Australian Government, 2010‑11 Budget

Statement 7:
Asset and Liability Management

This statement discusses the Australian Government's financial position and covers the management of the major assets and liabilities on its balance sheet.

The Australian Government's balance sheet remains amongst the strongest in the developed world. This is a key reason behind the retention of the Australian Government's AAA credit rating.

This strong balance sheet position continues to provide the Government with the capacity and flexibility to respond to changes in economic circumstances as well as address longer term fiscal pressures.

The global financial crisis led to billions in tax receipts being written off the Government's budget position and drove the budget into deficit. The combined effects of a stronger economic outlook and fiscal discipline have delivered a significantly improved fiscal outlook and brought forward the projected return to surplus by three years.

As a result, the Australian Government's net debt position remains low by international standards. Improvements to the expected budget position mean that net debt is now expected to peak at 6.1 per cent of GDP in 2011‑12.

Australian government net debt is expected to peak at levels less than a tenth of the average of the major advanced economies.

A detailed balance sheet for the Australian Government general government sector is provided in Statement 9: Budget Financial Statements.

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