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Government Finance Statistics, Australia

This is not the latest release View the latest release

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

Reference period

March 2021

Released

1/06/2021

View all releases

Key statistics

In the March quarter 2021:

total taxation revenue decreased -2.6% to $144.9b
general government net operating balance rose $17.5b from -$38.5b in December quarter 2020 to -$20.9b
general government borrowing was $31.2 billion

Main Features

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

One article is included in this release:

Classifying COVID-19 policy interventions in macroeconomic statistics, which examines key COVID-19 policies affecting March quarter 2021.

Table 1 - Quarterly key figures
		Jun Qtr 2020	Sep Qtr 2020	Dec Qtr 2020	Mar Qtr 2021	Dec Qtr 2020 to Mar Qtr 2021
		$m	$m	$m	$m	% change
Public sector measures, seasonally adjusted, chain volume (a) (b)
	General government final consumption expenditure (c)	102,210	103,792	104,697	104,151	-0.5%
	General government gross fixed capital formation	19,966	19,578	20,303	21,234	4.6%
	Total public gross fixed capital formation	25,596	25,616	26,190	26,947	2.9%
Key fiscal aggregates, all levels of general government, original
	Taxation Revenue	141,159	127,279	148,793	144,916	-2.6%
	Net Operating Balance	-84,478	-93,691	-38,450	-20,926	np
	Net Lending (+)/borrowing (-)	-100,176	-100,990	-50,233	-31,248	np

np not available for publication but included in totals where applicable, unless otherwise indicated
(a) Public sector aggregates for the March quarter 2021 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)
Mar-18	0.2	0.0
Jun-18	0.0	0.1
Sep-18	0.3	0.1
Dec-18	0.3	-0.1
Mar-19	0.2	0.0
Jun-19	0.5	0.1
Sep-19	0.2	0.1
Dec-19	0.3	0.0
Mar-20	0.3	0.0
Jun-20	0.6	0.0
Sep-20	0.3	0.0
Dec-20	0.2	0.1
Mar-21	-0.1	0.2

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

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

[["Mar-18","Jun-18","Sep-18","Dec-18","Mar-19","Jun-19","Sep-19","Dec-19","Mar-20","Jun-20","Sep-20","Dec-20","Mar-21"],[[0.20000000000000001],[0],[0.29999999999999999],[0.29999999999999999],[0.20000000000000001],[0.5],[0.20000000000000001],[0.29999999999999999],[0.29999999999999999],[0.59999999999999998],[0.29999999999999999],[0.20000000000000001],[-0.10000000000000001]],[[0],[0.10000000000000001],[0.10000000000000001],[-0.10000000000000001],[0],[0.10000000000000001],[0.10000000000000001],[0],[0],[0],[0],[0.10000000000000001],[0.20000000000000001]]]

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using the GDP series as published in the Dec 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)
Mar-20	169.5	-177.3	-7.8
Jun-20	170.3	-254.8	-84.5
Sep-20	159.8	-253.5	-93.7
Dec-20	180.2	-218.6	-38.5
Mar-21	176.7	-197.7	-20.9

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

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

[["Mar-20","Jun-20","Sep-20","Dec-20","Mar-21"],[[169.5],[170.30000000000001],[159.80000000000001],[180.19999999999999],[176.69999999999999]],[[-177.30000000000001],[-254.80000000000001],[-253.5],[-218.59999999999999],[-197.69999999999999]],[[-7.7999999999999998],[-84.5],[-93.700000000000003],[-38.5],[-20.899999999999999]]]

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Coronavirus (COVID-19)

COVID-19 impacted a range of Government Finance Statistics series in the March quarter 2021. 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.

The roll out of COVID-19 vaccines commenced in February 2021 but did not materially affect government final consumption expenditure this quarter.

Commonwealth subsidy expenses for December 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 March quarter 2021 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 0.0 percentage points to the change in GDP in March quarter 2021.
general government final consumption expenditure decreased by -$546m or -0.5% and is expected to contribute -0.1 percentage points to the change in GDP in March quarter 2021.
general government gross fixed capital formation increased by $931m or 4.6%.
public corporations gross fixed capital formation decreased by -$174m or -3.0%.
total public gross fixed capital formation increased by $757m or 2.9% and is expected to contribute 0.2 percentage points to the change in GDP in March quarter 2021.

Table 2 - Quarterly national accounts public sector measures, key figures, seasonally adjusted
			Jun Qtr 2020	Sep Qtr 2020	Dec Qtr 2020	Mar Qtr 2021	Dec Qtr 2020 to Mar Qtr 2021
			$m	$m	$m	$m	% change
CURRENT PRICES
General government final consumption expenditure (a)
	National-defence		9,813	9,613	9,346	9,516	1.8
	National-non-defence		34,673	37,192	38,474	37,679	-2.1
	Total national		44,485	46,805	47,820	47,194	-1.3
	State and local		59,740	59,523	59,974	60,099	0.2
	Total general government final consumption expenditure		104,225	106,328	107,794	107,294	-0.5
Public gross fixed capital formation
	General government
		National-defence	2,478	2,516	2,530	2,456	-2.9
		National-non-defence	2,551	2,411	2,266	2,299	1.5
		Total national	5,029	4,927	4,796	4,756	-0.8
		State and local	15,277	14,825	15,648	16,503	5.5
		Total general government	20,306	19,752	20,445	21,258	4.0
	Public corporations
		Commonwealth	2,032	2,045	1,962	1,758	-10.4
		State and local	3,756	4,162	4,110	4,152	1.0
		Total public corporations	5,788	6,206	6,072	5,910	-2.7
	Total public gross fixed capital formation		26,093	25,958	26,517	27,168	2.5
Total public demand			130,318	132,286	134,311	134,462	0.1
Memorandum item
	Net purchases of second hand assets by public sector		1,231	625	708	727	np

CHAIN VOLUME (b)
General government final consumption expenditure
	National-defence		9,533	9,299	8,984	9,088	1.2
	National-non-defence		34,167	36,455	37,469	36,908	-1.5
	Total national		43,700	45,754	46,452	45,996	-1.0
	State and local		58,510	58,039	58,244	58,155	-0.2
	Total general government final consumption expenditure		102,210	103,792	104,697	104,151	-0.5
Public gross fixed capital formation
	General government
		National-defence	2,268	2,432	2,520	2,537	0.7
		National-non-defence	2,533	2,408	2,268	2,304	1.6
		Total national	4,802	4,839	4,788	4,841	1.1
		State and local	15,165	14,738	15,515	16,393	5.7
		Total general government	19,966	19,578	20,303	21,234	4.6
	Public corporations
		Commonwealth	1,981	1,995	1,908	1,705	-10.6
		State and local	3,649	4,043	3,979	4,008	0.7
		Total public corporations	5,630	6,038	5,887	5,713	-3.0
	Total public gross fixed capital formation		25,596	25,616	26,190	26,947	2.9
Total public demand			127,806	129,409	130,887	131,098	0.2
Memorandum item
	Net purchases of second hand assets by public sector		1,213	616	696	711	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
		Jun Qtr 2020	Sep Qtr 2020	Dec Qtr 2020	Mar Qtr 2021	Dec Qtr 2020 to Mar Qtr 2021
		$m	$m	$m	$m	% change
Taxation revenue
	General government	141,159	127,279	148,793	144,916	-2.6%
Total revenue
	General government	170,283	159,777	180,157	176,725	-1.9%
	Public non-financial corporatons	23,283	23,440	24,660	23,516	-4.6%
Total expenses
	General government	254,761	253,468	218,607	197,650	-9.6%
	Public non-financial corporatons	25,714	25,311	26,941	24,392	-9.5%
GFS Net Operating Balance
	General government	-84,478	-93,691	-38,450	-20,926	np
	Public non-financial corporatons	-2,431	-1,872	-2,281	-877	np
GFS Net Lending (+)/Borrowing (-)
	General government	-100,176	-100,990	-50,233	-31,248	np
	Public non-financial corporatons	-5,292	-5,016	-3,347	-459	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.

Net operating balance recovery continues but remains lower than pre-pandemic levels

All levels of government (herein referred to as total) net operating balance continued to recover this quarter, increasing $17.5 billion from December quarter 2020 to -$20.9 billion. Through the year, it is $13.1 billion lower than March quarter 2020.

Net operating balance, all levels of general government (a)
	All levels of government (b)	Commonwealth (b)	State and Local (b)
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	-7.8	-5.9	-3.6
Jun-20	-84.5	-68.9	-14.5
Sep-20	-93.7	-88.8	-6.2
Dec-20	-38.5	-25.7	-10.1
Mar-21	-20.9	-19.3	-5.4

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

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

[["Mar-19","Jun-19","Sep-19","Dec-19","Mar-20","Jun-20","Sep-20","Dec-20","Mar-21"],[[4.0999999999999996],[16.199999999999999],[-13.4],[1.3999999999999999],[-7.7999999999999998],[-84.5],[-93.700000000000003],[-38.5],[-20.899999999999999]],[[0.20000000000000001],[11.5],[-14.800000000000001],[5.0999999999999996],[-5.9000000000000004],[-68.900000000000006],[-88.799999999999997],[-25.699999999999999],[-19.300000000000001]],[[2.2999999999999998],[5.7999999999999998],[0.5],[-1.3999999999999999],[-3.6000000000000001],[-14.5],[-6.2000000000000002],[-10.1],[-5.4000000000000004]]]

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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 Expenses fell since December quarter 2020

Total expenses fell 9.6% from December quarter 2020 to $197.7 billion, however are 11.5% higher than March quarter 2020.

Following three quarters of unprecedented government spending in response to the COVID-19 pandemic emergency, total expenses declined sharply in March quarter 2021. Governments reduced the levels of support provided to businesses and households as business and economic conditions generally improved across Australia.

Reductions in both the number of recipients and payment rates of JobKeeper drove the decline in total expenses over the quarter. Direct payments to households also declined in March quarter 2021 with further reductions in both the Coronavirus supplement and Economic Support Payments.

While expenses decreased from December quarter 2020, they remained at historically elevated levels. Total subsidy expenses, current monetary transfers to households and social benefits to households in goods and services all increased through the year, as governments across Australia provided both direct and indirect supports to businesses and households.

Total Revenue increases through the year

Total revenue increased 4.3% to $176.7 billion. The increase is a stronger than expected recovery from the impacts of COVID-19 through increased company tax and elevated commodity prices contributing to higher royalty revenue. Offsetting this increase, sales of goods and services revenue decreased 3.8% to $16.6 billion due to lower university student enrolments and a reduced number of tertiary courses.

Total revenue decreased 1.9% from December quarter 2020, driven by reductions in taxes on income; dividends; and fines, penalties, and forfeits.

Total expenses and total revenue, all levels of general government
	Revenue (b)	Expenses (b)
Mar-19	169.1	165.0
Jun-19	191.9	175.7
Sep-19	164.0	177.4
Dec-19	177.8	176.4
Mar-20	169.5	177.3
Jun-20	170.3	254.8
Sep-20	159.8	253.5
Dec-20	180.2	218.6
Mar-21	176.7	197.7

Total expenses and total revenue, all levels of general government

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

[["Mar-19","Jun-19","Sep-19","Dec-19","Mar-20","Jun-20","Sep-20","Dec-20","Mar-21"],[[169.09999999999999],[191.90000000000001],[164],[177.80000000000001],[169.5],[170.30000000000001],[159.80000000000001],[180.19999999999999],[176.69999999999999]],[[165],[175.69999999999999],[177.40000000000001],[176.40000000000001],[177.30000000000001],[254.80000000000001],[253.5],[218.59999999999999],[197.69999999999999]]]

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State and Local net operating balance improved from December quarter

State and local general government net operating balance recovered from December quarter 2020, and remains lower through the year.

Total state and local general government net operating balance is -$5.4 billion, an increase of $4.7 billion from December quarter 2020. Most state and local governments recorded an increase in net operating balance compared to the December quarter, with the exceptions being Western Australia, Tasmania and the Australian Capital Territory.

Western Australia remained the only state to record consecutive positive net operating balances due to continued strength in revenues from royalties and stamp duties on conveyances.

Victoria and NSW drove the $1.8 billion fall in total state and local general government net operating balance through the year due to increased transfer expenses associated with COVID-19 support measures.

Net operating balance, state & local general government
	Mar-20 (b)	Mar-21 (b)
NSW	-0.4	-1.3
VIC	-1.8	-2.9
QLD	-1.0	-0.8
SA	-0.2	-0.5
WA	0.2	0.8
TAS	0.0	-0.2
NT	-0.3	-0.4
ACT	-0.2	-0.2
Total State & Local	-3.6	-5.4

Net operating balance, state & local general government

["","Mar-20","Mar-21"]

[["NSW","VIC","QLD","SA","WA","TAS","NT","ACT","Total State & Local"],[[-0.40000000000000002],[-1.8],[-1],[-0.20000000000000001],[0.20000000000000001],[0],[-0.29999999999999999],[-0.20000000000000001],[-3.6000000000000001]],[[-1.3],[-2.8999999999999999],[-0.80000000000000004],[-0.5],[0.80000000000000004],[-0.20000000000000001],[-0.40000000000000002],[-0.20000000000000001],[-5.4000000000000004]]]

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Taxation revenue continued recovery

Taxation revenue grew 5.1% to $144.9 billion, following a revised rise of 2.1% in the December quarter 2020.

Taxation revenue, all levels of government, percentage change
	Quarterly (%)	Through the year (%)
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	1.4
Jun-20	2.4	-8.2
Sep-20	-9.8	-1.1
Dec-20	16.9	2.1
Mar-21	-2.6	5.1

Taxation revenue, all levels of government, percentage change

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

[["Mar-19","Jun-19","Sep-19","Dec-19","Mar-20","Jun-20","Sep-20","Dec-20","Mar-21"],[[-4.9000000000000004],[13.1],[-16.399999999999999],[13.199999999999999],[-5.4000000000000004],[2.3999999999999999],[-9.8000000000000007],[16.899999999999999],[-2.6000000000000001]],[[3.7999999999999998],[5.2000000000000002],[1.5],[1.8],[1.3999999999999999],[-8.1999999999999993],[-1.1000000000000001],[2.1000000000000001],[5.0999999999999996]]]

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Commonwealth taxation revenue returned to pre-pandemic levels

Total Commonwealth government taxation revenue grew 4.5% (up $5,082 million). A further improvement of business conditions and strong financial markets drove increases in income and capital gains taxes levied on enterprises. This strength was driven by company income tax (up 16.9% or $3,189 million) and income tax paid by superannuation funds (up $1,754 million).

Personal income tax (down 2.6% or -$1,555 million) offset the strength in Commonwealth taxation revenue due to the introduction of lower income tax rates in December quarter 2020.

Taxation revenue, Commonwealth, key drivers, percentage change
	Through the year (%)
Personal income tax	-2.6
Income and capital gains taxes levied on enterprises	26.4
GST	4.3
Excises on petroleum products	5.5
Total taxation revenue	4.5

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"],[[-2.6000000000000001],[26.399999999999999],[4.2999999999999998],[5.5],[4.5]]]

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State and local government taxation revenue rose

Total state and local government taxation revenue rose 7.3% (up $1,922 million). This reflects further strength in stamp duties on conveyances (up 19.2% or $948 million) due to an increase in volume of transfers and rising property prices. Gambling tax continued to recover in the March quarter 2021, rising 16.7% (up $275 million) driven by the reopening of pubs, clubs, and venues in all states.

Payroll tax rebounded (up 2.9% or $178 million) to pre-COVID-19 levels after four consecutive quarters of decline. This was as a result of improvement of business conditions and the cessation of payroll tax waivers across several states.

Taxation revenue, state & local, key drivers, percentage change
	Through the year (%)
Payroll taxes	2.9
Property taxes	1.7
Stamp duties on conveyances	19.2
Taxes on gambling	16.7
Other S&L taxes	7.6
Total taxation revenue	7.3

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

["","Through the year"]

[["Payroll taxes","Property taxes","Stamp duties on conveyances","Taxes on gambling","Other S&L taxes","Total taxation revenue"],[[2.8999999999999999],[1.7],[19.199999999999999],[16.699999999999999],[7.5999999999999996],[7.2999999999999998]]]

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Public investment in new assets lifted by general government sector

Total public investment in new assets(b) continued to rise through the year to March quarter 2021. General government increased by 5.7% ($908 million), with broad strength across state and local government being led by Victoria and Queensland, reflecting increased budgetary spending on road, rail, health and education projects. Public corporations partly offset the strength in general government, decreasing 5.2% (-$260 million) driven by reduced investment in structures by Commonwealth corporations.

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 (%)	Total public sector (%)
Mar-19	15.8	-2.7	10.5
Jun-19	7.2	1.4	5.7
Sep-19	10.5	-3.2	6.6
Dec-19	5.4	1.8	4.6
Mar-20	7.4	0.7	5.7
Jun-20	6.3	-5.9	3.4
Sep-20	2.3	-3.7	0.7
Dec-20	3.8	-1.8	2.5
Mar-21	5.7	-5.2	3.1

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

["","General government","Public non-financial corporations","Total public sector"]

[["Mar-19","Jun-19","Sep-19","Dec-19","Mar-20","Jun-20","Sep-20","Dec-20","Mar-21"],[[15.800000000000001],[7.2000000000000002],[10.5],[5.4000000000000004],[7.4000000000000004],[6.2999999999999998],[2.2999999999999998],[3.7999999999999998],[5.7000000000000002]],[[-2.7000000000000002],[1.3999999999999999],[-3.2000000000000002],[1.8],[0.69999999999999996],[-5.9000000000000004],[-3.7000000000000002],[-1.8],[-5.2000000000000002]],[[10.5],[5.7000000000000002],[6.5999999999999996],[4.5999999999999996],[5.7000000000000002],[3.3999999999999999],[0.69999999999999996],[2.5],[3.1000000000000001]]]

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General government investment in new assets, selected states, percentage change
	NSW State & Local (%)	VIC State & Local (%)	QLD State & Local (%)
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
Mar-21	5.2	27.8	14.5

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

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

[["Mar-19","Jun-19","Sep-19","Dec-19","Mar-20","Jun-20","Sep-20","Dec-20","Mar-21"],[[29.800000000000001],[10.5],[13.300000000000001],[11.9],[3.1000000000000001],[10.800000000000001],[-3.8999999999999999],[0.40000000000000002],[5.2000000000000002]],[[3.8999999999999999],[-15.800000000000001],[9.0999999999999996],[-2.5],[8.4000000000000004],[22.399999999999999],[16.300000000000001],[23.600000000000001],[27.800000000000001]],[[36.600000000000001],[26.399999999999999],[22.399999999999999],[22.300000000000001],[10.300000000000001],[6.4000000000000004],[5.7000000000000002],[9],[14.5]]]

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Net worth increased as COVID-19 economic recovery continues

Total general government net worth was $71.4 billion, an increase of $68.2 billion from December quarter 2020, as assets increased and liabilities decreased. The rise in assets was driven by state government financial and fixed produced assets. Liabilities fell due to a reduction in debt securities issued by the Commonwealth government, as borrowing requirements for economic support payments during the COVID-19 pandemic eased. General government net worth decreased $155.3 billion through the year.

Net financial worth was -$912.6 billion, a rise of $43.6 billion from the December quarter estimate and a decrease of $217.3 billion from the March quarter 2020.

Net worth, all levels of general government
	Total Assets (b)	Total Liabilities (b)	GFS Net Worth (b)	Net financial worth (b)
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	1,967	-1,826	141	-806
Sep-20	2,005	-1,979	26	-924
Dec-20	1,979	-1,976	3	-956
Mar-21	2,021	-1,950	71	-913

Net worth, all levels of general government

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

[["Mar-19","Jun-19","Sep-19","Dec-19","Mar-20","Jun-20","Sep-20","Dec-20","Mar-21"],[[1778],[1821],[1851],[1858],[1887],[1967],[2005],[1979],[2021]],[[-1390],[-1501],[-1604],[-1591],[-1661],[-1826],[-1979],[-1976],[-1950]],[[388],[321],[247],[267],[227],[141],[26],[3],[71]],[[-481],[-569],[-653],[-642],[-695],[-806],[-924],[-956],[-913]]]

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Commonwealth net worth, contributions to quarterly change
	Net Worth	Financial Assets	Non-financial assets	Debt securities & other loans and placements liabilities	All other liabilities
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	17	1	-40	-9
Jun-20	-80	48	3	-102	-30
Sep-20	-99	32	-3	-127	-2
Dec-20	-14	-26	2	6	4
Mar-21	26	0	1	27	-1

Commonwealth net worth, contributions to quarterly change

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

[["Mar-19","Jun-19","Sep-19","Dec-19","Mar-20","Jun-20","Sep-20","Dec-20","Mar-21"],[[-15],[-34],[-85],[23],[-32],[-80],[-99],[-14],[26]],[[6],[37],[8],[3],[17],[48],[32],[-26],[0]],[[0],[4],[1],[4],[1],[3],[-3],[2],[1]],[[-18],[-21],[-33],[16],[-40],[-102],[-127],[6],[27]],[[-3],[-55],[-60],[0],[-9],[-30],[-2],[4],[-1]]]

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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
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	-5	8	22	-20	-14
Sep-20	-17	3	5	-24	-1
Dec-20	-8	-12	8	-12	9
Mar-21	42	18	24	-13	13

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"]

[["Mar-19","Jun-19","Sep-19","Dec-19","Mar-20","Jun-20","Sep-20","Dec-20","Mar-21"],[[14],[-33],[11],[-3],[-9],[-5],[-17],[-8],[42]],[[11],[-12],[11],[-3],[2],[8],[3],[-12],[18]],[[9],[17],[10],[6],[12],[22],[5],[8],[24]],[[0],[-4],[-12],[-5],[-19],[-20],[-24],[-12],[-13]],[[-6],[-33],[3],[0],[-4],[-14],[-1],[9],[13]]]

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Upturn in university revenue while expenditure continues to fall

University sector total revenue increased through the year to March quarter 2021, following four consecutive quarters of negative growth. The rise was driven by revenue from current grants and subsidies.

Recent declines in operating revenue continue to impact on the capital investment programs of most Australian universities, with ongoing postponement or cancelation of new infrastructure projects.

Universities have implemented a range of cost cutting measures throughout the COVID-19 pandemic, which have continued to place downward pressure on operating expenses this quarter. This fall is evident in both non-employee related expenses as well as compensation of employees, with redundancies made in prior quarters resulting in lower staffing levels and a reduction in wages and salaries paid this quarter.

University sector selected aggregates, through the year percentage change
	Total Revenue (%)	Total Operating Expenses (%)	New capital purchases (%)
Mar-20	-3.0	5.6	-3.6
Jun-20	-5.4	-3.2	-11.1
Sep-20	-2.5	-3.6	-31.7
Dec-20	-9.4	-0.8	-40.1
Mar-21	8.0	-10.0	-45.6

University sector selected aggregates, through the year percentage change

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

[["Mar-20","Jun-20","Sep-20","Dec-20","Mar-21"],[[-3],[-5.4000000000000004],[-2.5],[-9.4000000000000004],[8]],[[5.5999999999999996],[-3.2000000000000002],[-3.6000000000000001],[-0.80000000000000004],[-10]],[[-3.6000000000000001],[-11.1],[-31.699999999999999],[-40.100000000000001],[-45.600000000000001]]]

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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, March 2021

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APA

Citation

Government Finance Statistics, Australia

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Citation

Key statistics

Main Features

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 recovery continues but remains lower than pre-pandemic levels

State and Local net operating balance improved from December quarter

Taxation revenue continued recovery

Commonwealth taxation revenue returned to pre-pandemic levels

State and local government taxation revenue rose

Public investment in new assets lifted by general government sector

Net worth increased as COVID-19 economic recovery continues

Upturn in university revenue while expenditure continues to fall

Data downloads

Table 1 - Government Finance Statistics, Australia

Previous catalogue number

Methodology

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APA

Government Finance Statistics, Australia

APA

Key statistics

Main Features

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 recovery continues but remains lower than pre-pandemic levels

State and Local net operating balance improved from December quarter

Taxation revenue continued recovery

Commonwealth taxation revenue returned to pre-pandemic levels

State and local government taxation revenue rose

Public investment in new assets lifted by general government sector

Net worth increased as COVID-19 economic recovery continues

Upturn in university revenue while expenditure continues to fall

Data downloads

Table 1 - Government Finance Statistics, Australia

Previous catalogue number

Methodology

Articles

Classifying COVID-19 policy interventions during March quarter 2021 in macroeconomic statistics

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