Government Finance Statistics, Annual

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

Reference period

2020-21 financial year

Released

26/04/2022

View all releases

Key statistics

In the year 2020-21:

General government net operating balance fell $37.7b from -$107.9b in 2019-20 to -$145.6b
General government borrowing was $193.0b
Total public sector borrowing was $212.4b
All Australia general government net debt (L2) reached 38.1% as a percentage of GDP

Unless indicated, all figures presented in this publication are current prices, original series.

Content published as web tables in previous Government Finance Statistics, Annual releases are available in the Key tables section of Data downloads below.

For the latest information on COVID-19 and economic support impacts, please visit the Government Finance Statistics quarterly publication.

One article is included in this publication:

Insights into Government Finance Statistics, Annual, 2020-21 which examines the key stories and economic narratives of the 2020-21 annual Government Finance Statistics data.

Fiscal measures

Government finance statistics fiscal measures, original
		2017-18	2018-19	2019-20	2020-21	2019-20 to 2020-21
		$m	$m	$m	$m	% change
Taxation revenue
	General government	528,730	559,981	551,672	593,184	7.5%
Total revenue
	General government	657,241	696,297	683,987	730,732	6.8%
	Public non-financial corporations	84,129	88,274	92,400	100,249	8.5%
	Non-financial public sector (a) (c)	710,525	753,033	746,092	797,362	6.9%
	Total public sector (b) (c)	719,965	765,039	757,239	810,812	7.1%
Total expenses
	General government	647,075	679,708	791,872	876,350	10.7%
	Public non-financial corporations	91,229	96,661	101,606	107,660	6.0%
	Non-financial public sector	707,378	744,713	863,180	950,612	10.1%
	Total public sector	722,452	762,160	880,484	968,720	10.0%
GFS Net Operating Balance
	General government	10,166	16,589	-107,885	-145,618	np
	Public non-financial corporations	-7,100	-8,387	-9,206	-7,411	np
	Non-financial public sector	3,147	8,320	-117,088	-153,250	np
	Total public sector	-2,488	2,879	-123,245	-157,908	np
GFS Net Lending (+)/Borrowing (-)
	General government	-23,597	-24,132	-151,460	-192,958	np
	Public non-financial corporations	-17,153	-19,219	-18,396	-14,344	np
	Non-financial public sector	-40,667	-43,040	-169,888	-207,756	np
	Total public sector	-45,737	-48,246	-176,084	-212,447	np

np indicates this value not available for publication but included in totals where applicable, unless otherwise indicated

The non-financial public sector comprises general government and public non-financial corporations.
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 non-financial public sector and total public sector figures due to transfers between level of government.

Net operating balance

All levels of general government net operating balance was -$145.6b in 2020-21.

Net operating balance of all levels of general government
	Revenue ($b)	Expenses ($b)	Net Operating Balance ($b)
2011-12	484.8	-523.0	-38.2
2012-13	517.2	-540.7	-23.5
2013-14	539.0	-564.3	-25.3
2014-15	556.1	-583.4	-27.3
2015-16	577.7	-600.2	-22.5
2016-17	609.6	-623.2	-13.6
2017-18	657.2	-647.1	10.2
2018-19	696.3	-679.7	16.6
2019-20	684.0	-791.9	-107.9
2020-21	730.7	-876.4	-145.6

Net operating balance of all levels of general government

["","Revenue","Expenses","Net Operating Balance"]

[["2011-12","2012-13","2013-14","2014-15","2015-16","2016-17","2017-18","2018-19","2019-20","2020-21"],[[484.80000000000001],[517.20000000000005],[539],[556.10000000000002],[577.70000000000005],[609.60000000000002],[657.20000000000005],[696.29999999999995],[684],[730.70000000000005]],[[-523],[-540.70000000000005],[-564.29999999999995],[-583.39999999999998],[-600.20000000000005],[-623.20000000000005],[-647.10000000000002],[-679.70000000000005],[-791.89999999999998],[-876.39999999999998]],[[-38.200000000000003],[-23.5],[-25.300000000000001],[-27.300000000000001],[-22.5],[-13.6],[10.199999999999999],[16.600000000000001],[-107.90000000000001],[-145.59999999999999]]]

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Net Worth

Net worth for all levels of general government fell $8.5b to $679.5b in 2020-21 as the increase in liabilities was greater than the increase in assets. Commonwealth government drove the fall due to the large amount of debt securities issued through the year.

Net worth of all levels of general government
	GFS Net Worth ($b)	Net Financial Worth ($b)	Total Assets ($b)	Total Liabilities ($b)
Jun-12	714.2	-298.7	1,635.8	-921.5
Jun-13	827.5	-231.5	1,737.7	-910.2
Jun-14	819.4	-276.6	1,842.1	-1,022.7
Jun-15	826.8	-333.9	1,948.7	-1,121.9
Jun-16	764.3	-471.3	2,066.1	-1,301.8
Jun-17	884.3	-401.3	2,199.4	-1,315.1
Jun-18	921.7	-432.8	2,321.0	-1,399.3
Jun-19	799.7	-618.5	2,414.8	-1,615.1
Jun-20	688.0	-805.9	2,580.7	-1,892.7
Jun-21	679.5	-895.1	2,710.5	-2,030.9

Net worth of all levels of general government

["","GFS Net Worth","Net Financial Worth","Total Assets","Total Liabilities"]

[["Jun-12","Jun-13","Jun-14","Jun-15","Jun-16","Jun-17","Jun-18","Jun-19","Jun-20","Jun-21"],[[714.20000000000005],[827.5],[819.39999999999998],[826.79999999999995],[764.29999999999995],[884.29999999999995],[921.70000000000005],[799.70000000000005],[688],[679.5]],[[-298.69999999999999],[-231.5],[-276.60000000000002],[-333.89999999999998],[-471.30000000000001],[-401.30000000000001],[-432.80000000000001],[-618.5],[-805.89999999999998],[-895.10000000000002]],[[1635.8],[1737.7],[1842.0999999999999],[1948.7],[2066.0999999999999],[2199.4000000000001],[2321],[2414.8000000000002],[2580.6999999999998],[2710.5]],[[-921.5],[-910.20000000000005],[-1022.7],[-1121.9000000000001],[-1301.8],[-1315.0999999999999],[-1399.3],[-1615.0999999999999],[-1892.7],[-2030.9000000000001]]]

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Commonwealth general government net worth, contributions to annual change
	GFS Net Worth ($b)	Total financial assets ($b)	Total non-financial assets ($b)	Debt securities & other loans & placements liabilities ($b)	All other liabilities ($b)
Jun-12	-152.9	5.0	5.8	-67.5	-96.2
Jun-13	50.3	30.3	4.5	-16.6	32.1
Jun-14	-38.4	40.8	8.9	-66.7	-21.4
Jun-15	-53.7	19.7	12.3	-60.2	-25.6
Jun-16	-114.3	28.1	8.7	-78.2	-72.8
Jun-17	17.2	43.2	3.9	-63.5	33.7
Jun-18	-28.4	31.7	5.5	-28.7	-37.0
Jun-19	-127.0	33.7	6.5	-51.1	-116.1
Jun-20	-113.5	80.9	5.8	-159.2	-41.0
Jun-21	-66.3	13.1	6.0	-102.7	17.4

Commonwealth general government net worth, contributions to annual change

["","GFS Net Worth","Total financial assets","Total non-financial assets","Debt securities & other loans & placements liabilities","All other liabilities"]

[["Jun-12","Jun-13","Jun-14","Jun-15","Jun-16","Jun-17","Jun-18","Jun-19","Jun-20","Jun-21"],[[-152.90000000000001],[50.299999999999997],[-38.399999999999999],[-53.700000000000003],[-114.3],[17.199999999999999],[-28.399999999999999],[-127],[-113.5],[-66.299999999999997]],[[5],[30.300000000000001],[40.799999999999997],[19.699999999999999],[28.100000000000001],[43.200000000000003],[31.699999999999999],[33.700000000000003],[80.900000000000006],[13.1]],[[5.7999999999999998],[4.5],[8.9000000000000004],[12.300000000000001],[8.6999999999999993],[3.8999999999999999],[5.5],[6.5],[5.7999999999999998],[6]],[[-67.5],[-16.600000000000001],[-66.700000000000003],[-60.200000000000003],[-78.200000000000003],[-63.5],[-28.699999999999999],[-51.100000000000001],[-159.19999999999999],[-102.7]],[[-96.200000000000003],[32.100000000000001],[-21.399999999999999],[-25.600000000000001],[-72.799999999999997],[33.700000000000003],[-37],[-116.09999999999999],[-41],[17.399999999999999]]]

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Total state general government net worth, contributions to annual change
	GFS Net Worth ($b)	Total financial assets ($b)	Total non-financial assets ($b)	Debt securities & other loans & placements liabilities ($b)	All other liabilities ($b)
Jun-12	-46.7	-8.6	24.8	-16.5	-46.5
Jun-13	44.4	27.3	19.3	-24.7	22.6
Jun-14	8.8	22.8	7.4	-10.4	-11.1
Jun-15	25.4	19.3	18.9	-3.1	-9.7
Jun-16	25.2	11.7	42.2	3.1	-31.6
Jun-17	76.7	34.6	24.9	-2.1	19.2
Jun-18	38.7	16.3	39.9	-7.2	-10.3
Jun-19	-11.8	-7.4	41.1	-5.3	-40.3
Jun-20	-18.2	7.7	49.3	-58.0	-17.1
Jun-21	28.9	30.6	51.5	-63.8	10.6

Total state general government net worth, contributions to annual change

["","GFS Net Worth","Total financial assets","Total non-financial assets","Debt securities & other loans & placements liabilities","All other liabilities"]

[["Jun-12","Jun-13","Jun-14","Jun-15","Jun-16","Jun-17","Jun-18","Jun-19","Jun-20","Jun-21"],[[-46.700000000000003],[44.399999999999999],[8.8000000000000007],[25.399999999999999],[25.199999999999999],[76.700000000000003],[38.700000000000003],[-11.800000000000001],[-18.199999999999999],[28.899999999999999]],[[-8.5999999999999996],[27.300000000000001],[22.800000000000001],[19.300000000000001],[11.699999999999999],[34.600000000000001],[16.300000000000001],[-7.4000000000000004],[7.7000000000000002],[30.600000000000001]],[[24.800000000000001],[19.300000000000001],[7.4000000000000004],[18.899999999999999],[42.200000000000003],[24.899999999999999],[39.899999999999999],[41.100000000000001],[49.299999999999997],[51.5]],[[-16.5],[-24.699999999999999],[-10.4],[-3.1000000000000001],[3.1000000000000001],[-2.1000000000000001],[-7.2000000000000002],[-5.2999999999999998],[-58],[-63.799999999999997]],[[-46.5],[22.600000000000001],[-11.1],[-9.6999999999999993],[-31.600000000000001],[19.199999999999999],[-10.300000000000001],[-40.299999999999997],[-17.100000000000001],[10.6]]]

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Net debt

All Australia general government net debt (L2) reached $787.7b or 38.1% of GDP in 2020-21.

All Australia general government sector net debt (L2) (d) as a percentage of GDP (e)
	% of GDP (%)	Net debt (L2) ($b)
Jun-12	13.1	196.1
Jun-13	14.4	222.0
Jun-14	17.6	280.9
Jun-15	20.6	334.3
Jun-16	23.5	390.1
Jun-17	22.9	403.7
Jun-18	23.7	436.2
Jun-19	24.5	476.9
Jun-20	32.0	633.9
Jun-21	38.1	787.7

All Australia general government sector net debt (L2) (d) as a percentage of GDP (e)

["","% of GDP","Net debt (L2)"]

[["Jun-12","Jun-13","Jun-14","Jun-15","Jun-16","Jun-17","Jun-18","Jun-19","Jun-20","Jun-21"],[[13.1],[14.4],[17.600000000000001],[20.600000000000001],[23.5],[22.899999999999999],[23.699999999999999],[24.5],[32],[38.100000000000001]],[[196.09999999999999],[222],[280.89999999999998],[334.30000000000001],[390.10000000000002],[403.69999999999999],[436.19999999999999],[476.89999999999998],[633.89999999999998],[787.70000000000005]]]

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L2 is comparable to government reporting of net debt under Australian accounting standards
Using the GDP annual series as published in Table 36 in the December quarter 2021 issue of Australian National Accounts: National Income, Expenditure and Product.

Revisions and changes

Revisions

Non-government school education historical revision

Divergences with government fiscal reporting

Accounting standard changes

Coronavirus (COVID-19)

Accrual of JobKeeper subsidy expenses

Timing recognition of the Boosting Cash Flows for Employers subsidy expense

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