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Government Finance Statistics, Annual

Statistics about finances of the general government and public corporation sectors for the various levels of government in Australia

Reference period
2017 - 2018
Released
29/04/2019

Key statistics

  • Total Public Sector net operating balance was -$2,907m in 2017-18.
  • Total Public Sector cash operating result was a deficit of -$31,198m in 2017-18.
  • Total Public Sector consolidated net worth as at 30 June 2018 was $915,224m.

Government finance statistics

Accrual operating results

The GFS net operating balance for all levels of government in 2017-18 was $9,839m for the general government sector and -$2,907m for the total public sector.

GFS net lending/borrowing for all levels of government in 2017-18 was -$20,242m for the general government sector and -$42,218m for the total public sector.

Operating results, by sector, 2017-18, $m
General Government SectorNon-financial Public SectorTotal Public Sector(a)
All levels of government
GFS Revenue656956710796720125
GFS Expenses647116707975723031
GFS Net operating balance98392821-2907
Net acquisition of non-financial assets300813987739312
GFS Net lending(+)/borrowing(-)-20242-37056-42218
Commonwealth Government
GFS Revenue459368469809470627
GFS Expenses463865478923480237
GFS Net operating balance-4497-9114-9609
Net acquisition of non-financial assets128467226719
GFS Net lending(+)/borrowing(-)-5781-15836-16328
State and local government
GFS Revenue310234352534361094
GFS Expenses292788337881351674
GFS Net operating balance17447146529420
Net acquisition of non-financial assets273963170431141
GFS Net lending(+)/borrowing(-)-9950-17051-21721
Control not further defined(b)
GFS Revenue307523334633346
GFS Expenses296253182931829
GFS Net operating balance112715161516
Net acquisition of non-financial assets140114521452
GFS Net lending(+)/borrowing(-)-2746565
  1. The total public sector comprises general government, public non-financial corporations and public financial corporations. The sum of individual levels of government or sectors may not agree with the total public sector figures due to transfers between levels of government.
  2. The control not further defined (n.f.d.) sector contains units where jurisdiction is shared between two or more governments, or classification of a unit to a jurisdiction is otherwise unclear. The main types of units currently falling into this category are the public universities.
     

Cash operating results

The cash operating result for all levels of government in 2017-18 was a deficit of -$18,309m for the general government sector and a deficit of -$31,198m for the total public sector.

GFS cash surplus(+)/deficit(-), by sector, 2017-18, $m
General Government SectorNon-financial Public SectorTotal Public Sector(a)
Commonwealth Government-5790-13943-13896
State and local government
New South Wales-310-3389-3354
Victoria-4694-5157-4444
Queensland605839-407
South Australia-468-655-450
Western Australia-1867-3080-2941
Tasmania1619226
Northern Territory-573-688-679
Australian Capital Territory1236363
Total state and local government-7160-12034-11970
Control not further defined(b)-1333-1305-1305
All levels of government-18309-31308-31198
  1. The total public sector comprises general government, public non-financial corporations and public financial corporations. The sum of individual levels of government or sectors may not agree with the total public sector figures due to transfers between levels of government.
  2. The control not further defined (n.f.d.) sector contains units where jurisdiction is shared between two or more governments, or classification of a unit to a jurisdiction is otherwise unclear. The main types of units currently falling into this category are the public universities.
     

Balance sheet results

GFS net worth reflects the contribution of governments to the wealth of Australia. The consolidated net worth as at 30 June 2018 for all levels of government was $915,224m.

Balance sheet results, by sector, at 30 June 2018, $m
General Government SectorNon-financial Public SectorTotal Public Sector(a)
All levels of government
Total assets231442024653822737823
Total liabilities139919515501581822599
GFS Net worth915224915224915224
Commonwealth Government
Total assets559493576147740957
Total liabilities98919310058471170657
GFS Net worth-429700-429700-429700
State and local government
Total assets168887118240991 933024
Total liabilities400236535464644390
GFS Net worth128863512886351288635
Control not further defined(b)
Total assets779357793977939
Total liabilities216462165021650
GFS Net worth562905629056290
  1. The total public sector comprises general government, public non-financial corporations and public financial corporations. The sum of individual levels of government or sectors may not agree with the total public sector figures due to transfers between level of government.
  2. The control not further defined (n.f.d.) sector contains units where jurisdiction is shared between two or more governments, or classification of a unit to a jurisdiction is otherwise unclear. The main types of units currently falling into this category are the public universities.
     

Changes to government finance statistics

Australia's system for producing GFS has been updated as a result of revised international standards for compiling national accounts (2008 SNA) and the consequent revision of the International Monetary Fund's GFS Manual 2014 (IMF GFSM 2014). An updated ABS GFS Manual was released on 23 December 2015 to reflect the AGFS15 changes and can be found in Australian System of Government Finance Statistics: Concepts, Sources and Methods, 2015 (cat. no. 5514.0). AGFS15 is effective for all GFS data that is reported for all periods from 1 July 2017 onwards.

A range of conceptual changes under AGFS15 are outlined in the updated ABS GFS Manual. Details of the changes that impact annual GFS data are covered in a recent Information Paper: Forthcoming Changes to the Annual Publication for Government Finance Statistics (cat. no. 5512.0.55.001).

In December 2015, the Commonwealth Government released the 2015-16 Mid-Year Economic and Fiscal Outlook (MYEFO) which included a reclassification of visa application charges (VAC). In MYEFO these charges are now treated as taxation revenue rather than sales of goods and services. This reclassification has been applied to GFS, with no impact on total GFS revenue or the GFS net operating balance. The National Accounts statistics will maintain coherence with previously published data and classify this transaction as sales of goods and services. These treatments will remain in place until a review of the treatment of VAC across macroeconomic statistics has been completed.

Reviewing confidentialised historical data

The ABS has reviewed the confidentialisation of historical GFS data following the release of the updated Census and Statistics Determination 2018. This Determination is a key legislative instrument that sets out the circumstances under which the ABS may release statistical information collected under the Census and Statistics Act 1905. This review has resulted in the release of previously confidentialised GFS data which will enable additional analysis across the historical time series. This is on the basis that data providers have not objected or demonstrated that the release of this data would identify them.

Time series total public sector, 2012-13 to 2017-18

Total public sector, all levels of government

For the total public sector across all levels of government, GFS revenue increased by $48,586m (7.2%) from $671,539m in 2016-17 to $720,125m in 2017-18. Over the same period GFS expenses increased by $27,278m (3.9%) from $695,753m to $723,031m. As a result the GFS net operating balance moved from -$24,213m in 2016-17 to -$2,907m in 2017-18.

Between 30 June 2017 and 30 June 2018 GFS net worth across the total public sector for all levels of government moved from $884,301m to $915,224m.

The following tables show a time series of major aggregates for the total public sector across different levels of government.

Operating results, total public sector, all levels of government, $m
2012-132013-142014-152015-162016-172017-18
GFS Revenue579995605504617749639692671539720125
GFS Expenses607530634643649795670097695753723031
GFS Net operating balance-27535-29139-32046-30404-24213-2907
Net acquisition of non-financial assets319443243427599324793832639312
GFS Net lending(+)/borrowing(-)-59479-61572-59645-62884-62539-42218
Cash flow results, total public sector, all levels of government, $m
2012-132013-142014-152015-162016-172017-18
GFS Cash surplus(+)/deficit(-)-46355-54576-46603-54138-48640-31198
Balance sheet results, total public sector, all levels of government, $m
at 30 June 2013at 30 June 2014at 30 June 2015at 30 June 2016at 30 June 2017at 30 June 2018
Total assets205882922042902323725246628526355592737823
Total liabilities122045613848411496743170174417512581822599
GFS Net worth838373819449826981764541884301915224


 

Total public sector, Commonwealth Government

For the Commonwealth Government total public sector, GFS revenue increased by $42,160m (9.8%) from $428,467m in 2016-17 to $470,627m in 2017-18. Over the same period GFS expenses increased by $15,320m (3.3%) from $464,917m to $480,237m. As a result the GFS net operating balance moved from -$36,450m in 2016-17 to -$9,609m in 2017-18.

Between 30 June 2017 and 30 June 2018 the GFS net worth for the Commonwealth Government total public sector moved from -$398,845m to -$429,700m.

Operating results, total public sector, Commonwealth Government, $m
2012-132013-142014-152015-162016-172017-18
GFS Revenue375982390486393750405013428467470627
GFS Expenses398416422680433006443786464917480237
GFS Net operating balance-22434-32195-39256-38774-36450-9609
Net acquisition of non-financial assets324085677750827288936719
GFS Net lending(+)/borrowing(-)-25674-40762-47006-47046-45342-16328
Cash flow results, total public sector, Commonwealth Government, $m
2012-132013-142014-152015-162016-172017-18
GFS Cash surplus(+)/deficit(-)-18994-38177-37441-43726-40713-13896
Balance sheet results, total public sector, Commonwealth Government, $m
at 30 June 2013at 30 June 2014at 30 June 2015at 30 June 2016at 30 June 2017at 30 June 2018
Total assets458873544713585393633756714312740957
Total liabilities668568792816887227104984311131581170657
GFS Net worth-209695-248103-301834-416087-398845-429700


 

Total public sector, state government

The GFS net operating balance for state government total public sector moved from $4,886m in 2016-17 to -$571m in 2017-18.

Between 30 June 2017 and 30 June 2018 the GFS net worth for the state government total public sector moved from $784,023m to $822,535m.

Operating results, total public sector, state government, $m
2012-132013-142014-152015-162016-172017-18
GFS Net operating balance
New South Wales-62222455379428452163466
Victoria-1739624-11671382-281-1170
Queensland-6318-919-914-7302656143
South Australia-624-1011-332-178-110-700
Western Australia-300230-562-2844-2922-1830
Tasmania-4548-121-4765426
Northern Territory-28130521354-103-397
Australian Capital Territory-390-268-282-284-207-103
Total all states-100691068250919144886-571
GFS Net lending(+)/borrowing(-)
New South Wales-2964-2204118-3403-5773-7277
Victoria-11260-2112-3218-1871-4008-9674
Queensland-11258-5552-2852-2646110-2035
South Australia-929-1575-204-353-3122-1044
Western Australia-3291-3045-2898-5510-4355-2985
Tasmania-162-205-115-199348-324
Northern Territory-537-96-111-89-576-817
Australian Capital Territory-770-565-852-503-126-153
Total all states-31173-15366-10146-14596-17520-24315
Cash flow results, total public sector, state government, $m
2012-132013-142014-152015-162016-172017-18
GFS Cash surplus(+)/deficit(-)
New South Wales192110572169-1435-3671-4644
Victoria-7404670-1296781-476-5002
Queensland-11752-5910-2188-19432150-494
South Australia-1279-2198-2907-505-831-739
Western Australia-3861-2424-2411-4700-4797-3013
Tasmania-49-122462613311
Northern Territory-48442339-101-480-739
Australian Capital Territory-614-186-733-6145063
Total all states-23522-8961-7005-8452-7441-14241
Balance sheet results, total public sector, state government, $m
at 30 June 2013at 30 June 2014at 30 June 2015at 30 June 2016at 30 June 2017at 30 June 2018
GFS Net worth
New South Wales164400165405178267179718226765255952
Victoria132598130767139516151886170715187004
Queensland175683171420169523193314196262196327
South Australia393633965839952376114245043025
Western Australia113284117121121779115364111021103159
Tasmania9996935785907168962110549
Northern Territory78867766981096901105510636
Australian Capital Territory155451523914833128571613415883
Total all states658754656733682271707607784023822535

Time series general government sector, 2012-13 to 2017-18

General government sector, all levels of government

GFS revenue for the general government sector across all levels of government increased by $47,371m (7.8%) from $609,585m in 2016-17 to $656,956m in 2017-18. Over the same period GFS expenses increased by $23,894m (3.8%) from $623,222m to $647,116m. As a result the GFS net operating balance moved from -$13,638m to $9,839m.

Between 30 June 2017 and 30 June 2018 GFS net worth for all levels of government moved from $884,302m to $915,224m.

The following tables show a time series of major aggregates for the general government sector across different levels of government.

Operating results, general government sector, all levels of government, $m
2012-132013-142014-152015-162016-172017-18
GFS Revenue517175539015556044577665609585656956
GFS Expenses540720564340583401600206623222647116
GFS Net operating balance-23545-25325-27357-22541-136389839
Net acquisition of non-financial assets178692147120094219912728030081
GFS Net lending(+)/borrowing(-)-41414-46796-47451-44532-40918-20242
Cash flow results, general government sector, all levels of government, $m
2012-132013-142014-152015-162016-172017-18
GFS Cash surplus(+)/deficit(-)-35 524-47 119-34 463-37 353-32 692-18 309
Balance sheet results, general government sector, all levels of government, $m
at 30 June 2013at 30 June 2014at 30 June 2015at 30 June 2016at 30 June 2017at 30 June 2018
Total assets173774718420841948915206634521993672314420
Total liabilities91021810226671121933130180413150651399195
GFS Net worth827529819417826982764542884302915224


 

General government sector, Commonwealth Government

For the Commonwealth Government general government sector, GFS revenue increased by $39,275m (9.3%) from $420,093m in 2016-17 to $459,368m in 2017-18. Over the same period GFS expenses increased by $13,763m (3.1%) from $450,102m to $463,865m. As a result the GFS net operating balance moved from -$30,009m in 2016-17 to -$4,497m in 2017-18.

Between 30 June 2017 and 30 June 2018 GFS net worth for Commonwealth Government general government sector moved from -$398,845m to -$429,700m.

Operating results, general government sector, Commonwealth Government, $m
2012-132013-142014-152015-162016-172017-18
GFS Revenue362488374829382186395636420093459368
GFS Expenses384002405943419020430889450102463865
GFS Net operating balance-21514-31114-36834-35253-30009-4497
Net acquisition of non-financial assets-33740164774348230681284
GFS Net lending(+)/borrowing(-)-21177-35131-41608-38734-33076-5781
Cash flow results, general government sector, Commonwealth Government, $m
2012-132013-142014-152015-162016-172017-18
GFS Cash surplus(+)/deficit(-)-15158-35523-33484-36315-30965-5790
Balance sheet results, general government sector, Commonwealth Government, $m
at 30 June 2013at 30 June 2014at 30 June 2015at 30 June 2016at 30 June 2017at 30 June 2018
Total assets359039408795440812477564524644559493
Total liabilities568734656898742646893651923489989193
GFS Net worth-209695-248103-301834-416087-398845-429700


 

General government sector, state government

The total all states GFS net operating balance for state government general government sector moved from $9,803m in 2016-17 to $7,656m in 2017-18.

Between 30 June 2017 and 30 June 2018 GFS net worth for state government general government sector moved from $784,024m to $822,535m.

Operating results, general government sector, state government, $m
2012-132013-142014-152015-162016-172017-18
GFS Net operating balance
New South Wales-116411373619459157285091
Victoria-18625861288289520991937
Queensland-438462553296935841990
South Australia-964-1021-200297423-172
Western Australia250718-428-2109-2474-618
Tasmania-260-165-100-6649-116
Northern Territory-99120483323-63-375
Australian Capital Territory-346-234-256-273-137-81
Total all states-715437654936667398037656
GFS Net lending(+)/borrowing(-)
New South Wales-3571-134661271-503-2517
Victoria-27041104-42355-2026-6164
Queensland-7738-2585-659-4781332-90
South Australia-1001-1699-12294-2334-907
Western Australia-1852-1129-1914-3442-3941-1882
Tasmania-157-159-62-68524-245
Northern Territory-367-101-121-22-469-703
Australian Capital Territory-755-575-912-627-209-231
Total all states-18145-6493-3602-4430-7634-12739
Cash flow results, general government sector, state government, $m
2012-132013-142014-152015-162016-172017-18
GFS Cash surplus(+)/deficit(-)
New South Wales-2224170125703229901-1608
Victoria-2035757-2111208-1020-5254
Queensland-8627-3346-1108442187546
South Australia-1199-213510266337-757
Western Australia-1949-1333-1494-3664-3724-1958
Tasmania-1206836612067040
Northern Territory-274-39455-42-430-633
Australian Capital Territory-448-10-596-662233123
Total all states-16876-433710831098-844-9492
Balance sheet results, general government sector, state government, $m
at 30 June 2013at 30 June 2014at 30 June 2015at 30 June 2016at 30 June 2017at 30 June 2018
GFS Net worth
New South Wales164400165405178267179718226765255952
Victoria121753130735139516151886170715187004
Queensland175683171420169523193315196262196327
South Australia393633965839952376114245043025
Western Australia113284117121121779115364111021103159
Tasmania9996935785907168962110549
Northern Territory78867766981096901105510636
Australian Capital Territory155451523914833128571613415883
Total all states647910656701682271707608784024822535

General government expenses by purpose

Total general government expenses for all levels of government were $647,116m in 2017-18. The major contributors were expenditure on Social protection (27.5%), Health (20.0%), Education (15.4%) and General public services (11.4%).

Download
Expenses by purpose, general government sector, Commonwealth and state government (a), 2017-18, $m
CwthNSWVicQldSAWATasNTACTAll Levels(b)
General public services11115183844127531314891583640436120773968
Defence32046--------32046
Public order and safety58597567727449821868342557879343232993
Economic affairs20680177314122017743125316951010230103
Environmental protection5715154174778746739214911112015012
Housing and community amenities237675818139614721167134278338700
Health7682421655179081683360188917184715201487129628
Recreation, culture and religion3605921754157439265613220716814221
Education372572008115211136854731746015121187118299617
Social protection15894575065523417522502636587952423178134
Transport94077921792157701085231628432832932695
Total expenses4638657810662690560971951629805603263225482647116

- nil or rounded to zero (including null cells)

  1. The expenses by purpose data in this table are consistent with the underlying transactions data reported in 5512.0 for each jurisdiction. These data do not necessarily align with the data published by each Treasury. For further information on other differences please see paragraphs 46 to 51 of the Methodology.
  2. All levels of government includes the Commonwealth, state, control n.f.d. and local government sectors.
     
Expenses by purpose, general government sector, local government, 2017-18, $m
NSWVicQldSAWATasNTTotal
General public services2818164328121578871651938676
Public order and safety36520016445146924953
Economic affairs60340638115618536291795
Environmental protection213912231169396289109215346
Housing and community amenities1108574131222041860623754
Health87172536171117461
Recreation, culture and religion166815321202535919128626046
Education791288-5-1220
Social protection411940541261921351779
Transport1991157125824971060196717969
Total expenses11269839097362193417073550536998

- nil or rounded to zero (including null cells)

Statement of stocks and flows

The international Government Finance Statistics (GFS) standard as promulgated by the International Monetary Fund (IMF) recommends that opening and closing 'stock' values be reconciled with all 'flows' occurring throughout the year. The standard is based on an analytical framework in which all changes in the values of stocks from one year to the next can be fully explained by the flows that have occurred during that year.

Institutional units hold assets (financial and non-financial) and incur liabilities (which by definition are financial). The level of these assets and liabilities at any point in time is the stock. The difference between assets and liabilities is net worth, which is a measure of the 'wealth' of units or of government. Anything which causes a change in these stocks of assets and liabilities is a flow. Flows are disaggregated into transactions and 'other economic flows'. A transaction is, for the most part, an interaction between two units by mutual agreement, whereas an other economic flow is a change in the volume or value of a stock of a unit not resulting from a transaction. Other economic flows can be disaggregated into movements in asset/liability values resulting from price changes ('revaluations') and those resulting from volume changes ('other changes in volume').

For more information on the statement of stocks and flows, refer to Chapter 4 in Australian System of Government Finance Statistics: Concepts, Sources and Methods, 2015 (cat. no. 5514.0) and Chapter 3 of the IMF's Government Finance Statistics Manual 2014 (GFSM 2014).

Commonwealth general government

The statement of stocks and flows for the Commonwealth general government sector is presented in Table 1. During 2017-18 the net worth of the Commonwealth general government sector decreased by $30,855m. This was the result of other economic flows of -$26,358m and a GFS net operating balance (which reflects the change in net worth due to transactions) of -$4,497m.

Table 1, Statement of stocks and flows, general government sector, Commonwealth Government, $m
Opening stocks as at 1 July 2017TransactionsOther economic flows(a)Closing stocks as at 30 June 2018
Assets
Non-financial assets
Buildings and structures252306647925775
Machinery and equipment147784441515237
Other fixed produced assets628743291-13666029
Other produced assets20228601-35720472
Land9634-34373410025
Other non-produced assets3204-277434933923
Total non-financial assets13594812844229141461
Financial assets
Currency and deposits51401643-6783
Advances4710411416-246356057
Securities, investments, loans and placements19325140-2681190610
Equity including contributed capital90012862511555110192
Other financial assets531901201-54391
Total financial assets388696229256411418032
Total assets5246442420910640559493
less
Liabilities
Currency and deposits4313249-4562
Advances----
Securities, investments, loans and placements56541030564-95559019
Provisions for superannuation279459-33993313452
Other liabilities74308-2107395976160
Total liabilities9234892870636998989193
equals
GFS Net worth-398845-4497-26358-429700
Net financial worth-534793. .. .-571161

. . not applicable
- nil or rounded to zero (including null cells)

  1. Other economic flows are primarily a result of holding gains and losses (revaluations).
     

State and local general government

During 2017-18 the net worth of the state general government sector increased by $38,511m, driven by $30,855m from other economic flows and a GFS net operating balance of $7,656m.

Table 2, Statement of stocks and flows, general government sector, total state government, $m
Opening stocks as at 1 July 2017TransactionsOther economic flows(a)Closing stocks as at 30 June 2018
Assets
Non-financial assets
Buildings and structures405955174658128431548
Machinery and equipment163761027-45916944
Other fixed produced assets5493884-4815896
Other produced assets1757664-131316327
Land226854100513034240893
Other non-produced assets3443-495533947
Total non-financial assets6756972039519462715554
Financial assets
Currency and deposits20149-2163-17986
Advances50711041585333
Securities, investments, loans and placements868064873139193070
Equity including contributed capital332167-663117186342722
Other financial assets275551254-28809
Total financial assets471748-256318736487921
Total assets114744517832381981203475
less
Liabilities
Currency and deposits3489357-3846
Advances54229871086517
Securities, investments, loans and placements13255574871640141682
Provisions for superannuation145923--1054144869
Other liabilities760321345664884025
Total liabilities363421101767342380939
equals
GFS Net worth784024765630855822535
Net financial worth108327. .. .106981

. . not applicable
- nil or rounded to zero (including null cells)

  1. Other economic flows are primarily a result of holding gains and losses (revaluations).
     

The net worth of the local general government sector increased by $19,580m in 2017-18. Other economic flows contributed $9,778m to this movement.

Table 3, Statement of stocks and flows, general government sector, total local government, $m
Opening stocks as at 1 July 2017TransactionsOther economic flows(a)Closing stocks as at 30 June 2018
Assets
Non-financial assets
Buildings and structures30380037244126311650
Machinery and equipment55312699-27525478
Other fixed produced assets631170-188613
Other produced assets2416-171262525
Land1151092838756124148
Other non-produced assets118-42160
Total non-financial assets427605686010107444572
Financial assets
Currency and deposits12003-317-11686
Advances103-2624101
Securities, investments, loans and placements15310209723117638
Equity including contributed capital7311-261817466
Other financial assets4199120-4319
Total financial assets38925184843841211
Total assets466530870810545485783
less
Liabilities
Currency and deposits58738-625
Advances216-1165270
Securities, investments, loans and placements11064-264-19310607
Provisions for superannuation1--1-
Other liabilities8143-8578958181
Total liabilities20011-109476719684
equals
GFS Net worth44651998029778466099
Net financial worth18914. .. .21527

. . not applicable
- nil or rounded to zero (including null cells)

  1. (a) Other economic flows are primarily a result of holding gains and losses (revaluations).

Public sector debt statistics

Public sector debt is defined as the level of debt liabilities owed by a government to its creditors. Public sector debt statistics can be used as a performance measure on the level of solvency and the liquidity of the public sector. They can also be used to assess the budget sustainability of governments.

The International Monetary Fund (IMF) released a staff discussion note titled What Lies Beneath: The Statistical Definition of Public Sector Debt in 2012. This note introduced the debt matrix - a grid presentation of public sector debt on both a gross and net basis, which enables the recording of debt based on type of debt instrument and level of government subsector.

With the implementation of AGFS15, the ABS has introduced the debt matrix presentation for public sector debt statistics, modified for the Australian situation. The ABS has broadened the financial assets and liabilities reported in the matrix beyond just debt instruments to also include other liabilities, namely equity.

The ABS has recognised that using a matrix-style presentation enables analysts and policy makers to analyse different measures of debt and other liabilities depending on their specific focus or interest. For example, if one is analysing a government’s liquidity, then the focus would be at the L1 to L3 level. However, if one is analysing a government’s longer term budget sustainability, then the focus would be at the L4 to L6 level.

Public sector debt and other liabilities on a gross basis

Gross public sector debt consists of all liabilities that are debt instruments. It is described as the stock position in financial claims that require payment(s) of interest and / or principal by the debtor to the creditor at a date (or dates) in the future. The matrix presented below also includes non-debt liabilities.

Headline gross public sector debt (L5 under AGFS15) for the All Australia general government sector was driven by debt securities ($585,459m) and insurance and superannuation liabilities ($321,765m) of the national sector, as well as insurance and superannuation liabilities ($147,401m) and loans ($121,883m) of the state sector.

Table 1, Matrix of gross public sector debt and other liabilities by level of government subsector, at 30 June 2018, $m
NationalTotal StateTotal LocalAll AustraliaAll AustraliaAll Australia
General Government(a)General GovernmentGeneral GovernmentGeneral GovernmentNon-financial Public SectorTotal Public Sector
Debt securities58545926076-611535618376868825
plus Loans67351218831087713622525033155073
Equals L159219414795910877747760868707923898
plus SDRs5860--586058605860
plus Currency and deposits4572384662590448416173473
Equals L2602627151805115027626648829841103232
plus Other accounts payable77616814938181165122188668194840
Equals L36802432332981968392778610716511298072
plus Insurance and superannuation321765147401-469166472239519129
Equals L4(b)100200738069919684139695215438911817201
plus Financial derivatives2003240-224334355398
Equals L5(c)100401038093919684139919515473261822599
plus Equities----2832-
Equals L6(d)100401038093919684139919515501581822599
  1. National includes both the Commonwealth and Control not further defined (public universities) levels of government.
  2. L4 is comparable to the IMF GFSM 2014 concept of headline gross public sector debt.
  3. L5 is comparable to the Australian AGFS15 concept of headline gross public sector debt.
  4. L6 includes other liabilities and is not included in headline measures of gross public sector debt.
     

Public sector debt and other liabilities on a net basis

Net public sector debt is described as gross debt minus the stock position in financial assets corresponding to debt instruments. The matrix presented below also includes non-debt liabilities and their corresponding financial assets.

Headline net public sector debt (L5 under AGFS15) for the All Australia general government sector was driven by a net debt position for debt securities ($463,859m) and insurance and superannuation ($321,765m) of the national sector, as well as insurance and superannuation ($147,376m) and loans ($106,567m) of the state sector. This was partially offset by a net asset position for debt securities of the state sector (-$50,352m) and loans of the national sector (-$49,386m), as well as currency and deposits held by all levels of government (-$32,170m).

Table 2, Matrix of net public sector debt and other liabilities by level of government subsector(a), at 30 June 2018, $m
NationalTotal StateTotal LocalAll AustraliaAll AustraliaAll Australia
General Government(b)General GovernmentGeneral GovernmentGeneral GovernmentNon-financial Public SectorTotal Public Sector
Debt securities463859-50352-1455412052416529438405
plus Loans-49386106567543062611185401-27711
Equals L1414473562153975474663601930410694
plus SDRs5860--586058605860
plus Currency and deposits-6969-14140-11061-32170-42641119482
Equals L2(c)41336442075-7086448353565150536036
plus Other accounts payable20508527083861770779738999359
Equals L343387294783-3225525430662539635395
plus Insurance and superannuation321765147376-469142471846518737
Equals L4(d)755637242160-322499457211343851154132
plus Financial derivatives-11059-1274-10735-23068-22960-21682
Equals L5(e)744578240885-1395997150411114251132450
plus Equities-180748-347866-7568-536182-174638-194036
Equals L6(f)563831-106981-21527435322936787938414
  1. National includes both the Commonwealth and Control not further defined (public universities) levels of government.
  2. A positive value in this matrix indicates that the relevant stock of liabilities is greater than its corresponding stock of financial assets (an indebted position). A negative value indicates the opposite.
  3. L2 is comparable to government reporting of net debt under Australian Accounting Standards.
  4. L4 is comparable to the IMF GFSM 2014 concept of headline net public sector debt.
  5. L5 is comparable to the Australian AGFS15 concept of headline net public sector debt.
  6. L6 includes other liabilities and is not included in headline measures of net public sector debt.
     

Headline net public sector debt (L5 under AGFS15) of the All Australia general government sector as a percentage of GDP was 52.6% at 30 June 2018, driven by the national sector (40.3%).

Table 3, Matrix of net public sector debt and other liabilities as a percentage of GDP(a)(b), at 30 June 2018
NationalTotal StateTotal LocalAll AustraliaAll AustraliaAll Australia
General Government(c)General GovernmentGeneral GovernmentGeneral GovernmentNon-financial Public SectorTotal Public Sector
%%%%%%
L122.43.00.225.732.622.2
L2(d)22.42.3-0.424.330.629.0
L323.55.1-0.228.435.934.4
L4(e)40.913.1-0.253.861.462.5
L5(f)40.313.0-0.852.660.261.3
L6(g)30.5-5.8-1.223.650.750.8
  1. Based on GDP at current prices as published in Australian National Accounts: National Income, Expenditure and Product, December Quarter 2018 (Cat. no. 5206.0), Table 36 Expenditure on Gross Domestic Product (GDP), Chain Volume Measures and Current Prices: Annual.
  2. A positive value in this matrix indicates that the relevant stock of liabilities is greater than its corresponding stock of financial assets (an indebted position). A negative value indicates the opposite.
  3. National includes both the Commonwealth and Control not further defined (public universities) levels of government.
  4. L2 is comparable to government reporting of net debt under Australian Accounting Standards.
  5. L4 is comparable to the IMF GFSM 2014 concept of headline net public sector debt.
  6. L5 is comparable to the Australian AGFS15 concept of headline net public sector debt.
  7. L6 includes other liabilities and is not included in headline measures of net public sector debt.

Statement of total changes in net worth

The statement of total changes in net worth combines the key results of the operating statement and the statement of stocks and flows in one statement.

This statement provides a clear statistical explanation of the factors causing the change in the net worth of government. It explains the sources of changes in assets and liabilities from one reporting period to another in terms of transactions in revenue and expenses as well as other economic flows. For example, a strong contribution to the change in net worth from other economic flows will highlight the influence of revaluations to assets and liabilities, which do not reflect fiscal decisions of government.

The decrease in the net worth of the Commonwealth general government sector during 2017-18 was driven by a negative net operating balance position (-$4,497m) and an increase in liabilities via other economic flows ($36,998m), primarily due to an upward revaluation of provisions for superannuation ($33,993m).

The increase in the net worth of the total state general government sector during 2017-18 was driven by a positive net operating balance position ($7,656m) and an increase in asset values via other economic flows ($38,198m), primarily due to upward revaluations of equity assets ($17,186m) and land ($13,034m). The total local general government sector saw a similarly positive net operating balance position ($9,802m) and large upward revaluations of non-financial assets ($10,107m).

Table 1, Statement of total changes in net worth by level of government subsector, 2017-18, $m
CommonwealthTotal StateTotal Local
General GovernmentGeneral GovernmentGeneral Government
Transactions affecting net worth:
Revenue45936827126946800
less Expenses46386526361336998
equals GFS Net Operating Balance-449776569802
Change in net worth due to other economic flows:
Non-financial assets42291946210107
plus Financial assets641118736438
less Liabilities369987342767
equals Total other economic flows-26358308559778
Total change in net worth-308553851119580


 

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Data downloads

Table 000. All levels of government by sector

Table 130. General government - Commonwealth

Table 231. General government - State - New South Wales

Table 232. General government - State - Victoria

Table 233. General government - State - Queensland

Table 234. General government - State - South Australia

26/07/2019 Expense by purpose data on the Table_4 worksheet has been updated to correct historic purpose splits between the Road transport and Other general public services categories. The correction is also reflected in updates to Table_4 of the following files:

Table 239 - General Government - State - Total State
Table 939 - General Government - Australia - All levels of Government.

 

 

Table 235. General government - State - Western Australia

Table 236. General government - State - Tasmania

Table 237. General government - State - Northern Territory

Table 238. General government - State - Australian Capital Territory

Table 239. General government - State - Total state

26/07/2019 Expense by purpose data on the Table_4 worksheet has been updated as a consequence of corrections to historic purpose splits between the Road transport and Other general public services categories in South Australian State General Government.. The correction is also reflected in Table_4 worksheet of the following downloadable files:

Table 234 - General Government - State - South Australia
Table 939 - General Government - Australia - All levels of Government.

 

Table 331. General government - Local - New South Wales

Table 332. General government - Local - Victoria

Table 333. General government - Local - Queensland

Table 334. General government - Local - South Australia

Table 335. General government - Local - Western Australia

Table 336. General government - Local - Tasmania

Table 337. General government - Local - Northern Territory

Table 339. General government - Local - Total local

Table 439. General government - Control n.f.d. - Total

Table 939. General government - Australia - All levels of government

26/07/2019 Expense by purpose data on the Table_4 worksheet has been updated as a consequence of corrections to historic purpose splits between the Road transport and Other general public services categories in South Australian State General Government. The correction also affects downloadable files:

Table 234 - General Government - State - South Australia
Table 239 - General Government - State - Total

 

Table 110. Public non-financial corporations - Commonwealth

Table 211. Public non-financial corporations - New South Wales

Table 212. Public non-financial corporations - Victoria

Table 213. Public non-financial corporations - Queensland

Table 214. Public non-financial corporations - South Australia

Table 215. Public non-financial corporations - Western Australia

Table 216. Public non-financial corporations - Tasmania

Table 217. Public non-financial corporations - Northern Territory

Table 218. Public non-financial corporations - Australian Capital Territory

Table 219. Public non-financial corporations - Total state

Table 319. Public non-financial corporations - Total Local

Table 919. Public non-financial corporations - Australia - All levels of government

Table 140. Non-financial public sector - Commonwealth

Table 241. Non-financial public sector - New South Wales

Table 242. Non-financial public sector - Victoria

Table 243. Non-financial public sector - Queensland

Table 244. Non-financial public sector - South Australia

Table 245. Non-financial public sector - Western Australia

Table 246. Non-financial public sector - Tasmania

Table 247. Non-financial public sector - Northern Territory

Table 248. Non-financial public sector - Australian Capital Territory

Table 249. Non-financial public sector - Total state

Table 349. Non-financial public sector - Total local

Table 449. Non-financial public sector - Control n.f.d. - Total

Table 949. Non-financial public sector - Australia - All levels of government

Table 120. Public financial corporations - Commonwealth

Table 221. Public financial corporations - New South Wales

Table 222. Public financial corporations - Victoria

Table 223. Public financial corporations - Queensland

Table 224. Public financial corporations - South Australia

Table 225. Public financial corporations - Western Australia

Table 226. Public financial corporations - Tasmania

Table 227. Public financial corporations - Northern Territory

Table 229. Public financial corporations - Total state

Table 929. Public financial corporations - Australia - All levels of government

Table 190. Total public sector - Commonwealth

Table 291. Total public sector - New South Wales

Table 292. Total public sector - Victoria

Table 293. Total public sector - Queensland

Table 294. Total public sector - South Australia

Table 295. Total public sector - Western Australia

Table 296. Total public sector - Tasmania

Table 297. Total public sector - Northern Territory

Table 298. Total public sector - Australian Capital Territory

Table 299. Total public sector - Total State

Table 399. Total public sector - Total local

Table 499. Total public sector - Control n.f.d. - Total

Table 999. Total public sector - Australia - All levels of government

Table 531. General government - State and local - New South Wales

Table 532. General government - State and local - Victoria

Table 533. General government - State and local - Queensland

Table 534. General government - State and local - South Australia

Table 535. General government - State and local - Western Australia

Table 536. General government - State and local - Tasmania

Table 537. General government - State and local - Northern Territory

Table 539. General government - State and local - Total state

Table 541. Non-financial public sector - State and local - New South Wales

Table 542. Non-financial public sector - State and local - Victoria

Table 543. Non-financial public sector - State and local - Queensland

Table 544. Non-financial public sector - State and local - South Australia

Table 545. Non-financial public sector - State and local - Western Australia

Table 546. Non-financial public sector - State and local - Tasmania

Table 547. Non-financial public sector - State and local - Northern Territory

Table 549. Non-financial public sector - State and local - Total state

Table 591. Total public sector - State and local - New South Wales

Table 592. Total public sector - State and local - Victoria

Table 593. Total public sector - State and local - Queensland

Table 594. Total public sector - State and local - South Australia

Table 595. Total public sector - State and local - Western Australia

Table 596. Total public sector - State and local -Tasmania

Table 597. Total public sector - State and local - Northern Territory

Table 599. Total public sector - State and local -Total state

All workbooks

History of changes

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26/07/2019 - This replacement corrects historic expense purpose splits for South Australian State General Government (between Transport and General Public Services). The correction affects downloadable cubes:

Table 234 - General Government - State - South Australia
Table 239 - General Government - State -Total State
Table 939 - General Government - Australia - All levels of Government.

The All workbooks zipped file containing all 93 downloadable cubes has also been replaced.

All other data and content is unaffected.