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

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Reference period

2023-24 financial year

Released

22/04/2025

Next release 21/04/2026

Key statistics

In the year 2023-24:

General government net operating balance fell $19.3b from $38.2b in 2022-23 to $18.9b
General government borrowing was $44.1b
Total public sector borrowing was $85.1b
All Australia general government net debt (L2) reached 31.7% 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, 2023-24 which examines the key stories and economic narratives of the 2023-24 annual Government Finance Statistics data.

Government Finance Statistics measures

Government finance statistics fiscal measures, original

Government finance statistics fiscal measures, original
		2020-21	2021-22	2022-23	2023-24	2022-23 to 2023-24
		$m	$m	$m	$m	% change
Taxation revenue
	General government	593,105	683,329	755,519	801,716	6.1%
Total revenue
	General government	728,022	831,536	923,695	978,588	5.9%
	Public non-financial corporations	97,322	103,198	107,277	115,656	7.8%
	Non-financial public sector (a) (c)	796,671	907,284	1,001,554	1,064,501	6.3%
	Total public sector (b) (c)	810,128	925,552	1,024,089	1,090,024	6.4%
Total expenses
	General government	873,531	866,399	885,522	959,717	8.4%
	Public non-financial corporations	105,134	104,788	109,850	117,687	7.1%
	Non-financial public sector	950,241	943,901	966,082	1,047,778	8.5%
	Total public sector	968,150	960,978	1,000,098	1,087,285	8.7%
GFS Net Operating Balance
	General government	-145,510	-34,862	38,173	18,871	np
	Public non-financial corporations	-7,811	-1,590	-2,573	-2,031	np
	Non-financial public sector	-153,570	-36,617	35,472	16,723	np
	Total public sector	-158,021	-35,425	23,992	2,738	np
GFS Net Lending (+)/Borrowing (-)
	General government	-192,911	-87,600	-22,304	-44,134	np
	Public non-financial corporations	-14,499	-11,386	-19,588	-26,873	np
	Non-financial public sector	-207,872	-99,220	-42,171	-71,066	np
	Total public sector	-212,356	-98,131	-53,690	-85,115	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 $18.9b in 2023-24.

Net operating balance of all levels of general government

Net operating balance of all levels of general government
Financial year	Revenue ($b)	Expenses ($b)	Net operating balance ($b)
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	681.7	-789.7	-108.1
2020-21	728.0	-873.5	-145.5
2021-22	831.5	-866.4	-34.9
2022-23	923.7	-885.5	38.2
2023-24	978.6	-959.7	18.9

Net operating balance of all levels of general government

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

[["2014-15","2015-16","2016-17","2017-18","2018-19","2019-20","2020-21","2021-22","2022-23","2023-24"],[[554.5],[576],[607.70000000000005],[655.20000000000005],[694],[681.70000000000005],[728],[831.5],[923.70000000000005],[978.60000000000002]],[[-581.79999999999995],[-598.5],[-621.29999999999995],[-645],[-677.5],[-789.70000000000005],[-873.5],[-866.39999999999998],[-885.5],[-959.70000000000005]],[[-27.300000000000001],[-22.5],[-13.6],[10.199999999999999],[16.600000000000001],[-108.09999999999999],[-145.5],[-34.899999999999999],[38.200000000000003],[18.899999999999999]]]

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Net worth

Net worth for all levels of general government rose $176.8b to $1385.1b in 2023-24 as the increase in assets was greater than the increase in liabilities. State and territories government drove the rise mainly due to a rise in financial assets.

Net worth of all levels of general government

Net worth of all levels of general government
Financial year	GFS Net worth ($b)	Net financial worth ($b)	Total assets ($b)	Total liabilities ($b)
2014-15	826.8	-333.9	1,948.7	-1,121.9
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	687.8	-806.1	2,580.9	-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	1,208.3	-684.3	3,200.4	-1,992.1
2023-24	1,385.1	-649.1	3,498.9	-2,113.8

Net worth of all levels of general government

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

[["2014-15","2015-16","2016-17","2017-18","2018-19","2019-20","2020-21","2021-22","2022-23","2023-24"],[[826.79999999999995],[764.29999999999995],[884.29999999999995],[921.79999999999995],[799.70000000000005],[687.79999999999995],[679.39999999999998],[1011.6],[1208.3],[1385.0999999999999]],[[-333.89999999999998],[-471.30000000000001],[-401.30000000000001],[-432.69999999999999],[-618.5],[-806.10000000000002],[-896.70000000000005],[-727.89999999999998],[-684.29999999999995],[-649.10000000000002]],[[1948.7],[2066.0999999999999],[2199.4000000000001],[2321.0999999999999],[2414.8000000000002],[2580.9000000000001],[2712.1999999999998],[2960.4000000000001],[3200.4000000000001],[3498.9000000000001]],[[-1121.9000000000001],[-1301.8],[-1315.0999999999999],[-1399.3],[-1615.0999999999999],[-1893.0999999999999],[-2032.8],[-1948.8],[-1992.0999999999999],[-2113.8000000000002]]]

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Commonwealth general government net worth, contributions to annual change

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)
2014-15	-53.7	19.7	12.3	-60.2	-25.6
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	6.2	51.4	9.0	-19.4	-34.8

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"]

[["2014-15","2015-16","2016-17","2017-18","2018-19","2019-20","2020-21","2021-22","2022-23","2023-24"],[[-53.700000000000003],[-114.3],[17.199999999999999],[-28.399999999999999],[-127],[-113.5],[-66.400000000000006],[143.30000000000001],[42.399999999999999],[6.2000000000000002]],[[19.699999999999999],[28.100000000000001],[43.200000000000003],[31.699999999999999],[33.700000000000003],[80.900000000000006],[13.1],[22.899999999999999],[15.9],[51.399999999999999]],[[12.300000000000001],[8.6999999999999993],[3.8999999999999999],[5.5],[6.5],[5.7999999999999998],[6],[13.699999999999999],[10.5],[9]],[[-60.200000000000003],[-78.200000000000003],[-63.5],[-28.699999999999999],[-51.100000000000001],[-159.19999999999999],[-102.7],[26.399999999999999],[22.199999999999999],[-19.399999999999999]],[[-25.600000000000001],[-72.799999999999997],[33.700000000000003],[-37],[-116.09999999999999],[-41],[17.300000000000001],[80.400000000000006],[-6.0999999999999996],[-34.799999999999997]]]

[]

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Total state general government net worth, contributions to annual change

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)
2014-15	25.4	19.3	18.9	-2.6	-10.2
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	38.9	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	30.6	30.6	53.0	-65.4	12.4
2021-22	146.1	53.6	112.7	-52.9	32.7
2022-23	94.4	63.6	87.2	-44.8	-11.7
2023-24	122.4	103.2	84.3	-57.5	-7.6

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"]

[["2014-15","2015-16","2016-17","2017-18","2018-19","2019-20","2020-21","2021-22","2022-23","2023-24"],[[25.399999999999999],[25.199999999999999],[76.700000000000003],[38.899999999999999],[-12],[-18.5],[30.600000000000001],[146.09999999999999],[94.400000000000006],[122.40000000000001]],[[19.300000000000001],[11.699999999999999],[34.600000000000001],[16.5],[-7.5999999999999996],[7.7999999999999998],[30.600000000000001],[53.600000000000001],[63.600000000000001],[103.2]],[[18.899999999999999],[42.100000000000001],[24.899999999999999],[39.899999999999999],[41.200000000000003],[49.200000000000003],[53],[112.7],[87.200000000000003],[84.299999999999997]],[[-2.6000000000000001],[2.7999999999999998],[-0.90000000000000002],[-6.7000000000000002],[-7],[-58.5],[-65.400000000000006],[-52.899999999999999],[-44.799999999999997],[-57.5]],[[-10.199999999999999],[-31.399999999999999],[18],[-10.800000000000001],[-38.600000000000001],[-17],[12.4],[32.700000000000003],[-11.699999999999999],[-7.5999999999999996]]]

[]

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Net debt

All Australia general government net debt (L2) (a) reached $846.6b or 31.7% of GDP in 2023-24.

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)

All Australia general government sector net debt (L2) as a percentage of GDP (a)
Financial year	% of GDP	Net debt (L2) ($b)
2014-15	20.6	334.3
2015-16	23.5	390.2
2016-17	23.0	403.8
2017-18	23.7	436.1
2018-19	24.5	476.9
2019-20	32.0	634.2
2020-21	37.8	789.0
2021-22	33.4	778.7
2022-23	30.5	783.8
2023-24	31.7	846.6

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

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

[["2014-15","2015-16","2016-17","2017-18","2018-19","2019-20","2020-21","2021-22","2022-23","2023-24"],[[20.600000000000001],[23.5],[23],[23.699999999999999],[24.5],[32],[37.799999999999997],[33.399999999999999],[30.5],[31.699999999999999]],[[334.30000000000001],[390.19999999999999],[403.80000000000001],[436.10000000000002],[476.89999999999998],[634.20000000000005],[789],[778.70000000000005],[783.79999999999995],[846.60000000000002]]]

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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":"900","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 2024 issue of Australian National Accounts: National Income, Expenditure and Product.

Revisions and changes

Revisions

Reserve Bank of Australia gold investments historical revision

Coal Mining Industry Corporation other employee expenses historical revision

Divergences with government fiscal reporting

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