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 May 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 May 2025 report the budget position against the expected monthly profile for the 2024‑25 financial year through to 31 May 2025, based on the 2024‑25 Revised Budget estimates published in the 2025‑26 Budget in March 2025.
  • The underlying cash balance for the 2024‑25 financial year to 31 May 2025 was a deficit of $5.5 billion.
  • The fiscal balance for the 2024‑25 financial year to 31 May 2025 was a surplus of $4.4 billion.
AGGREGATES(a)ACTUAL
2024-2025
May
$b
ACTUAL
2024-2025
YTD May
$b
Revised Budget Profile
2024-2025
YTD May
$b
REVISED BUDGET
ESTIMATE*
2024-2025
FULL YEAR
$b
Receipts(b)76.1652.8643.0703.9
Payments(c)62.4658.3663.2731.5
Underlying cash balance13.7-5.5-20.2-27.6
Headline cash balance12.2-16.4-32.9-46.7
Revenue80.4673.9658.5717.6
Expenses63.2664.6670.1762.8
Net operating balance17.29.3-11.6-45.2
Net capital investment1.14.93.55.5
Fiscal balance16.14.4-15.1-50.6
Total assets 900.6 857.6
Total liabilities 1,437.1 1,428.1
Net worth(d) -536.5 -570.5
Net debt(e) 523.6 556.0

*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 May 2025 was a deficit of $5.5 billion.

  • Receipts
    Total receipts were $9.8 billion higher than the 2024-25 Revised Budget profile.
  • Payments
    Total payments were $4.9 billion lower than the 2024‑25 Revised Budget profile.

Net Operating Balance

The net operating balance for the financial year to 31 May 2025 was a surplus of $9.3 billion.

Fiscal Balance

The fiscal balance for the financial year to 31 May 2025 was a surplus of $4.4 billion.

Assets and Liabilities

As at 31 May 2025:

  • net worth is negative $536.5 billion;
  • net debt is $523.6 billion; and
  • net financial liabilities are $809.9 billion. 
Senator the Hon Katy Gallagher
Minister for Finance
Minister for Women
Minister for the Public Service
Minister for Government Services
 
Richard Windeyer
Acting Secretary
Department of Finance

 
Media Contact 
Phoenix Campbell0411 113 850

Australian Government general government sector operating statement

 NoteACTUAL
2024-2025
May
$m
ACTUAL
2024-2025
YTD May
$m
Revised Budget Profile
2024-2025
YTD May
$m
REVISED BUDGET
ESTIMATE*
2024-2025
FULL YEAR
$m
Revenue     
Taxation revenue1,276,991623,568609,639663,208
Sales of goods and services 66020,33720,06421,166
Interest income 6958,8328,02810,532
Dividend and distribution income 5266,3496,6327,205
Other 1,52114,82214,13115,458
Total revenue 80,393673,910658,494717,568
Expenses     
Gross operating expenses     
Wages and salaries(a) 2,73526,70726,61229,439
Superannuation 8028,4908,2258,728
Depreciation and amortisation 1,48712,28112,85514,092
Supply of goods and services 19,123189,856194,028214,656
Other operating expenses(a) 1,33713,14512,18412,707
Total gross operating expenses 25,483250,479253,904279,622
Superannuation interest expense 1,18012,98412,99114,241
Interest expenses 2,37026,23226,29531,157
Current transfers     
Current grants 15,498191,792192,458219,567
Subsidy expenses 1,77917,64717,81319,965
Personal benefits 13,951150,001149,443162,616
Total current transfers 31,228359,440359,714402,147
Capital transfers     
Mutually agreed write-downs 6833,1782,73814,884
Other capital grants 2,25212,28514,42120,706
Total capital transfers 2,93515,46317,15935,589
Total expenses363,197664,598670,064762,756
Net operating balance 17,1969,311-11,569-45,188
Other economic flows     
- included in operating result     
Net write-downs of assets -1,643-12,996-12,193-13,186
Assets recognised for the first time -1291303368
Actuarial revaluations 16-1-192,191
Net foreign exchange gains -52-56-125182
Net swap interest received 166-1,402-1,271-478
Market valuation of debt 1,543-21,938-13,339-11,466
Other gains/(losses) 4,50019,07415,73013,430
Total other economic flows
- included in operating result
 4,529-17,028-10,914-8,957
Operating result(b) 21,725-7,717-22,483-54,145
Non-owner movements in equity     
Revaluation of equity investments 0-60-60-718
Actuarial revaluations 000-842
Other economic revaluations 4174,672629707
Total other economic flows
- included in equity
 4174,612568-853
Comprehensive result
- Total change in net worth
 22,142-3,105-21,915-54,998
Net operating balance 17,1969,311-11,569-45,188
Net acquisition of non-financial assets     
Purchases of non-financial assets 2,92218,69418,20322,133
less Sales of non-financial assets 412,2942,2162,538
less Depreciation 1,48712,28112,85514,092
plus Change in inventories -260818407-43
plus Other movements in non-financial assets -12-30
Total net acquisition of non-financial assets 1,1334,9393,5365,459
Fiscal balance (Net lending/borrowing)(c) 16,0624,373-15,106-50,647

*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 May 2025
$m
REVISED BUDGET 
ESTIMATE*
as at 30 June 2025
$m
Assets  
Financial assets  
Cash and deposits81,66373,008
Advances paid76,07866,347
Investments, loans and placements250,399239,767
Other receivables103,60386,469
Equity investments  
Investments in other public sector entities50,52251,637
Equity accounted investments6,2536,349
Investments - shares109,156113,455
Total financial assets677,674637,032
Non-financial assets  
Land15,21814,647
Buildings51,85950,951
Plant, equipment and infrastructure116,099115,529
Inventories12,31211,604
Intangibles14,19314,723
Investment properties310221
Biological assets55
Heritage and cultural assets12,83712,800
Assets held for sale8186
Other non-financial assets76
Total non-financial assets222,922220,572
Total assets900,595857,604
Liabilities  
Interest bearing liabilities  
Deposits held207418
Government securities881,592883,713
Loans31,32232,385
Lease liabilities18,59418,584
Total interest bearing liabilities931,715935,100
Provisions and payables  
Superannuation liability(a)317,521303,276
Other employee liabilities62,17960,944
Suppliers payables18,30815,268
Personal benefits payables4,0234,299
Subsidies payables630680
Grants payables3,0005,998
Other payables9,3936,144
Provisions90,28996,413
Total provisions and payables505,342493,023
Total liabilities1,437,0571,428,123
Net worth(b)-536,462-570,519
Net financial worth(c)-759,384-791,091
Net financial liabilities(d)809,906842,728
Net debt(e)523,575555,978

*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 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
May
$m
ACTUAL
2024-2025
YTD May
$m
Revised Budget Profile
2024-2025
YTD May
$m
REVISED BUDGET
ESTIMATE*
2024-2025
FULL YEAR
$m
Cash receipts from operating activities    
Taxes received73,015597,449587,883645,242
Receipts from sales of goods and services76921,23321,10921,796
Interest receipts8479,5268,8999,520
Dividends, distributions and income tax equivalents3826,4516,7597,380
Other receipts1,08117,86518,08719,719
Total operating receipts76,094652,524642,737703,657
Cash payments for operating activities    
Payments for employees(b)-4,238-43,236-43,105-46,880
Payments for goods and services-17,951-189,010-192,229-211,495
Grants and subsidies paid-19,186-221,413-224,718-251,076
Interest paid-4,409-21,747-21,805-24,413
Personal benefit payments-13,844-151,123-150,536-163,057
Other payments(b)-1,058-11,837-11,152-11,821
Total operating payments-60,686-638,367-643,546-708,740
Net cash flows from operating activities15,40714,157-808-5,083
Cash flows from investments in non-financial assets    
Sales of non-financial assets39290248265
Purchases of non-financial assets-1,495-17,452-17,248-20,047
Net cash flows from investments in non-financial assets-1,456-17,162-17,000-19,782
Net cash flows from investments in financial assets for policy purposes-1,557-10,877-12,633-19,076
Net cash flows from investments in financial assets for liquidity purposes-4,187-11,158-7,593-4,520
Cash flows from financing activities    
Borrowing (net)59815,42516,22829,583
Other financing (net)-634-6,040-5,597-5,432
Net cash flows from financing activities-369,38510,63124,152
Net increase/(decrease) in cash held8,172-15,654-27,402-24,310
GFS cash surplus(+)/deficit(-)(c)13,952-3,005-17,808-24,866
plus Principal payments of lease liabilities(d)-217-2,507-2,440-2,740
Equals underlying cash balance(e)13,735-5,512-20,248-27,605
plus Net cash flows from investments in financial assets for policy purposes-1,557-10,877-12,633-19,076
Equals headline cash balance12,178-16,389-32,881-46,681

*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
2024-2025
May
$m
ACTUAL
2024-2025
YTD May
$m
Revised Budget Profile
2024-2025
YTD May
$m
REVISED BUDGET
ESTIMATE*
2024-2025
FULL YEAR
$m
 
Individuals and other withholding taxes     
Gross income tax withholding28,666274,958272,822296,800 
Gross other individuals13,62080,64679,35586,200 
less Refunds2,27137,65737,59839,200 
Total individuals and other withholding taxation40,015317,947314,579343,800 
Fringe benefits tax2654,7694,7465,070 
Company tax18,396131,621124,536136,500 
Superannuation fund taxes1,82424,44622,16322,830 
Petroleum resource rent tax-61,4981,4851,500 
Total income taxation revenue60,494480,281467,509509,700 

*As published in the 2025-26 Budget.

Note 2: Indirect Tax

 ACTUAL
2024-2025
May
$m
ACTUAL
2024-2025
YTD May
$m
Revised Budget Profile
2024-2025
YTD May
$m
REVISED BUDGET
ESTIMATE*
2024-2025
FULL YEAR
$m
 
Goods and services tax11,42489,27588,18494,420 
Wine equalisation tax1471,0601,0241,120 
Luxury car tax829991,0381,170 
Excise duty2,41728,31128,54231,000 
Customs duty92710,67610,47511,430 
Other indirect tax1,49912,96712,86614,368 
Total indirect taxation revenue16,496143,288142,130153,508 

*As published in the 2025-26 Budget.

Note 3: Total expenses by function

 ACTUAL
2024-2025
May
$m
ACTUAL
2024-2025
YTD May
$m
REVISED BUDGET
ESTIMATE*
2024-2025
FULL YEAR
$m
Expenses by function   
General public services3,51029,30433,052
Defence4,90742,51849,344
Public order and safety6837,6718,778
Education2,83848,25463,503
Health10,221105,137117,067
Social security and welfare23,459250,595274,901
Housing and community amenities8026,80818,122
Recreation and culture5984,9685,859
Fuel and energy1,16312,97516,437
Agriculture, forestry and fishing2983,0744,461
Mining, manufacturing and construction5294,8575,866
Transport and communication1,88611,44615,980
Other economic affairs1,11811,67014,063
Other purposes   
Public debt interest2,03221,87123,940
Nominal superannuation interest1,18012,98414,241
General purpose inter-government transactions7,81189,56697,382
Natural disaster relief1629001,506
Contingency reserve00-1,747
Total expenses63,197664,598762,756

*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

[ENDS]