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

2022-23 financial year

Released

23/04/2024

Next release 22/04/2025

Key statistics

In the year 2022-23:

General government net operating balance rose $73.0b from -$34.7b in 2021-22 to $38.3b
General government borrowing was $21.2b
Total public sector borrowing was $52.1b
All Australia general government net debt (L2) reached 30.6% 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, 2022-23 which examines the key stories and economic narratives of the 2022-23 annual Government Finance Statistics data.

Government Finance Statistics measures

Government finance statistics fiscal measures, original
		2019-20	2020-21	2021-22	2022-23	2021-22 to 2022-23
		$m	$m	$m	$m	% change
Taxation revenue
	General government	551,751	593,105	683,074	755,807	10.6%
Total revenue
	General government	681,658	728,022	831,291	923,808	11.1%
	Public non-financial corporations	90,016	97,322	103,196	107,231	3.9%
	Non-financial public sector (a) (c)	746,142	796,671	907,116	1,001,574	10.4%
	Total public sector (b) (c)	757,290	810,128	926,069	1,024,851	10.7%
Total expenses
	General government	789,737	873,523	865,963	885,498	2.3%
	Public non-financial corporations	99,359	105,134	104,714	109,899	5.0%
	Non-financial public sector	863,560	950,233	943,471	966,214	2.4%
	Total public sector	880,864	968,346	960,626	1,000,357	4.1%
GFS Net Operating Balance
	General government	-108,079	-145,501	-34,672	38,310	np
	Public non-financial corporations	-9,343	-7,812	-1,518	-2,668	np
	Non-financial public sector	-117,418	-153,562	-36,355	35,360	np
	Total public sector	-123,575	-158,218	-34,557	24,494	np
GFS Net Lending (+)/Borrowing (-)
	General government	-151,736	-192,914	-87,346	-21,196	np
	Public non-financial corporations	-18,532	-14,484	-11,296	-19,598	np
	Non-financial public sector	-170,300	-207,859	-98,878	-41,176	np
	Total public sector	-176,496	-212,548	-97,181	-52,080	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 $38.3b in 2022-23.

Net operating balance of all levels of general government
Financial year	Revenue ($b)	Expenses ($b)	Net operating balance ($b)
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	-677.4	16.6
2019-20	681.7	-789.7	-108.1
2020-21	728.0	-873.5	-145.5
2021-22	831.3	-866.0	-34.7
2022-23	923.8	-885.5	38.3

Net operating balance of all levels of general government

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

[["2013-14","2014-15","2015-16","2016-17","2017-18","2018-19","2019-20","2020-21","2021-22","2022-23"],[[537.5],[554.5],[576],[607.70000000000005],[655.20000000000005],[694],[681.70000000000005],[728],[831.29999999999995],[923.79999999999995]],[[-562.79999999999995],[-581.79999999999995],[-598.5],[-621.29999999999995],[-645],[-677.39999999999998],[-789.70000000000005],[-873.5],[-866],[-885.5]],[[-25.300000000000001],[-27.300000000000001],[-22.5],[-13.6],[10.199999999999999],[16.600000000000001],[-108.09999999999999],[-145.5],[-34.700000000000003],[38.299999999999997]]]

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Net worth

Net worth for all levels of general government rose $197.6b to $1217.2b in 2022-23 as the increase in assets was greater than the increase in liabilities. Commonwealth government drove the rise due to a fall in debt securities, a fall in provisions for employee entitlements other than superannuation, an increase in currency and deposits, and an increase in equity including contributed capital.

Net worth of all levels of general government
Financial year	GFS Net worth ($b)	Net financial worth ($b)	Total assets ($b)	Total liabilities ($b)
2013-14	819.4	-276.6	1,842.1	-1,022.7
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	921.7	-432.8	2,321.0	-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	687.1	-889.4	2,720.4	-2,033.3
2021-22	1,019.6	-720.4	2,968.5	-1,948.8
2022-23	1,217.2	-674.3	3,209.5	-1,992.3

Net worth of all levels of general government

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

[["2013-14","2014-15","2015-16","2016-17","2017-18","2018-19","2019-20","2020-21","2021-22","2022-23"],[[819.39999999999998],[826.79999999999995],[764.29999999999995],[884.29999999999995],[921.70000000000005],[799.70000000000005],[687.79999999999995],[687.10000000000002],[1019.6],[1217.2]],[[-276.60000000000002],[-333.89999999999998],[-471.30000000000001],[-401.30000000000001],[-432.80000000000001],[-618.5],[-806.10000000000002],[-889.39999999999998],[-720.39999999999998],[-674.29999999999995]],[[1842.0999999999999],[1948.7],[2066.0999999999999],[2199.4000000000001],[2321],[2414.8000000000002],[2580.9000000000001],[2720.4000000000001],[2968.5],[3209.5]],[[-1022.7],[-1121.9000000000001],[-1301.8],[-1315.0999999999999],[-1399.3],[-1615.0999999999999],[-1893.0999999999999],[-2033.3],[-1948.8],[-1992.3]]]

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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)
2013-14	-38.4	40.8	8.9	-66.7	-21.4
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	143.5	22.7	13.7	26.4	80.7
2022-23	43.0	16.4	10.5	22.2	-6.1

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"]

[["2013-14","2014-15","2015-16","2016-17","2017-18","2018-19","2019-20","2020-21","2021-22","2022-23"],[[-38.399999999999999],[-53.700000000000003],[-114.3],[17.199999999999999],[-28.399999999999999],[-127],[-113.5],[-66.400000000000006],[143.5],[43]],[[40.799999999999997],[19.699999999999999],[28.100000000000001],[43.200000000000003],[31.699999999999999],[33.700000000000003],[80.900000000000006],[13.1],[22.699999999999999],[16.399999999999999]],[[8.9000000000000004],[12.300000000000001],[8.6999999999999993],[3.8999999999999999],[5.5],[6.5],[5.7999999999999998],[6],[13.699999999999999],[10.5]],[[-66.700000000000003],[-60.200000000000003],[-78.200000000000003],[-63.5],[-28.699999999999999],[-51.100000000000001],[-159.19999999999999],[-102.7],[26.399999999999999],[22.199999999999999]],[[-21.399999999999999],[-25.600000000000001],[-72.799999999999997],[33.700000000000003],[-37],[-116.09999999999999],[-41],[17.300000000000001],[80.700000000000003],[-6.0999999999999996]]]

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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)
2013-14	8.8	22.9	7.4	-9.9	-11.5
2014-15	25.4	19.3	18.9	-2.6	-9.4
2015-16	25.2	11.7	42.1	2.8	-31.3
2016-17	76.7	34.6	24.9	-0.9	19.5
2017-18	38.7	16.3	39.9	-6.7	-9.7
2018-19	-11.9	-7.5	41.2	-7.0	-39.1
2019-20	-18.5	7.7	49.2	-58.5	-18.6
2020-21	38.4	38.4	53.5	-65.9	11.9
2021-22	146.2	53.5	112.7	-52.9	32.1
2022-23	95.6	65.5	86.8	-44.3	-11.9

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"]

[["2013-14","2014-15","2015-16","2016-17","2017-18","2018-19","2019-20","2020-21","2021-22","2022-23"],[[8.8000000000000007],[25.399999999999999],[25.199999999999999],[76.700000000000003],[38.700000000000003],[-11.9],[-18.5],[38.399999999999999],[146.19999999999999],[95.599999999999994]],[[22.899999999999999],[19.300000000000001],[11.699999999999999],[34.600000000000001],[16.300000000000001],[-7.5],[7.7000000000000002],[38.399999999999999],[53.5],[65.5]],[[7.4000000000000004],[18.899999999999999],[42.100000000000001],[24.899999999999999],[39.899999999999999],[41.200000000000003],[49.200000000000003],[53.5],[112.7],[86.799999999999997]],[[-9.9000000000000004],[-2.6000000000000001],[2.7999999999999998],[-0.90000000000000002],[-6.7000000000000002],[-7],[-58.5],[-65.900000000000006],[-52.899999999999999],[-44.299999999999997]],[[-11.5],[-9.4000000000000004],[-31.300000000000001],[19.5],[-9.6999999999999993],[-39.100000000000001],[-18.600000000000001],[11.9],[32.100000000000001],[-11.9]]]

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Net debt

All Australia general government net debt (L2) reached $783.8b or 30.6% of GDP in 2022-23.

All Australia general government sector net debt (L2) (a) as a percentage of GDP (b)
Financial year	% of GDP	Net debt (L2) ($b)
2013-14	17.6	280.9
2014-15	20.6	334.3
2015-16	23.5	390.2
2016-17	23.0	403.8
2017-18	23.7	436.3
2018-19	24.5	476.9
2019-20	32.0	634.2
2020-21	37.8	789.4
2021-22	33.4	779.2
2022-23	30.6	783.8

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

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

[["2013-14","2014-15","2015-16","2016-17","2017-18","2018-19","2019-20","2020-21","2021-22","2022-23"],[[17.600000000000001],[20.600000000000001],[23.5],[23],[23.699999999999999],[24.5],[32],[37.799999999999997],[33.399999999999999],[30.600000000000001]],[[280.89999999999998],[334.30000000000001],[390.19999999999999],[403.80000000000001],[436.30000000000001],[476.89999999999998],[634.20000000000005],[789.39999999999998],[779.20000000000005],[783.79999999999995]]]

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L2 debt is comparable to government reporting of net debt under Australian accounting standard
Using the GDP annual, current prices series as published in Table 36 in the December quarter 2023 issue of Australian National Accounts: National Income, Expenditure and Product.

Revisions and changes

Revisions

Statistical revisions are carried out regularly in Government Finance Statistics (GFS) to reflect the most current information and data available.

Divergences with government fiscal reporting

Divergences between state and commonwealth government financial reporting and GFS may occur because of conceptual determinations and timing recognition differences, to ensure alignment with economic activity as measured across ABS macroeconomic statistics.

These differences primarily impact:

measures of government subsidies and other support payments to businesses and households
non-employee expenses
change in inventories.

Following the introduction of several Australian Accounting Standards Board (AASB) standard changes from 1 July 2019, divergences between economic statistics publications and government financial reporting due to accounting standard changes relate to:

Leases (AASB 16)
Revenue recognition (AASB 15 & 1058)
Service Concession Arrangements (AASB 1059).

GFS outputs are consistent with the historical treatments, which has resulted in increased divergences between economic statistics publications and government financial reporting.

Previous catalogue number

This release previously used catalogue number 5512.0.

Data downloads

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