Colour head shot of Katy Gallagher, current Minister for Finance. She is smiling and wearing a blue blazer.

Senator the Hon Katy Gallagher

Minister for Finance

Australian Government General Government Sector Monthly Financial Statements for February 2025

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

Date

KEY POINTS

  • The Monthly Financial Statements for February 2025 report the budget position against the expected monthly profile for the 2024‑25 financial year through to 28 February 2025, based on the 2024‑25 Mid-Year Economic and Fiscal Outlook (MYEFO) estimates published in December 2024.
  • The underlying cash balance for the 2024‑25 financial year to 28 February 2025 was a deficit of $22.2 billion.
  • The fiscal balance for the 2024‑25 financial year to 28 February 2025 was a deficit of $14.6 billion.
AGGREGATES(a)ACTUAL
2024-2025
February
$b
ACTUAL
2024-2025
YTD February
$b
MYEFO Profile
2024-2025
YTD February
$b
MYEFO ESTIMATE*
2024-2025
FULL YEAR
$b
Receipts(b)67.9455.4451.9704.2
Payments(c)53.0477.6481.7731.1
Underlying cash balance14.9-22.2-29.8-26.9
Headline cash balance14.2-29.2-38.6-47.8
Revenue67.4467.8461.4718.3
Expenses56.5480.9484.2758.6
Net operating balance10.9-13.1-22.8-40.4
Net capital investment0.41.52.05.5
Fiscal balance10.5-14.6-24.7-45.9
Total assets 890.4 851.5
Total liabilities 1,442.0 1,422.1
Net worth(d) -551.6 -570.6
Net debt(e) 536.7 540.0

*As published in the 2024-25 MYEFO.
(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 28 February 2025 was a deficit of $22.2 billion.

  • Receipts
    Total receipts were $3.5 billion higher than the 2024-25 MYEFO profile.
  • Payments
    Total payments were $4.2 billion lower than the 2024-25 MYEFO profile.

Net Operating Balance

The net operating balance for the financial year to 28 February 2025 was a deficit of $13.1 billion.

Fiscal Balance

The fiscal balance for the financial year to 28 February 2025 was a deficit of $14.6 billion.

Assets and Liabilities

As at 28 February 2025:

  • net worth is negative $551.6 billion;
  • net debt is $536.7 billion; and
  • net financial liabilities are $816.7 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 
Patrick Cronan 0432 758 224

Australian Government general government sector operating statement

 NoteACTUAL
2024-2025
February
$m
ACTUAL
2024-2025
YTD February
$m
MYEFO Profile
2024-2025
YTD February
$m
MYEFO ESTIMATE*
2024-2025
FULL YEAR
$m
Revenue     
Taxation revenue1,264,587431,590425,721663,609
Sales of goods and services 74915,08914,86921,067
Interest income 6376,3856,07411,046
Dividend and distribution income 3044,5804,8667,137
Other 1,16510,1639,90615,394
Total revenue 67,443467,806461,435718,253
Expenses     
Gross operating expenses     
Wages and salaries(a) 2,33418,91519,10729,452
Superannuation 7456,0845,8958,791
Depreciation and amortisation 9899,1979,01713,708
Supply of goods and services 17,239135,476138,683214,694
Other operating expenses(a) 1,2029,0808,87712,674
Total gross operating expenses 22,508178,752181,578279,319
Superannuation interest expense 1,1809,4439,41014,241
Interest expenses 2,23118,60018,80931,499
Current transfers     
Current grants 14,950145,584145,746217,606
Subsidy expenses 1,59312,48912,42618,955
Personal benefits 12,203108,490107,884161,934
Total current transfers 28,745266,563266,056398,495
Capital transfers     
Mutually agreed write-downs 1471,6841,57714,894
Other capital grants 1,6885,8406,76120,200
Total capital transfers 1,8357,5248,33735,093
Total expenses356,500480,882484,190758,648
Net operating balance 10,943-13,075-22,755-40,394
Other economic flows     
- included in operating result     
Net write-downs of assets -2,369-9,271-8,855-13,350
Assets recognised for the first time -15238205368
Actuarial revaluations -2-14-15-806
Net foreign exchange gains -17288-74273
Net swap interest received -428-1,339-468-187
Market valuation of debt -5,989-12,062-2,189-7,018
Other gains/(losses) 87616,35710,0807,005
Total other economic flows
- included in operating result
 -7,943-5,805-1,316-13,715
Operating result(b) 3,000-18,880-24,071-54,109
Non-owner movements in equity     
Revaluation of equity investments 0-72-72-1,052
Actuarial revaluations 000-7,520
Other economic revaluations -42728611719
Total other economic flows
- included in equity
 -42656539-7,853
Comprehensive result
- Total change in net worth
 2,958-18,224-23,532-61,962
Net operating balance 10,943-13,075-22,755-40,394
Net acquisition of non-financial assets     
Purchases of non-financial assets 1,30512,13112,64121,875
less Sales of non-financial assets 122,1882,1602,503
less Depreciation 9899,1979,01713,708
plus Change in inventories 119746488-171
plus Other movements in non-financial assets 1420
Total net acquisition of non-financial assets 4241,4961,9555,493
Fiscal balance (Net lending/borrowing)(c) 10,519-14,572-24,710-45,887

*As published in the 2024-25 MYEFO.
(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 28 February 2025
$m
MYEFO ESTIMATE*
as at 30 June 2025
$m
Assets  
Financial assets  
Cash and deposits95,48672,301
Advances paid74,45567,346
Investments, loans and placements239,190250,888
Other receivables94,74785,311
Equity investments  
Investments in other public sector entities49,03651,407
Equity accounted investments6,1486,311
Investments - shares115,20797,372
Total financial assets674,269630,937
Non-financial assets  
Land14,68714,733
Buildings50,13051,798
Plant, equipment and infrastructure112,632114,601
Inventories11,92011,477
Intangibles13,59414,836
Investment properties240233
Biological assets55
Heritage and cultural assets12,81612,792
Assets held for sale8386
Other non-financial assets105
Total non-financial assets216,115220,566
Total assets890,384851,503
Liabilities  
Interest bearing liabilities  
Deposits held218418
Government securities895,809879,842
Loans31,29432,250
Lease liabilities18,48518,066
Total interest bearing liabilities945,807930,575
Provisions and payables  
Superannuation liability(a)315,270302,602
Other employee liabilities60,78562,260
Suppliers payables13,18415,815
Personal benefits payables3,4244,327
Subsidies payables576680
Grants payables3,0085,957
Other payables11,7266,372
Provisions88,18793,515
Total provisions and payables496,159491,527
Total liabilities1,441,9651,422,102
Net worth(b)-551,581-570,599
Net financial worth(c)-767,696-791,164
Net financial liabilities(d)816,732842,571
Net debt(e)536,676540,039

*As published in the 2024-25 MYEFO.
(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
February
$m
ACTUAL
2024-2025
YTD February
$m
MYEFO Profile
2024-2025
YTD February
$m
MYEFO ESTIMATE*
2024-2025
FULL YEAR
$m
Cash receipts from operating activities    
Taxes received64,639414,438411,141645,565
Receipts from sales of goods and services1,04015,95015,87422,039
Interest receipts7517,2407,0249,968
Dividends, distributions and income tax equivalents1374,7054,9967,206
Other receipts1,36612,82312,66719,142
Total operating receipts67,934455,155451,702703,919
Cash payments for operating activities    
Payments for employees(b)-3,442-31,336-31,019-46,906
Payments for goods and services-16,582-136,259-139,628-211,530
Grants and subsidies paid-18,353-164,670-165,802-251,369
Interest paid-217-12,483-12,771-24,579
Personal benefit payments-12,339-110,182-109,635-162,616
Other payments(b)-925-8,535-8,233-11,800
Total operating payments-51,857-463,465-467,088-708,799
Net cash flows from operating activities16,076-8,309-15,385-4,880
Cash flows from investments in non-financial assets    
Sales of non-financial assets1244197266
Purchases of non-financial assets-919-12,311-12,880-19,562
Net cash flows from investments in non-financial assets-918-12,067-12,683-19,296
Net cash flows from investments in financial assets for policy purposes-763-7,000-8,711-20,816
Net cash flows from investments in financial assets for liquidity purposes410-5,986-6,881-4,842
Cash flows from financing activities    
Borrowing (net)24,92636,06129,50029,989
Other financing (net)-710-4,530-3,396-5,172
Net cash flows from financing activities24,21631,53126,10424,817
Net increase/(decrease) in cash held39,021-1,832-17,556-25,016
GFS cash surplus(+)/deficit(-)(c)15,158-20,377-28,069-24,176
plus Principal payments of lease liabilities(d)-242-1,797-1,777-2,772
Equals underlying cash balance(e)14,916-22,174-29,845-26,949
plus Net cash flows from investments in financial assets for policy purposes-763-7,000-8,711-20,816
Equals headline cash balance14,153-29,174-38,556-47,764

*As published in the 2024-25 MYEFO.
(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
February
$m
ACTUAL
2024-2025
YTD February
$m
MYEFO Profile
2024-2025
YTD February
$m
MYEFO ESTIMATE*
2024-2025
FULL YEAR
$m
 
Individuals and other withholding taxes     
Gross income tax withholding25,764196,157197,402296,800 
Gross other individuals6,82546,56146,22587,400 
less Refunds1,41232,08232,32239,900 
Total individuals and other withholding taxation31,177210,636211,305344,300 
Fringe benefits tax2453,5313,4855,030 
Company tax12,91991,24387,072135,500 
Superannuation fund taxes1,79319,28017,78721,930 
Petroleum resource rent tax11,1511,0921,400 
Total income taxation revenue46,136325,841320,742508,160 

*As published in the 2024-25 MYEFO.

Note 2: Indirect Tax

 ACTUAL
2024-2025
February
$m
ACTUAL
2024-2025
YTD February
$m
MYEFO Profile
2024-2025
YTD February
$m
MYEFO ESTIMATE*
2024-2025
FULL YEAR
$m
 
Goods and services tax13,29065,70164,50894,770 
Wine equalisation tax1327807791,130 
Luxury car tax727477531,170 
Excise duty2,28020,59220,56830,970 
Customs duty1,1548,3019,00412,980 
Other indirect tax1,5249,6279,36614,429 
Total indirect taxation revenue18,452105,749104,979155,449 

*As published in the 2024-25 MYEFO.

Note 3: Total expenses by function

 ACTUAL
2024-2025
February
$m
ACTUAL
2024-2025
YTD February
$m
MYEFO ESTIMATE*
2024-2025
FULL YEAR
$m
Expenses by function   
General public services2,50620,24133,297
Defence4,29730,04748,270
Public order and safety6575,5738,776
Education2,57139,62563,805
Health9,35875,769116,887
Social security and welfare20,795181,289274,667
Housing and community amenities8264,32816,208
Recreation and culture3783,4465,676
Fuel and energy1,1159,23516,321
Agriculture, forestry and fishing2692,1574,568
Mining, manufacturing and construction4133,3065,544
Transport and communication1,3415,85615,974
Other economic affairs9738,25214,039
Other purposes   
Public debt interest1,88715,74324,380
Nominal superannuation interest1,1809,44314,241
General purpose inter-government transactions7,91166,34397,760
Natural disaster relief22227810
Contingency reserve00-2,575
Total expenses56,500480,882758,648

*As published in the 2024-25 MYEFO.

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

[ENDS]