Senator the Hon Mathias Cormann

The Government continues to repair the budget as part of its plan to build a stronger, more prosperous economy where everyone can get ahead.

The 2014-15 Consolidated Financial Statements present the financial results for the whole of government inclusive of all Australian Government controlled entities, including those outside the general government sector, such as Australia Post and the Reserve Bank of Australia. The Final Budget Outcome presents the financial results for the general government sector only.

In 2014-15, the Australian Government recorded a cash balance deficit across all its entities of $37.6 billion, a decrease from the $40.0 billion cash deficit across all Australian Government controlled entities in 2013-14.

We are making progress in repairing the Budget. A total of 348 budget repair measures out of 400 have been implemented since the 2013-14 Mid-Year Economic and Fiscal Outlook. Together, these measures have improved the budget bottom line over the relevant forward estimates period by more than $89 billion.

We remain committed to repairing the Budget, creating a solid foundation for economic growth and creating the opportunities for everyone to get ahead.

Key highlights from the Consolidated Financial Statements are included below. A full copy of the Consolidated Financial Statements is available at: http://www.finance.gov.au/publications/commonwealth-consolidated-financial-statements. 

The Consolidated Financial Statements comply with Australian Accounting Standards, except for the requirement to measure Specialist Military Equipment at fair value. This is a technical accounting issue, which has no impact on the Australian Government’s fiscal balance and cash position or Defence’s asset or capability management.