Colour head shot of Katy Gallagher, current Minister for Finance.

Senator the Hon Katy Gallagher

Minister for Finance

Consolidated Financial Statements for the Australian Government for 2022-23

SENATOR THE HON KATY GALLAGHER
Minister for Finance
Minister for Women
Minister for the Public Service
Senator for the ACT

Date

The Consolidated Financial Statements present the whole of government and general government sector financial reports. The Final Budget Outcome, released on 22 September 2023, presents the financial results for the general government sector.

The Auditor-General has provided an unmodified audit opinion on the Consolidated Financial Statements.

Key highlights from the 2022-23 Consolidated Financial Statements are included in Table 1 below. A full copy of the Consolidated Financial Statements is available at: http://www.finance.gov.au/publications/commonwealth-consolidated-financial-statements.

Table 1: Financial results for the year ended 30 June 2023

 2022-23
$b
2021-22
$b
Change
$b
Revenue689.9616.773.2
Expenses665.0637.227.7
Net operating balance(a)24.9(20.6)45.5
Per cent of GDP1.0(0.9)-
Net capital investment14.711.03.7
Fiscal balance(b)10.2(31.5)41.8
Per cent of GDP0.4(1.4)-
Total assets1,090.31,051.838.5
Total liabilities1,660.61,660.50.0
Net worth(c)(570.2)(608.7)38.5
Per cent of GDP(22.5)(26.5)-
Net cash flows from operating activities42.8(6.0)48.8
Net cash flows from investments in non-financial assets(24.8)(23.8)(1.0)
Cash surplus/(deficit)18.0(29.8)47.8

(a) Net operating balance equals total revenue minus total expenses.
(b) Fiscal balance (or net lending/borrowing) is the net operating balance less net capital investment.
(c) Net worth is calculated as total assets minus total liabilities.

The Consolidated Financial Statements comply with Australian Accounting Standards.

[ENDS]
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