Australian Government General Government Sector Monthly Financial Statements for July and August 2025

Print version [247.6 KB]

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

KG 26/25
Friday, 3 October 2025

KEY POINTS

  • The Monthly Financial Statements for July and August 2025 report the budget position against the expected monthly profile for the 2025-26 financial year through to 31 August 2025, based on the 2025-26 estimates published in the 2025-26 Budget in March 2025.
  • The underlying cash balance for the 2025-26 financial year to 31 August 2025 was a deficit of $11.6 billion.
  • The fiscal balance for the 2025-26 financial year to 31 August 2025 was a deficit of $12.5 billion.
AGGREGATES(a) ACTUAL
2025-2026
July
$b
ACTUAL
2025-2026
August
$b
ACTUAL
2025-2026
YTD August
$b
Budget Profile
2025-2026
YTD August
$b
BUDGET
ESTIMATE*
2025-2026
FULL YEAR
$b
Receipts(b) 58.7 60.6 119.2 115.2 735.4
Payments(c) 72.4 58.5 130.8 129.9 777.5
Underlying cash balance -13.7 2.1 -11.6 -14.7 -42.1
Headline cash balance -14.7 1.7 -13.0 -16.9 -65.2
Revenue 58.6 61.7 120.4 119.0 750.3
Expenses 70.2 62.1 132.3 133.6 785.7
Net operating balance -11.5 -0.4 -11.9 -14.6 -35.4
Net capital investment 0.8 -0.2 0.6 0.7 8.8
Fiscal balance -12.4 -0.2 -12.5 -15.3 -44.2
Total assets 911.1 923.2 906.1
Total liabilities 1,531.1 1,542.7 1,527.9
Net worth(d) -620.0 -619.5 -621.8
Net debt(e) 542.5 543.3 620.3

*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 31 August 2025 was a deficit of $11.6 billion.

  • Receipts
    Total receipts were $4.0 billion higher than the 2025-26 Budget profile.
  • Payments
    Total payments were $1.0 billion higher than the 2025-26 Budget profile.

Net Operating Balance

The net operating balance for the financial year to 31 August 2025 was a deficit of $11.9 billion.

Fiscal Balance

The fiscal balance for the financial year to 31 August 2025 was a deficit of $12.5 billion.

Assets and Liabilities

As at 31 August 2025:

  • net worth is negative $619.5 billion
  • net debt is $543.3 billion
  • net financial liabilities are $895.2 billion
Senator the Hon Katy Gallagher
Minister for Finance
Minister for Women
Minister for the Public Service
Minister for Government Services
 
Matt Yannopoulos PSM
Secretary
Department of Finance

 
Media Contact 
Phoenix Campbell0411 113 850

Australian Government general government sector operating statement

Note ACTUAL
2025-2026
July
$m
ACTUAL
2025-2026
August
$m
ACTUAL
2025-2026
YTD August
$m
Budget Profile
2025-2026
YTD August
$m
BUDGET
ESTIMATE*
2025-2026
FULL YEAR
$m
Revenue
Taxation revenue 1,2 51,749 58,554 110,304 109,054 694,304
Sales of goods and services 4,048 770 4,819 4,641 22,256
Interest income 855 575 1,430 1,512 10,619
Dividend and distribution income 505 419 924 1,183 7,434
Other 1,484 1,415 2,899 2,572 15,648
Total revenue 58,641 61,734 120,375 118,962 750,262
Expenses
Gross operating expenses
Wages and salaries(a) 2,682 2,483 5,165 5,132 30,450
Superannuation 780 755 1,535 1,478 8,771
Depreciation and amortisation 1,063 1,077 2,140 2,428 14,196
Supply of goods and services 18,833 17,529 36,362 38,029 229,440
Other operating expenses(a) 1,631 1,437 3,068 2,095 12,485
Total gross operating expenses 24,989 23,280 48,269 49,162 295,342
Superannuation interest expense 1,232 1,232 2,464 2,533 15,198
Interest expenses 2,570 5,344 7,914 7,880 38,696
Current transfers
Current grants 22,599 15,761 38,360 38,293 223,378
Subsidy expenses 1,734 1,619 3,354 3,416 21,352
Personal benefits 16,339 14,118 30,457 30,449 169,410
Total current transfers 40,672 31,498 72,170 72,158 414,140
Capital transfers
Mutually agreed write-downs 146 161 307 490 2,930
Other capital grants 560 590 1,150 1,384 19,364
Total capital transfers 706 751 1,458 1,874 22,294
Total expenses 3 70,170 62,105 132,275 133,608 785,670
Net operating balance -11,529 -370 -11,900 -14,646 -35,408
Other economic flows
- included in operating result
Net write-downs of assets -564 -760 -1,324 -3,433 -12,239
Assets recognised for the first time 12 14 25 33 393
Actuarial revaluations -6 -5 -11 -6 -1,060
Net foreign exchange gains 80 -90 -9 0 183
Net swap interest received 188 27 215 -1 -7
Market valuation of debt 3,844 -910 2,934 -2,343 -13,119
Other gains/(losses) 2,237 2,587 4,823 1,601 9,860
Total other economic flows
- included in operating result
5,791 863 6,654 -4,150 -15,989
Operating result(b) -5,738 493 -5,246 -18,796 -51,396
Non-owner movements in equity
Revaluation of equity investments 0 0 0 0 203
Actuarial revaluations 0 0 0 0 -228
Other economic revaluations 231 45 277 -3 145
Total other economic flows
- included in equity
231 45 277 -3 120
Comprehensive result
- Total change in net worth
-5,507 538 -4,969 -18,799 -51,277
Net operating balance -11,529 -370 -11,900 -14,646 -35,408
Net acquisition of non-financial assets
Purchases of non-financial assets 1,663 922 2,585 3,266 22,224
less Sales of non-financial assets 3 4 7 1 117
less Depreciation 1,063 1,077 2,140 2,428 14,196
plus Change in inventories 228 -24 203 -141 859
plus Other movements in non-financial assets 18 -18 0 0 0
Total net acquisition of non-financial assets 843 -202 641 695 8,771
Fiscal balance (Net lending/borrowing)(c) -12,372 -169 -12,541 -15,341 -44,178

*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 31 July 2025
$m
ACTUAL
as at 31 August 2025
$m
BUDGET

ESTIMATE*
as at 30 June 2026
$m

Assets
Financial assets
Cash and deposits 85,881 95,346 73,579
Advances paid 78,493 78,056 77,939
Investments, loans and placements 253,915 254,795 248,576
Other receivables 96,437 97,614 92,762
Equity investments
Investments in other public sector entities 47,728 47,839 57,342
Equity accounted investments 6,534 6,600 6,485
Investments - shares 113,930 115,093 121,108
Total financial assets 682,918 695,342 677,792
Non-financial assets
Land 15,659 15,665 14,756
Buildings 53,640 53,473 50,875
Plant, equipment and infrastructure 118,224 118,058 120,634
Inventories 13,163 13,185 12,691
Intangibles 13,825 13,902 16,212
Investment properties 299 264 221
Biological assets 5 5 5
Heritage and cultural assets 13,266 13,257 12,803
Assets held for sale 48 48 81
Other non-financial assets 24 6 6
Total non-financial assets 228,155 227,863 228,283
Total assets 911,073 923,205 906,074
Liabilities
Interest bearing liabilities
Deposits held 296 259 418
Government securities 907,845 918,936 968,449
Loans 33,424 33,252 33,885
Lease liabilities 19,223 19,088 17,689
Total interest bearing liabilities 960,788 971,535 1,020,440
Provisions and payables
Superannuation liability(a) 314,183 314,952 313,806
Other employee liabilities 94,528 94,894 60,538
Suppliers payables 13,758 11,901 15,127
Personal benefits payables 3,978 4,299 4,759
Subsidies payables 784 666 672
Grants payables 4,170 4,136 5,667
Other payables 11,358 9,961 5,866
Provisions 127,551 130,349 100,993
Total provisions and payables 570,310 571,158 507,430
Total liabilities 1,531,098 1,542,693 1,527,870
Net worth(b) -620,025 -619,487 -621,796
Net financial worth(c) -848,180 -847,351 -850,079
Net financial liabilities(d) 895,908 895,189 907,420
Net debt(e) 542,499 543,338 620,345

*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 2025-26 Monthly Financial Statements was calculated using the spot rates on long-term government bonds as at 30 June 2025 that best matched each individual scheme’s liability duration. These rates were between 3.8 and 5.0 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
2025-2026
July
$m
ACTUAL
2025-2026
August
$m
ACTUAL
2025-2026
YTD August
$m
Budget Profile
2025-2026
YTD August
$m
BUDGET
ESTIMATE*
2025-2026
FULL YEAR
$m
Cash receipts from operating activities
Taxes received 50,593 57,484 108,078 104,179 676,086
Receipts from sales of goods and services 3,550 971 4,521 4,704 21,921
Interest receipts 889 893 1,782 1,879 9,389
Dividends, distributions and income tax equivalents 643 378 1,021 1,177 7,416
Other receipts 2,834 842 3,676 3,130 20,286
Total operating receipts 58,509 60,568 119,078 115,069 735,098
Cash payments for operating activities
Payments for employees(b) -5,270 -3,776 -9,046 -8,900 -48,917
Payments for goods and services -20,757 -19,019 -39,776 -39,569 -228,248
Grants and subsidies paid -24,720 -18,346 -43,065 -43,515 -266,344
Interest paid -248 -426 -674 -697 -27,885
Personal benefit payments -17,229 -14,166 -31,395 -31,120 -169,556
Other payments(b) -1,241 -1,189 -2,429 -2,492 -13,739
Total operating payments -69,464 -56,922 -126,386 -126,293 -754,689
Net cash flows from operating activities -10,955 3,647 -7,308 -11,224 -19,590
Cash flows from investments in non-financial assets
Sales of non-financial assets 146 6 152 131 254
Purchases of non-financial assets -2,659 -1,284 -3,943 -3,080 -20,040
Net cash flows from investments in non-financial assets -2,514 -1,278 -3,792 -2,949 -19,786
Net cash flows from investments in financial assets for policy purposes -964 -440 -1,405 -2,205 -23,076
Net cash flows from investments in financial assets for liquidity purposes -1,174 -397 -1,571 -3,047 -4,839
Cash flows from financing activities
Borrowing (net) 22,527 8,142 30,669 26,003 72,773
Other financing (net) 24 -144 -120 -367 -4,911
Net cash flows from financing activities 22,551 7,998 30,549 25,637 67,863
Net increase/(decrease) in cash held 6,944 9,529 16,474 6,212 571
GFS cash surplus(+)/deficit(-)(c) -13,469 2,369 -11,100 -14,173 -39,376
plus Principal payments of lease liabilities(d) -237 -252 -489 -483 -2,746
Equals underlying cash balance(e) -13,706 2,117 -11,589 -14,656 -42,122
plus Net cash flows from investments in financial assets for policy purposes -964 -440 -1,405 -2,205 -23,076
Equals headline cash balance -14,670 1,676 -12,994 -16,861 -65,198

*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
2025-2026
July
$m
ACTUAL
2025-2026
August
$m
ACTUAL
2025-2026
YTD August
$m
Budget Profile
2025-2026
YTD August
$m
BUDGET
ESTIMATE*
2025-2026
FULL YEAR
$m
Individuals and other withholding taxes
Gross income tax withholding 23,583 27,876 51,460 51,545 314,100
Gross other individuals 9,017 6,509 15,526 13,996 84,500
less Refunds 9,099 6,575 15,674 16,629 40,800
Total individuals and other withholding taxation 23,501 27,810 51,312 48,912 357,800
Fringe benefits tax 963 245 1,207 1,048 5,150
Company tax 11,783 11,411 23,194 24,614 143,500
Superannuation fund taxes 3,597 2,393 5,990 4,093 25,580
Petroleum resource rent tax 2 781 783 784 1,980
Total income taxation revenue 39,846 42,639 82,485 79,452 534,010

*As published in the 2025-26 Budget.

Note 2: Indirect Tax

ACTUAL
2025-2026
July
$m
ACTUAL
2025-2026
August
$m
ACTUAL
2025-2026
YTD August
$m
Budget Profile
2025-2026
YTD August
$m
BUDGET
ESTIMATE*
2025-2026
FULL YEAR
$m
Goods and services tax 6,877 10,951 17,827 18,219 99,300
Wine equalisation tax 74 112 186 188 1,210
Luxury car tax 108 99 207 228 1,210
Excise duty 2,399 2,315 4,713 4,838 32,450
Customs duty 1,546 970 2,517 3,826 11,350
Other indirect tax 899 1,469 2,368 2,303 14,774
Total indirect taxation revenue 11,903 15,915 27,818 29,602 160,294

*As published in the 2025-26 Budget.

Note 3: Total expenses by function

ACTUAL
2025-2026
July
$m
ACTUAL
2025-2026
August
$m
ACTUAL
2025-2026
YTD August
$m
BUDGET
ESTIMATE*
2025-2026
FULL YEAR
$m
Expenses by function
General public services 2,223 2,036 4,260 31,418
Defence 3,709 3,473 7,182 51,483
Public order and safety 1,015 668 1,683 9,145
Education 7,749 2,804 10,553 54,030
Health 11,617 10,236 21,854 124,803
Social security and welfare 27,991 23,681 51,672 290,966
Housing and community amenities 364 582 946 8,952
Recreation and culture 502 404 906 5,867
Fuel and energy 1,065 4,064 5,129 19,237
Agriculture, forestry and fishing 213 411 624 4,427
Mining, manufacturing and construction 408 419 827 5,522
Transport and communication 251 390 642 16,557
Other economic affairs 1,165 1,045 2,210 13,558
Other purposes
Public debt interest 2,088 2,187 4,276 28,429
Nominal superannuation interest 1,232 1,232 2,464 15,198
General purpose inter-government transactions 7,979 8,414 16,393 104,363
Natural disaster relief 598 58 656 874
Contingency reserve 0 0 0 842
Total expenses 70,170 62,105 132,275 785,670

*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:
https://data.gov.au/data/dataset/australian-government-general-government-sector-monthly-financial-statements-tables-and-data


Did you find this content useful?