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

Senator the Hon Katy Gallagher

Minister for Finance

Australian Government General Government Sector Monthly Financial Statements for May 2024

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

Date
 

KEY POINTS

  • The Monthly Financial Statements for May 2024 report the budget position against the expected monthly profile for the 2023-24 financial year through to 31 May 2024, based on the 2023-24 Revised Budget estimates published in the 2024 25 Budget in May 2024.
  • The underlying cash balance for the 2023-24 financial year to 31 May 2024 was a surplus of $18.2 billion.
  • The fiscal balance for the 2023-24 financial year to 31 May 2024 was a surplus of $27.2 billion. 
AGGREGATES(a)ACTUAL
2023-2024
May
$b
ACTUAL
2023-2024
YTD May
$b
Revised Budget Profile
2023-2024
YTD May
$b
REVISED BUDGET
ESTIMATE*
2023-2024
FULL YEAR
$b
Receipts(b)77.6624.8622.1692.3
Payments(c)59.6606.6608.1683.0
Underlying cash balance18.018.213.99.3
Headline cash balance17.911.37.26.5
Revenue77.3643.2641.3706.9
Expenses57.8610.7612.3691.1
Net operating balance19.632.529.015.8
Net capital investment1.85.35.27.8
Fiscal balance17.827.223.78.1
Total assets 843.9 825.9
Total liabilities 1,345.3 1,334.6
Net worth(d) -501.4 -508.6
Net debt(e) 486.1 499.9

*As published in the 2024-25 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 2024 was a surplus of $18.2 billion.

  • Receipts
    Total receipts were $2.8 billion higher than the 2023-24 Revised Budget profile. 
  • Payments
    Total payments were $1.5 billion lower than the 2023-24 Revised Budget profile.

Net Operating Balance

The net operating balance for the financial year to 31 May 2024 was a surplus of $32.5 billion.

Fiscal Balance

The fiscal balance for the financial year to 31 May 2024 was a surplus of $27.2 billion. 

Assets and Liabilities

As at 31 May 2024:

  • net worth is negative $501.4 billion;
  • net debt is $486.1 billion; and
  • net financial liabilities are $759.6 billion.
Senator the Hon Katy Gallagher
Minister for Finance
Minister for Women
Minister for the Public Service
 
Jenny Wilkinson PSM
Secretary
Department of Finance

 
Media Contact 
Patrick Cronan 0432 758 224

Australian Government general government sector operating statement

 NoteACTUAL
2023-2024
May
$m
ACTUAL
2023-2024
YTD May
$m
Revised Budget
Profile
2023-2024
YTD May
$m
REVISED BUDGET
ESTIMATE*
2023-2024
FULL YEAR
$m
Revenue     
Taxation revenue1,274,856596,205595,619656,039
Sales of goods and services 23319,37219,42520,274
Interest income 7618,6278,23211,131
Dividend and distribution income 5165,5285,4085,798
Other 97613,51112,59513,635
Total revenue 77,341643,243641,279706,877
Expenses     
Gross operating expenses     
Wages and salaries(a) 2,45024,28824,54627,326
Superannuation 7398,3688,4239,042
Depreciation and amortisation 1,10812,01511,86512,889
Supply of goods and services 17,196172,259174,102194,974
Other operating expenses(a) 9739,1148,7899,248
Total gross operating expenses 22,466226,045227,726253,478
Superannuation interest expense 1,11412,25912,25913,374
Interest expenses 2,10124,88424,41127,667
Current transfers     
Current grants 14,654178,357178,967203,194
Subsidy expenses 2,20717,37717,42319,613
Personal benefits 13,119140,837140,442152,866
Total current transfers 29,980336,571336,832375,674
Capital transfers     
Mutually agreed write-downs 6132,4532,5243,039
Other capital grants 1,4798,5068,53917,838
Total capital transfers 2,09210,95911,06320,877
Total expenses357,753610,718612,292691,070
Net operating balance 19,58732,52528,98715,807
Other economic flows     
- included in operating result     
Net write-downs of assets -1,876-12,104-10,734-10,994
Assets recognised for the first time 54364253298
Actuarial revaluations -14-33-20652
Net foreign exchange gains -105-7-12188
Net swap interest received 24-180-220-347
Market valuation of debt -730-334-11,552-10,639
Other gains/(losses) 1,94312,81411,3679,262
Total other economic flows
- included in operating result
 -705520-10,919-11,578
Operating result(b) 18,88233,04518,0694,228
Non-owner movements in equity     
Revaluation of equity investments 005-785
Actuarial revaluations 000-1,002
Other economic revaluations 4354,050580736
Total other economic flows
- included in equity
 4354,050585-1,051
Comprehensive result
- Total change in net worth
 19,31737,09518,6543,177
Net operating balance 19,58732,52528,98715,807
Net acquisition of non-financial assets     
Purchases of non-financial assets 2,77117,98818,20121,771
less Sales of non-financial assets 16893789777
less Depreciation 1,10812,01511,86512,889
plus Change in inventories 110263-300-351
plus Other movements in non-financial assets 0-5-2-1
Total net acquisition of non-financial assets 1,7575,3395,2457,754
Fiscal balance (Net lending/borrowing)(c) 17,83027,18623,7428,053

*As published in the 2024-25 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 2024
$m
REVISED BUDGET
ESTIMATE*
as at 30 June 2024
$m
Assets  
Financial assets  
Cash and deposits87,54489,311
Advances paid74,80367,539
Investments, loans and placements232,652242,528
Other receivables91,64479,105
Equity investments  
Investments in other public sector entities45,13944,934
Equity accounted investments5,8615,894
Investments - shares93,12684,931
Total financial assets630,769614,242
Non-financial assets  
Land14,36013,506
Buildings50,62350,673
Plant, equipment and infrastructure110,143110,044
Inventories12,60511,763
Intangibles12,38612,697
Investment properties237220
Biological assets45
Heritage and cultural assets12,62312,664
Assets held for sale95102
Other non-financial assets1014
Total non-financial assets213,088211,687
Total assets843,857825,929
Liabilities  
Interest bearing liabilities  
Deposits held279415
Government securities829,764847,774
Loans31,49231,772
Lease liabilities19,55519,302
Total interest bearing liabilities881,090899,263
Provisions and payables  
Superannuation liability(a)319,544294,654
Other employee liabilities43,86942,228
Suppliers payables18,29513,305
Personal benefits payables3,5643,991
Subsidies payables585550
Grants payables2,5333,658
Other payables7,3037,115
Provisions68,48769,787
Total provisions and payables464,180435,287
Total liabilities1,345,2701,334,550
Net worth(b)-501,414-508,621
Net financial worth(c)-714,501-720,309
Net financial liabilities(d)759,641765,243
Net debt(e)486,092499,886

*As published in the 2024-25 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 2023-24 Monthly Financial Statements was calculated using the spot rates on long-term government bonds as at 30 June 2023 that best matched each individual scheme’s liability duration. These rates were between 4.0 and 4.4 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
2023-2024
May
$m
ACTUAL
2023-2024
YTD May
$m
Revised Budget Profile
2023-2024
YTD May
$m
REVISED BUDGET
ESTIMATE*
2023-2024
FULL YEAR
$m
Cash receipts from operating activities    
Taxes received74,122575,899573,699638,750
Receipts from sales of goods and services53418,92419,12819,938
Interest receipts1,0249,9289,66210,404
Dividends, distributions and income tax equivalents4665,6425,5935,918
Other receipts1,38713,50013,05714,298
Total operating receipts77,534623,893621,139689,309
Cash payments for operating activities    
Payments for employees(b)-3,951-39,635-39,785-43,641
Payments for goods and services-16,991-172,397-173,552-192,077
Grants and subsidies paid-17,691-204,284-205,099-239,842
Interest paid-4,021-21,020-21,012-22,685
Personal benefit payments-13,703-140,916-140,576-152,828
Other payments(b)-879-9,692-9,384-9,923
Total operating payments-57,237-587,945-589,408-660,997
Net cash flows from operating activities20,29735,94831,73128,312
Cash flows from investments in non-financial assets    
Sales of non-financial assets269319172,999
Purchases of non-financial assets-2,176-16,245-16,448-19,450
Net cash flows from investments in non-financial assets-2,150-15,314-15,531-16,451
Net cash flows from investments in financial assets for policy purposes-99-6,914-6,725-2,879
Net cash flows from investments in financial assets for liquidity purposes-230-15,676-15,361-16,684
Cash flows from financing activities    
Borrowing (net)4,2854,4305,72612,210
Other financing (net)-842-4,642-4,411-4,910
Net cash flows from financing activities3,444-2121,3147,300
Net increase/(decrease) in cash held21,262-2,169-4,572-402
GFS cash surplus(+)/deficit(-)(c)18,14720,63416,20011,861
plus Principal payments of lease liabilities(d)-195-2,415-2,270-2,515
Equals underlying cash balance(e)17,95218,21913,9309,346
plus Net cash flows from investments in financial assets for policy purposes-99-6,914-6,725-2,879
Equals headline cash balance17,85311,3057,2056,467

*As published in the 2024-25 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
2023-2024
May
$m
ACTUAL
2023-2024
YTD May
$m
Revised Budget Profile
2023-2024
YTD May
$m
REVISED BUDGET
ESTIMATE*
2023-2024
FULL YEAR
$m
 
Individuals and other withholding taxes     
Gross income tax withholding29,974274,425274,736299,400 
Gross other individuals11,92972,82774,43581,500 
less Refunds2,26536,26036,01537,500 
Total individuals and other withholding taxation39,639310,992313,157343,400 
Fringe benefits tax2734,3594,3004,280 
Company tax17,494129,548126,963144,900 
Superannuation fund taxes1,40711,36610,78811,780 
Petroleum resource rent tax251,1831,1601,430 
Total income taxation revenue58,838457,447456,368505,790 

*As published in the 2024-25 Budget.

Note 2: Indirect Tax

 ACTUAL
2023-2024
May
$m
ACTUAL
2023-2024
YTD May
$m
Revised Budget Profile
2023-2024
YTD May
$m
REVISED BUDGET
ESTIMATE*
2023-2024
FULL YEAR
$m
 
Goods and services tax10,76284,40584,67190,180 
Wine equalisation tax1021,0181,0051,090 
Luxury car tax931,1451,1691,290 
Excise duty2,35327,45527,53130,020 
Customs duty1,15312,77313,00914,640 
Other indirect tax1,55411,96311,86513,029 
Total indirect taxation revenue16,017138,758139,251150,249 

*As published in the 2024-25 Budget.

Note 3: Total expenses by function

 ACTUAL
2023-2024
May
$m
ACTUAL
2023-2024
YTD May
$m
REVISED BUDGET
ESTIMATE*
2023-2024
FULL YEAR
$m
Expenses by function   
General public services2,72227,96131,442
Defence3,87338,93045,128
Public order and safety5936,9767,960
Education2,91245,32749,099
Health9,59095,861107,416
Social security and welfare21,212229,422252,342
Housing and community amenities5365,1497,955
Recreation and culture5424,2625,050
Fuel and energy99410,78813,273
Agriculture, forestry and fishing2862,7434,068
Mining, manufacturing and construction9364,5175,968
Transport and communication1,5109,07314,928
Other economic affairs1,18511,82314,011
Other purposes   
Public debt interest1,85520,70022,547
Nominal superannuation interest1,11412,25913,374
General purpose inter-government transactions7,87784,48192,917
Natural disaster relief154471,392
Contingency reserve002,200
Total expenses57,753610,718691,070

*As published in the 2024-25 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

[ENDS]