Government Finance Statistics, Annual

Latest release

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

Reference period

2024-25 financial year

Released

21/04/2026

Next release 20/04/2027

Release date and time

21/04/2026 11:30am AEST

Key statistics

In the year 2024-25:

General government net operating balance fell $26.6b from $18.4b in 2023-24 to -$8.2b
General government borrowing was $69.3b
Total public sector borrowing was $112.2b
All Australia general government net debt (L2) reached 34.4% 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, 2024-25 which examines the key stories and economic narratives of the 2024-25 annual Government Finance Statistics data.

Government Finance Statistics measures

Government finance statistics fiscal measures, original
		2021-22	2022-23	2023-24	2024-25	2023-24 to 2024-25
		$m	$m	$m	$m	% change
Taxation revenue
	General government	683,329	755,519	801,555	838,974	4.7%
Total revenue
	General government	831,520	923,346	978,180	1,022,351	4.5%
	Public non-financial corporations	103,197	107,272	115,099	122,229	6.2%
	Non-financial public sector (a) (b)	907,268	1,001,263	1,063,610	1,114,028	4.7%
	Total public sector (b) (c)	925,538	1,023,792	1,088,979	1,142,886	5.0%
Total expenses
	General government	866,274	885,420	959,733	1,030,511	7.4%
	Public non-financial corporations	104,787	109,849	117,627	127,568	8.5%
	Non-financial public sector	943,776	965,931	1,047,808	1,127,584	7.6%
	Total public sector	960,852	999,947	1,087,302	1,165,014	7.1%
GFS Net Operating Balance
	General government	-34,754	37,926	18,447	-8,159	np
	Public non-financial corporations	-1,590	-2,578	-2,527	-5,339	np
	Non-financial public sector	-36,508	35,332	15,802	-13,556	np
	Total public sector	-35,314	23,846	1,677	-22,128	np
GFS Net Lending (+)/Borrowing (-)
	General government	-87,611	-22,612	-45,112	-69,329	np
	Public non-financial corporations	-11,386	-19,593	-27,370	-33,328	np
	Non-financial public sector	-99,230	-42,372	-72,553	-103,587	np
	Total public sector	-98,138	-53,897	-86,742	-112,221	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 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.
The total public sector comprises general government, public non-financial corporations and public financial corporations.

Net operating balance

All levels of general government net operating balance was -$8.2b in 2024-25.

Net operating balance of all levels of general government
Financial year	Revenue ($b)	Expenses ($b)	Net operating balance ($b)
2015-16	576.0	-598.5	-22.5
2016-17	607.7	-621.3	-13.5
2017-18	655.2	-645.0	10.2
2018-19	694.0	-677.5	16.6
2019-20	681.7	-789.7	-108.1
2020-21	728.0	-873.4	-145.4
2021-22	831.5	-866.3	-34.8
2022-23	923.3	-885.4	37.9
2023-24	978.2	-959.7	18.4
2024-25	1,022.4	-1,030.5	-8.2

Net operating balance of all levels of general government

["Financial year","Revenue","Expenses","Net operating balance"]

[["2015-16","2016-17","2017-18","2018-19","2019-20","2020-21","2021-22","2022-23","2023-24","2024-25"],[[576],[607.7],[655.2],[694],[681.7],[728],[831.5],[923.3],[978.2],[1022.4]],[[-598.5],[-621.3],[-645],[-677.5],[-789.7],[-873.4],[-866.3],[-885.4],[-959.7],[-1030.5]],[[-22.5],[-13.5],[10.2],[16.6],[-108.1],[-145.4],[-34.8],[37.9],[18.4],[-8.2]]]

[]

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[{"value":"0","axis_id":"0","axis_title":"$b","axis_units":"","tooltip_units":"($b)","table_units":"($b)","axis_min":"-1200","axis_max":"1200","tick_interval":"200","precision":"1","data_unit_prefix":"","data_unit_suffix":"","reverse_axis":false}]

Net worth

Net worth for all levels of general government fell $5.2b to $1380.0b in 2024-25 as the increase in liabilities was greater than the increase in assets. Commonwealth government drove the fall, mainly due to a rise in liabilities.

Net worth of all levels of general government
Financial year	GFS Net worth ($b)	Net financial worth ($b)	Total assets ($b)	Total liabilities ($b)
2015-16	764.3	-471.3	2,066.1	-1,301.8
2016-17	884.3	-401.3	2,199.4	-1,315.1
2017-18	921.8	-432.7	2,321.1	-1,399.3
2018-19	799.7	-618.5	2,414.8	-1,615.1
2019-20	687.7	-806.1	2,580.8	-1,893.1
2020-21	679.4	-896.7	2,712.2	-2,032.8
2021-22	1,011.6	-727.9	2,960.4	-1,948.8
2022-23	1,208.1	-684.5	3,200.2	-1,992.2
2023-24	1,385.2	-649.5	3,499.1	-2,113.9
2024-25	1,380.0	-786.8	3,670.4	-2,290.4

Net worth of all levels of general government

["Financial year","GFS Net worth","Net financial worth","Total assets","Total liabilities"]

[["2015-16","2016-17","2017-18","2018-19","2019-20","2020-21","2021-22","2022-23","2023-24","2024-25"],[[764.3],[884.3],[921.8],[799.7],[687.7],[679.4],[1011.6],[1208.1],[1385.2],[1380]],[[-471.3],[-401.3],[-432.7],[-618.5],[-806.1],[-896.7],[-727.9],[-684.5],[-649.5],[-786.8]],[[2066.1],[2199.4],[2321.1],[2414.8],[2580.8],[2712.2],[2960.4],[3200.2],[3499.1],[3670.4]],[[-1301.8],[-1315.1],[-1399.3],[-1615.1],[-1893.1],[-2032.8],[-1948.8],[-1992.2],[-2113.9],[-2290.4]]]

[]

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Commonwealth general government net worth, contributions to annual change
Financial year	GFS Net worth ($b)	Total financial assets ($b)	Total non-financial assets ($b)	Debt securities & other loans & placements liabilities ($b)	All other liabilities ($b)
2015-16	-114.3	28.1	8.7	-78.2	-72.8
2016-17	17.2	43.2	3.9	-63.5	33.7
2017-18	-28.4	31.7	5.5	-28.7	-37.0
2018-19	-127.0	33.7	6.5	-51.1	-116.1
2019-20	-113.5	80.9	5.8	-159.2	-41.0
2020-21	-66.4	13.1	6.0	-102.7	17.3
2021-22	143.3	22.9	13.7	26.4	80.4
2022-23	42.4	15.9	10.5	22.2	-6.1
2023-24	6.3	51.4	9.3	-19.4	-34.9
2024-25	-77.3	29.9	11.0	-43.8	-74.4

Commonwealth general government net worth, contributions to annual change

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

[["2015-16","2016-17","2017-18","2018-19","2019-20","2020-21","2021-22","2022-23","2023-24","2024-25"],[[-114.3],[17.2],[-28.4],[-127],[-113.5],[-66.4],[143.3],[42.4],[6.3],[-77.3]],[[28.1],[43.2],[31.7],[33.7],[80.9],[13.1],[22.9],[15.9],[51.4],[29.9]],[[8.7],[3.9],[5.5],[6.5],[5.8],[6],[13.7],[10.5],[9.3],[11]],[[-78.2],[-63.5],[-28.7],[-51.1],[-159.2],[-102.7],[26.4],[22.2],[-19.4],[-43.8]],[[-72.8],[33.7],[-37],[-116.1],[-41],[17.3],[80.4],[-6.1],[-34.9],[-74.4]]]

[]

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Total state general government net worth, contributions to annual change
Financial year	GFS Net worth ($b)	Total financial assets ($b)	Total non-financial assets ($b)	Debt securities & other loans & placements liabilities ($b)	All other liabilities ($b)
2015-16	25.2	11.7	42.1	2.8	-31.4
2016-17	76.7	34.6	24.9	-0.9	18.0
2017-18	38.8	16.5	39.9	-6.7	-10.8
2018-19	-12.0	-7.6	41.2	-7.0	-38.6
2019-20	-18.5	7.8	49.2	-58.5	-17.0
2020-21	30.7	30.7	53.0	-65.4	12.4
2021-22	146.0	53.5	112.7	-52.9	32.7
2022-23	94.4	63.6	87.2	-44.8	-11.7
2023-24	122.5	103.3	84.3	-57.5	-7.6
2024-25	21.8	4.9	72.9	-51.6	-4.4

Total state general government net worth, contributions to annual change

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

[["2015-16","2016-17","2017-18","2018-19","2019-20","2020-21","2021-22","2022-23","2023-24","2024-25"],[[25.2],[76.7],[38.8],[-12],[-18.5],[30.7],[146],[94.4],[122.5],[21.8]],[[11.7],[34.6],[16.5],[-7.6],[7.8],[30.7],[53.5],[63.6],[103.3],[4.9]],[[42.1],[24.9],[39.9],[41.2],[49.2],[53],[112.7],[87.2],[84.3],[72.9]],[[2.8],[-0.9],[-6.7],[-7],[-58.5],[-65.4],[-52.9],[-44.8],[-57.5],[-51.6]],[[-31.4],[18],[-10.8],[-38.6],[-17],[12.4],[32.7],[-11.7],[-7.6],[-4.4]]]

[]

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Net debt

All Australia general government net debt (L2) (a) reached $954.9b or 34.4% of GDP in 2024-25.

L2 debt is comparable to government reporting of net debt under Australian accounting standard

All Australia general government sector net debt (L2) as a percentage of GDP (a)
Financial year	% of GDP	Net debt (L2) ($b)
2015-16	23.4	390.2
2016-17	22.9	403.8
2017-18	23.6	436.1
2018-19	24.4	476.9
2019-20	31.9	634.2
2020-21	37.7	789.0
2021-22	33.3	778.7
2022-23	30.4	783.8
2023-24	31.6	846.6
2024-25	34.4	954.9

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

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

[["2015-16","2016-17","2017-18","2018-19","2019-20","2020-21","2021-22","2022-23","2023-24","2024-25"],[[23.4],[22.9],[23.6],[24.4],[31.9],[37.7],[33.3],[30.4],[31.6],[34.4]],[[390.2],[403.8],[436.1],[476.9],[634.2],[789],[778.7],[783.8],[846.6],[954.9]]]

[]

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[{"value":"0","axis_id":"0","axis_title":"$b","axis_units":"","tooltip_units":"($b)","table_units":"($b)","axis_min":"0","axis_max":"1000","tick_interval":"100","precision":"1","data_unit_prefix":"","data_unit_suffix":"","reverse_axis":false},{"value":"1","axis_id":"1","axis_title":"%","axis_units":"","tooltip_units":"","table_units":"","axis_min":"0","axis_max":"40","tick_interval":"5","precision":"1","data_unit_prefix":"","data_unit_suffix":"","reverse_axis":false}]

Using the GDP annual, current prices series as published in Table 36 in the December quarter 2025 issue of Australian National Accounts: National Income, Expenditure and Product.

Revisions and changes

Revisions

Divergences with government fiscal reporting

Previous catalogue number

Data downloads