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

Minister for Government Services

Australian Government General Government Sector Monthly Financial Statements for July and August 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 July and August 2025 report the budget position against the expected monthly profile for the 2025-26 financial year through to 31 August 2025, based on the 2025-26 estimates published in the 2025-26 Budget in March 2025.
  • The underlying cash balance for the 2025-26 financial year to 31 August 2025 was a deficit of $11.6 billion.
  • The fiscal balance for the 2025-26 financial year to 31 August 2025 was a deficit of $12.5 billion.
AGGREGATES(a)ACTUAL
2025-2026
July
$b
ACTUAL
2025-2026
August
$b
ACTUAL
2025-2026
YTD August
$b
Budget Profile
2025-2026
YTD August
$b
BUDGET
ESTIMATE*
2025-2026
FULL YEAR
$b
Receipts(b)58.760.6119.2115.2735.4
Payments(c)72.458.5130.8129.9777.5
Underlying cash balance-13.72.1-11.6-14.7-42.1
Headline cash balance-14.71.7-13.0-16.9-65.2
Revenue58.661.7120.4119.0750.3
Expenses70.262.1132.3133.6785.7
Net operating balance-11.5-0.4-11.9-14.6-35.4
Net capital investment0.8-0.20.60.78.8
Fiscal balance-12.4-0.2-12.5-15.3-44.2
Total assets911.1 923.2 906.1
Total liabilities1,531.1 1,542.7 1,527.9
Net worth(d)-620.0 -619.5 -621.8
Net debt(e)542.5 543.3 620.3

*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 August 2025 was a deficit of $11.6 billion.

  • Receipts
    Total receipts were $4.0 billion higher than the 2025-26 Budget profile.
  • Payments
    Total payments were $1.0 billion higher than the 2025-26 Budget profile.

Net Operating Balance

The net operating balance for the financial year to 31 August 2025 was a deficit of $11.9 billion.

Fiscal Balance

The fiscal balance for the financial year to 31 August 2025 was a deficit of $12.5 billion.

Assets and Liabilities

As at 31 August 2025:

  • net worth is negative $619.5 billion
  • net debt is $543.3 billion
  • net financial liabilities are $895.2 billion
Senator the Hon Katy Gallagher
Minister for Finance
Minister for Women
Minister for the Public Service
Minister for Government Services
 
Matt Yannopoulos PSM
Secretary
Department of Finance

 
Media Contact 
Phoenix Campbell0411 113 850

Australian Government general government sector operating statement

 NoteACTUAL
2025-2026
July
$m
ACTUAL
2025-2026
August
$m
ACTUAL
2025-2026
YTD August
$m
Budget Profile
2025-2026
YTD August
$m
BUDGET
ESTIMATE*
2025-2026
FULL YEAR
$m
Revenue      
Taxation revenue1,251,74958,554110,304109,054694,304
Sales of goods and services 4,0487704,8194,64122,256
Interest income 8555751,4301,51210,619
Dividend and distribution income 5054199241,1837,434
Other 1,4841,4152,8992,57215,648
Total revenue 58,64161,734120,375118,962750,262
Expenses      
Gross operating expenses      
Wages and salaries(a) 2,6822,4835,1655,13230,450
Superannuation 7807551,5351,4788,771
Depreciation and amortisation 1,0631,0772,1402,42814,196
Supply of goods and services 18,83317,52936,36238,029229,440
Other operating expenses(a) 1,6311,4373,0682,09512,485
Total gross operating expenses 24,98923,28048,26949,162295,342
Superannuation interest expense 1,2321,2322,4642,53315,198
Interest expenses 2,5705,3447,9147,88038,696
Current transfers      
Current grants 22,59915,76138,36038,293223,378
Subsidy expenses 1,7341,6193,3543,41621,352
Personal benefits 16,33914,11830,45730,449169,410
Total current transfers 40,67231,49872,17072,158414,140
Capital transfers      
Mutually agreed write-downs 1461613074902,930
Other capital grants 5605901,1501,38419,364
Total capital transfers 7067511,4581,87422,294
Total expenses370,17062,105132,275133,608785,670
Net operating balance -11,529-370-11,900-14,646-35,408
Other economic flows      
- included in operating result      
Net write-downs of assets -564-760-1,324-3,433-12,239
Assets recognised for the first time 12142533393
Actuarial revaluations -6-5-11-6-1,060
Net foreign exchange gains 80-90-90183
Net swap interest received 18827215-1-7
Market valuation of debt 3,844-9102,934-2,343-13,119
Other gains/(losses) 2,2372,5874,8231,6019,860
Total other economic flows
- included in operating result
 5,7918636,654-4,150-15,989
Operating result(b) -5,738493-5,246-18,796-51,396
Non-owner movements in equity      
Revaluation of equity investments 0000203
Actuarial revaluations 0000-228
Other economic revaluations 23145277-3145
Total other economic flows
- included in equity
 23145277-3120
Comprehensive result
- Total change in net worth
 -5,507538-4,969-18,799-51,277
Net operating balance -11,529-370-11,900-14,646-35,408
Net acquisition of non-financial assets      
Purchases of non-financial assets 1,6639222,5853,26622,224
less Sales of non-financial assets 3471117
less Depreciation 1,0631,0772,1402,42814,196
plus Change in inventories 228-24203-141859
plus Other movements in non-financial assets 18-18000
Total net acquisition of non-financial assets 843-2026416958,771
Fiscal balance (Net lending/borrowing)(c) -12,372-169-12,541-15,341-44,178

*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 July 2025
$m
ACTUAL
as at 31 August 2025
$m

BUDGET

ESTIMATE*
as at 30 June 2026
$m

Assets   
Financial assets   
Cash and deposits85,88195,34673,579
Advances paid78,49378,05677,939
Investments, loans and placements253,915254,795248,576
Other receivables96,43797,61492,762
Equity investments   
Investments in other public sector entities47,72847,83957,342
Equity accounted investments6,5346,6006,485
Investments - shares113,930115,093121,108
Total financial assets682,918695,342677,792
Non-financial assets   
Land15,65915,66514,756
Buildings53,64053,47350,875
Plant, equipment and infrastructure118,224118,058120,634
Inventories13,16313,18512,691
Intangibles13,82513,90216,212
Investment properties299264221
Biological assets555
Heritage and cultural assets13,26613,25712,803
Assets held for sale484881
Other non-financial assets2466
Total non-financial assets228,155227,863228,283
Total assets911,073923,205906,074
Liabilities   
Interest bearing liabilities   
Deposits held296259418
Government securities907,845918,936968,449
Loans33,42433,25233,885
Lease liabilities19,22319,08817,689
Total interest bearing liabilities960,788971,5351,020,440
Provisions and payables   
Superannuation liability(a)314,183314,952313,806
Other employee liabilities94,52894,89460,538
Suppliers payables13,75811,90115,127
Personal benefits payables3,9784,2994,759
Subsidies payables784666672
Grants payables4,1704,1365,667
Other payables11,3589,9615,866
Provisions127,551130,349100,993
Total provisions and payables570,310571,158507,430
Total liabilities1,531,0981,542,6931,527,870
Net worth(b)-620,025-619,487-621,796
Net financial worth(c)-848,180-847,351-850,079
Net financial liabilities(d)895,908895,189907,420
Net debt(e)542,499543,338620,345

*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 2025-26 Monthly Financial Statements was calculated using the spot rates on long-term government bonds as at 30 June 2025 that best matched each individual scheme’s liability duration. These rates were between 3.8 and 5.0 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
2025-2026
July
$m
ACTUAL
2025-2026
August
$m
ACTUAL
2025-2026
YTD August
$m
Budget Profile
2025-2026
YTD August
$m
BUDGET
ESTIMATE*
2025-2026
FULL YEAR
$m
Cash receipts from operating activities     
Taxes received50,59357,484108,078104,179676,086
Receipts from sales of goods and services3,5509714,5214,70421,921
Interest receipts8898931,7821,8799,389
Dividends, distributions and income tax equivalents6433781,0211,1777,416
Other receipts2,8348423,6763,13020,286
Total operating receipts58,50960,568119,078115,069735,098
Cash payments for operating activities     
Payments for employees(b)-5,270-3,776-9,046-8,900-48,917
Payments for goods and services-20,757-19,019-39,776-39,569-228,248
Grants and subsidies paid-24,720-18,346-43,065-43,515-266,344
Interest paid-248-426-674-697-27,885
Personal benefit payments-17,229-14,166-31,395-31,120-169,556
Other payments(b)-1,241-1,189-2,429-2,492-13,739
Total operating payments-69,464-56,922-126,386-126,293-754,689
Net cash flows from operating activities-10,9553,647-7,308-11,224-19,590
Cash flows from investments in non-financial assets     
Sales of non-financial assets1466152131254
Purchases of non-financial assets-2,659-1,284-3,943-3,080-20,040
Net cash flows from investments in non-financial assets-2,514-1,278-3,792-2,949-19,786
Net cash flows from investments in financial assets for policy purposes-964-440-1,405-2,205-23,076
Net cash flows from investments in financial assets for liquidity purposes-1,174-397-1,571-3,047-4,839
Cash flows from financing activities     
Borrowing (net)22,5278,14230,66926,00372,773
Other financing (net)24-144-120-367-4,911
Net cash flows from financing activities22,5517,99830,54925,63767,863
Net increase/(decrease) in cash held6,9449,52916,4746,212571
GFS cash surplus(+)/deficit(-)(c)-13,4692,369-11,100-14,173-39,376
plus Principal payments of lease liabilities(d)-237-252-489-483-2,746
Equals underlying cash balance(e)-13,7062,117-11,589-14,656-42,122
plus Net cash flows from investments in financial assets for policy purposes-964-440-1,405-2,205-23,076
Equals headline cash balance-14,6701,676-12,994-16,861-65,198

*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
2025-2026
July
$m
ACTUAL
2025-2026
August
$m
ACTUAL
2025-2026
YTD August
$m
Budget Profile
2025-2026
YTD August
$m
BUDGET
ESTIMATE*
2025-2026
FULL YEAR
$m
 
Individuals and other withholding taxes      
Gross income tax withholding23,58327,87651,46051,545314,100 
Gross other individuals9,0176,50915,52613,99684,500 
less Refunds9,0996,57515,67416,62940,800 
Total individuals and other withholding taxation23,50127,81051,31248,912357,800 
Fringe benefits tax9632451,2071,0485,150 
Company tax11,78311,41123,19424,614143,500 
Superannuation fund taxes3,5972,3935,9904,09325,580 
Petroleum resource rent tax27817837841,980 
Total income taxation revenue39,84642,63982,48579,452534,010 

*As published in the 2025-26 Budget.

Note 2: Indirect Tax

 ACTUAL
2025-2026
July
$m
ACTUAL
2025-2026
August
$m
ACTUAL
2025-2026
YTD August
$m
Budget Profile
2025-2026
YTD August
$m
BUDGET
ESTIMATE*
2025-2026
FULL YEAR
$m
 
Goods and services tax6,87710,95117,82718,21999,300 
Wine equalisation tax741121861881,210 
Luxury car tax108992072281,210 
Excise duty2,3992,3154,7134,83832,450 
Customs duty1,5469702,5173,82611,350 
Other indirect tax8991,4692,3682,30314,774 
Total indirect taxation revenue11,90315,91527,81829,602160,294 

*As published in the 2025-26 Budget.

Note 3: Total expenses by function

 ACTUAL
2025-2026
July
$m
ACTUAL
2025-2026
August
$m
ACTUAL
2025-2026
YTD August
$m
BUDGET
ESTIMATE*
2025-2026
FULL YEAR
$m
Expenses by function    
General public services2,2232,0364,26031,418
Defence3,7093,4737,18251,483
Public order and safety1,0156681,6839,145
Education7,7492,80410,55354,030
Health11,61710,23621,854124,803
Social security and welfare27,99123,68151,672290,966
Housing and community amenities3645829468,952
Recreation and culture5024049065,867
Fuel and energy1,0654,0645,12919,237
Agriculture, forestry and fishing2134116244,427
Mining, manufacturing and construction4084198275,522
Transport and communication25139064216,557
Other economic affairs1,1651,0452,21013,558
Other purposes    
Public debt interest2,0882,1874,27628,429
Nominal superannuation interest1,2321,2322,46415,198
General purpose inter-government transactions7,9798,41416,393104,363
Natural disaster relief59858656874
Contingency reserve000842
Total expenses70,17062,105132,275785,670

*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]