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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

2021-22 financial year

Released

26/04/2023

View all releases

Key statistics

In the year 2021-22:

General government net operating balance rose $110.9b from -$145.5b in 2020-21 to -$34.6b
General government borrowing was $87.3b
Total public sector borrowing was $96.6b
All Australia general government net debt (L2) reached 33.8% 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. Data downloads previously included in the Government Finance Statistics, Education publication (ceased 2020-21) are now included in this publication.

For the latest information on Government Finance Statistics, please visit the Government Finance Statistics quarterly publication.

Included in this publication is an Insights into Government Finance Statistics, Annual, 2021-22 which examines the key stories and economic narratives of the 2021-22 annual Government Finance Statistics data.

Fiscal measures

Government finance statistics fiscal measures, original
		2018-19	2019-20	2020-21	2021-22	2020-21 to 2021-22
		$m	$m	$m	$m	% change
Taxation revenue
	General government	560,057	551,751	593,105	683,025	15.2%
Total revenue
	General government	694,040	681,603	727,993	831,352	14.2%
	Public non-financial corporations	86,017	90,016	97,630	103,555	6.1%
	Non-financial public sector (a) (c)	753,033	746,092	797,237	907,601	13.8%
	Total public sector (b) (c)	765,039	757,239	810,694	926,554	14.3%
Total expenses
	General government	677,451	789,739	873,510	865,903	-0.9%
	Public non-financial corporations	94,404	99,223	105,129	104,713	-0.4%
	Non-financial public sector	744,713	863,430	950,220	943,309	-0.7%
	Total public sector	762,160	880,735	968,333	960,464	-0.8%
GFS Net Operating Balance
	General government	16,589	-108,136	-145,517	-34,551	np
	Public non-financial corporations	-8,387	-9,207	-7,499	-1,158	np
	Non-financial public sector	8,320	-117,338	-152,983	-35,708	np
	Total public sector	2,879	-123,496	-157,640	-33,910	np
GFS Net Lending (+)/Borrowing (-)
	General government	-24,134	-151,691	-193,011	-87,292	np
	Public non-financial corporations	-19,219	-18,396	-14,162	-10,969	np
	Non-financial public sector	-43,042	-170,119	-207,346	-98,322	np
	Total public sector	-48,248	-176,314	-212,035	-96,624	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 -$34.6b in 2021-22.

Net operating balance of all levels of general government
	Revenue ($b)	Expenses ($b)	Net Operating Balance ($b)
2012-13	515.8	-539.3	-23.5
2013-14	537.5	-562.8	-25.3
2014-15	554.5	-581.8	-27.3
2015-16	576.0	-598.5	-22.5
2016-17	607.7	-621.3	-13.6
2017-18	655.2	-645.0	10.2
2018-19	694.0	-677.5	16.6
2019-20	681.6	-789.7	-108.1
2020-21	728.0	-873.5	-145.5
2021-22	831.4	-865.9	-34.6

Net operating balance of all levels of general government

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

[["2012-13","2013-14","2014-15","2015-16","2016-17","2017-18","2018-19","2019-20","2020-21","2021-22"],[[515.79999999999995],[537.5],[554.5],[576],[607.70000000000005],[655.20000000000005],[694],[681.60000000000002],[728],[831.39999999999998]],[[-539.29999999999995],[-562.79999999999995],[-581.79999999999995],[-598.5],[-621.29999999999995],[-645],[-677.5],[-789.70000000000005],[-873.5],[-865.89999999999998]],[[-23.5],[-25.300000000000001],[-27.300000000000001],[-22.5],[-13.6],[10.199999999999999],[16.600000000000001],[-108.09999999999999],[-145.5],[-34.600000000000001]]]

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Net Worth

Net worth for all levels of general government rose $335.2b to $1014.4b in 2021-22 as liabilities decreased and assets increased. Commonwealth government drove the rise due to a fall in provisions for defined benefit superannuation, a fall in debt securities, an increase in cash and deposits, and offset by a fall in equity and contributed capital.

Net worth of all levels of general government
	GFS Net Worth ($b)	Net Financial Worth ($b)	Total Assets ($b)	Total Liabilities ($b)
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	687.8	-806.1	2,580.9	-1,893.1
Jun-21	679.2	-897.4	2,712.7	-2,033.5
Jun-22	1,014.4	-732.4	2,963.4	-1,949.0

Net worth of all levels of general government

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

[["Jun-13","Jun-14","Jun-15","Jun-16","Jun-17","Jun-18","Jun-19","Jun-20","Jun-21","Jun-22"],[[827.5],[819.39999999999998],[826.79999999999995],[764.29999999999995],[884.29999999999995],[921.70000000000005],[799.70000000000005],[687.79999999999995],[679.20000000000005],[1014.4]],[[-231.5],[-276.60000000000002],[-333.89999999999998],[-471.30000000000001],[-401.30000000000001],[-432.80000000000001],[-618.5],[-806.10000000000002],[-897.39999999999998],[-732.39999999999998]],[[1737.7],[1842.0999999999999],[1948.7],[2066.0999999999999],[2199.4000000000001],[2321],[2414.8000000000002],[2580.9000000000001],[2712.6999999999998],[2963.4000000000001]],[[-910.20000000000005],[-1022.7],[-1121.9000000000001],[-1301.8],[-1315.0999999999999],[-1399.3],[-1615.0999999999999],[-1893.0999999999999],[-2033.5],[-1949]]]

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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-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	-66.4	13.1	6.0	-102.7	17.4
Jun-22	143.5	22.7	13.7	26.4	80.7

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-13","Jun-14","Jun-15","Jun-16","Jun-17","Jun-18","Jun-19","Jun-20","Jun-21","Jun-22"],[[50.299999999999997],[-38.399999999999999],[-53.700000000000003],[-114.3],[17.199999999999999],[-28.399999999999999],[-127],[-113.5],[-66.400000000000006],[143.5]],[[30.300000000000001],[40.799999999999997],[19.699999999999999],[28.100000000000001],[43.200000000000003],[31.699999999999999],[33.700000000000003],[80.900000000000006],[13.1],[22.699999999999999]],[[4.5],[8.9000000000000004],[12.300000000000001],[8.6999999999999993],[3.8999999999999999],[5.5],[6.5],[5.7999999999999998],[6],[13.699999999999999]],[[-16.600000000000001],[-66.700000000000003],[-60.200000000000003],[-78.200000000000003],[-63.5],[-28.699999999999999],[-51.100000000000001],[-159.19999999999999],[-102.7],[26.399999999999999]],[[32.100000000000001],[-21.399999999999999],[-25.600000000000001],[-72.799999999999997],[33.700000000000003],[-37],[-116.09999999999999],[-41],[17.399999999999999],[80.700000000000003]]]

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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-13	44.4	27.2	19.3	-24.6	22.5
Jun-14	8.8	22.9	7.4	-9.9	-11.6
Jun-15	25.4	19.3	18.9	-2.6	-10.2
Jun-16	25.2	11.7	42.1	2.8	-31.4
Jun-17	76.7	34.6	24.9	-0.9	18.0
Jun-18	38.7	16.3	39.9	-6.7	-10.8
Jun-19	-11.9	-7.5	41.2	-7.0	-38.6
Jun-20	-18.5	7.7	49.2	-58.5	-17.0
Jun-21	30.6	30.6	53.5	-65.9	12.4
Jun-22	149.8	50.2	119.8	-52.9	32.8

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-13","Jun-14","Jun-15","Jun-16","Jun-17","Jun-18","Jun-19","Jun-20","Jun-21","Jun-22"],[[44.399999999999999],[8.8000000000000007],[25.399999999999999],[25.199999999999999],[76.700000000000003],[38.700000000000003],[-11.9],[-18.5],[30.600000000000001],[149.80000000000001]],[[27.199999999999999],[22.899999999999999],[19.300000000000001],[11.699999999999999],[34.600000000000001],[16.300000000000001],[-7.5],[7.7000000000000002],[30.600000000000001],[50.200000000000003]],[[19.300000000000001],[7.4000000000000004],[18.899999999999999],[42.100000000000001],[24.899999999999999],[39.899999999999999],[41.200000000000003],[49.200000000000003],[53.5],[119.8]],[[-24.600000000000001],[-9.9000000000000004],[-2.6000000000000001],[2.7999999999999998],[-0.90000000000000002],[-6.7000000000000002],[-7],[-58.5],[-65.900000000000006],[-52.899999999999999]],[[22.5],[-11.6],[-10.199999999999999],[-31.399999999999999],[18],[-10.800000000000001],[-38.600000000000001],[-17],[12.4],[32.799999999999997]]]

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Net debt

All Australia general government net debt (L2) reached $779.4b or 33.8% of GDP in 2021-22.

All Australia general government sector net debt (L2) (d) as a percentage of GDP (e)
	% of GDP	Net debt (L2) ($b)
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	23.0	403.7
Jun-18	23.7	436.2
Jun-19	24.5	476.9
Jun-20	32.0	634.2
Jun-21	38.0	789.7
Jun-22	33.8	779.4

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

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

[["Jun-13","Jun-14","Jun-15","Jun-16","Jun-17","Jun-18","Jun-19","Jun-20","Jun-21","Jun-22"],[[14.4],[17.600000000000001],[20.600000000000001],[23.5],[23],[23.699999999999999],[24.5],[32],[38],[33.799999999999997]],[[222],[280.89999999999998],[334.30000000000001],[390.10000000000002],[403.69999999999999],[436.19999999999999],[476.89999999999998],[634.20000000000005],[789.70000000000005],[779.39999999999998]]]

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L2 debt is comparable to government reporting of net debt under Australian accounting standards
Using the GDP annual, current prices series as published in Table 36 in the December quarter 2022 issue of Australian National Accounts: National Income, Expenditure and Product.

Revisions and changes

Revisions

Victorian Capital Asset Charge historical revision

AUSTRAC Industry Contribution Levy historical revision

Non-government schools education historical revision

Divergences with government fiscal reporting

Previous catalogue number

Data downloads

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