Latest release

Government Finance Statistics, Annual

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

Reference period
2018-19

Key statistics

  • The net operating balance was $17,300m for the general government sector.
  • The net operating balance was $3,474m for the total public sector.
  • The net lending/borrowing -$23,204m for the general government sector.
  • The net lending/borrowing -$47,530m for the total public sector.

Government finance statistics

​​​​​​​Accrual operating results

The GFS net operating balance for all levels of government in 2018-19 was $17,300m for the general government sector and $3,474m for the total public sector.

GFS net lending/borrowing for all levels of government in 2018-19 was -$23,204m for the general government sector and -$47,530m for the total public sector.

Operating results, by sector, 2018-19

 General Government Sector
2018-19
Non-financial Public Sector
2018-19
Total Public Sector(a)
2018-19
 $m$m$m
All levels of government   
 GFS Revenue
696 913
753 975
765 985
 GFS Expenses
679 613
745 061
762 511
 GFS Net operating balance
17 300
8 914
3 474
 Net acquisition of non-financial assets
40 503
51 238
51 003
 GFS Net lending(+)/borrowing(-)
-23 204
-42 324
-47 530
Commonwealth Government   
 GFS Revenue
492 347
505 958
507 861
 GFS Expenses
488 173
506 914
508 436
 GFS Net operating balance
4 174
-957
-575
 Net acquisition of non-financial assets
5 273
11 282
11 091
 GFS Net lending(+)/borrowing(-)
-1 099
-12 239
-11 666
State and local government   
 GFS Revenue
323 588
368 074
378 236
 GFS Expenses
307 914
355 655
371 649
 GFS Net operating balance
15 674
12 409
6 586
 Net acquisition of non-financial assets
33 199
37 926
37 882
 GFS Net lending(+)/borrowing(-)
-17 525
-25 517
-31 296
Control not further defined(b)   
 GFS Revenue
33 066
33 066
33 066
 GFS Expenses
31 777
31 777
31 777
 GFS Net operating balance
1 289
1 289
1 289
 Net acquisition of non-financial assets
2 031
2 031
2 031
 GFS Net lending(+)/borrowing(-)
-741
-741
-741
a. 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 total public sector figures due to transfers between levels of government.
b. The control not further defined (n.f.d.) sector contains units where jurisdiction is shared between two or more governments, or classification of a unit to a jurisdiction is otherwise unclear. The main types of units currently falling into this category are the public universities.
 

Cash operating results

The cash operating result for all levels of government in 2018-19 was a deficit of -$8,658m for the general government sector and a deficit of -$23,859m for the total public sector.

Cash operating results, by sector, 2018-19

 General Government Sector
2018-19
Non-financial Public Sector
2018-19
Total Public Sector(a)
2018-19
 $m$m$m
GFS Cash surplus(+)/deficit(-)   
 Commonwealth Government
5 298
-3 400
-2 691
 State and local government   
  New South Wales
-7 534
-12 758
-12 992
  Victoria
-1 384
-2 200
-1 369
  Queensland
472
-10
-1 437
  South Australia
-401
-82
9
  Western Australia
-235
-640
-651
  Tasmania
-204
-183
-240
  Northern Territory
-746
-728
-730
  Australian Capital Territory
-224
-81
-81
  Total state and local government
-10 229
-16 642
-17 450
 Control not further defined(b)
-1 396
-1 396
-1 396
 All levels of government
-8 658
-23 760
-23 859
a. 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 total public sector figures due to transfers between levels of government.
b. The control not further defined (n.f.d.) sector contains units where jurisdiction is shared between two or more governments, or classification of a unit to a jurisdiction is otherwise unclear. The main types of units currently falling into this category are the public universities.
 

Balance sheet results

GFS net worth reflects the contribution of governments to the wealth of Australia. The consolidated net worth as at 30 June 2019 for all levels of government was $800,260m.

Balance sheet results, by sector, at 30 June 2019

 General Government Sector
at 30 June 2019
Non-financial Public Sector
at 30 June 2019
Total Public Sector(a)
at 30 June 2019
  $m$m$m
All levels of government   
 Total assets
2 412 390
2 565 739
2 882 279
 Total liabilities
1 612 130
1 765 455
2 081 880
 GFS Net worth
800 260
800 284
800 399
Commonwealth Government   
 Total assets
601 839
621 411
778 076
 Total liabilities
1 154 319
1 173 891
1 330 544
 GFS Net worth
-552 480
-552 480
-552 468
State and local government   
 Total assets
1 740 759
1 875 266
2 036 123
 Total liabilities
446 286
580 786
741 539
 GFS Net worth
1 294 474
1 294 481
1 294 584
Control not further defined(b)   
 Total assets
81 653
81 653
81 653
 Total liabilities
23 392
23 392
23 392
 GFS Net worth
58 260
58 260
58 260
- nil or rounded to zero (including null cells)
a. 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 total public sector figures due to transfers between level of government.
b. The control not further defined (n.f.d.) sector contains units where jurisdiction is shared between two or more governments, or classification of a unit to a jurisdiction is otherwise unclear. The main types of units currently falling into this category are the public universities.
 

Transactions related to visa application changes

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 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.

Reviewing confidentialised historical data

The ABS has reviewed the confidentialisation of historical GFS data following the release of the updated Census and Statistics Determination 2018. This Determination is a key legislative instrument that sets out the circumstances under which the ABS may release statistical information collected under the Census and Statistics Act 1905. This review has resulted in the release of previously confidentialised GFS data which will enable additional analysis across the historical time series. This is on the basis that data providers have not objected or demonstrated that the release of this data would identify them.

Time series total public sector, 2013-14 to 2018-19

Total public sector, all levels of government

For the total public sector across all levels of government, GFS revenue increased by $45,659m (6.3%) from $720,326m in 2017-18 to $765,985m in 2018-19. Over the same period GFS expenses increased by $39,589m (5.5%) from $722,922m to $762,511m. As a result the GFS net operating balance moved from -$2,596m in 2017-18 to $3,473m in 2018-19.

Between 30 June 2018 and 30 June 2019 GFS net worth across the total public sector for all levels of government moved from $917,251m to $800,399m.

The following tables show a time series of major aggregates for the total public sector across different levels of government.

Operating results, total public sector, all levels of government

 2013-142014-152015-162016-172017-182018-19
 $m$m$m$m$m$m
GFS Revenue
605 503
617 756
639 691
671 535
720 326
765 985
GFS Expenses
634 643
649 795
670 097
695 720
722 922
762 511
GFS Net operating balance
-29 140
-32 039
-30 405
-24 185
-2 596
3 473
Net acquisition of non-financial assets
32 438
27 603
31 955
35 834
43 271
51 003
GFS Net lending(+)/borrowing(-)
-61 578
-59 642
-62 361
-60 019
-45 867
-47 530
 

Cash flow results, total public sector, all levels of government

 2013-142014-152015-162016-172017-182018-19
 $m$m$m$m$m$m
GFS Cash surplus(+)/deficit(-)
-54 578
-46 605
-54 025
-48 529
-30 127
-23 859
 

Balance sheet results, total public sector, all levels of government

 at 30 June 2014at 30 June 2015at 30 June 2016at 30 June 2017at 30 June 2018at 30 June 2019
 $m$m$m$m$m$m
Total assets
2 211 141
2 330 849
2 476 603
2 642 314
2 745 876
2 882 279
Total liabilities
1 391 727
1 503 868
1 712 060
1 758 013
1 828 625
2 081 880
GFS Net worth
819 414
826 981
764 544
884 301
917 251
800 399
 

Total public sector, Commonwealth Government

For the Commonwealth Government total public sector, GFS revenue increased by $37,182m (7.9%) from $470,679m in 2017-18 to $507,861m in 2018-19. Over the same period GFS expenses increased by $28,204m (5.9%) from $480,232m to $508,436m. As a result the GFS net operating balance moved from -$9,554m in 2017-18 to -$575m in 2018-19.

Between 30 June 2018 and 30 June 2019 the GFS net worth for the Commonwealth Government total public sector moved from -$427,409m to -$552,468m.

Operating results, total public sector, Commonwealth Government

 2013-142014-152015-162016-172017-182018-19
 $m$m$m$m$m$m
GFS Revenue
390 486
393 750
405 013
428 467
470 679
507 861
GFS Expenses
422 680
433 006
443 786
464 917
480 232
508 436
GFS Net operating balance
-32 195
-39 256
-38 774
-36 450
-9 554
-575
Net acquisition of non-financial assets
8 567
7 750
7 744
6 431
9 616
11 091
GFS Net lending(+)/borrowing(-)
-40 762
-47 006
-46 517
-42 881
-19 170
-11 666
 

Cash flow results, total public sector, Commonwealth Government

 2013-142014-152015-162016-172017-182018-19
 $m$m$m$m$m$m
GFS Cash surplus(+)/deficit(-)
-38 177
-37 441
-43 726
-40 713
-13 883
-2 691
 

Balance sheet results, total public sector, Commonwealth Government

 at 30 June 2014at 30 June 2015at 30 June 2016at 30 June 2017at 30 June 2018at 30 June 2019
 $m$m$m$m$m$m
Total assets
544 713
585 393
633 756
714 312
743 245
778 076
Total liabilities
792 816
887 227
1 049 843
1 113 158
1 170 654
1 330 544
GFS Net worth
-248 103
-301 834
-416 087
-398 845
-427 409
-552 468
 

Total public sector, state government

The GFS net operating balance for state government total public sector moved from -$274m in 2017-18 to -$3,994m in 2018-19.

Between 30 June 2018 and 30 June 2019 the GFS net worth for the state government total public sector moved from $822,541m to $813,659m.

Operating results, total public sector, state government

  2013-142014-152015-162016-172017-182018-19
  $m$m$m$m$m$m
GFS Net operating balance      
New South Wales
2 245
5 379
4 284
5 203
3 648
-1 257
Victoria
624
-1 167
1 382
-281
-1 205
-1 881
Queensland
-919
-914
-730
2 656
143
-1 386
South Australia
-1 011
-332
-178
-100
-591
530
Western Australia
230
-562
-2 844
- 922
-1 928
682
Tasmania
47
-114
67
811
190
98
Northern Territory
130
521
354
-102
-421
-408
Australian Capital Territory
-268
-282
-284
-207
-103
-325
Total all states
1 067
2 516
2 028
5 040
-274
-3 994
GFS Net lending(+)/borrowing(-)      
New South Wales
-2 204
118
-3 403
-5 787
-7 932
-14 548
Victoria
-2 112
-3 218
-1 871
-4 008
-9 710
-9 405
Queensland
-5 552
-2 852
-2 646
110
-2 053
-4 683
South Australia
-1 579
-208
-357
-3 116
-933
-389
Western Australia
-3 045
-2 898
-5 510
-4 355
-3 084
-1 105
Tasmania
-206
-108
-86
505
-161
-406
Northern Territory
-96
-111
-89
-576
-830
-855
Australian Capital Territory
-565
-852
-503
-126
-287
-1 501
Total all states
-15 371
-10 143
-14 487
-17 370
-24 995
-32 937
 

Cash flow results, total public sector, state government

 2013-142014-152015-162016-172017-182018-19
 $m$m$m$m$m$m
GFS Cash surplus(+)/deficit(-)      
New South Wales
1 057
2 169
-1 435
-3 671
-4 706
-12 841
Victoria
670
-1 296
781
-476
-5 003
-2 196
Queensland
-5 910
-2 188
-1 867
2 150
-495
-1 546
South Australia
-2 198
-2 907
-505
-831
-630
63
Western Australia
-2 424
-2 411
-4 700
-4 797
-2 837
-808
Tasmania
-12
24
62
613
310
-170
Northern Territory
42
339
-101
-480
-739
-853
Australian Capital Territory
-186
-733
-614
111
61
-81
Total all states
-8 961
-7 005
-8 376
-7 380
-14 022
-18 392
 

Balance sheet results, total public sector, state government

 at 30 June 2014at 30 June 2015at 30 June 2016at 30 June 2017at 30 June 2018at 30 June 2019
 $m$m$m$m$m$m
GFS Net worth      
New South Wales
165 405
178 267
179 718
226 765
255 952
251 311
Victoria
130 735
139 516
151 886
170 715
187 004
184 181
Queensland
171 420
169 523
193 314
196 262
196 327
202 459
South Australia
39 655
39 952
37 614
42 450
43 025
41 586
Western Australia
117 121
121 779
115 364
111 021
103 159
100 682
Tasmania
9 357
8 590
7 168
9 621
10 549
9 318
Northern Territory
7 766
9 810
9 690
11 055
10 641
9 475
Australian Capital Territory
15 239
14 833
12 857
16 134
15 883
14 648
Total all states
656 698
682 271
707 610
784 023
822 541
813 659

Time series general government sector, 2013-14 to 2018-19

General government sector, all levels of government

GFS revenue for the general government sector across all levels of government increased by $39,849m (6.1%) from $657,064m in 2017-18 to $696,913m in 2018-19. Over the same period GFS expenses increased by $32,666 (5.0%) from $646,947m to $679,613m. As a result the GFS net operating balance moved from $10,117m to $17,300m.

Between 30 June 2018 and 30 June 2019 GFS net worth for all levels of government moved from $917,251m to $800,260m.

The following tables show a time series of major aggregates for the general government sector across different levels of government.

Operating results, general government sector, all levels of government

 2013-142014-152015-162016-172017-182018-19
 $m$m$m$m$m$m
GFS Revenue
539 014
556 051
577 664
609 583
657 064
696 913
GFS Expenses
564 340
583 401
600 206
623 179
646 947
679 613
GFS Net operating balance
-25 326
-27 350
-22 542
-13 596
10 117
17 300
Net acquisition of non-financial assets
21 471
20 094
21 462
24 784
33 814
40 503
GFS Net lending(+)/borrowing(-)
-46 797
-47 444
-44 005
-38 380
-23 697
-23 204
 

Cash flow results, general government sector, all levels of government

 2013-142014-152015-162016-172017-182018-19
 $m$m$m$m$m$m
GFS Cash surplus(+)/deficit(-)
-47 120
-34 465
-37 316
-32 643
-17 540
-8 658
 

Balance sheet results, general government sector, all levels of government

 at 30 June 2013at 30 June 2014at 30 June 2015at 30 June 2016at 30 June 2017at 30 June 2018
 $m$m$m$m$m$m
Total assets
1 842 084
1 948 915
2 066 345
2 199 367
2 316 539
2 412 390
Total liabilities
1 022 667
1 121 933
1 301 804
1 315 065
1 399 288
1 612 130
GFS Net worth
819 417
826 982
764 542
884 302
917 251
800 260
 

General government sector, Commonwealth Government

For the Commonwealth Government general government sector, GFS revenue increased by $32,926m (7.2%) from $459,421m in 2017-18 to $492,347m in 2018-19. Over the same period GFS expenses increased by $24,311m (5.2%) from $463,862m to $488,173m. As a result the GFS net operating balance moved from -$4,441m in 2017-18 to $4,174m in 2018-19.

Between 30 June 2018 and 30 June 2019 GFS net worth for Commonwealth Government general government sector moved from -$427,409m to -$552,480m.

Operating results, general government sector, Commonwealth Government

 2013-142014-152015-162016-172017-182018-19
 $m$m$m$m$m$m
GFS Revenue
374 829
382 186
395 636
420 093
459 421
492 347
GFS Expenses
405 943
419 020
430 889
450 102
463 862
488 173
GFS Net operating balance
-31 114
-36 834
-35 253
-30 009
-4 441
4 174
Net acquisition of non-financial assets
4 016
4 774
2 953
606
4 181
5 273
GFS Net lending(+)/borrowing(-)
-35 131
-41 608
-38 206
-30 615
-8 622
-1 099
 

Cash flow results, general government sector, Commonwealth Government

 2013-142014-152015-162016-172017-182018-19
 $m$m$m$m$m$m
GFS Cash surplus(+)/deficit(-)
-35 523
-33 484
-36 315
-30 965
-5 790
5 298
 

Balance sheet results, general government sector, Commonwealth Government

 at 30 June 2013at 30 June 2014at 30 June 2015at 30 June 2016at 30 June 2017at 30 June 2018
 $m$m$m$m$m$m
Total assets
408 795
440 812
477 564
524 644
561 784
601 839
Total liabilities
656 898
742 646
893 651
923 489
989 193
1 154 319
GFS Net worth
-248 103
-301 834
-416 087
-398 845
-427 409
-552 480
 

General government sector, state government

The total all states GFS net operating balance for state government general government sector moved from $7,919m in 2017-18 to $5,292m in 2018-19.

Between 30 June 2018 and 30 June 2019 GFS net worth for state government general government sector moved from $822,541m to $813,652m.

Operating results, general government sector, state government

  2013-142014-152015-162016-172017-182018-19
  $m$m$m$m$m$m
GFS Net operating balance      
New South Wales
1 137
3 619
4 591
5 728
5 273
1 667
Victoria
2 586
1 288
2 895
2 099
1 937
1 377
Queensland
625
532
969
3 584
1 990
735
South Australia
-1 021
-200
297
433
-156
829
Western Australia
718
-428
-2 109
-2 474
-716
1 423
Tasmania
-166
-93
107
806
48
41
Northern Territory
120
483
323
-63
-375
-439
Australian Capital Territory
-234
-256
-273
-137
-81
-311
Total all states
3 764
4 943
6 786
9 970
7 919
5 292
GFS Net lending(+)/borrowing(-)      
New South Wales
-1 346
612
71
-503
-3 061
-8 992
Victoria
1 104
-423
55
-2 026
-6 164
-5 909
Queensland
-2 585
-659
-478
1 332
-108
-2 358
South Australia
-1 699
-122
94
-2 324
-889
192
Western Australia
-1 129
-1 914
-3 442
-3 941
-1 981
281
Tasmania
-160
-55
45
680
-81
-243
Northern Territory
-101
-121
-22
-469
-703
-876
Australian Capital Territory
-575
-912
-627
-209
-238
-1 429
Total all states
-6 494
-3 595
-4 317
-7 467
-13 226
-19 365
 

Cash flow results, general government sector, state government

 2013-142014-152015-162016-172017-182018-19
 $m$m$m$m$m$m
GFS Cash surplus(+)/deficit(-)      
New South Wales
1 701
2 570
3 229
901
-1 671
-7 382
Victoria
757
-211
1 208
-1 020
-5 254
-2 210
Queensland
-3 346
-110
844
2 187
546
307
South Australia
-2 135
102
66
337
-757
-347
Western Australia
-1 333
-1 494
-3 664
-3 724
-1 958
-426
Tasmania
68
366
120
670
40
-154
Northern Territory
-39
455
-42
-430
-633
-869
Australian Capital Territory
-10
-596
-662
233
120
-224
Total all states
-4 337
1 083
1 098
-844
-9 557
-11 278
 

Balance sheet results, general government sector, state government

 at 30 June 2014at 30 June 2015at 30 June 2016at 30 June 2017at 30 June 2018at 30 June 2019
 $m$m$m$m$m$m
GFS Net worth      
New South Wales
165 405
178 267
179 718
226 765
255 952
251 311
Victoria
130 735
139 516
151 886
170 715
187 004
184 181
Queensland
171 420
169 523
193 315
196 262
196 327
202 459
South Australia
39 658
39 952
37 611
42 450
43 025
41 586
Western Australia
117 121
121 779
115 364
111 021
103 159
100 675
Tasmania
9 357
8 590
7 168
9 621
10 549
9 318
Northern Territory
7 766
9 810
9 690
11 055
10 641
9 475
Australian Capital Territory
15 239
14 833
12 857
16 134
15 883
14 647
Total all states
656 701
682 271
707 608
784 024
822 541
813 652

General government expenses by purpose

Total general government expenses for all levels of government were $679,613m in 2018-19. The major contributors were expenditure on Social protection (27.9%), Health (20.4%), Education (15.5%) and General public services (10.6%).

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Expenses by purpose, general government sector, Commonwealth and state government(a)

 Cwth 2018-19NSW 2018-19Vic 2018-19Qld 2018-19SA 2018-19WA 2018-19Tas 2018-19NT 2018-19ACT 2018-19All Levels(b) 2018-19
 $m$m$m$m$m$m$m$m$m$m
General public services
112 256
7 392
4 311
5 638
1 437
1 486
607
442
973
71 911
Defence
34 709
-
-
-
-
-
-
-
-
34 709
Public order and safety
6 107
8 227
8 161
5 237
2 023
3 585
671
802
476
35 533
Economic affairs
21 033
2 536
1 852
2 074
736
1 017
178
460
95
31 057
Environmental protection
5 424
1 578
939
1 078
407
385
139
126
123
15 410
Housing and community amenities
2 755
813
1 938
1 060
281
1 438
141
364
37
9 586
Health
82 710
22 955
19 418
17 996
6 245
9 013
1 952
1 608
1 687
138 525
Recreation, culture and religion
3 661
974
1 059
822
388
725
151
206
197
14 347
Education
38 264
21 654
15 916
14 345
4 984
7 601
1 586
1 178
1 403
105 102
Social protection
173 196
7 469
6 400
4 606
2 118
2 755
579
1 017
460
189 638
Transport
8 057
8 378
8 323
6 242
1 064
2 425
308
348
469
33 796
Total expenses
488173
81976
68317
59099
19682
30431
6313
6551
5920
679613
- nil or rounded to zero (including null cells)
a. The expenses by purpose data in this table are consistent with the underlying transactions data reported in 5512.0 for each jurisdiction. These data do not necessarily align with the data published by each Treasury. For further information on other differences please see paragraphs 46 to 51 of the Explanatory Notes.
b. All levels of government includes the Commonwealth, state, control n.f.d. and local government sectors.
 

Expense by purpose, general government sector, local government

 NSW
2018-19
Vic
2018-19
Qld
2018-19
SA
2018-19
WA
2018-19
Tas
2018-19
NT
2018-19
Total
2018-19
 $m$m$m$m$m$m$m$m
General public services
2 981
1 621
2 910
151
902
174
193
8 931
Public order and safety
386
216
175
50
151
9
25
1 012
Economic affairs
604
434
413
160
190
34
22
1 857
Environmental protection
2 375
1 323
1 229
412
295
100
21
5 755
Housing and community amenities
1 160
625
1 385
219
417
66
60
3 931
Health
99
183
56
60
76
12
5
491
Recreation, culture and religion
1 780
1 706
1 239
569
948
137
65
6 445
Education
94
133
4
5
1
237
Social protection
408
975
54
132
197
22
41
1 829
Transport
2 066
1 725
2 611
525
1 098
247
51
8 322
Total expenses
11 952
8 942
10 076
2 278
4 279
800
484
38 810
- nil or rounded to zero (including null cells)

Statement of stocks and flows

The international Government Finance Statistics (GFS) standard as promulgated by the International Monetary Fund (IMF) recommends that opening and closing 'stock' values be reconciled with all 'flows' occurring throughout the year. The standard is based on an analytical framework in which all changes in the values of stocks from one year to the next can be fully explained by the flows that have occurred during that year.

Institutional units hold assets (financial and non-financial) and incur liabilities (which by definition are financial). The level of these assets and liabilities at any point in time is the stock. The difference between assets and liabilities is net worth, which is a measure of the 'wealth' of units or of government. Anything which causes a change in these stocks of assets and liabilities is a flow. Flows are disaggregated into transactions and 'other economic flows'. A transaction is, for the most part, an interaction between two units by mutual agreement, whereas an other economic flow is a change in the volume or value of a stock of a unit not resulting from a transaction. Other economic flows can be disaggregated into movements in asset/liability values resulting from price changes ('revaluations') and those resulting from volume changes ('other changes in volume').

For more information on the statement of stocks and flows, refer to Chapter 4 in Australian System of Government Finance Statistics: Concepts, Sources and Methods, 2015 (cat. no. 5514.0) and Chapter 3 of the IMF's Government Finance Statistics Manual 2014 (GFSM 2014).

Commonwealth general government

The statement of stocks and flows for the Commonwealth general government sector is presented in Table 1. During 2018-19 the net worth of the Commonwealth general government sector decreased by $125,071m. This was the result of other economic flows of -$129,245m and a GFS net operating balance (which reflects the change in net worth due to transactions) of $4,174m.

Table 1, Statement of stocks and flows, general government sector, Commonwealth Government

   Opening stocks as at 1 July 2018TransactionsOther economic flows(a)Closing stocks as at 30 June 2019
   $m$m$m$m
Assets    
 Non-financial assets    
  Buildings and structures
25 775
297
506
26 578
  Machinery and equipment
15 237
293
-565
14 965
  Other fixed produced assets
66 029
4 170
821
71 020
  Other produced assets
20 472
641
-146
20 967
  Land
10 025
246
-182
10 089
  Other non-produced assets
3 923
-374
791
4 340
  Total non-financial assets
141 461
5 273
1 225
147 959
 Financial assets    
  Currency and deposits
6 783
1 738
-
8 521
  Advances
56 057
12 282
7 055
75 394
  Securities, investments, loans and placements
190 610
-1 061
- 1 600
187 949
  Equity including contributed capital
112 483
270
11 697
124 450
  Other financial assets
54 391
3 175
-
57 566
  Total financial assets
420 323
16 404
17 153
453 880
Total assets
561 784
21 677
18 378
601 839
less    
Liabilities    
 Currency and deposits
4 562
64
-
4 626
 Advances
-
-
-
-
 Securities, investments, loans and placements
595 019
10 841
39 182
645 042
 Provisions for superannuation
313 452
-
101 775
415 227
 Other liabilities
76 160
6 598
6 666
89 424
 Total liabilities
989 193
17 503
147 623
1 154 319
equals    
GFS Net worth
-427 409
4 174
-129 245
- 552 480
Net financial worth
-568 870
. .
. .
-700 439
. . not applicable
- nil or rounded to zero (including null cells)
a. Other economic flows are primarily a result of holding gains and losses (revaluations).
 

State and local general government

During 2018-19 the net worth of the state general government sector decreased by $8,889m, driven by -$14,181m from other economic flows and a GFS net operating balance of $5,292m.

Table 2, Statement of stocks and flows, general government sector, total state government

   Opening stocks as at 1 July 2018TransactionsOther economic flows(a)Closing stocks as at 30 June 2019
   $m$m$m$m
Assets    
 Non-financial assets    
  Buildings and structures
431 548
21 172
14 499
467 219
  Machinery and equipment
16 944
2 197
-162
18 979
  Other fixed produced assets
5 896
640
-500
6 036
  Other produced assets
16 327
85
-54
16 358
  Land
240 893
597
6 173
247 663
  Other non-produced assets
3 947
-33
-2 717
1 197
  Total non-financial assets
715 554
24 657
17 241
757 452
 Financial assets    
  Currency and deposits
17 986
1 583
0
19 569
  Advances
5 333
113
227
5 673
  Securities, investments, loans and placements
93 070
10 774
-5 807
98 037
  Equity including contributed capital
342 728
-14 788
-1 615
326 325
  Other financial assets
28 809
4 324
-
33 133
  Total financial assets
487 926
2 006
-7 194
482 738
Total assets
1 203 480
26 663
10 047
1 240 190
less    
Liabilities    
 Currency and deposits
3 846
1 363
-
5 209
 Advances
6 517
-460
1
6 058
 Securities, investments, loans and placements
141 682
3 980
1 364
147 026
 Provisions for superannuation
144 869
-
25 488
170 357
 Other liabilities
84 025
16 488
-2 625
97 888
 Total liabilities
380 939
21 371
24 228
426 538
equals    
GFS Net worth
822 541
5 292
-14 181
813 652
Net financial worth
106 987
. .
. .
56 200
. . not applicable
- nil or rounded to zero (including null cells)
a. Other economic flows are primarily a result of holding gains and losses (revaluations).
 

During 2018-19 the net worth of the local general government sector increased by $14,706m, driven by $4,356m from other economic flows and a GFS net operating balance of $10,350m.

Table 3, Statement of stocks and flows, general government sector, total local government

   Opening stocks as at 1 July 2018TransactionsOther economic flows(a)Closing stocks as at 30 June 2019
   $m$m$m$m
Assets    
 Non-financial assets    
  Buildings and structures
311 668
4 594
7 118
323 380
  Machinery and equipment
5 652
2 956
-2 700
5 908
  Other fixed produced assets
613
212
-221
604
  Other produced assets
2 253
-5
170
2 418
  Land
124 148
737
-380
124 505
  Other non-produced assets
160
-
27
187
  Total non-financial assets
444 492
8 493
4 017
457 002
 Financial assets    
  Currency and deposits
11 685
650
-
12 335
  Advances
113
6
1
120
  Securities, investments, loans and placements
17 705
1 555
-526
18 734
  Equity including contributed capital
7 465
-8
655
8 112
  Other financial assets
4 321
322
-
4 643
  Total financial assets
41 290
2 525
130
43 945
Total assets
485 782
11 018
4 146
500 946
less    
Liabilities    
 Currency and deposits
625
47
-
672
 Advances
193
-1
20
212
 Securities, investments, loans and placements
10 758
796
-1 348
10 206
 Provisions for superannuation
-
-
2
2
 Other liabilities
8 198
-174
1 118
9 142
 Total liabilities
19 776
668
-209
20 235
equals    
GFS Net worth
466 006
10 350
4 356
480 712
Net financial worth
21 514
. .
. .
23 710
. . not applicable
- nil or rounded to zero (including null cells)
a. Other economic flows are primarily a result of holding gains and losses (revaluations).

Public sector debt statistics

Public sector debt is defined as the level of debt liabilities owed by a government to its creditors. Public sector debt statistics can be used as a performance measure on the level of solvency and the liquidity of the public sector. They can also be used to assess the budget sustainability of governments.

The International Monetary Fund (IMF) released a staff discussion note titled What Lies Beneath: The Statistical Definition of Public Sector Debt in 2012. This note introduced the debt matrix - a grid presentation of public sector debt on both a gross and net basis, which enables the recording of debt based on type of debt instrument and level of government subsector.

With the implementation of AGFS15, the ABS has introduced the debt matrix presentation for public sector debt statistics, modified for the Australian situation. The ABS has broadened the financial assets and liabilities reported in the matrix beyond just debt instruments to also include other liabilities, namely equity.

The ABS has recognised that using a matrix-style presentation enables analysts and policy makers to analyse different measures of debt and other liabilities depending on their specific focus or interest. For example, if one is analysing a government’s liquidity, then the focus would be at the L1 to L3 level. However, if one is analysing a government’s longer term budget sustainability, then the focus would be at the L4 to L6 level.

Public sector debt and other liabilities on a gross basis

Gross public sector debt consists of all liabilities that are debt instruments. It is described as the stock position in financial claims that require payment(s) of interest and / or principal by the debtor to the creditor at a date (or dates) in the future. The matrix presented below also includes non-debt liabilities.

Headline gross public sector debt (L5 under AGFS15) for the All Australia general government sector was driven by debt securities ($636,357m) and insurance and superannuation liabilities ($423,612m) of the national sector, as well as insurance and superannuation liabilities ($173,628m) and loans ($125,919m) of the state sector.

Table 1, Matrix of gross public sector debt and other liabilities by level of government subsector

 National
General Government(a)
at 30 June 2019
Total State
General Government
at 30 June 2019
Total Local
General Government
at 30 June 2019
All Australia
General Government
at 30 June 2019
All Australia
Non-financial Public Sector
at 30 June 2019
All Australia
Total Public Sector
at 30 June 2019
 $m$m$m$m$m$m
 Debt securities
636 357
26 633
-
662 990
676 503
959 227
 plus Loans
7 133
125 919
10 418
140 428
250 162
55 207
Equals L1
643 490
152 552
10 418
803 418
926 665
1 014 434
 plus SDRs
6 111
-
-
6 111
6 111
6 111
 plus Currency and deposits
4 635
5 209
672
10 516
9 000
162 441
Equals L2
654 236
157 761
11 091
820 045
941 777
1 182 986
 plus Other accounts payable
91 857
94 617
9 142
193 370
219 025
226 077
Equals L3
746 093
252 378
20 233
1 013 415
1 160 802
1 409 063
 plus Insurance and superannuation
423 612
173 628
2
597 242
601 270
660 287
Equals L4(b)
1 169 705
426 006
20 235
1 610 657
1 762 072
2 069 350
 plus Financial derivatives
941
532
-
1 473
3 383
12 530
Equals L5(c)
1 170 646
426 538
20 235
1 612 130
1 765 455
2 081 881
 plus Equities
-
-
-
-
-
-
Equals L6(d)
1 170 646
426 538
20 235
1 612 130
1 765 455
2 081 880
a. National includes both the Commonwealth and Control not further defined (public universities) levels of government.
b. L4 is comparable to the IMF GFSM 2014 concept of headline gross public sector debt.
c. L5 is comparable to the Australian AGFS15 concept of headline gross public sector debt.
d. L6 includes other liabilities and is not included in headline measures of gross public sector debt.
 

Public sector debt and other liabilities on a net basis

Net public sector debt is described as gross debt minus the stock position in financial assets corresponding to debt instruments. The matrix presented below also includes non-debt liabilities and their corresponding financial assets.

Headline net public sector debt (L5 under AGFS15) for the All Australia general government sector was driven by a net debt position for debt securities ($525,201m) and insurance and superannuation ($423,612m) of the national sector, as well as insurance and superannuation ($173,628m) and loans ($113,434m) of the state sector. This was partially offset by a net asset position for loans of the national sector (-$68,273m), debt securities of the state sector (-$57,389m) and currency and deposits held by all levels of government (-$34,653m).

Table 2, Matrix of net public sector debt and other liabilities by level of government subsector(a)

 National
General Government(b)
at 30 June 2019
Total State
General Government
at 30 June 2019
Total Local
General Government
at 30 June 2019
All Australia
General Government
at 30 June 2019
All Australia
Non-financial Public Sector
at 30 June 2019
All Australia
Total Public Sector
at 30 June 2019
 $m$m$m$m$m$m
 Debt securities
525 201
-57 389
-12 742
455 070
466 982
519 057
 plus Loans
-68 273
113 434
4 491
49 652
175 244
-51 948
Equals L1
456 928
56 045
-8 250
504 722
642 225
467 109
 plus SDRs
6 111
 
 
6 111
6 111
6 111
 plus Currency and deposits
-8 630
-14 360
-11 663
-34 653
-45 085
99 195
Equals L2(c)
454 409
41 685
-19 913
476 181
603 251
572 415
 plus Other accounts payable
31 361
61 483
4 500
97 232
118 160
120 674
Equals L3
485 771
103 168
-15 414
573 413
721 411
693 090
 plus Insurance and superannuation
423 612
173 628
2
597 242
601 007
660 024
Equals L4(d)
909 383
276 796
-15 412
1 170 655
1 322 417
1 353 114
 plus Financial derivatives
-13 273
-1 439
-77
-14 790
-14 127
-6 341
Equals L5(e)
896 109
275 358
- 15 489
1 155 865
1 308 290
1 346 773
 plus Equities
-202 325
-331 558
-8 221
-542 103
-192 640
-229 640
Equals L6(f)
693 784
-56 200
-23 710
613 762
1 115 650
1 117 133
a. National includes both the Commonwealth and Control not further defined (public universities) levels of government.
b. A positive value in this matrix indicates that the relevant stock of liabilities is greater than its corresponding stock of financial assets (an indebted position). A negative value indicates the opposite.
c. L2 is comparable to government reporting of net debt under Australian Accounting Standards.
d. L4 is comparable to the IMF GFSM 2014 concept of headline net public sector debt.
e. L5 is comparable to the Australian AGFS15 concept of headline net public sector debt.
f. L6 includes other liabilities and is not included in headline measures of net public sector debt.
 

Headline net public sector debt (L5 under AGFS15) of the All Australia general government sector as a percentage of GDP was 59.3% at 30 June 2019, driven by the national sector 46.0%.

Table 3, Matrix of net public sector debt and other liabilities as a percentage of GDP(a)(b)

 National
General Government(c)
at 30 June 2019
Total State
General Government
at 30 June 2019
Total Local
General Government
at 30 June 2019
All Australia
General Government
at 30 June 2019
All Australia
Non-financial Public Sector
at 30 June 2019
All Australia
Total Public Sector
at 30 June 2019
 %%%%%%
L1
23.5
2.9
0.4
25.9
33.0
24.0
L2(d)
23.3
2.1
1.0
24.4
31.0
29.4
L3
24.9
5.3
0.8
29.4
37.0
35.6
L4(e)
46.7
14.2
0.8
60.1
67.9
69.4
L5(f)
46.0
14.1
0.8
59.3
67.1
69.1
L6(g)
35.6
2.9
1.2
31.5
57.3
57.3
a. Based on GDP at current prices as published in Australian National Accounts: National Income, Expenditure and Product, December Quarter 2019 (Cat. no. 5206.0), Table 36 Expenditure on Gross Domestic Product (GDP), Chain Volume Measures and Current Prices: Annual.
b. A positive value in this matrix indicates that the relevant stock of liabilities is greater than its corresponding stock of financial assets (an indebted position). A negative value indicates the opposite.
c. National includes both the Commonwealth and Control not further defined (public universities) levels of government.
d. L2 is comparable to government reporting of net debt under Australian Accounting Standards.
e. L4 is comparable to the IMF GFSM 2014 concept of headline net public sector debt.
f. L5 is comparable to the Australian AGFS15 concept of headline net public sector debt.
g. L6 includes other liabilities and is not included in headline measures of net public sector debt.

Statement of total changes in net worth

The statement of total changes in net worth combines the key results of the operating statement and the statement of stocks and flows in one statement.

This statement provides a clear statistical explanation of the factors causing the change in the net worth of government. It explains the sources of changes in assets and liabilities from one reporting period to another in terms of transactions in revenue and expenses as well as other economic flows. For example, a strong contribution to the change in net worth from other economic flows will highlight the influence of revaluations to assets and liabilities, which do not reflect fiscal decisions of government.

The decrease in the net worth of the Commonwealth general government sector during 2018-19 was driven by an increase in liabilities ($147,623m) via other economic flows, primarily due to an upward revaluation of provisions for superannuation ($101,775m), partly offset by a positive net operating balance position ($4,174m)

The decrease in the net worth of the total state general government sector during 2018-19 was driven by an increase in liabilities via other economic flows ($24,288m), primarily due to an upward revaluation of provisions for superannuation ($25,488m) offset by an increase in non-financial assets ($17,241m) and a positive net operating balance position ($5,292m). The total local general government sector saw a positive net operating balance position ($10,350m) driving the change in net worth ($14,706m).

Table 1, Statement of total changes in net worth by level of government subsector

 Commonwealth
General Government
2018-19
Total State
General Government
2018-19
Total Local
General Government
2018-19
 $m$m$m
Transactions affecting net worth:   
 Revenue
492 347
283 089
49 160
 less Expenses
488 173
277 797
38 810
equals GFS Net Operating Balance
4 174
5 292
10 350
Change in net worth due to other economic flows:   
 Non-financial assets
1 225
17 241
4 017
 plus Financial assets
17 153
-7 194
130
 less Liabilities
147 623
24 228
-209
equals Total other economic flows
-129 245
-14 181
4 356
Total change in net worth
-125 071
-8 889
14 706

Inquiries

For further information about these and related statistics, contact the National Information and Referral Service on 1300 135 070, email client.services@abs.gov.au or email public.finance@abs.gov.au. The ABS Privacy Policy outlines how the ABS will handle any personal information that you provide to us.

Data downloads

Table 000. All levels of government by sector

Table 130. General government - Commonwealth

Table 231. General government - state - New South Wales

Table 232. General government - state - Victoria

Table 233. General government - state - Queensland

Table 234. General government - state - South Australia

Table 235. General government - state - Western Australia

Table 236. General government - state - Tasmania

Table 237. General government - state - Northern Territory

Table 238. General government - state - Australian Capital Territory

Table 239. General government - state - total state

Table 331. General government - local - New South Wales

Table 332. General government - local - Victoria

Table 333. General government - local - Queensland

Table 334. General government - local - South Australia

Table 335. General government - local - Western Australia

Table 336. General government - local - Tasmania

Table 337. General government - local - Northern Territory

Table 339. General government - local - total local

Table 439. General government - control n.f.d. - total

Table 939. General government - Australia - all levels of government

Table 110. Public non-financial corporations - Commonwealth

Table 211. Public non-financial corporations - New South Wales

Table 212. Public non-financial corporations - Victoria

Table 213. Public non-financial corporations - Queensland

Table 214. Public non-financial corporations - South Australia

Table 215. Public non-financial corporations - Western Australia

Table 216. Public non-financial corporations - Tasmania

Table 217. Public non-financial corporations - Northern Territory

Table 218. Public non-financial corporations - Australian Capital Territory

Table 219. Public non-financial corporations - total state

Table 319. Public non-financial corporations - total local

Table 919. Public non-financial corporations - Australia - all levels of government

Table 140. Non-financial public sector - Commonwealth

Table 241. Non-financial public sector - New South Wales

Table 242. Non-financial public sector - Victoria

Table 243. Non-financial public sector - Queensland

Table 244. Non-financial public sector - South Australia

Table 245. Non-financial public sector - Western Australia

Table 246. Non-financial public sector - Tasmania

Table 247. Non-financial public sector - Northern Territory

Table 248. Non-financial public sector - Australian Capital Territory

Table 249. Non-financial public sector - total state

Table 349. Non-financial public sector - total local

Table 449. Non-financial public sector - control n.f.d. - total

Table 949. Non-financial public sector - Australia - all levels of government

Table 120. Public financial corporations - Commonwealth

Table 221. Public financial corporations - New South Wales

Table 222. Public financial corporations - Victoria

Table 223. Public financial corporations - Queensland

Table 224. Public financial corporations - South Australia

Table 225. Public financial corporations - Western Australia

Table 226. Public financial corporations - Tasmania

Table 227. Public financial corporations - Northern Territory

Table 229. Public financial corporations - total state

Table 929. Public financial corporations - Australia - all levels of government

Table 190. Total public sector - Commonwealth

Table 291. Total public sector - New South Wales

Table 292. Total public sector - Victoria

Table 293. Total public sector - Queensland

Table 294. Total public sector - South Australia

Table 295. Total public sector - Western Australia

Table 296. Total public sector - Tasmania

Table 297. Total public sector - Northern Territory

Table 298. Total public sector - Australian Capital Territory

Table 299. Total public sector - total state

Table 399. Total public sector - total local

Table 499. Total public sector - control n.f.d. - total

Table 999. Total public sector - Australia - all levels of government

Table 531. General government - state and local - New South Wales

Table 532. General government - state and local - Victoria

Table 533. General government - state and local - Queensland

Table 534. General government - state and local - South Australia

Table 535. General government - state and local - Western Australia

Table 536. General government - state and local - Tasmania

Table 537. General government - state and local - Northern Territory

Table 539. General government - state and local - total state

Table 541. Non-financial public sector - state and local - New South Wales

Table 542. Non-financial public sector - state and local - Victoria

Table 543. Non-financial public sector - state and local - Queensland

Table 544. Non-financial public sector - state and local - South Australia

Table 545. Non-financial public sector - state and local - Western Australia

Table 546. Non-financial public sector - state and local - Tasmania

Table 547. Non-financial public sector - state and local - Northern Territory

Table 549. Non-financial public sector - state and local - total state

Table 591. Total public sector - state and local - New South Wales

Table 592. Total public sector - state and local - Victoria

Table 593. Total public sector - state and local - Queensland

Table 594. Total public sector - state and local - South Australia

Table 595. Total public sector - state and local - Western Australia

Table 596. Total public sector - state and local -Tasmania

Table 597. Total public sector - state and local - Northern Territory

Table 599. Total public sector - state and local - total state

All workbooks

Previous catalogue number

This release previously used catalogue number 5512.0.