Government Finance Statistics, Australia

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Statistics about finances of the general government and public non-financial corporations sectors for the various levels of government in Australia

Reference period

December 2020

Released

2/03/2021

View all releases

Key statistics

In the December quarter 2020:

total taxation revenue increased 16.0% to $147.5 billion
general government net operating balance was a deficit of -$39.7 billion
GFS net lending(+)/borrowing(-) position was -$51.5 billion

Main Features

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

Table 1 - Quarterly key figures
		Mar Qtr 2020	Jun Qtr 2020	Sep Qtr 2020	Dec Qtr 2020	Sep Qtr 2020 to Dec Qtr 2020
		$m	$m	$m	$m	% change
Public sector measures, seasonally adjusted, chain volume (a) (b)
	General government final consumption expenditure (c)	99 407	102 267	103 792	104 618	0.8%
	General government gross fixed capital formation	19 660	19 985	19 530	20 214	3.5%
	Total public gross fixed capital formation	25 725	25 619	25 570	26 219	2.5%
Key fiscal aggregates, all levels of general government, original
	Taxation Revenue	137 859	141 114	127 238	147 548	16.0%
	Net Operating Balance	-7 982	-84 478	-93 596	-39 731	np
	Net Lending (+)/borrowing (-)	-15 726	-100 163	-100 876	-51 548	np

np not available for publication but included in totals where applicable, unless otherwise indicated
(a) Public sector aggregates for the December quarter 2020 will be included in the Australian National Accounts: National Income, Expenditure and Product
(b) Reference year for chain volume measures is 2018-19.
(c) See Explanatory Notes for the relationship between general government final consumption expenditure and GFS aggregates.

Graph 1 - Public expenditure, contribution to GDP growth, chain volume measures seasonally adjusted (a)
	Government final consumption expenditure (ppt)	Government gross fixed capital formation (ppt)
Dec-17	0.3	0.3
Mar-18	0.3	0
Jun-18	0	0.1
Sep-18	0.3	0.1
Dec-18	0.3	-0.1
Mar-19	0.2	0
Jun-19	0.5	0.1
Sep-19	0.2	0.1
Dec-19	0.2	0
Mar-20	0.4	0
Jun-20	0.6	0
Sep-20	0.3	0
Dec-20	0.2	0.1

Graph 1 - Public expenditure, contribution to GDP growth, chain volume measures seasonally adjusted (a)

["","Government final consumption expenditure","Government gross fixed capital formation"]

[["Dec-17","Mar-18","Jun-18","Sep-18","Dec-18","Mar-19","Jun-19","Sep-19","Dec-19","Mar-20","Jun-20","Sep-20","Dec-20"],[[0.29999999999999999],[0.29999999999999999],[0],[0.29999999999999999],[0.29999999999999999],[0.20000000000000001],[0.5],[0.20000000000000001],[0.20000000000000001],[0.40000000000000002],[0.59999999999999998],[0.29999999999999999],[0.20000000000000001]],[[0.29999999999999999],[0],[0.10000000000000001],[0.10000000000000001],[-0.10000000000000001],[0],[0.10000000000000001],[0.10000000000000001],[0],[0],[0],[0],[0.10000000000000001]]]

[]

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using the GDP series as published in the Sep 2020 release of Australian National Accounts: National Income, Expenditure and Product

Graph 2 - General government, all levels of government, net operating balance, original, current prices
	Revenue ($b)	Expenses ($b)	Net Operating Balance ($b)
Dec-19	178	-176	1
Mar-20	169	-177	-8
Jun-20	170	-255	-84
Sep-20	160	-253	-94
Dec-20	179	-219	-40

Graph 2 - General government, all levels of government, net operating balance, original, current prices

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

[["Dec-19","Mar-20","Jun-20","Sep-20","Dec-20"],[[178],[169],[170],[160],[179]],[[-176],[-177],[-255],[-253],[-219]],[[1],[-8],[-84],[-94],[-40]]]

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Articles

One article is included in this release:

Classifying COVID-19 policy interventions in macroeconomic statistics, which examines key COVID-19 policies affecting December quarter 2020.

Coronavirus (COVID-19)

COVID-19 impacted a range of Government Finance Statistics series in the December quarter 2020. Key policies and conceptual determinations are discussed in the article Economic measurement during COVID-19: Selected issues in the Economic Accounts. Further ABS data measuring the impact of COVID-19 can be found via abs.gov.au/covid19.

Commonwealth subsidy expenses for September quarter 2020 have been revised due to updated timing calculations used by the ABS. Timing differences in recording of these subsidies will result in a divergence between the Commonwealth Government financial reporting and ABS published macroeconomic statistics.

Accounting Standard Changes

The following Australian Accounting Standards Board (AASB) standard changes have been introduced in government financial reporting for periods from 1 July 2019 onwards, leading to increased divergence in certain circumstances between economic statistics publications and government financial reporting:

Leases (AASB 16): The standard removes the distinction between operating and finance leases on the lessee side of financial reporting. The conceptual distinction between operating and finance leases still remains in economic statistics. GFS outputs are consistent with the historical treatment.
Revenue recognition (AASB 15 & 1058): The standard requires revenue to be recognised when performance obligations are met in certain circumstances. In GFS the change primarily affects grant revenue received by state and territory governments from the Commonwealth. Recognition of grant revenue in GFS remains consistent with the historical treatment which is based on when jurisdictions have access to the funding as reported by the Commonwealth.
Service Concession Arrangements (AASB 1059): The standard impacts ownership of non-financial assets. It applies a control concept to determine non-financial asset ownership. Non-financial asset ownership in GFS is determined based off a risk-reward concept consistent with the historical treatment which has been maintained in economic statistics.

Transactions related to visa application charges

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 the Government Finance Statistics (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.

Key Tables

Show all

Quarterly national accounts public sector measures - key figures

The table below includes the key public sector aggregates for the December quarter 2020 which will be included in the Australian National Accounts: National Income, Expenditure and Product. The key figures shown include Total Public Demand, Government Final Consumption Expenditure for total general government and Gross Fixed Capital Formation for total general government and total public corporations, seasonally adjusted in current prices and chain volume terms.

The following are the seasonally adjusted chain volume measures based on the previous quarter:

public sector demand is expected to contribute 0.3 percentage points to the change in GDP in December quarter 2020.
general government final consumption expenditure increased by $826m or 0.8% and is expected to contribute 0.2 percentage points to the change in GDP in December quarter 2020.
general government gross fixed capital formation increased by $684m or 3.5%
public corporations gross fixed capital formation decreased by -$34m or -0.6%
total public gross fixed capital formation increased by $649m or 2.5% and is expected to contribute 0.1 percentage points to the change in GDP in December quarter 2020.

Table 2 - Quarterly national accounts public sector measures, key figures, seasonally adjusted
			Mar Qtr 2020	Jun Qtr 2020	Sep Qtr 2020	Dec Qtr 2020	Sep Qtr 2020 to Dec Qtr 2020
			$m	$m	$m	$m	% change
CURRENT PRICES
General government final consumption expenditure (a)
	National-defence		9 269	9 807	9 625	9 350	-2.9
	National-non-defence		34 577	34 748	37 146	38 129	2.6
	Total national		43 846	44 555	46 771	47 479	1.5
	State and local		57 188	59 734	59 471	60 108	1.1
	Total general government final consumption expenditure		101 034	104 289	106 241	107 587	1.3
Public gross fixed capital formation
	General government
		National-defence	2 691	2 481	2 527	2 547	0.8
		National-non-defence	2 731	2 544	2 393	2 266	-5.3
		Total national	5 422	5 025	4 920	4 813	-2.2
		State and local	14 571	15 303	14 789	15 554	5.2
		Total general government	19 993	20 328	19 708	20 368	3.3
	Public corporations
		Commonwealth	2 245	2 034	2 052	2 214	7.9
		State and local	3 969	3 760	4 158	3 986	-4.1
		Total public corporations	6 214	5 794	6 210	6 200	-0.2
	Total public gross fixed capital formation		26 208	26 122	25 918	26 568	2.5
Total public demand			127 242	130 411	132 159	134 155	1.5
Memorandum item
	Net purchases of second hand assets by public sector		670	1 225	620	708	np

CHAIN VOLUME (b)
General government final consumption expenditure
	National-defence		9 033	9 527	9 311	8 988	-3.5
	National-non-defence		34 342	34 232	36 505	37 242	2.0
	Total national		43 375	43 760	45 816	46 230	0.9
	State and local		56 032	58 507	57 977	58 388	0.7
	Total general government final consumption expenditure		99 407	102 267	103 792	104 618	0.8
Public gross fixed capital formation
	General government
		National-defence	2 522	2 274	2 443	2 530	3.5
		National-non-defence	2 714	2 524	2 388	2 266	-5.1
		Total national	5 236	4 798	4 831	4 796	-0.7
		State and local	14 424	15 188	14 700	15 418	4.9
		Total general government	19 660	19 985	19 530	20 214	3.5
	Public corporations
		Commonwealth	2 194	1 983	2 002	2 149	7.4
		State and local	3 871	3 651	4 038	3 856	-4.5
		Total public corporations	6 065	5 633	6 039	6 005	-0.6
	Total public gross fixed capital formation		25 725	25 619	25 570	26 219	2.5
Total public demand			125 132	127 885	129 362	130 837	1.1
Memorandum item
	Net purchases of second hand assets by public sector		662	1 207	611	697	np

— nil or rounded to zero
np indicates this value not available for publication but included in totals where applicable, unless otherwise indicated
(a) See Explanatory Notes for the relationship between general government final consumption expenditure and GFS aggregates
(b) Reference year for chain volume measures in 2018-19 = 100.0

Table 3 - Government Finance Statistics, key figures, original
		Mar Qtr 2020 $m	Jun Qtr 2020 $m	Sep Qtr 2020 $m	Dec Qtr 2020 $m	Sep Qtr 2020 to Dec Qtr 2020 % change
Taxation revenue
	General government	137 859	141 114	127 238	147 548	16.0%
Total revenue
	General government	169 277	170 274	159 735	179 041	12.1%
	Public non-financial corporations	22 534	23 234	23 368	24 394	4.4%
Total expenses
	General government	177 260	254 751	253 331	218 772	-13.6%
	Public non-financial corporations	24 232	25 665	25 251	26 875	6.4%
GFS Net Operating Balance
	General government	-7 982	-84 478	-93 596	-39 731	np
	Public non-financial corporations	-1 698	-2 431	-1 884	-2 481	np
GFS Net Lending (+)/Borrowing (-)
	General government	-15 726	-100 163	-100 876	-51 548	np
	Public non-financial corporations	-4 900	-5 297	-5 029	-3 682	np

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

Analysis

Unless otherwise specified, percentage changes shown below are through the year (TTY). For this publication the base quarter is December quarter 2019.

Net operating balance rebounded from September quarter

Total general government net operating balance was -$39.7 billion, an increase of $53.9 billion from the September quarter estimate of -$93.6 billion.

The Commonwealth government was the major contributor to the rise, increasing $61.7 billion from the September quarter estimate of -$88.7 billion. The rise reflects a decrease in JobKeeper and Boosting Cash Flow for Employers payments, combined with a $18.7 billion increase in taxation revenue.

From December quarter 2019, total general government net operating balance fell $41.1 billion, with the Commonwealth government net operating balance decreasing $32.1 billion.

Net operating balance, all levels of general government (a)
	All levels of government (b)	Commonwealth (b)	State and Local (b)
Dec-18	5.8	6.2	1.8
Mar-19	4.1	0.2	2.3
Jun-19	16.2	11.5	5.8
Sep-19	-13.4	-14.8	0.5
Dec-19	1.4	5.1	-1.4
Mar-20	-8.0	-5.9	-3.6
Jun-20	-84.5	-68.9	-14.5
Sep-20	-93.6	-88.7	-6.3
Dec-20	-39.7	-27.0	-9.9

Net operating balance, all levels of general government (a)

["","All levels of government","Commonwealth","State and Local"]

[["Dec-18","Mar-19","Jun-19","Sep-19","Dec-19","Mar-20","Jun-20","Sep-20","Dec-20"],[[5.774],[4.0609999999999999],[16.177],[-13.366],[1.4159999999999999],[-7.9820000000000002],[-84.477999999999994],[-93.596000000000004],[-39.738999999999997]],[[6.1639999999999997],[0.20200000000000001],[11.510999999999999],[-14.803000000000001],[5.0750000000000002],[-5.875],[-68.890000000000001],[-88.686000000000007],[-27.042000000000002]],[[1.7929999999999999],[2.3370000000000002],[5.766],[0.504],[-1.4079999999999999],[-3.625],[-14.512],[-6.3090000000000002],[-9.9339999999999993]]]

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Commonwealth and State & Local Net Operating Balance are not additive to All Australia Net Operating Balance due to consolidation and the inclusion of public universities

Total State and local general government net operating balance fell from September quarter

Total state and local general government net operating balance was -$9.9 billion, a decrease of $3.6 billion from the September quarter estimate of -$6.3 billion. The majority of state and local governments recorded a fall in net operating balance compared to the September quarter.

Western Australia was the only state to record a positive net operating balance due to continued strength in revenues from royalties and stamp duties on conveyances.

Total State and local general government net operating balance fell $8.5 billion from December quarter 2019. Victoria recorded the largest decrease, reflecting a continuation of COVID-19 related subsidies and health services.

Net operating balance, state & local general government
	Dec-19 (b)	Dec-20 (b)
NSW	-0.6	-3.3
VIC	0.2	-4.6
QLD	-0.4	-1.5
SA	-0.4	-1.1
WA	0.2	1.3
TAS	0.1	-0.1
NT	-0.4	-0.5
ACT	-0.2	-0.2
Total State & Local	-1.4	-9.9

Net operating balance, state & local general government

["","Dec-19","Dec-20"]

[["NSW","VIC","QLD","SA","WA","TAS","NT","ACT","Total State & Local"],[[-0.59999999999999998],[0.20000000000000001],[-0.40000000000000002],[-0.40000000000000002],[0.20000000000000001],[0.10000000000000001],[-0.40000000000000002],[-0.20000000000000001],[-1.3999999999999999]],[[-3.2999999999999998],[-4.5999999999999996],[-1.5],[-1.1000000000000001],[1.3],[-0.10000000000000001],[-0.5],[-0.20000000000000001],[-9.9000000000000004]]]

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Expenses fell in December 2020, but remained at elevated levels due to ongoing COVID-19 support

Total expenses fell 13.6% from September quarter to $218.8 billion driven by a reduction in the Commonwealth subsidy programs of JobKeeper and Boosting Cash Flow for Employers. Expenses through the year have increased 24.0% reflecting a continuation of COVID-19 economic support programs.

Total revenue increased 12.1% from September quarter to $179.0 billion, and was 0.7% higher than December quarter 2019. The increases have been driven by higher taxation revenue.

Total expenses and total revenue, all levels of general government
	Revenue (b)	Expenses (b)
Dec-18	174.5	168.7
Mar-19	169.1	165.0
Jun-19	191.9	175.8
Sep-19	164.0	177.4
Dec-19	177.8	176.4
Mar-20	169.3	177.3
Jun-20	170.3	254.8
Sep-20	159.7	253.3
Dec-20	179.0	218.8

Total expenses and total revenue, all levels of general government

["","Revenue","Expenses"]

[["Dec-18","Mar-19","Jun-19","Sep-19","Dec-19","Mar-20","Jun-20","Sep-20","Dec-20"],[[174.51300000000001],[169.07300000000001],[191.93000000000001],[164.036],[177.82499999999999],[169.27699999999999],[170.274],[159.73500000000001],[179.03299999999999]],[[168.739],[165.012],[175.75299999999999],[177.40199999999999],[176.40899999999999],[177.25999999999999],[254.751],[253.33099999999999],[218.77199999999999]]]

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Taxation revenue continued recovery

Taxation revenue grew 1.3%, following the fall of 1.1% recorded in September quarter 2020.

Taxation revenue, all levels of government, percentage change
	Quarterly (%)	Through the year (%)
Dec-18	12.8	7.3
Mar-19	-4.9	3.8
Jun-19	13.1	5.2
Sep-19	-16.4	1.5
Dec-19	13.2	1.8
Mar-20	-5.4	1.3
Jun-20	2.4	-8.3
Sep-20	-9.8	-1.1
Dec-20	16.0	1.3

Taxation revenue, all levels of government, percentage change

["","Quarterly","Through the year"]

[["Dec-18","Mar-19","Jun-19","Sep-19","Dec-19","Mar-20","Jun-20","Sep-20","Dec-20"],[[12.800000000000001],[-4.9000000000000004],[13.1],[-16.399999999999999],[13.199999999999999],[-5.4000000000000004],[2.3999999999999999],[-9.8000000000000007],[16]],[[7.2999999999999998],[3.7999999999999998],[5.2000000000000002],[1.5],[1.8],[1.3],[-8.3000000000000007],[-1.1000000000000001],[1.3]]]

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Commonwealth taxation revenue returned to pre-pandemic levels

Total Commonwealth government taxation revenue grew 2.2% (up $2,605 million). Recoveries in financial markets and stronger domestic economic activity drove increases in income and capital gains taxes levied on enterprises. This strength is driven by income tax paid by superannuation funds (up 70.7% or $2,131 million) and company income tax (down 0.1% or $35 million) improving on a weak September quarter (down 3.8% or $830 million).

Strength in Commonwealth taxation revenue was offset by weaker personal income tax (down 0.6% or $324 million) as a result of the introduction of lower tax rates in the December quarter.

Taxation revenue, Commonwealth, key drivers, percentage change
	Through the year (%)
Personal income tax	-0.6
Income and capital gains taxes levied on enterprises	7.5
GST	-1.3
Excises on petroleum products	1.0
Total Taxation Revenue	2.2

Taxation revenue, Commonwealth, key drivers, percentage change

["","Through the year"]

[["Personal income tax","Income and capital gains taxes levied on enterprises","GST","Excises on petroleum products","Total Taxation Revenue"],[[-0.59999999999999998],[7.5],[-1.3],[1],[2.2000000000000002]]]

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State and local government taxation revenue fell

Total state and local government taxation revenue fell 2.7% (down $769 million). This reflects a continuation of payroll tax relief policies in response to the COVID-19 pandemic. This was offset by strength in stamp duties on conveyances due to increases in the volume of transfers and rising property prices.

Gambling tax continued its recovery in the December quarter, rising 26.6% (up $372 million) from September quarter driven by the reopening of venues and the resumption of professional sports in all states.

Taxation revenue, state & local, key drivers, percentage change
	Through the year (%)
Payroll taxes	-17.0
Property taxes	1.5
Provision of goods and services taxes	1.7
Other S&L taxes	2.6
Total taxes	-2.7

Taxation revenue, state & local, key drivers, percentage change

["","Through the year"]

[["Payroll taxes","Property taxes","Provision of goods and services taxes","Other S&L taxes","Total taxes"],[[-17],[1.5],[1.7],[2.6000000000000001],[-2.7000000000000002]]]

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Public investment in new assets lifted driven by general government sector

Total public investment in new assets(a) rose through the year, rebounding after a period of subdued growth in recent quarters. General government grew by 3.8% ($693 million), with Victoria and Queensland continuing to show consecutive quarters of growth, while New South Wales was relatively flat. Public Corporations remained flat at 0.0% (-$2 million) with strength in New South Wales, Queensland and Western Australia being offset by a fall in Commonwealth.

Includes acquisitions of new non-financial fixed produced assets. Second hand asset acquisitions and sales between sectors are excluded from this measure.

Public investment in new assets, all levels of government, percentage change
	General government (%)	Public non-financial corporations (%)
Dec-18	17.4	-2.1
Mar-19	15.8	-2.7
Jun-19	7.2	1.4
Sep-19	10.5	-3.2
Dec-19	5.3	1.8
Mar-20	7.5	0.7
Jun-20	6.3	-5.7
Sep-20	2.3	-3.7
Dec-20	3.8	0

Public investment in new assets, all levels of government, percentage change

["","General government","Public non-financial corporations"]

[["Dec-18","Mar-19","Jun-19","Sep-19","Dec-19","Mar-20","Jun-20","Sep-20","Dec-20"],[[17.399999999999999],[15.800000000000001],[7.2000000000000002],[10.5],[5.2999999999999998],[7.5],[6.2999999999999998],[2.2999999999999998],[3.7999999999999998]],[[-2.1000000000000001],[-2.7000000000000002],[1.3999999999999999],[-3.2000000000000002],[1.8],[0.69999999999999996],[-5.7000000000000002],[-3.7000000000000002],[0]],[[null],[null],[null],[null],[null],[null],[null],[null],[null]]]

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General government investment in new assets, selected states, percentage change
	NSW State & Local (%)	VIC State & Local (%)	QLD State & Local (%)
Dec-18	21.8	33.0	17.0
Mar-19	29.8	3.9	36.6
Jun-19	10.5	-15.8	26.4
Sep-19	13.3	9.1	22.4
Dec-19	11.9	-2.5	22.3
Mar-20	3.1	8.4	10.3
Jun-20	10.8	22.4	6.4
Sep-20	-3.9	16.3	5.7
Dec-20	0.4	23.6	9.0

General government investment in new assets, selected states, percentage change

["","NSW State & Local","VIC State & Local","QLD State & Local"]

[["Dec-18","Mar-19","Jun-19","Sep-19","Dec-19","Mar-20","Jun-20","Sep-20","Dec-20"],[[21.800000000000001],[29.800000000000001],[10.5],[13.300000000000001],[11.9],[3.1000000000000001],[10.800000000000001],[-3.8999999999999999],[0.40000000000000002]],[[33],[3.8999999999999999],[-15.800000000000001],[9.0999999999999996],[-2.5],[8.4000000000000004],[22.399999999999999],[16.300000000000001],[23.600000000000001]],[[17],[36.600000000000001],[26.399999999999999],[22.399999999999999],[22.300000000000001],[10.300000000000001],[6.4000000000000004],[5.7000000000000002],[9]]]

[]

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Net worth fell due to ongoing COVID-19 support

Total general government net worth was $5.5 billion, a fall of $11.7 billion from the September quarter estimate, as the increase in liabilities was greater than the increase in assets. The large incurrence of liabilities is due to significant amounts of debt securities issued by both Commonwealth and state governments to fund expenditure to support the economy during the COVID-19 pandemic. General government net worth decreased $261.5 billion from December quarter 2019.

Net financial worth was -$955.1 billion, a fall of $21.8 billion from the September quarter and decreasing $313.0 billion from the December quarter 2019.

Net worth, all levels of general government
	Total Assets (b)	Total Liabilities (b)	GFS Net Worth (b)	Net financial worth (b)
Dec-18	1,753	-1,365	388	-471
Mar-19	1,778	-1,390	388	-481
Jun-19	1,821	-1,501	321	-569
Sep-19	1,851	-1,604	247	-653
Dec-19	1,858	-1,591	267	-642
Mar-20	1,887	-1,661	227	-695
Jun-20	1,962	-1,826	136	-811
Sep-20	2,005	-1,988	17	-933
Dec-20	1,992	-1,986	5	-955

Net worth, all levels of general government

["","Total Assets","Total Liabilities","GFS Net Worth","Net financial worth"]

[["Dec-18","Mar-19","Jun-19","Sep-19","Dec-19","Mar-20","Jun-20","Sep-20","Dec-20"],[[1753],[1778],[1821],[1851],[1858],[1887],[1962],[2005],[1992]],[[-1365],[-1390],[-1501],[-1604],[-1591],[-1661],[-1826],[-1988],[-1986]],[[388],[388],[321],[247],[267],[227],[136],[17],[5]],[[-471],[-481],[-569],[-653],[-642],[-695],[-811],[-933],[-955]]]

[]

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Commonwealth net worth, contributions to quarterly change
	Net Worth ($b)	Financial assets ($b)	Non-financial assets ($b)	Debt securities & other loans and placements liabilities ($b)	All other liabilities ($b)
Dec-18	-10	-4	2	-7	0
Mar-19	-15	6	0	-18	-3
Jun-19	-34	37	4	-21	-55
Sep-19	-85	8	1	-33	-60
Dec-19	23	3	4	16	0
Mar-20	-32	16	1	-40	-9
Jun-20	-80	48	3	-102	-30
Sep-20	-104	32	-3	-127	-7
Dec-20	-15	-26	2	6	3

Commonwealth net worth, contributions to quarterly change

["","Net Worth","Financial assets","Non-financial assets","Debt securities & other loans and placements liabilities","All other liabilities"]

[["Dec-18","Mar-19","Jun-19","Sep-19","Dec-19","Mar-20","Jun-20","Sep-20","Dec-20"],[[-10],[-15],[-34],[-85],[23],[-32],[-80],[-104],[-15]],[[-4],[6],[37],[8],[3],[16],[48],[32],[-26]],[[2],[0],[4],[1],[4],[1],[3],[-3],[2]],[[-7],[-18],[-21],[-33],[16],[-40],[-102],[-127],[6]],[[0],[-3],[-55],[-60],[0],[-9],[-30],[-7],[3]]]

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Total state net worth, contributions to quarterly change
	Net Worth ($b)	Financial assets ($b)	Non-financial assets ($b)	Debt securities & other loans and placements liabilities ($b)	All other liabilities ($b)
Dec-18	-8	-12	6	-2	0
Mar-19	14	11	9	0	-6
Jun-19	-33	-12	17	-4	-33
Sep-19	11	11	10	-12	3
Dec-19	-3	-3	6	-5	0
Mar-20	-9	2	12	-19	-4
Jun-20	-10	3	22	-20	-14
Sep-20	-15	9	6	-28	-1
Dec-20	4	-1	8	-15	11

Total state net worth, contributions to quarterly change

["","Net Worth","Financial assets","Non-financial assets","Debt securities & other loans and placements liabilities","All other liabilities"]

[["Dec-18","Mar-19","Jun-19","Sep-19","Dec-19","Mar-20","Jun-20","Sep-20","Dec-20"],[[-8],[14],[-33],[11],[-3],[-9],[-10],[-15],[4]],[[-12],[11],[-12],[11],[-3],[2],[3],[9],[-1]],[[6],[9],[17],[10],[6],[12],[22],[6],[8]],[[-2],[0],[-4],[-12],[-5],[-19],[-20],[-28],[-15]],[[0],[-6],[-33],[3],[0],[-4],[-14],[-1],[11]]]

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University operating expenses stabilised while capital investment continued to weaken

International travel restrictions on arrivals to Australia were introduced in March 2020 in response to the global COVID-19 pandemic. As a result, international student numbers and associated fee revenue for universities declined strongly. A range of cost cutting measures were introduced by universities in response, including postponement of capital works, restructuring of course offerings and a reduction in overall staffing levels.

In December quarter 2020, revenue remained down through the year compared to pre-pandemic levels. Operating expenses remained flat, however showed a slight recovery from previous quarters due to a large number of redundancy payments being made. Capital expenditure showed another strong decline this quarter, as universities continued to postpone, cancel or reduce the scope of many infrastructure projects.

University sector selected aggregates, percentage change
	Total Revenue (%)	Total Operating Expenses (%)	New capital purchases (%)
Dec-19	2.2	7.3	13.0
Mar-20	-4.9	5.6	-3.6
Jun-20	-5.4	-3.2	-11.1
Sep-20	-2.5	-3.7	-31.7
Dec-20	-8.8	-0.9	-40.5

University sector selected aggregates, percentage change

["","Total Revenue","Total Operating Expenses","New capital purchases"]

[["Dec-19","Mar-20","Jun-20","Sep-20","Dec-20"],[[2.2000000000000002],[-4.9000000000000004],[-5.4000000000000004],[-2.5],[-8.8000000000000007]],[[7.2999999999999998],[5.5999999999999996],[-3.2000000000000002],[-3.7000000000000002],[-0.90000000000000002]],[[13],[-3.6000000000000001],[-11.1],[-31.699999999999999],[-40.5]]]

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Table 1 - Government Finance Statistics, Australia

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Previous catalogue number

This release previously used catalogue number 5519.0.55.001.

Methodology

Government Finance Statistics, Australia methodology, December 2020

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APA

Citation

Government Finance Statistics, Australia

APA

Citation

Key statistics

Main Features

Articles

Coronavirus (COVID-19)

Accounting Standard Changes

Transactions related to visa application charges

Key Tables

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Quarterly national accounts public sector measures - key figures

Analysis

Net operating balance rebounded from September quarter

Total State and local general government net operating balance fell from September quarter

Expenses fell in December 2020, but remained at elevated levels due to ongoing COVID-19 support

Taxation revenue continued recovery

Commonwealth taxation revenue returned to pre-pandemic levels

State and local government taxation revenue fell

Public investment in new assets lifted driven by general government sector

Net worth fell due to ongoing COVID-19 support

University operating expenses stabilised while capital investment continued to weaken

Data downloads

Table 1 - Government Finance Statistics, Australia

Previous catalogue number

Methodology

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Microdata and TableBuilder

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APA

Government Finance Statistics, Australia

APA

Key statistics

Main Features

Articles

Coronavirus (COVID-19)

Accounting Standard Changes

Transactions related to visa application charges

Key Tables

Show all

Quarterly national accounts public sector measures - key figures

Analysis

Net operating balance rebounded from September quarter

Total State and local general government net operating balance fell from September quarter

Expenses fell in December 2020, but remained at elevated levels due to ongoing COVID-19 support

Taxation revenue continued recovery

Commonwealth taxation revenue returned to pre-pandemic levels

State and local government taxation revenue fell

Public investment in new assets lifted driven by general government sector

Net worth fell due to ongoing COVID-19 support

University operating expenses stabilised while capital investment continued to weaken

Data downloads

Table 1 - Government Finance Statistics, Australia

Previous catalogue number

Methodology

Articles

Classifying COVID-19 policy interventions in macroeconomic statistics

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