Part 1: Australian Government Budget Outcome
In 2007‑08, the Australian Government general government sector recorded an underlying cash surplus of $19.7 billion, or 1.7 per cent of gross domestic product (GDP). The fiscal balance was in surplus by $21.0 billion (1.9 per cent of GDP).
Table 1: Australian Government general government sector budget aggregates
- Excludes Future Fund earnings.
In cash terms the outcome was $2.9 billion higher than estimated at the time of the 2008‑09 Budget, with total cash payments $3.2 billion lower than expected and total cash receipts (excluding Future Fund earnings) $0.4 billion lower than expected.
Australian Government general government sector net financial worth increased from ‑$39.7 billion in 2006‑07 to ‑$17.8 billion at the end of 2007‑08. Net worth increased from $46.7 billion in 2006‑07 to $71.2 billion at the end of 2007‑08. Over 2007‑08, the level of Australian Government net debt improved to ‑$42.9 billion by 30 June 2008.