets -720 -11,352 -11,101 -13,186
Assets recognised for the first time 30 293 280 368
Actuarial revaluations -1 -18 -18 2,191
Net foreign exchange gains -322 -4 -125 182
Net swap interest received -121 -1,568 -1,271 -478
Market valuation of debt -12,940 -23,481 -12,175 -11,466
Other gains/(losses) 1,585 14,574 14,489 13,430
Total other economic flows
- included in operating result
-12,489 -21,557 -9,921 -8,957
Operating result(b) -6,342 -29,442 -27,695 -54,145
Non-owner movements in equity
Revaluation of equity investments 0 -60 12 -718
Actuarial revaluations 0 0 0 -842
Other economic revaluations 3,243 4,255 650 707
Total other economic flows
- included in equity
3,243 4,195 661 -853
Comprehensive result
- Total change in net worth
-3,098 -25,247 -27,033 -54,998
Net operating balance 6,147 -7,884 -17,774 -45,188
Net acquisition of non-financial assets
Purchases of non-financial assets 1,650 15,773 16,059 22,133
less Sales of non-financial assets 10 2,254 2,219 2,538
less Depreciation 389 10,794 11,605 14,092
plus Change in inventories 283 1,078 553 -43
plus Other movements in non-financial assets -1 2 -1 0
Total net acquisition of non-financial assets 1,532 3,805 2,787 5,459
Fiscal balance (Net lending/borrowing)(c) 4,615 -11,690 -20,560 -50,647

*As published in the 2025-26 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 30 April 2025
$m
REVISED BUDGET
ESTIMATE*
as at 30 June 2025
$m
Assets
Financial assets
Cash and deposits 73,492 73,008
Advances paid 75,940 66,347
Investments, loans and placements 242,594 239,767
Other receivables 99,464 86,469
Equity investments
Investments in other public sector entities 49,568 51,637
Equity accounted investments 6,225 6,349
Investments - shares 107,244 113,455
Total financial assets 654,526 637,032
Non-financial assets
Land 15,139 14,647
Buildings 51,812 50,951
Plant, equipment and infrastructure 115,235 115,529
Inventories 12,298 11,604
Intangibles 14,000 14,723
Investment properties 244 221
Biological assets 5 5
Heritage and cultural assets 12,839 12,800
Assets held for sale 81 86
Other non-financial assets 8 6
Total non-financial assets 221,660 220,572
Total assets 876,187 857,604
Liabilities
Interest bearing liabilities
Deposits held 364 418
Government securities 885,165 883,713
Loans 31,452 32,385
Lease liabilities 18,626 18,584
Total interest bearing liabilities 935,607 935,100
Provisions and payables
Superannuation liability(a) 317,230 303,276
Other employee liabilities 61,630 60,944
Suppliers payables 11,627 15,268
Personal benefits payables 3,897 4,299
Subsidies payables 607 680
Grants payables 2,866 5,998
Other payables 10,589 6,144
Provisions 90,738 96,413
Total provisions and payables 499,184 493,023
Total liabilities 1,434,790 1,428,123
Net worth(b) -558,604 -570,519
Net financial worth(c) -780,264 -791,091
Net financial liabilities(d) 829,832 842,728
Net debt(e) 543,581 555,978

*As published in the 2025-26 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 2024-25 Monthly Financial Statements was calculated using the spot rates on long-term government bonds as at 30 June 2024 that best matched each individual scheme’s liability duration. These rates were between 4.2 and 4.8 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
2024-2025
April
$m
ACTUAL
2024-2025
YTD April
$m
Revised Budget Profile
2024-2025
YTD April
$m
REVISED BUDGET
ESTIMATE*
2024-2025
FULL YEAR
$m
Cash receipts from operating activities
Taxes received 55,932 524,435 520,982 645,242
Receipts from sales of goods and services 3,710 20,464 20,407 21,796
Interest receipts 799 8,679 8,278 9,520
Dividends, distributions and income tax equivalents 591 6,069 6,150 7,380
Other receipts 2,165 16,785 16,722 19,719
Total operating receipts 63,198 576,431 572,539 703,657
Cash payments for operating activities
Payments for employees(b) -3,861 -38,998 -38,896 -46,880
Payments for goods and services -17,873 -171,059 -172,706 -211,495
Grants and subsidies paid -18,711 -202,227 -202,566 -251,076
Interest paid -3,862 -17,338 -17,445 -24,413
Personal benefit payments -13,982 -137,279 -136,977 -163,057
Other payments(b) -1,303 -10,779 -10,355 -11,821
Total operating payments -59,591 -577,681 -578,945 -708,740
Net cash flows from operating activities 3,607 -1,250 -6,406 -5,083
Cash flows from investments in non-financial assets
Sales of non-financial assets 4 250 250 265
Purchases of non-financial assets -1,385 -15,957 -15,594 -20,047
Net cash flows from investments in non-financial assets -1,381 -15,707 -15,344 -19,782
Net cash flows from investments in financial assets for policy purposes -1,163 -9,320 -10,485 -19,076
Net cash flows from investments in financial assets for liquidity purposes -368 -6,970 -7,150 -4,520
Cash flows from financing activities
Borrowing (net) -31,178 14,827 3,312 29,583
Other financing (net) -564 -5,405 -4,975 -5,432
Net cash flows from financing activities -31,742 9,421 -1,663 24,152
Net increase/(decrease) in cash held -31,048 -23,826 -41,048 -24,310
GFS cash surplus(+)/deficit(-)(c) 2,225 -16,957 -21,750 -24,866
plus Principal payments of lease liabilities(d) -256 -2,290 -2,240 -2,740
Equals underlying cash balance(e) 1,969 -19,247 -23,990 -27,605
plus Net cash flows from investments in financial assets for policy purposes -1,163 -9,320 -10,485 -19,076
Equals headline cash balance 806 -28,567 -34,475 -46,681

*As published in the 2025-26 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) 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
2024-2025
April
$m
ACTUAL
2024-2025
YTD April
$m
Revised Budget Profile
2024-2025
YTD April
$m
REVISED BUDGET
ESTIMATE*
2024-2025
FULL YEAR
$m
Individuals and other withholding taxes
Gross income tax withholding 23,416 246,292 245,220 296,800
Gross other individuals 10,518 67,026 66,591 86,200
less Refunds 1,671 35,386 35,243 39,200
Total individuals and other withholding taxation 32,263 277,932 276,568 343,800
Fringe benefits tax 939 4,503 4,476 5,070
Company tax 12,306 113,225 109,997 136,500
Superannuation fund taxes 1,501 22,622 21,668 22,830
Petroleum resource rent tax 318 1,504 1,510 1,500
Total income taxation revenue 47,327 419,786 414,220 509,700

*As published in the 2025-26 Budget.

Note 2: Indirect Tax

ACTUAL
2024-2025
April
$m
ACTUAL
2024-2025
YTD April
$m
Revised Budget Profile
2024-2025
YTD April
$m
REVISED BUDGET
ESTIMATE*
2024-2025
FULL YEAR
$m
Goods and services tax 7,273 77,851 77,501 94,420
Wine equalisation tax 64 913 922 1,120
Luxury car tax 84 917 941 1,170
Excise duty 2,279 25,894 26,008 31,000
Customs duty 884 9,749 9,509 11,430
Other indirect tax 841 11,468 11,464 14,368
Total indirect taxation revenue 11,426 126,791 126,344 153,508

*As published in the 2025-26 Budget.

Note 3: Total expenses by function

ACTUAL
2024-2025
April
$m
ACTUAL
2024-2025
YTD April
$m
REVISED BUDGET
ESTIMATE*
2024-2025
FULL YEAR
$m
Expenses by function
General public services 2,712 25,794 33,052
Defence 3,255 37,611 49,344
Public order and safety 746 6,988 8,778
Education 2,851 45,416 63,503
Health 9,525 94,916 117,067
Social security and welfare 22,844 227,136 274,901
Housing and community amenities 1,087 6,006 18,122
Recreation and culture 497 4,370 5,859
Fuel and energy 1,238 11,812 16,437
Agriculture, forestry and fishing 282 2,775 4,461
Mining, manufacturing and construction 590 4,327 5,866
Transport and communication 1,423 9,560 15,980
Other economic affairs 1,241 10,552 14,063
Other purposes
Public debt interest 2,007 19,840 23,940
Nominal superannuation interest 1,180 11,804 14,241
General purpose inter-government transactions 7,648 81,755 97,382
Natural disaster relief 229 738 1,506
Contingency reserve 0 0 -1,747
Total expenses 59,355 601,401 762,756

*As published in the 2025-26 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/data/dataset/australian-government-general-government-sector-monthly-financial-statements-tables-and-data


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