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Australian Government Coat of Arms

Budget | 2014-15

Budget 2014-15
Australian Government Coat of Arms, Budget 2014-15

Statement 10 (continued)

Deflating real spending growth by the consumer price index

The 2014‑15 Budget, including the historical series, calculates real spending growth using the Consumer Price Index (CPI) as the deflator. Previously the non‑farm GDP deflator was used and has therefore been shown in this statement for comparative purposes. The non‑farm GDP deflator incorporates fluctuations in global commodity prices which are not relevant in Government expenditures.

Table 1: Australian Government general government sector receipts, payments, net Future Fund earnings and underlying cash balance(a)
  Receipts(b)   Payments(c)   Net Future
Fund
earnings
  Underlying
cash
balance(d)
  $m Per cent
of GDP
  $m Per cent
real growth
(CPI)
Per cent
real growth
(NFGDP
deflator)(f)
Per cent
of GDP
  $m   $m Per cent
of GDP
1970-71 8,290 20.5   7,389 na na 18.3   -   901 2.2
1971-72 9,135 20.5   8,249 4.1 4.7 18.5   -   886 2.0
1972-73 9,735 19.5   9,388 7.7 7.8 18.8   -   348 0.7
1973-74 12,228 20.3   11,078 4.2 3.6 18.4   -   1,150 1.9
1974-75 15,643 22.0   15,463 19.9 14.6 21.7   -   181 0.3
1975-76 18,727 22.5   20,225 15.7 13.5 24.3   -   -1,499 -1.8
1976-77 21,890 22.8   23,157 0.6 1.9 24.1   -   -1,266 -1.3
1977-78 24,019 22.9   26,057 2.7 3.3 24.8   -   -2,037 -1.9
1978-79 26,129 22.0   28,272 0.3 2.7 23.8   -   -2,142 -1.8
1979-80 30,321 22.5   31,642 1.5 2.1 23.5   -   -1,322 -1.0
1980-81 35,993 23.6   36,176 4.6 3.6 23.7   -   -184 -0.1
1981-82 41,499 23.6   41,151 2.9 0.5 23.4   -   348 0.2
1982-83 45,463 24.0   48,810 6.3 6.2 25.8   -   -3,348 -1.8
1983-84 49,981 23.4   56,990 9.4 9.6 26.7   -   -7,008 -3.3
1984-85 58,817 25.0   64,853 9.1 9.0 27.6   -   -6,037 -2.6
1985-86 66,206 25.4   71,328 1.5 3.4 27.3   -   -5,122 -2.0
1986-87 74,724 26.1   77,158 -1.1 0.5 26.9   -   -2,434 -0.8
1987-88 83,491 25.6   82,039 -0.9 -0.3 25.2   -   1,452 0.4
1988-89 90,748 24.6   85,326 -3.1 -4.3 23.1   -   5,421 1.5
1989-90 98,625 24.4   92,684 0.6 2.7 22.9   -   5,942 1.5
1990‑91 100,227 24.2   100,665 3.1 4.2 24.3   -   -438 -0.1
1991‑92 95,840 22.7   108,472 5.7 5.8 25.6   -   -12,631 -3.0
1992‑93 97,633 22.0   115,751 5.6 6.0 26.1   -   -18,118 -4.1
1993‑94 103,824 22.2   122,009 3.5 4.4 26.1   -   -18,185 -3.9
1994‑95 113,458 22.9   127,619 1.4 2.2 25.7   -   -14,160 -2.9
1995‑96 124,429 23.5   135,538 1.9 3.2 25.6   -   -11,109 -2.1
1996‑97 133,592 24.0   139,689 1.7 1.5 25.1   -   -6,099 -1.1
1997‑98 140,736 23.9   140,587 0.6 -0.7 23.9   -   149 0.0
1998‑99 152,063 24.5   148,175 4.1 4.9 23.9   -   3,889 0.6
1999‑00 166,199 25.1   153,192 1.0 0.8 23.2   -   13,007 2.0
2000‑01 182,996 25.9   177,123 9.1 10.8 25.1   -   5,872 0.8
2001‑02 187,588 24.9   188,655 3.5 4.1 25.0   -   -1,067 -0.1
2002‑03 204,613 25.5   197,243 1.4 1.4 24.6   -   7,370 0.9
2003‑04 217,775 25.3   209,785 3.9 2.6 24.3   -   7,990 0.9
2004‑05 235,984 25.6   222,407 3.5 2.0 24.1   -   13,577 1.5
2005‑06 255,943 25.6   240,136 4.6 2.6 24.1   51   15,757 1.6
2006‑07 272,637 25.1   253,321 2.5 0.5 23.3   2,127   17,190 1.6
2007‑08 294,917 25.0   271,843 3.8 2.7 23.1   3,319   19,754 1.7
2008‑09 292,600 23.2   316,046 12.7 10.4 25.1   3,566   -27,013 -2.1
2009‑10 284,662 22.0   336,900 4.2 5.5 26.0   2,256   -54,494 -4.2
2010‑11 302,024 21.5   346,102 -0.4 -3.1 24.6   3,385   -47,463 -3.4
2011‑12 329,874 22.2   371,032 4.8 5.2 25.0   2,203   -43,360 -2.9
2012‑13 351,052 23.1   367,204 -3.2 -0.7 24.1   2,682   -18,834 -1.2
2013‑14(e) 363,496 23.0   410,662 8.9 10.5 25.9   2,689   -49,855 -3.1
2014‑15(e) 385,778 23.6   412,484 -1.7 -0.1 25.3   3,068   -29,773 -1.8
2015‑16(e) 410,427 24.0   424,249 0.4 1.1 24.8   3,262   -17,084 -1.0
2016‑17(p) 436,849 24.4   443,913 2.1 3.2 24.7   3,499   -10,562 -0.6
2017‑18(p) 467,985 24.9   467,060 2.6 3.8 24.8   3,750   -2,825 -0.2

(a) Data have been revised in the 2014‑15 Budget to improve accuracy and comparability through time.

(b) Receipts are equal to cash receipts from operating activities and sales of non‑financial assets.

(c) Payments are equal to cash payments for operating activities, purchases of non‑financial assets and net acquisition of assets under finance leases.

(d) Underlying cash balance is equal to receipts less payments, less net Future Fund earnings. For the purposes of consistent comparison with years prior to 2005‑06, net Future Fund earnings should be added back to the underlying cash balance.

(e) Estimates.

(f) Real spending growth calculated using the Consumer Price Index as the deflator. Real spending growth using non‑farm GDP deflator is included for comparative purposes only.

(p) Projections.

Table 2: Australian Government general government sector net cash flows for investments in financial assets for policy purposes and headline cash balance(a)
  Receipts   Payments   Net cash flows
from investments in
financial assets for
policy purposes(c)
  Headline
cash
balance(d)
  $m   $m   $m Per cent
of GDP
  $m Per cent
of GDP
1970-71 8,290   7,389   -851 -2.1   50 0.1
1971-72 9,135   8,249   -987 -2.2   -101 -0.2
1972-73 9,735   9,388   -977 -2.0   -629 -1.3
1973-74 12,228   11,078   -1,275 -2.1   -125 -0.2
1974-75 15,643   15,463   -2,648 -3.7   -2,467 -3.5
1975-76 18,727   20,225   -2,040 -2.4   -3,539 -4.2
1976-77 21,890   23,157   -1,530 -1.6   -2,796 -2.9
1977-78 24,019   26,057   -1,324 -1.3   -3,361 -3.2
1978-79 26,129   28,272   -1,074 -0.9   -3,216 -2.7
1979-80 30,321   31,642   -702 -0.5   -2,024 -1.5
1980-81 35,993   36,176   -962 -0.6   -1,146 -0.8
1981-82 41,499   41,151   -1,008 -0.6   -660 -0.4
1982-83 45,463   48,810   -1,363 -0.7   -4,711 -2.5
1983-84 49,981   56,990   -1,136 -0.5   -8,144 -3.8
1984-85 58,817   64,853   -922 -0.4   -6,959 -3.0
1985-86 66,206   71,328   -810 -0.3   -5,932 -2.3
1986-87 74,724   77,158   -545 -0.2   -2,979 -1.0
1987-88 83,491   82,039   657 0.2   2,109 0.6
1988-89 90,748   85,326   168 0.0   5,589 1.5
1989-90 98,625   92,684   1,217 0.3   7,159 1.8
1990‑91 100,227   100,665   1,563 0.4   1,125 0.3
1991‑92 95,840   108,472   2,156 0.5   -10,475 -2.5
1992‑93 97,633   115,751   2,471 0.6   -15,647 -3.5
1993‑94 103,824   122,009   3,447 0.7   -14,738 -3.2
1994‑95 113,458   127,619   1,546 0.3   -12,614 -2.5
1995‑96 124,429   135,538   5,188 1.0   -5,921 -1.1
1996‑97 133,592   139,689   7,241 1.3   1,142 0.2
1997‑98 140,736   140,587   15,154 2.6   15,303 2.6
1998‑99 152,063   148,175   6,948 1.1   10,837 1.7
1999‑00 166,199   153,192   9,500 1.4   22,507 3.4
2000‑01 182,996   177,123   5,673 0.8   11,545 1.6
2001‑02 187,588   188,655   3,422 0.5   2,355 0.3
2002‑03 204,613   197,243   -229 0.0   7,141 0.9
2003‑04 217,775   209,785   -452 -0.1   7,538 0.9
2004‑05 235,984   222,407   -1,139 -0.1   12,438 1.3
2005‑06 255,943   240,136   -1,647 -0.2   14,160 1.4
2006‑07 272,637   253,321   7,403 0.7   26,720 2.5
2007‑08 294,917   271,843   5,108 0.4   28,181 2.4
2008‑09 292,600   316,046   -7,889 -0.6   -31,336 -2.5
2009‑10 284,662   336,900   -4,278 -0.3   -56,516 -4.4
2010‑11 302,024   346,102   -7,028 -0.5   -51,106 -3.6
2011‑12 329,874   371,032   -5,866 -0.4   -47,023 -3.2
2012‑13 351,052   367,204   -4,802 -0.3   -20,954 -1.4
2013‑14(e) 363,496   410,662   -6,575 -0.4   -53,741 -3.4
2014‑15(e) 385,778   412,484   -6,819 -0.4   -33,524 -2.1
2015‑16(e) 410,427   424,249   -12,787 -0.7   -26,609 -1.6
2016‑17(p) 436,849   443,913   -15,592 -0.9   -22,656 -1.3
2017‑18(p) 467,985   467,060   -12,358 -0.7   -11,432 -0.6

(a) Data have been revised in the 2014‑15 Budget to improve accuracy and comparability through time.

(b) Prior to 1999‑2000, net cash flows from investments in financial assets for policy purposes were referred to as 'net advances'. A negative number reflects a cash outflow, while a positive number reflects a cash inflow.

(c) Headline cash balance is equal to receipts less payments, plus net cash flows from investments in financial assets for policy purposes.

(e) Estimates.

(p) Projections.

Table 3: Australian Government general government sector call on resources(a)
  Receipts(b)   Headline
cash
balance(c)
  Call on
resources(d)
  $m Per cent
of GDP
  $m Per cent
of GDP
  $m Per cent
of GDP
1970-71 8,290 20.5   50 0.1   8,240 20.4
1971-72 9,135 20.5   -101 -0.2   9,236 20.7
1972-73 9,735 19.5   -629 -1.3   10,364 20.8
1973-74 12,228 20.3   -125 -0.2   12,353 20.5
1974-75 15,643 22.0   -2,467 -3.5   18,110 25.4
1975-76 18,727 22.5   -3,539 -4.2   22,266 26.7
1976-77 21,890 22.8   -2,796 -2.9   24,686 25.7
1977-78 24,019 22.9   -3,361 -3.2   27,380 26.1
1978-79 26,129 22.0   -3,216 -2.7   29,345 24.7
1979-80 30,321 22.5   -2,024 -1.5   32,345 24.0
1980-81 35,993 23.6   -1,146 -0.8   37,139 24.4
1981-82 41,499 23.6   -660 -0.4   42,159 24.0
1982-83 45,463 24.0   -4,711 -2.5   50,174 26.5
1983-84 49,981 23.4   -8,144 -3.8   58,125 27.2
1984-85 58,817 25.0   -6,959 -3.0   65,776 27.9
1985-86 66,206 25.4   -5,932 -2.3   72,138 27.6
1986-87 74,724 26.1   -2,979 -1.0   77,703 27.1
1987-88 83,491 25.6   2,109 0.6   81,382 25.0
1988-89 90,748 24.6   5,589 1.5   85,159 23.0
1989-90 98,625 24.4   7,159 1.8   91,466 22.6
1990‑91 100,227 24.2   1,125 0.3   99,102 23.9
1991‑92 95,840 22.7   -10,475 -2.5   106,315 25.1
1992‑93 97,633 22.0   -15,647 -3.5   113,280 25.5
1993‑94 103,824 22.2   -14,738 -3.2   118,562 25.4
1994‑95 113,458 22.9   -12,614 -2.5   126,072 25.4
1995‑96 124,429 23.5   -5,921 -1.1   130,350 24.6
1996‑97 133,592 24.0   1,142 0.2   132,450 23.8
1997‑98 140,736 23.9   15,303 2.6   125,433 21.3
1998‑99 152,063 24.5   10,837 1.7   141,226 22.8
1999‑00 166,199 25.1   22,507 3.4   143,692 21.7
2000‑01 182,996 25.9   11,545 1.6   171,451 24.3
2001‑02 187,588 24.9   2,355 0.3   185,233 24.6
2002‑03 204,613 25.5   7,141 0.9   197,472 24.6
2003‑04 217,775 25.3   7,538 0.9   210,237 24.4
2004‑05 235,984 25.6   12,438 1.3   223,546 24.2
2005‑06 255,943 25.6   14,160 1.4   241,783 24.2
2006‑07 272,637 25.1   26,720 2.5   245,918 22.6
2007‑08 294,917 25.0   28,181 2.4   266,735 22.6
2008‑09 292,600 23.2   -31,336 -2.5   323,935 25.7
2009‑10 284,662 22.0   -56,516 -4.4   341,178 26.3
2010‑11 302,024 21.5   -51,106 -3.6   353,130 25.1
2011‑12 329,874 22.2   -47,023 -3.2   376,898 25.4
2012‑13 351,052 23.1   -20,954 -1.4   372,006 24.4
2013‑14(e) 363,496 23.0   -53,741 -3.4   417,237 26.4
2014‑15(e) 385,778 23.6   -33,524 -2.1   419,303 25.7
2015‑16(e) 410,427 24.0   -26,609 -1.6   437,036 25.6
2016‑17(p) 436,849 24.4   -22,656 -1.3   459,505 25.6
2017‑18(p) 467,985 24.9   -11,432 -0.6   479,417 25.5

(a) Data have been revised in the 2014‑15 Budget to improve accuracy and comparability through time.

(b) Receipts are identical to those in Table 1.

(c) Headline cash balance is equal to receipts less payments, plus net cash flows from investments in financial assets for policy purposes. Headline cash balance is identical to those in Table 2.

(d) Call on resources is equal to receipts less headline cash balance.

(e) Estimates.

(p) Projections.

Table 4: Australian Government general government sector taxation receipts, non‑taxation receipts and total receipts(a)
  Taxation receipts   Non-taxation receipts   Total receipts(b)
  $m Per cent
of GDP
  $m Per cent
of GDP
  $m Per cent
of GDP
1970-71 7,193 17.8   1,097 2.7   8,290 20.5
1971-72 7,895 17.7   1,240 2.8   9,135 20.5
1972-73 8,411 16.9   1,324 2.7   9,735 19.5
1973-74 10,832 17.9   1,396 2.3   12,228 20.3
1974-75 14,141 19.9   1,502 2.1   15,643 22.0
1975-76 16,920 20.3   1,807 2.2   18,727 22.5
1976-77 19,714 20.5   2,176 2.3   21,890 22.8
1977-78 21,428 20.4   2,591 2.5   24,019 22.9
1978-79 23,409 19.7   2,720 2.3   26,129 22.0
1979-80 27,473 20.4   2,848 2.1   30,321 22.5
1980-81 32,641 21.4   3,352 2.2   35,993 23.6
1981-82 37,880 21.5   3,619 2.1   41,499 23.6
1982-83 41,025 21.7   4,438 2.3   45,463 24.0
1983-84 44,849 21.0   5,132 2.4   49,981 23.4
1984-85 52,970 22.5   5,847 2.5   58,817 25.0
1985-86 58,841 22.6   7,365 2.8   66,206 25.4
1986-87 66,467 23.2   8,257 2.9   74,724 26.1
1987-88 75,076 23.1   8,415 2.6   83,491 25.6
1988-89 83,452 22.6   7,296 2.0   90,748 24.6
1989-90 90,773 22.4   7,852 1.9   98,625 24.4
1990‑91 92,739 22.4   7,488 1.8   100,227 24.2
1991‑92 87,364 20.6   8,476 2.0   95,840 22.7
1992‑93 88,760 20.0   8,873 2.0   97,633 22.0
1993‑94 93,362 20.0   10,462 2.2   103,824 22.2
1994‑95 104,921 21.2   8,537 1.7   113,458 22.9
1995‑96 115,700 21.9   8,729 1.6   124,429 23.5
1996‑97 124,559 22.4   9,033 1.6   133,592 24.0
1997‑98 130,984 22.2   9,752 1.7   140,736 23.9
1998‑99 138,420 22.3   13,643 2.2   152,063 24.5
1999‑00 151,313 22.9   14,887 2.3   166,199 25.1
2000‑01 170,354 24.1   12,641 1.8   182,996 25.9
2001‑02 175,108 23.2   12,481 1.7   187,588 24.9
2002‑03 192,131 24.0   12,482 1.6   204,613 25.5
2003‑04 206,091 23.9   11,683 1.4   217,775 25.3
2004‑05 223,314 24.2   12,669 1.4   235,984 25.6
2005‑06 241,215 24.2   14,728 1.5   255,943 25.6
2006‑07 257,392 23.7   15,245 1.4   272,637 25.1
2007‑08 278,376 23.6   16,540 1.4   294,917 25.0
2008‑09 272,627 21.7   19,973 1.6   292,600 23.2
2009‑10 260,973 20.1   23,689 1.8   284,662 22.0
2010‑11 280,839 20.0   21,185 1.5   302,024 21.5
2011‑12 309,943 20.9   19,931 1.3   329,874 22.2
2012‑13 326,426 21.4   24,627 1.6   351,052 23.1
2013‑14(e) 341,643 21.6   21,854 1.4   363,496 23.0
2014‑15(e) 360,372 22.1   25,407 1.6   385,778 23.6
2015‑16(e) 385,286 22.5   25,141 1.5   410,427 24.0
2016‑17(p) 411,691 23.0   25,158 1.4   436,849 24.4
2017‑18(p) 437,562 23.2   30,422 1.6   467,985 24.9

(a) Data have been revised in the 2014‑15 Budget to improve accuracy and comparability through time.

(b) Receipts are equal to receipts from operating activities and sales of non‑financial assets.

(e) Estimates.

(p) Projections.

Table 5: Australian Government general government sector net debt and net interest payments(a)
  Net debt(b)   Net interest payments(c)
  $m Per cent
of GDP
  $m Per cent
of GDP
1970-71 344 0.9   -189 -0.5
1971-72 -496 -1.1   -245 -0.6
1972-73 -790 -1.6   -252 -0.5
1973-74 -1,851 -3.1   -286 -0.5
1974-75 -1,901 -2.7   -242 -0.3
1975-76 -341 -0.4   -330 -0.4
1976-77 898 0.9   -62 -0.1
1977-78 2,896 2.8   4 0.0
1978-79 4,983 4.2   254 0.2
1979-80 6,244 4.6   440 0.3
1980-81 6,356 4.2   620 0.4
1981-82 5,919 3.4   680 0.4
1982-83 9,151 4.8   896 0.5
1983-84 16,015 7.5   1,621 0.8
1984-85 21,896 9.3   2,813 1.2
1985-86 26,889 10.3   3,952 1.5
1986-87 29,136 10.2   4,762 1.7
1987-88 27,344 8.4   4,503 1.4
1988-89 21,981 5.9   4,475 1.2
1989-90 16,123 4.0   4,549 1.1
1990‑91 16,915 4.1   3,636 0.9
1991‑92 31,041 7.3   3,810 0.9
1992‑93 55,218 12.4   3,986 0.9
1993‑94 70,223 15.0   5,628 1.2
1994‑95 83,492 16.8   7,292 1.5
1995‑96 95,831 18.1   8,861 1.7
1996‑97 96,281 17.3   9,489 1.7
1997‑98 82,935 14.1   8,279 1.4
1998‑99 72,065 11.6   8,649 1.4
1999‑00 53,869 8.1   7,514 1.1
2000‑01 42,719 6.1   6,195 0.9
2001‑02 38,180 5.1   5,352 0.7
2002‑03 29,047 3.6   3,758 0.5
2003‑04 22,639 2.6   3,040 0.4
2004‑05 10,741 1.2   2,502 0.3
2005‑06 -4,531 -0.5   2,303 0.2
2006‑07 -29,150 -2.7   228 0.0
2007‑08 -44,820 -3.8   -1,015 -0.1
2008‑09 -16,148 -1.3   -1,196 -0.1
2009‑10 42,283 3.3   2,386 0.2
2010‑11 84,551 6.0   4,608 0.3
2011‑12 147,334 9.9   6,609 0.4
2012‑13 152,982 10.0   8,285 0.5
2013‑14(e) 197,851 12.5   10,725 0.7
2014‑15(e) 226,388 13.9   10,517 0.6
2015‑16(e) 246,362 14.4   11,549 0.7
2016‑17(p) 261,280 14.6   12,210 0.7
2017‑18(p) 264,200 14.0   12,923 0.7

(a) Data have been revised in the 2014‑15 Budget to improve accuracy and comparability through time.

(b) Net debt is equal to the sum of deposits held, government securities, loans and other borrowing, minus the sum of cash and deposits, advances paid and investments, loans and placements.

(c) Net interest payments are equal to the difference between interest paid and interest receipts.

(e) Estimates.

(p) Projections.

Table 6: Australian Government general government sector face value of Commonwealth Government Securities (CGS) on issue and interest paid
  Face value of CGS on issue(a)      
  Total CGS on issue(b)   Subject to Treasurer's direction(c)   Interest Paid(d)
  End of year
$m
Per cent
of GDP
  End of year
$m
Per cent
of GDP
  End of year
$m
Per cent
of GDP
1970-71 10,887 27.0   - -   580 1.4
1971-72 11,490 25.8   - -   614 1.4
1972-73 12,217 24.5   - -   675 1.4
1973-74 12,809 21.2   - -   712 1.2
1974-75 14,785 20.8   - -   893 1.3
1975-76 17,940 21.5   - -   1,001 1.2
1976-77 20,845 21.7   - -   1,485 1.5
1977-78 23,957 22.8   - -   1,740 1.7
1978-79 28,120 23.7   - -   2,080 1.8
1979-80 29,321 21.8   - -   2,356 1.8
1980-81 30,189 19.8   - -   2,723 1.8
1981-82 31,060 17.7   - -   3,058 1.7
1982-83 37,071 19.6   - -   3,580 1.9
1983-84 45,437 21.3   - -   4,558 2.1
1984-85 54,420 23.1   - -   5,952 2.5
1985-86 63,089 24.2   - -   7,394 2.8
1986-87 67,172 23.4   - -   8,339 2.9
1987-88 62,794 19.3   - -   8,139 2.5
1988-89 56,854 15.4   - -   8,222 2.2
1989-90 48,399 12.0   - -   8,064 2.0
1990‑91 48,723 11.7   - -   6,994 1.7
1991‑92 58,826 13.9   - -   6,819 1.6
1992‑93 76,509 17.2   - -   6,487 1.5
1993‑94 90,889 19.5   - -   7,709 1.7
1994‑95 105,466 21.3   - -   9,144 1.8
1995‑96 110,166 20.8   - -   10,325 2.0
1996‑97 111,067 19.9   - -   10,653 1.9
1997‑98 93,664 15.9   - -   9,453 1.6
1998‑99 85,331 13.8   - -   9,299 1.5
1999‑00 75,536 11.4   - -   8,509 1.3
2000‑01 66,403 9.4   - -   7,335 1.0
2001‑02 63,004 8.4   - -   6,270 0.8
2002‑03 57,435 7.2   - -   4,740 0.6
2003‑04 54,750 6.4   - -   4,096 0.5
2004‑05 55,151 6.0   - -   3,902 0.4
2005‑06 54,070 5.4   - -   4,628 0.5
2006‑07 53,264 4.9   - -   3,959 0.4
2007‑08 55,442 4.7   - -   3,754 0.3
2008‑09 101,147 8.0   95,103 7.6   3,970 0.3
2009‑10 147,133 11.3   141,806 10.9   6,411 0.5
2010‑11 191,292 13.6   186,704 13.3   9,551 0.7
2011‑12 233,976 15.7   229,389 15.4   10,875 0.7
2012‑13 257,378 16.9   252,791 16.6   11,846 0.8
2013‑14(e) 320,000 20.2   320,000 20.2   13,935 0.9
2014‑15(e) 360,000 22.1   360,000 22.1   14,174 0.9
2015‑16(e) 390,000 22.8   390,000 22.8   15,442 0.9
2016‑17(p) 430,000 24.0   430,000 24.0   16,188 0.9
2017‑18(p) 450,000 23.9   440,000 23.4   17,011 0.9

(a) From 2013‑14 onwards, data for CGS on issue are projections and are rounded to the nearest $10 billion.

(b) Total CGS on issue includes CGS held on behalf of the States and the Northern Territory, but excludes Commonwealth holdings of CGS.

(c) The face value of CGS subject to the Treasurer's Direction excludes the stock and securities outlined in subsection 51JA(2A) of the Commonwealth Inscribed Stock Act 1911. These are the same stock and securities that were excluded from the previous legislative debt limit. CGS on issue subject to the Treasurer's Direction are not available prior to 2008‑09 because the limit was first introduced in July 2008.

(d) Interest paid consists of all cash interest payments of the general government sector, including those relating to CGS on issue.

(e) Estimates.

(p) Projections.

Table 7: Australian Government general government sector revenue, expenses, net capital investment and fiscal balance(a)
  Revenue   Expenses   Net capital investment   Fiscal balance(b)
  $m Per cent
of GDP
  $m Per cent
of GDP
  $m Per cent
of GDP
  $m Per cent
of GDP
1996‑97 141,688 25.4   145,821 26.2   90 0.0   -4,223 -0.8
1997‑98 146,820 24.9   148,652 25.2   147 0.0   -1,979 -0.3
1998‑99 152,106 24.5   146,772 23.7   1,433 0.2   3,901 0.6
1999‑00 167,304 25.3   155,558 23.5   -69 0.0   11,815 1.8
2000‑01 186,110 26.4   180,094 25.5   8 0.0   6,007 0.9
2001‑02 190,488 25.3   193,041 25.6   382 0.1   -2,935 -0.4
2002‑03 206,923 25.8   201,259 25.1   287 0.0   5,377 0.7
2003‑04 222,168 25.8   215,361 25.0   660 0.1   6,148 0.7
2004‑05 242,507 26.3   229,245 24.8   1,034 0.1   12,228 1.3
2005‑06 261,238 26.2   242,334 24.3   2,498 0.3   16,406 1.6
2006‑07 278,411 25.6   259,276 23.8   2,333 0.2   16,801 1.5
2007‑08 303,729 25.8   280,188 23.8   2,593 0.2   20,948 1.8
2008‑09 298,933 23.8   324,612 25.8   4,064 0.3   -29,743 -2.4
2009‑10 292,767 22.6   340,208 26.2   6,433 0.5   -53,875 -4.2
2010‑11 309,890 22.0   356,353 25.3   5,297 0.4   -51,760 -3.7
2011‑12 338,109 22.8   378,005 25.4   4,850 0.3   -44,746 -3.0
2012‑13 360,160 23.6   382,644 25.1   987 0.1   -23,472 -1.5
2013‑14(e) 374,267 23.6   415,294 26.2   4,027 0.3   -45,055 -2.8
2014‑15(e) 391,348 24.0   414,845 25.4   2,359 0.1   -25,855 -1.6
2015‑16(e) 419,612 24.5   431,118 25.2   708 0.0   -12,214 -0.7
2016‑17(p) 449,840 25.1   453,806 25.3   2,630 0.1   -6,596 -0.4
2017‑18(p) 480,394 25.5   475,447 25.3   3,962 0.2   984 0.1

(a) Data have been revised in the 2014‑15 Budget to improve accuracy and comparability through time.

(b) Fiscal balance is equal to revenue less expenses less net capital investment.

(e) Estimates.

(p) Projections.

Table 8: Australian Government general government sector net worth and net financial worth(a)
  Net worth(b)   Net financial worth(c)
  $m Per cent
of GDP
  $m Per cent
of GDP
1999‑00 -7,046 -1.1   -67,036 -10.1
2000‑01 -6,618 -0.9   -71,876 -10.2
2001‑02 -11,655 -1.5   -78,032 -10.4
2002‑03 -15,330 -1.9   -82,931 -10.4
2003‑04 -1,152 -0.1   -72,389 -8.4
2004‑05 14,556 1.6   -58,882 -6.4
2005‑06 17,971 1.8   -59,763 -6.0
2006‑07 46,351 4.3   -35,696 -3.3
2007‑08 70,859 6.0   -14,690 -1.2
2008‑09 19,427 1.5   -71,490 -5.7
2009‑10 -45,938 -3.5   -144,485 -11.1
2010‑11 -95,386 -6.8   -198,787 -14.1
2011‑12 -247,208 -16.6   -355,834 -23.9
2012‑13 -202,650 -13.3   -312,724 -20.5
2013‑14(e) -186,419 -11.8   -299,647 -18.9
2014‑15(e) -212,010 -13.0   -329,239 -20.2
2015‑16(e) -222,454 -13.0   -342,385 -20.0
2016‑17(p) -228,995 -12.8   -351,036 -19.6
2017‑18(p) -227,354 -12.1   -352,659 -18.7

(a) Data have been revised in the 2014‑15 Budget to improve accuracy and comparability through time.

(b) Net worth is equal to total assets less liabilities.

(c) Net financial worth is equal to financial assets less liabilities.

(e) Estimates.

(p) Projections.

Table 9: Australian Government general government sector accrual taxation revenue, non‑taxation revenue and total revenue(a)
  Taxation revenue   Non-taxation revenue   Total revenue
  $m Per cent
of GDP
  $m Per cent
of GDP
  $m Per cent
of GDP
1999‑00 153,408 23.2   13,896 2.1   167,304 25.3
2000‑01 175,881 24.9   10,228 1.4   186,110 26.4
2001‑02 178,210 23.6   12,278 1.6   190,488 25.3
2002‑03 195,203 24.4   11,720 1.5   206,923 25.8
2003‑04 209,959 24.4   12,209 1.4   222,168 25.8
2004‑05 229,943 24.9   12,564 1.4   242,507 26.3
2005‑06 245,716 24.6   15,522 1.6   261,238 26.2
2006‑07 262,511 24.1   15,900 1.5   278,411 25.6
2007‑08 286,229 24.3   17,500 1.5   303,729 25.8
2008‑09 278,653 22.1   20,280 1.6   298,933 23.8
2009‑10 268,000 20.7   24,767 1.9   292,767 22.6
2010‑11 289,005 20.5   20,885 1.5   309,890 22.0
2011‑12 316,779 21.3   21,330 1.4   338,109 22.8
2012‑13 337,323 22.2   22,836 1.5   360,160 23.6
2013‑14(e) 350,956 22.2   23,310 1.5   374,267 23.6
2014‑15(e) 368,814 22.6   22,534 1.4   391,348 24.0
2015‑16(e) 396,055 23.2   23,557 1.4   419,612 24.5
2016‑17(p) 422,875 23.6   26,966 1.5   449,840 25.1
2017‑18(p) 449,509 23.9   30,884 1.6   480,394 25.5

(a) Data have been revised in the 2014‑15 Budget to improve accuracy and comparability through time.

(e) Estimates.

(p) Projections.

Table 10: Australian Government cash receipts, payments and surplus by institutional sector ($m)(a)
  General government   Public non-financial corporations   Non-financial public sector
  Receipts(b) Payments(c) Underlying cash
balance(d)
  Receipts(b) Payments(c) Cash surplus(d)   Receipts(b) Payments(c) Underlying cash
balance(d)
1988-89 90,748 85,326 5,421   4,177 6,035 257   93,923 90,312 5,678
1989-90 98,625 92,684 5,942   3,926 11,322 -5,261   101,495 102,883 681
1990‑91 100,227 100,665 -438   4,804 9,351 -2,139   103,837 108,808 -2,577
1991‑92 95,840 108,472 -12,631   3,899 7,713 101   97,937 114,369 -12,530
1992‑93 97,633 115,751 -18,118   4,385 7,819 -196   100,512 122,042 -18,314
1993‑94 103,824 122,009 -18,185   5,178 6,476 1,482   106,747 126,214 -16,703
1994‑95 113,458 127,619 -14,160   5,262 7,318 1,956   116,751 132,965 -12,204
1995‑96 124,429 135,538 -11,109   4,927 8,190 -527   126,593 140,963 -11,636
1996‑97 133,592 139,689 -6,099   4,782 7,373 473   135,259 143,948 -5,626
1997‑98 140,736 140,587 149   6,238 7,923 1,119   144,517 145,985 1,268
1998‑99 152,063 148,175 3,889   na na -353   na na 3,536
1999‑00 166,199 153,192 13,007   na na -2,594   na na 10,413
2000‑01 182,996 177,123 5,872   na na 391   na na 6,264
2001‑02 187,588 188,655 -1,067   na na 1,210   na na 143
2002‑03 204,613 197,243 7,370   27,386 26,105 1,280   na na 8,650
2003‑04 217,775 209,785 7,990   27,718 26,142 1,575   238,236 228,669 9,564
2004‑05 235,984 222,407 13,577   29,621 28,071 1,550   257,946 242,818 15,128
2005‑06 255,943 240,136 15,757   30,875 31,874 -999   278,254 263,445 14,759
2006‑07 272,637 253,321 17,190   16,882 18,641 -1,759   285,336 267,778 15,431
2007‑08 294,917 271,843 19,754   7,758 8,232 -473   300,503 277,903 19,281
2008‑09 292,600 316,046 -27,013   7,987 8,960 -973   297,421 321,841 -27,986
2009‑10 284,662 336,900 -54,494   8,419 9,341 -922   290,681 343,841 -55,416
2010‑11 302,024 346,102 -47,463   8,558 9,733 -1,175   308,258 353,511 -48,638
2011‑12 329,874 371,032 -43,360   8,845 10,847 -2,002   336,122 379,282 -45,362
2012‑13 351,052 367,204 -18,834   9,766 14,135 -4,369   358,088 378,609 -23,203
2013‑14(e) 363,496 410,662 -49,855   11,304 -14,831 -3,527   372,415 -423,108 -50,693
2014‑15(e) 385,778 412,484 -29,773   11,165 -16,327 -5,162   395,374 -427,241 -31,867
2015‑16(e) 410,427 424,249 -17,084   na na na   na na na
2016‑17(p) 436,849 443,913 -10,562   na na na   na na na
2017‑18(p) 467,985 467,060 -2,825   na na na   na na na

(a) Data have been revised in the 2014‑15 Budget to improve accuracy and comparability through time.

(b) Receipts are equal to receipts from operating activities and sales of non‑financial assets.

(c) Payments are equal to payments for operating activities, purchases of non‑financial assets and net acquisition of assets under finance leases.

(d) These items exclude net Future Fund earnings from 2005‑06 onwards. Net Future Fund earnings are shown in Table 1.

(e) Estimates.

(p) Projections.

na Data not available.

Table 11: Australian Government accrual revenue, expenses and fiscal balance by institutional sector ($m)(a)
  General government   Public non-financial corporations   Non-financial public sector
  Revenue Expenses Fiscal
balance(b)
  Revenue Expenses Fiscal
balance(b)
  Revenue Expenses Fiscal
balance(b)
1996‑97 141,688 145,821 -4,223   27,431 26,015 -331   na na -4,554
1997‑98 146,820 148,652 -1,979   29,618 26,999 2,360   na na 387
1998‑99 152,106 146,772 3,901   27,687 26,088 -816   175,891 168,958 3,085
1999‑00 167,304 155,558 11,815   25,485 23,542 1,062   188,841 175,152 11,721
2000‑01 186,110 180,094 6,007   25,869 24,762 -826   207,372 200,250 5,181
2001‑02 190,488 193,041 -2,935   26,638 25,341 793   212,518 213,774 -2,142
2002‑03 206,923 201,259 5,377   24,339 22,916 1,975   226,135 219,089 7,311
2003‑04 222,168 215,361 6,148   25,449 23,444 2,143   241,873 233,060 8,291
2004‑05 242,507 229,245 12,228   26,965 25,191 1,473   263,587 248,552 13,700
2005‑06 261,238 242,334 16,406   28,143 29,531 -2,442   282,597 265,080 13,964
2006‑07 278,411 259,276 16,801   15,443 16,360 -1,763   290,067 271,850 15,038
2007‑08 303,729 280,188 20,948   6,854 6,686 -584   309,215 285,506 20,364
2008‑09 298,933 324,612 -29,743   6,998 7,576 -1,495   303,733 329,991 -31,238
2009‑10 292,767 340,208 -53,875   7,288 7,297 -1,079   298,412 345,863 -54,954
2010‑11 309,890 356,353 -51,760   7,563 7,787 -1,446   315,688 362,375 -53,205
2011‑12 338,109 378,005 -44,746   8,046 8,238 -2,158   344,507 384,595 -46,904
2012‑13 360,160 382,644 -23,472   8,863 9,415 -4,189   367,306 390,342 -27,661
2013‑14(e) 374,267 415,294 -45,055   9,520 10,984 -3,843   382,026 424,517 -48,898
2014‑15(e) 391,348 414,845 -25,855   9,871 11,759 -5,463   399,903 425,287 -31,318
2015‑16(e) 419,612 431,118 -12,214   na na na   na na na
2016‑17(p) 449,840 453,806 -6,596   na na na   na na na
2017‑18(p) 480,394 475,447 984   na na na   na na na

(a) Data have been revised in the 2014‑15 Budget to improve accuracy and comparability through time.

(b) Fiscal balance is equal to revenue less expenses less net capital investment. Net capital investment is not shown in this table.

(e) Estimates.

(p) Projections.

na Data not available.