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Australian Government Coat of Arms

Budget | 2015-16

Budget 2015-16
Australian Government Coat of Arms, Budget 2015-16

Statement 10 (continued)

Revisions to previously published data

Under the accrual GFS framework and generally under AAS, flows are recorded in the period in which they occurred. As a result, prior period outcomes may be revised for classification changes relating to information that could reasonably have been expected to be known in the past, is material in at least one of the affected periods, and can be reliably assigned to the relevant period(s).

The 2015‑16 Budget includes revisions to the historical series to reflect a change by the Australian Tax Office (ATO) to the accounting treatment of penalty and interest imposition and remissions in its financial statements. Penalties that are imposed and remitted on the same day are now not recognised as revenue or as an expense where the ATO did not have any intention to maintain the full amount imposed. This change decreases revenue and expenses but has no impact on the fiscal balance for the general government sector.

Table 1: Australian Government general government sector receipts, payments, net Future Fund earnings and underlying cash balance(a)
  Receipts(b)   Payments(c)   Net Future
Fund
earnings
  Underlying
cash
balance(d)
  $m Per cent
of GDP
  $m Per cent
real growth
(CPI)
Per cent
real growth
(NFGDP
deflator)(f)
Per cent
of GDP
  $m   $m Per cent
of GDP
1970‑71 8,290 20.6   7,389 na na 18.3     901 2.2
1971‑72 9,135 20.5   8,249 4.1 4.7 18.6     886 2.0
1972‑73 9,735 19.6   9,388 7.7 7.8 18.9     348 0.7
1973‑74 12,228 20.3   11,078 4.2 3.6 18.4     1,150 1.9
1974‑75 15,643 22.0   15,463 19.9 14.6 21.7     181 0.3
1975‑76 18,727 22.5   20,225 15.7 13.5 24.3     ‑1,499 ‑1.8
1976‑77 21,890 22.8   23,157 0.6 1.9 24.1     ‑1,266 ‑1.3
1977‑78 24,019 22.9   26,057 2.7 3.3 24.9     ‑2,037 ‑1.9
1978‑79 26,129 22.1   28,272 0.3 2.7 23.9     ‑2,142 ‑1.8
1979‑80 30,321 22.6   31,642 1.5 2.1 23.6     ‑1,322 ‑1.0
1980‑81 35,993 23.7   36,176 4.6 3.6 23.8     ‑184 ‑0.1
1981‑82 41,499 23.6   41,151 2.9 0.5 23.4     348 0.2
1982‑83 45,463 24.0   48,810 6.3 6.2 25.8     ‑3,348 ‑1.8
1983‑84 49,981 23.4   56,990 9.4 9.6 26.7     ‑7,008 ‑3.3
1984‑85 58,817 25.0   64,853 9.1 9.0 27.6     ‑6,037 ‑2.6
1985‑86 66,206 25.4   71,328 1.5 3.6 27.4     ‑5,122 ‑2.0
1986‑87 74,724 26.1   77,158 ‑1.1 0.7 27.0     ‑2,434 ‑0.9
1987‑88 83,491 25.8   82,039 ‑0.9 0.1 25.3     1,452 0.4
1988‑89 90,748 24.7   85,326 ‑3.1 ‑4.4 23.2     5,421 1.5
1989‑90 98,625 24.4   92,684 0.6 1.7 22.9     5,942 1.5
1990‑91 100,227 24.2   100,665 3.1 3.7 24.3     ‑438 ‑0.1
1991‑92 95,840 22.7   108,472 5.7 5.9 25.6     ‑12,631 ‑3.0
1992‑93 97,633 22.0   115,751 5.6 5.9 26.1     ‑18,118 ‑4.1
1993‑94 103,824 22.2   122,009 3.5 4.4 26.1     ‑18,185 ‑3.9
1994‑95 113,458 22.9   127,619 1.4 2.5 25.7     ‑14,160 ‑2.9
1995‑96 124,429 23.5   135,538 1.9 3.2 25.6     ‑11,109 ‑2.1
1996‑97 133,592 24.0   139,689 1.7 1.5 25.1     ‑6,099 ‑1.1
1997‑98 140,736 23.9   140,587 0.6 ‑0.7 23.9     149 0.0
1998‑99 152,063 24.5   148,175 4.1 4.9 23.9     3,889 0.6
1999‑00 166,199 25.2   153,192 1.0 0.8 23.2     13,007 2.0
2000‑01 182,996 25.9   177,123 9.1 10.8 25.1     5,872 0.8
2001‑02 187,588 24.9   188,655 3.5 4.1 25.0     ‑1,067 ‑0.1
2002‑03 204,613 25.5   197,243 1.4 1.4 24.6     7,370 0.9
2003‑04 217,775 25.3   209,785 3.9 2.6 24.3     7,990 0.9
2004‑05 235,984 25.6   222,407 3.5 2.0 24.1     13,577 1.5
2005‑06 255,943 25.6   240,136 4.6 2.6 24.1   51   15,757 1.6
2006‑07 272,637 25.1   253,321 2.5 0.5 23.3   2,127   17,190 1.6
2007‑08 294,917 25.0   271,843 3.8 2.7 23.1   3,319   19,754 1.7
2008‑09 292,600 23.3   316,046 12.7 10.4 25.1   3,566   ‑27,013 ‑2.1
2009‑10 284,662 22.0   336,900 4.2 5.5 26.0   2,256   ‑54,494 ‑4.2
2010‑11 302,024 21.5   346,102 ‑0.4 ‑3.2 24.6   3,385   ‑47,463 ‑3.4
2011‑12 329,874 22.2   371,032 4.8 5.2 24.9   2,203   ‑43,360 ‑2.9
2012‑13 351,052 23.1   367,204 ‑3.2 ‑0.6 24.1   2,682   ‑18,834 ‑1.2
2013‑14 360,322 22.8   406,430 7.8 9.0 25.7   2,348   ‑48,456 ‑3.1
2014‑15(e) 377,309 23.5   415,000 0.4 3.3 25.9   3,429   ‑41,121 ‑2.6
2015‑16(e) 397,980 24.0   429,836 1.1 3.2 25.9   3,258   ‑35,115 ‑2.1
2016‑17(e) 422,461 24.2   444,923 1.0 1.3 25.5   3,375   ‑25,836 ‑1.5
2017‑18(p) 453,595 24.7   464,292 1.9 2.6 25.3   3,699   ‑14,396 ‑0.8
2018‑19(p) 488,233 25.2   491,101 3.2 3.9 25.3   4,037   ‑6,905 ‑0.4

(a) Data have been revised in the 2015‑16 Budget to improve accuracy and comparability through time.

(b) Receipts are equal to cash receipts from operating activities and sales of non‑financial assets.

(c) Payments are equal to cash payments for operating activities, purchases of non‑financial assets and net acquisition of assets under finance leases.

(d) Underlying cash balance is equal to receipts less payments, less net Future Fund earnings. For the purposes of consistent comparison with years prior to 2005‑06, net Future Fund earnings should be added back to the underlying cash balance.

(e) Estimates.

(f) Real spending growth is calculated using the Consumer Price Index as the deflator. Real spending growth using the non‑farm GDP deflator is included for comparative purposes only.

(p) Projections.

Table 2: Australian Government general government sector net cash flows for investments in financial assets for policy purposes and headline cash balance(a)
  Receipts   Payments   Net cash flows
from investments in
financial assets for
policy purposes(b)
  Headline
cash
balance(c)
  $m   $m   $m Per cent
of GDP
  $m Per cent
of GDP
1970‑71 8,290   7,389   ‑851 ‑2.1   50 0.1
1971‑72 9,135   8,249   ‑987 ‑2.2   ‑101 ‑0.2
1972‑73 9,735   9,388   ‑977 ‑2.0   ‑629 ‑1.3
1973‑74 12,228   11,078   ‑1,275 ‑2.1   ‑125 ‑0.2
1974‑75 15,643   15,463   ‑2,648 ‑3.7   ‑2,467 ‑3.5
1975‑76 18,727   20,225   ‑2,040 ‑2.5   ‑3,539 ‑4.3
1976‑77 21,890   23,157   ‑1,530 ‑1.6   ‑2,796 ‑2.9
1977‑78 24,019   26,057   ‑1,324 ‑1.3   ‑3,361 ‑3.2
1978‑79 26,129   28,272   ‑1,074 ‑0.9   ‑3,216 ‑2.7
1979‑80 30,321   31,642   ‑702 ‑0.5   ‑2,024 ‑1.5
1980‑81 35,993   36,176   ‑962 ‑0.6   ‑1,146 ‑0.8
1981‑82 41,499   41,151   ‑1,008 ‑0.6   ‑660 ‑0.4
1982‑83 45,463   48,810   ‑1,363 ‑0.7   ‑4,711 ‑2.5
1983‑84 49,981   56,990   ‑1,136 ‑0.5   ‑8,144 ‑3.8
1984‑85 58,817   64,853   ‑922 ‑0.4   ‑6,959 ‑3.0
1985‑86 66,206   71,328   ‑810 ‑0.3   ‑5,932 ‑2.3
1986‑87 74,724   77,158   ‑545 ‑0.2   ‑2,979 ‑1.0
1987‑88 83,491   82,039   657 0.2   2,109 0.7
1988‑89 90,748   85,326   168 0.0   5,589 1.5
1989‑90 98,625   92,684   1,217 0.3   7,159 1.8
1990‑91 100,227   100,665   1,563 0.4   1,125 0.3
1991‑92 95,840   108,472   2,156 0.5   ‑10,475 ‑2.5
1992‑93 97,633   115,751   2,471 0.6   ‑15,647 ‑3.5
1993‑94 103,824   122,009   3,447 0.7   ‑14,738 ‑3.2
1994‑95 113,458   127,619   1,546 0.3   ‑12,614 ‑2.5
1995‑96 124,429   135,538   5,188 1.0   ‑5,921 ‑1.1
1996‑97 133,592   139,689   7,241 1.3   1,142 0.2
1997‑98 140,736   140,587   15,154 2.6   15,303 2.6
1998‑99 152,063   148,175   6,948 1.1   10,837 1.7
1999‑00 166,199   153,192   9,500 1.4   22,507 3.4
2000‑01 182,996   177,123   5,673 0.8   11,545 1.6
2001‑02 187,588   188,655   3,422 0.5   2,355 0.3
2002‑03 204,613   197,243   ‑229 0.0   7,141 0.9
2003‑04 217,775   209,785   ‑452 ‑0.1   7,538 0.9
2004‑05 235,984   222,407   ‑1,139 ‑0.1   12,438 1.3
2005‑06 255,943   240,136   ‑1,647 ‑0.2   14,160 1.4
2006‑07 272,637   253,321   7,403 0.7   26,720 2.5
2007‑08 294,917   271,843   5,108 0.4   28,181 2.4
2008‑09 292,600   316,046   ‑7,889 ‑0.6   ‑31,336 ‑2.5
2009‑10 284,662   336,900   ‑4,278 ‑0.3   ‑56,516 ‑4.4
2010‑11 302,024   346,102   ‑7,028 ‑0.5   ‑51,106 ‑3.6
2011‑12 329,874   371,032   ‑5,866 ‑0.4   ‑47,023 ‑3.2
2012‑13 351,052   367,204   ‑4,802 ‑0.3   ‑20,954 ‑1.4
2013‑14 360,322   406,430   ‑6,371 ‑0.4   ‑52,479 ‑3.3
2014‑15(e) 377,309   415,000   ‑5,500 ‑0.3   ‑43,191 ‑2.7
2015‑16(e) 397,980   429,836   ‑12,908 ‑0.8   ‑44,764 ‑2.7
2016‑17(e) 422,461   444,923   ‑21,397 ‑1.2   ‑43,859 ‑2.5
2017‑18(p) 453,595   464,292   ‑13,983 ‑0.8   ‑24,681 ‑1.3
2018‑19(p) 488,233   491,101   ‑14,452 ‑0.7   ‑17,320 ‑0.9

(a) Data have been revised in the 2015‑16 Budget to improve accuracy and comparability through time.

(b) Prior to 1999‑2000, net cash flows from investments in financial assets for policy purposes were referred to as 'net advances'. A negative number reflects a cash outflow, while a positive number reflects a cash inflow.

(c) Headline cash balance is equal to receipts less payments, plus net cash flows from investments in financial assets for policy purposes. Receipts and payments are identical to Table 1.

(e) Estimates.

(p) Projections.

Table 3: Australian Government general government sector call on resources(a)
  Receipts(b)   Headline
cash
balance(c)
  Call on
resources(d)
  $m Per cent
of GDP
  $m Per cent
of GDP
  $m Per cent
of GDP
1970‑71 8,290 20.6   50 0.1   8,240 20.4
1971‑72 9,135 20.5   ‑101 ‑0.2   9,236 20.8
1972‑73 9,735 19.6   ‑629 ‑1.3   10,364 20.8
1973‑74 12,228 20.3   ‑125 ‑0.2   12,353 20.5
1974‑75 15,643 22.0   ‑2,467 ‑3.5   18,110 25.5
1975‑76 18,727 22.5   ‑3,539 ‑4.3   22,266 26.8
1976‑77 21,890 22.8   ‑2,796 ‑2.9   24,686 25.7
1977‑78 24,019 22.9   ‑3,361 ‑3.2   27,380 26.1
1978‑79 26,129 22.1   ‑3,216 ‑2.7   29,345 24.8
1979‑80 30,321 22.6   ‑2,024 ‑1.5   32,345 24.1
1980‑81 35,993 23.7   ‑1,146 ‑0.8   37,139 24.4
1981‑82 41,499 23.6   ‑660 ‑0.4   42,159 24.0
1982‑83 45,463 24.0   ‑4,711 ‑2.5   50,174 26.5
1983‑84 49,981 23.4   ‑8,144 ‑3.8   58,125 27.2
1984‑85 58,817 25.0   ‑6,959 ‑3.0   65,776 28.0
1985‑86 66,206 25.4   ‑5,932 ‑2.3   72,138 27.7
1986‑87 74,724 26.1   ‑2,979 ‑1.0   77,703 27.2
1987‑88 83,491 25.8   2,109 0.7   81,382 25.1
1988‑89 90,748 24.7   5,589 1.5   85,159 23.2
1989‑90 98,625 24.4   7,159 1.8   91,466 22.6
1990‑91 100,227 24.2   1,125 0.3   99,102 23.9
1991‑92 95,840 22.7   ‑10,475 ‑2.5   106,315 25.1
1992‑93 97,633 22.0   ‑15,647 ‑3.5   113,280 25.5
1993‑94 103,824 22.2   ‑14,738 ‑3.2   118,562 25.4
1994‑95 113,458 22.9   ‑12,614 ‑2.5   126,072 25.4
1995‑96 124,429 23.5   ‑5,921 ‑1.1   130,350 24.6
1996‑97 133,592 24.0   1,142 0.2   132,450 23.8
1997‑98 140,736 23.9   15,303 2.6   125,433 21.3
1998‑99 152,063 24.5   10,837 1.7   141,226 22.8
1999‑00 166,199 25.2   22,507 3.4   143,692 21.7
2000‑01 182,996 25.9   11,545 1.6   171,451 24.3
2001‑02 187,588 24.9   2,355 0.3   185,233 24.6
2002‑03 204,613 25.5   7,141 0.9   197,472 24.7
2003‑04 217,775 25.3   7,538 0.9   210,237 24.4
2004‑05 235,984 25.6   12,438 1.3   223,546 24.2
2005‑06 255,943 25.6   14,160 1.4   241,783 24.2
2006‑07 272,637 25.1   26,720 2.5   245,918 22.6
2007‑08 294,917 25.0   28,181 2.4   266,735 22.6
2008‑09 292,600 23.3   ‑31,336 ‑2.5   323,935 25.7
2009‑10 284,662 22.0   ‑56,516 ‑4.4   341,178 26.3
2010‑11 302,024 21.5   ‑51,106 ‑3.6   353,130 25.1
2011‑12 329,874 22.2   ‑47,023 ‑3.2   376,898 25.3
2012‑13 351,052 23.1   ‑20,954 ‑1.4   372,006 24.5
2013‑14 360,322 22.8   ‑52,479 ‑3.3   412,801 26.1
2014‑15(e) 377,309 23.5   ‑43,191 ‑2.7   420,500 26.2
2015‑16(e) 397,980 24.0   ‑44,764 ‑2.7   442,744 26.7
2016‑17(e) 422,461 24.2   ‑43,859 ‑2.5   466,320 26.7
2017‑18(p) 453,595 24.7   ‑24,681 ‑1.3   478,276 26.0
2018‑19(p) 488,233 25.2   ‑17,320 ‑0.9   505,553 26.1

(a) Data have been revised in the 2015‑16 Budget to improve accuracy and comparability through time.

(b) Receipts are identical to those in Table 1.

(c) Headline cash balance is equal to receipts less payments, plus net cash flows from investments in financial assets for policy purposes. Headline cash balance is identical to those in Table 2.

(d) Call on resources is equal to receipts less headline cash balance. The call on resources series provides a measure of the aggregate level of receipts (both tax and non‑tax) and borrowings required to fund government activities.

(e) Estimates.

(p) Projections.

Table 4: Australian Government general government sector taxation receipts, non‑taxation receipts and total receipts(a)
  Taxation receipts   Non‑taxation receipts   Total receipts(b)
  $m Per cent
of GDP
  $m Per cent
of GDP
  $m Per cent
of GDP
1970‑71 7,193 17.9   1,097 2.7   8,290 20.6
1971‑72 7,895 17.8   1,240 2.8   9,135 20.5
1972‑73 8,411 16.9   1,324 2.7   9,735 19.6
1973‑74 10,832 18.0   1,396 2.3   12,228 20.3
1974‑75 14,141 19.9   1,502 2.1   15,643 22.0
1975‑76 16,920 20.3   1,807 2.2   18,727 22.5
1976‑77 19,714 20.5   2,176 2.3   21,890 22.8
1977‑78 21,428 20.4   2,591 2.5   24,019 22.9
1978‑79 23,409 19.8   2,720 2.3   26,129 22.1
1979‑80 27,473 20.5   2,848 2.1   30,321 22.6
1980‑81 32,641 21.5   3,352 2.2   35,993 23.7
1981‑82 37,880 21.6   3,619 2.1   41,499 23.6
1982‑83 41,025 21.7   4,438 2.3   45,463 24.0
1983‑84 44,849 21.0   5,132 2.4   49,981 23.4
1984‑85 52,970 22.5   5,847 2.5   58,817 25.0
1985‑86 58,841 22.6   7,365 2.8   66,206 25.4
1986‑87 66,467 23.3   8,257 2.9   74,724 26.1
1987‑88 75,076 23.2   8,415 2.6   83,491 25.8
1988‑89 83,452 22.7   7,296 2.0   90,748 24.7
1989‑90 90,773 22.5   7,852 1.9   98,625 24.4
1990‑91 92,739 22.4   7,488 1.8   100,227 24.2
1991‑92 87,364 20.7   8,476 2.0   95,840 22.7
1992‑93 88,760 20.0   8,873 2.0   97,633 22.0
1993‑94 93,362 20.0   10,462 2.2   103,824 22.2
1994‑95 104,921 21.2   8,537 1.7   113,458 22.9
1995‑96 115,700 21.9   8,729 1.6   124,429 23.5
1996‑97 124,559 22.4   9,033 1.6   133,592 24.0
1997‑98 130,984 22.2   9,752 1.7   140,736 23.9
1998‑99 138,420 22.3   13,643 2.2   152,063 24.5
1999‑00 151,313 22.9   14,887 2.3   166,199 25.2
2000‑01 170,354 24.2   12,641 1.8   182,996 25.9
2001‑02 175,108 23.2   12,481 1.7   187,588 24.9
2002‑03 192,131 24.0   12,482 1.6   204,613 25.5
2003‑04 206,091 23.9   11,683 1.4   217,775 25.3
2004‑05 223,314 24.2   12,669 1.4   235,984 25.6
2005‑06 241,215 24.2   14,728 1.5   255,943 25.6
2006‑07 257,392 23.7   15,245 1.4   272,637 25.1
2007‑08 278,376 23.6   16,540 1.4   294,917 25.0
2008‑09 272,627 21.7   19,973 1.6   292,600 23.3
2009‑10 260,973 20.1   23,689 1.8   284,662 22.0
2010‑11 280,839 19.9   21,185 1.5   302,024 21.5
2011‑12 309,943 20.8   19,931 1.3   329,874 22.2
2012‑13 326,426 21.5   24,627 1.6   351,052 23.1
2013‑14 338,368 21.4   21,954 1.4   360,322 22.8
2014‑15(e) 351,452 21.9   25,856 1.6   377,309 23.5
2015‑16(e) 370,140 22.3   27,840 1.7   397,980 24.0
2016‑17(e) 396,422 22.7   26,040 1.5   422,461 24.2
2017‑18(p) 422,762 23.0   30,833 1.7   453,595 24.7
2018‑19(p) 452,469 23.4   35,764 1.8   488,233 25.2

(a) Data have been revised in the 2015‑16 Budget to improve accuracy and comparability through time.

(b) Receipts are equal to receipts from operating activities and sales of non‑financial assets. Receipts are identical to Table 1.

(e) Estimates.

(p) Projections.

Table 5: Australian Government general government sector net debt and net interest payments(a)
  Net debt(b)   Net interest payments(c)
  $m Per cent
of GDP
  $m Per cent
of GDP
1970‑71 344 0.9   ‑189 ‑0.5
1971‑72 ‑496 ‑1.1   ‑245 ‑0.6
1972‑73 ‑790 ‑1.6   ‑252 ‑0.5
1973‑74 ‑1,851 ‑3.1   ‑286 ‑0.5
1974‑75 ‑1,901 ‑2.7   ‑242 ‑0.3
1975‑76 ‑341 ‑0.4   ‑330 ‑0.4
1976‑77 898 0.9   ‑62 ‑0.1
1977‑78 2,896 2.8   4 0.0
1978‑79 4,983 4.2   254 0.2
1979‑80 6,244 4.6   440 0.3
1980‑81 6,356 4.2   620 0.4
1981‑82 5,919 3.4   680 0.4
1982‑83 9,151 4.8   896 0.5
1983‑84 16,015 7.5   1,621 0.8
1984‑85 21,896 9.3   2,813 1.2
1985‑86 26,889 10.3   3,952 1.5
1986‑87 29,136 10.2   4,762 1.7
1987‑88 27,344 8.4   4,503 1.4
1988‑89 21,981 6.0   4,475 1.2
1989‑90 16,123 4.0   4,549 1.1
1990‑91 16,915 4.1   3,636 0.9
1991‑92 31,041 7.3   3,810 0.9
1992‑93 55,218 12.4   3,986 0.9
1993‑94 70,223 15.0   5,628 1.2
1994‑95 83,492 16.8   7,292 1.5
1995‑96 95,831 18.1   8,861 1.7
1996‑97 96,281 17.3   9,489 1.7
1997‑98 82,935 14.1   8,279 1.4
1998‑99 72,065 11.6   8,649 1.4
1999‑00 53,869 8.2   7,514 1.1
2000‑01 42,719 6.1   6,195 0.9
2001‑02 38,180 5.1   5,352 0.7
2002‑03 29,047 3.6   3,758 0.5
2003‑04 22,639 2.6   3,040 0.4
2004‑05 10,741 1.2   2,502 0.3
2005‑06 ‑4,531 ‑0.5   2,303 0.2
2006‑07 ‑29,150 ‑2.7   228 0.0
2007‑08 ‑44,820 ‑3.8   ‑1,015 ‑0.1
2008‑09 ‑16,148 ‑1.3   ‑1,196 ‑0.1
2009‑10 42,283 3.3   2,386 0.2
2010‑11 84,551 6.0   4,608 0.3
2011‑12 147,334 9.9   6,609 0.4
2012‑13 152,982 10.1   8,285 0.5
2013‑14 202,463 12.8   10,843 0.7
2014‑15(e) 250,234 15.6   10,906 0.7
2015‑16(e) 285,802 17.3   11,619 0.7
2016‑17(e) 313,356 18.0   11,927 0.7
2017‑18(p) 323,723 17.6   12,336 0.7
2018‑19(p) 325,447 16.8   13,001 0.7

(a) Data have been revised in the 2015‑16 Budget to improve accuracy and comparability through time.

(b) Net debt is equal to the sum of deposits held, government securities, loans and other borrowing, minus the sum of cash and deposits, advances paid and investments, loans and placements.

(c) Net interest payments are equal to the difference between interest paid and interest receipts.

(e) Estimates.

(p) Projections.

Table 6: Australian Government general government sector face value of Commonwealth Government Securities (CGS) on issue and interest paid
  Face value of CGS on issue(a)      
  Total CGS on issue(b)   Subject to Treasurer's direction(c)   Interest Paid(d)
  End of year
$m
Per cent
of GDP
  End of year
$m
Per cent
of GDP
  $m Per cent
of GDP
1970‑71 10,887 27.0     580 1.4
1971‑72 11,490 25.8     614 1.4
1972‑73 12,217 24.6     675 1.4
1973‑74 12,809 21.3     712 1.2
1974‑75 14,785 20.8     893 1.3
1975‑76 17,940 21.6     1,001 1.2
1976‑77 20,845 21.7     1,485 1.5
1977‑78 23,957 22.9     1,740 1.7
1978‑79 28,120 23.7     2,080 1.8
1979‑80 29,321 21.8     2,356 1.8
1980‑81 30,189 19.9     2,723 1.8
1981‑82 31,060 17.7     3,058 1.7
1982‑83 37,071 19.6     3,580 1.9
1983‑84 45,437 21.3     4,558 2.1
1984‑85 54,420 23.2     5,952 2.5
1985‑86 63,089 24.2     7,394 2.8
1986‑87 67,172 23.5     8,339 2.9
1987‑88 62,794 19.4     8,139 2.5
1988‑89 56,854 15.5     8,222 2.2
1989‑90 48,399 12.0     8,064 2.0
1990‑91 48,723 11.7     6,994 1.7
1991‑92 58,826 13.9     6,819 1.6
1992‑93 76,509 17.2     6,487 1.5
1993‑94 90,889 19.5     7,709 1.7
1994‑95 105,466 21.3     9,144 1.8
1995‑96 110,166 20.8     10,325 2.0
1996‑97 111,067 20.0     10,653 1.9
1997‑98 93,664 15.9     9,453 1.6
1998‑99 85,331 13.8     9,299 1.5
1999‑00 75,536 11.4     8,509 1.3
2000‑01 66,403 9.4     7,335 1.0
2001‑02 63,004 8.4     6,270 0.8
2002‑03 57,435 7.2     4,740 0.6
2003‑04 54,750 6.4     4,096 0.5
2004‑05 55,151 6.0     3,902 0.4
2005‑06 54,070 5.4     4,628 0.5
2006‑07 53,264 4.9     3,959 0.4
2007‑08 55,442 4.7     3,754 0.3
2008‑09 101,147 8.0   95,103 7.6   3,970 0.3
2009‑10 147,133 11.4   141,806 10.9   6,411 0.5
2010‑11 191,292 13.6   186,704 13.3   9,551 0.7
2011‑12 233,976 15.7   229,389 15.4   10,875 0.7
2012‑13 257,378 16.9   252,791 16.6   11,846 0.8
2013‑14 319,481 20.2   316,952 20.0   13,972 0.9
2014‑15(e) 370,000 23.0   367,000 22.9   14,037 0.9
2015‑16(e) 415,000 25.0   412,000 24.9   14,953 0.9
2016‑17(e) 477,000 27.3   474,000 27.2   15,464 0.9
2017‑18(p) 500,000 27.2   497,000 27.0   16,028 0.9
2018‑19(p) 521,000 26.9   518,000 26.7   17,070 0.9

(a) From 2014‑15 onwards, data for CGS on issue are projections and are rounded to the nearest $1 billion.

(b) Total CGS on issue includes CGS held on behalf of the States and the Northern Territory, but excludes Commonwealth holdings of CGS.

(c) The face value of CGS subject to the Treasurer's Direction excludes the stock and securities outlined in subsection 51JA(2A) of the Commonwealth Inscribed Stock Act 1911. These are the same stock and securities that were excluded from the previous legislative debt limit. CGS on issue subject to the Treasurer's Direction are not available prior to 2008‑09 because the limit was first introduced in July 2008.

(d) Interest paid consists of all cash interest payments of the general government sector, including those relating to CGS on issue.

(e) Estimates.

(p) Projections.

Table 7: Australian Government general government sector revenue, expenses, net capital investment and fiscal balance(a)
  Revenue   Expenses   Net capital investment   Fiscal balance(b)
  $m Per cent
of GDP
  $m Per cent
of GDP
  $m Per cent
of GDP
  $m Per cent
of GDP
1996‑97 141,688 25.5   145,821 26.2   90 0.0   ‑4,223 ‑0.8
1997‑98 146,820 24.9   148,652 25.2   147 0.0   ‑1,979 ‑0.3
1998‑99 152,106 24.5   146,772 23.7   1,433 0.2   3,901 0.6
1999‑00 167,304 25.3   155,558 23.5   ‑69 0.0   11,815 1.8
2000‑01 186,106 26.4   180,090 25.5   8 0.0   6,007 0.9
2001‑02 190,432 25.3   192,984 25.6   382 0.1   ‑2,935 ‑0.4
2002‑03 206,778 25.8   201,113 25.1   287 0.0   5,377 0.7
2003‑04 222,042 25.8   215,235 25.0   660 0.1   6,148 0.7
2004‑05 242,354 26.3   229,092 24.8   1,034 0.1   12,228 1.3
2005‑06 260,569 26.1   241,665 24.2   2,498 0.3   16,406 1.6
2006‑07 277,895 25.6   258,761 23.8   2,333 0.2   16,801 1.5
2007‑08 303,402 25.7   279,862 23.7   2,593 0.2   20,948 1.8
2008‑09 298,508 23.7   324,188 25.8   4,064 0.3   ‑29,743 ‑2.4
2009‑10 292,387 22.6   339,829 26.2   6,433 0.5   ‑53,875 ‑4.2
2010‑11 309,204 22.0   355,667 25.3   5,297 0.4   ‑51,760 ‑3.7
2011‑12 337,324 22.7   377,220 25.4   4,850 0.3   ‑44,746 ‑3.0
2012‑13 359,496 23.6   381,980 25.1   987 0.1   ‑23,472 ‑1.5
2013‑14 374,151 23.7   414,047 26.2   3,850 0.2   ‑43,746 ‑2.8
2014‑15(e) 384,098 23.9   420,335 26.2   3,138 0.2   ‑39,375 ‑2.5
2015‑16(e) 405,350 24.5   434,469 26.2   3,854 0.2   ‑32,972 ‑2.0
2016‑17(e) 433,427 24.8   452,654 25.9   4,198 0.2   ‑23,425 ‑1.3
2017‑18(p) 466,178 25.4   471,816 25.7   3,598 0.2   ‑9,236 ‑0.5
2018‑19(p) 501,288 25.9   499,428 25.8   5,090 0.3   ‑3,230 ‑0.2

(a) Data have been revised in the 2015‑16 Budget to improve accuracy and comparability through time.

(b) Fiscal balance is equal to revenue less expenses less net capital investment.

(e) Estimates.

(p) Projections.

Table 8: Australian Government general government sector net worth and net financial worth(a)
  Net worth(b)   Net financial worth(c)
  $m Per cent
of GDP
  $m Per cent
of GDP
1999‑00 ‑7,046 ‑1.1   ‑67,036 ‑10.1
2000‑01 ‑6,618 ‑0.9   ‑71,876 ‑10.2
2001‑02 ‑11,655 ‑1.5   ‑78,032 ‑10.4
2002‑03 ‑15,330 ‑1.9   ‑82,931 ‑10.4
2003‑04 ‑1,152 ‑0.1   ‑72,389 ‑8.4
2004‑05 14,556 1.6   ‑58,882 ‑6.4
2005‑06 17,971 1.8   ‑59,763 ‑6.0
2006‑07 46,351 4.3   ‑35,696 ‑3.3
2007‑08 70,859 6.0   ‑14,690 ‑1.2
2008‑09 19,427 1.5   ‑71,490 ‑5.7
2009‑10 ‑45,938 ‑3.5   ‑144,485 ‑11.2
2010‑11 ‑95,386 ‑6.8   ‑198,787 ‑14.1
2011‑12 ‑247,208 ‑16.6   ‑355,834 ‑23.9
2012‑13 ‑202,650 ‑13.3   ‑312,724 ‑20.6
2013‑14 ‑256,045 ‑16.2   ‑370,331 ‑23.4
2014‑15(e) ‑231,311 ‑14.4   ‑350,096 ‑21.8
2015‑16(e) ‑261,440 ‑15.8   ‑383,538 ‑23.2
2016‑17(p) ‑280,395 ‑16.1   ‑405,998 ‑23.3
2017‑18(p) ‑285,316 ‑15.5   ‑415,241 ‑22.6
2018‑19(p) ‑282,756 ‑14.6   ‑417,754 ‑21.6

(a) Data have been revised in the 2015‑16 Budget to improve accuracy and comparability through time.

(b) Net worth is equal to total assets less liabilities.

(c) Net financial worth is equal to financial assets less liabilities.

(e) Estimates.

(p) Projections.

Table 9: Australian Government general government sector accrual taxation revenue, non‑taxation revenue and total revenue(a)
  Taxation revenue  
    Per cent  
  $m of GDP  
1999‑00 153,408 23.2  
2000‑01 175,877 24.9  
2001‑02 178,154 23.6  
2002‑03 195,057 24.4  
2003‑04 209,833 24.4  
2004‑05 229,790 24.9  
2005‑06 245,047 24.6  
2006‑07 261,995 24.1  
2007‑08 285,903 24.3  
2008‑09 278,229 22.1  
2009‑10 267,620 20.7  
2010‑11 288,319 20.5  
2011‑12 315,994 21.2  
2012‑13 336,659 22.1  
2013‑14 351,290 22.2  
2014‑15(e) 359,117 22.4  
2015‑16(e) 380,074 22.9  
2016‑17(e) 406,617 23.3  
2017‑18(p) 433,790 23.6  
2018‑19(p) 464,205 24.0  

(a) Data have been revised in the 2015‑16 Budget to improve accuracy and comparability through time.

(a) Estimates.

(a) Projections.

Table 10: Australian Government cash receipts, payments and surplus by institutional sector ($m)(a)
  General government   Public non‑financial corporations   Non‑financial public sector
  Receipts(b) Payments(c) Underlying cash
balance(d)
  Receipts(b) Payments(c) Cash surplus   Receipts(b) Payments(c) Underlying cash
balance(d)
1988‑89 90,748 85,326 5,421   4,177 6,035 257   93,923 90,312 5,678
1989‑90 98,625 92,684 5,942   3,926 11,322 ‑5,261   101,495 102,883 681
1990‑91 100,227 100,665 ‑438   4,804 9,351 ‑2,139   103,837 108,808 ‑2,577
1991‑92 95,840 108,472 ‑12,631   3,899 7,713 101   97,937 114,369 ‑12,530
1992‑93 97,633 115,751 ‑18,118   4,385 7,819 ‑196   100,512 122,042 ‑18,314
1993‑94 103,824 122,009 ‑18,185   5,178 6,476 1,482   106,747 126,214 ‑16,703
1994‑95 113,458 127,619 ‑14,160   5,262 7,318 1,956   116,751 132,965 ‑12,204
1995‑96 124,429 135,538 ‑11,109   4,927 8,190 ‑527   126,593 140,963 ‑11,636
1996‑97 133,592 139,689 ‑6,099   4,782 7,373 473   135,259 143,948 ‑5,626
1997‑98 140,736 140,587 149   6,238 7,923 1,119   144,517 145,985 1,268
1998‑99 152,063 148,175 3,889   na na ‑353   na na 3,536
1999‑00 166,199 153,192 13,007   na na ‑2,594   na na 10,413
2000‑01 182,996 177,123 5,872   na na 391   na na 6,264
2001‑02 187,588 188,655 ‑1,067   na na 1,210   na na 143
2002‑03 204,613 197,243 7,370   27,386 26,105 1,280   na na 8,650
2003‑04 217,775 209,785 7,990   27,718 26,142 1,575   238,236 228,669 9,564
2004‑05 235,984 222,407 13,577   29,621 28,071 1,550   257,946 242,818 15,128
2005‑06 255,943 240,136 15,757   30,875 31,874 ‑999   278,254 263,445 14,759
2006‑07 272,637 253,321 17,190   16,882 18,641 ‑1,759   285,336 267,778 15,431
2007‑08 294,917 271,843 19,754   7,758 8,232 ‑473   300,503 277,903 19,281
2008‑09 292,600 316,046 ‑27,013   7,987 8,960 ‑973   297,421 321,841 ‑27,986
2009‑10 284,662 336,900 ‑54,494   8,419 9,341 ‑922   290,681 343,841 ‑55,416
2010‑11 302,024 346,102 ‑47,463   8,558 9,733 ‑1,175   308,258 353,511 ‑48,638
2011‑12 329,874 371,032 ‑43,360   8,845 10,847 ‑2,002   336,122 379,282 ‑45,362
2012‑13 351,052 367,204 ‑18,834   9,766 14,135 ‑4,369   358,088 378,609 ‑23,203
2013‑14 360,322 406,430 ‑48,456   11,042 16,322 ‑5,280   368,521 419,910 ‑53,737
2014‑15(e) 377,309 415,000 ‑41,121   10,821 15,634 ‑4,814   385,977 428,483 ‑45,935
2015‑16(e) 397,980 429,836 ‑35,115   11,097 19,124 ‑8,026   407,091 446,973 ‑43,141
2016‑17(e) 422,461 444,923 ‑25,836   na na na   na na na
2017‑18(p) 453,595 464,292 ‑14,396   na na na   na na na
2018‑19(p) 488,233 491,101 ‑6,905   na na na   na na na

(a) Data have been revised in the 2015‑16 Budget to improve accuracy and comparability through time.

(b) Receipts are equal to receipts from operating activities and sales of non‑financial assets.

(c) Payments are equal to payments for operating activities, purchases of non‑financial assets and net acquisition of assets under finance leases.

(d) These items exclude net Future Fund earnings from 2005‑06 onwards. Net Future Fund earnings are shown in Table 1.

(e) Estimates.

(p) Projections.

na Data not available.

Table 11: Australian Government accrual revenue, expenses and fiscal balance by institutional sector ($m)(a)
  General government   Public non‑financial corporations   Non‑financial public sector
  Revenue Expenses Fiscal
balance(b)
  Revenue Expenses Fiscal
balance(b)
  Revenue Expenses Fiscal
balance(b)
1996‑97 141,688 145,821 ‑4,223   27,431 26,015 ‑331   na na ‑4,554
1997‑98 146,820 148,652 ‑1,979   29,618 26,999 2,360   na na 387
1998‑99 152,106 146,772 3,901   27,687 26,088 ‑816   175,891 168,958 3,085
1999‑00 167,304 155,558 11,815   25,485 23,542 1,062   188,841 175,152 11,721
2000‑01 186,106 180,090 6,007   25,869 24,762 ‑826   207,367 200,246 5,181
2001‑02 190,432 192,984 ‑2,935   26,638 25,341 793   212,462 213,718 ‑2,142
2002‑03 206,778 201,113 5,377   24,339 22,916 1,975   225,989 218,944 7,311
2003‑04 222,042 215,235 6,148   25,449 23,444 2,143   241,746 232,934 8,291
2004‑05 242,354 229,092 12,228   26,965 25,191 1,473   263,434 248,398 13,700
2005‑06 260,569 241,665 16,406   28,143 29,531 ‑2,442   281,927 264,410 13,964
2006‑07 277,895 258,761 16,801   15,443 16,360 ‑1,763   289,551 271,335 15,038
2007‑08 303,402 279,862 20,948   6,854 6,686 ‑584   308,888 285,179 20,364
2008‑09 298,508 324,188 ‑29,743   6,998 7,576 ‑1,495   303,309 329,566 ‑31,238
2009‑10 292,387 339,829 ‑53,875   7,288 7,297 ‑1,079   298,033 345,483 ‑54,954
2010‑11 309,204 355,667 ‑51,760   7,563 7,787 ‑1,446   315,001 361,689 ‑53,205
2011‑12 337,324 377,220 ‑44,746   8,046 8,238 ‑2,158   343,722 383,810 ‑46,904
2012‑13 359,496 381,980 ‑23,472   8,863 9,415 ‑4,189   366,642 389,678 ‑27,661
2013‑14 374,151 414,047 ‑43,746   9,537 11,127 ‑6,070   381,971 423,457 ‑49,816
2014‑15(e) 384,098 420,335 ‑39,375   9,764 11,825 ‑4,613   392,250 430,548 ‑43,988
2015‑16(e) 405,350 434,469 ‑32,972   9,729 13,025 ‑8,543   413,891 446,304 ‑41,515
2016‑17(e) 433,427 452,654 ‑23,425   na na na   na na na
2017‑18(p) 466,178 471,816 ‑9,236   na na na   na na na
2018‑19(p) 501,288 499,428 ‑3,230   na na na   na na na

(a) Data have been revised in the 2015‑16 Budget to improve accuracy and comparability through time.

(b) Fiscal balance is equal to revenue less expenses less net capital investment. Net capital investment is not shown in this table.

(e) Estimates.

(p) Projections.

na Data not available.