Our plan for a stronger economy

The Government’s economic plan and this Budget are building a stronger economy and securing a better future for all Australians. This Budget and our economic plan are:

  • Returning the budget to surplus
  • Delivering more jobs
  • Providing lower taxes
  • Guaranteeing essential services like Medicare, schools, hospitals and roads

Guaranteeing the essential services that Australians rely on

  • Strengthening Medicare, funding more hospital services and providing more affordable medicines through record health funding
  • Equipping Australians with the skills for today and tomorrow including delivering up to 80,000 apprenticeships
  • Delivering improved student outcomes through record funding for schools
  • Ensuring older Australians have access to high-quality and safe aged care
  • Ensuring women, children and people with disability are safe in our communities
  • Restoring trust in the financial system
  • Maintaining the integrity of our borders
  • Keeping Australians safe by investing in defence and national security agencies

Lower taxes for hard-working Australians

  • Immediate tax relief for low- and middle-income earners of up to $1,080 for singles or up to $2,160 for dual income families to ease the cost of living
  • Backing small and medium-sized businesses through tax relief and by increasing and expanding access to the instant asset write-off
  • Making sure multinationals pay their fair share
  • Tackling the black economy

Investing in economic and community infrastructure

  • Record transport infrastructure investment of $100 billion over the next decade
    • Helping workers to get between job sites more quickly, improving delivery times
    • Getting Australian families home sooner and safer
  • Busting congestion, with new road and rail projects targeting the worst affected areas around the country
  • Strengthening the freight and supply chains that Australian businesses rely on
  • Taking action to support affordable, reliable and sustainable energy by unlocking pumped hydro storage through Snowy 2.0 and the Battery of the Nation
  • Striking City and Regional Deals to build the future of our cities and regions
  • Planning for Australia's future population
  • Supporting Australia's farmers, businesses and communities through natural disasters

Budget at a glance

 

Building on our Personal Income Tax Plan

Immediate tax relief will flow to low- and middle-income earners of up to $1,080 for single earners or up to $2,160 for dual income families. Around 4.5 million individuals will receive the full benefit for the 2018-19 income year.

Tax

Backing small business

The company tax rate for small and medium-sized companies with an annual turnover of less than $50 million has been lowered to 27.5 per cent. This rate will be lowered further to 25 per cent by 2021-22.

Tax

Making multinationals and big business pay their fair share

The Government is providing more than $1 billion to extend the operation of the ATO’s Tax Avoidance Taskforce, and to expand the Taskforce’s programs and market coverage.

Tax

Guaranteeing Medicare

To help patients with out-of-pocket costs, the Government is providing $309 million to improve access to diagnostic imaging.

Health

More affordable medicines

This Budget is providing $331 million for new and amended listings on the Pharmaceutical Benefits Scheme (PBS), including life-changing medicines to treat lung, bladder, kidney and skin cancers, and leukaemia.

Health

Prioritising mental health

The Government is investing $737 million over seven years for mental health, including $461 million to help young people. This funding will reduce waitlists for youth mental health services, address youth suicide and provide a range of new community support services.

Health

More active Australia

The Government is providing $386 million to encourage more Australians to participate in sport, upgrade sporting infrastructure and support elite sport.

Health

Comprehensive drug strategy

Through its $337 million comprehensive drug strategy, the Government is helping to prevent and minimise the harmful effects of ice, alcohol, tobacco and other drugs, including opioids.

Health

Schools

Recurrent funding for schools will reach $19.9 billion in 2019, with average Commonwealth funding per student having increased from $3,755 in 2014 to $5,097 in 2019. By 2029, this funding will grow to $32.4 billion, an increase of 63 per cent.

Education

Local School Community Fund

Because no one knows the needs of a local school better than the school community itself, the Government is providing $30.2 million in 2019-20 under the Local School Community Fund.

Education

Preschools

The Government is continuing to support access to preschool education and will invest $453 million to extend support for the 2020 school year.

Education

Investing in our universities

The Government is committed to a world-class higher education system and is investing $17.7 billion in the university sector in 2019.

Education

Supporting older Australians in their own homes

The Government is investing $282 million to support Australians who wish to stay at home for longer by providing an additional 10,000 home care packages across all levels.

Aged care

Supporting safe and quality residential care

The Government is making an additional 13,500 residential care places available from 2018-19 — the largest number ever in a single funding round. In addition, the Government is providing $60 million for residential care infrastructure.

Aged care

Acting on abuse of older Australians

The Government has launched the National Plan to Respond to the Abuse of Older Australians, including $18 million to support frontline services, and a new National Hotline (1800 ELDERHelp or 1800 353 374).

Aged care

Addressing domestic violence

The Government is providing $328 million over four years from 2018-19 to deliver its Fourth Action Plan under the National Plan to Reduce Violence against Women and their Children 2010-2022.

Essential services

Protecting people with disability

Subject to the finalisation of the terms of reference and consideration by the Governor-General, the Government is providing $528 million over five years to fully fund a Royal Commission to examine violence, abuse, neglect and exploitation of people with disability.

Essential services

Restoring trust in the financial system

Building on its previous reforms and strengthening of regulators, the Government is taking action on all 76 Royal Commission recommendations and, in a number of important areas, is going further.

Financial system

Putting Veterans and their Families First

The Government is improving the wellbeing of veterans and their families by providing early access to services, simplified access to treatment and improved care for veterans with complex circumstances.

Veterans affairs

Enhancing cyber security

The Government is bolstering investment in our cyber security strategy to strengthen the defences of government IT systems to address key security vulnerabilities and improve our ability to quickly respond to cyber attacks.

Security

Snowy Hydro 2.0

The Government has given the green light to the Snowy 2.0 project by committing to a $1.4 billion equity injection.

Energy

Helping with power bills

The Government will provide $284 million for a one-off, income tax exempt payment to over 3.9 million Australians to assist with their next power bills and cost of living expenses.

Energy

Climate Solutions Fund

Our Climate Solutions Package will help ensure Australia meets its emissions target under the Paris Agreement. The Government's $2 billion Climate Solutions Fund will help reduce greenhouse gas emissions.

Environment

Micro-grids

The Government is supporting feasibility studies for micro-grids which would harness distributed generation to provide secure, reliable and affordable power to regional and remote communities.

Energy

Planning for Australia’s future population

The Government is taking action to ensure population growth is sustainable through changes to the migration program and investments to reduce congestion in cities and accommodate growth in regions.

Population

Helping flood-affected farmers

The Government has responded quickly to support farmers and communities devastated by the North Queensland floods and weather events. $232 million has been made available to help North Queenslanders affected by these disasters.

Regional

Easing the burden of drought

Drought still affects many farmers throughout the country. The Government is providing $6.3 billion in assistance and concessional loans to support those affected by drought.

Regional

Economic outlook

Returning the Budget to surplus

Restoring the nation's finances by charting a responsible path to surplus

After more than a decade of deficits, the budget returns to surplus in 2019-20.

It has been a long road from where this process started when the Government was first elected.

In 2013-14, some five years after the Global Financial Crisis, the deficit was still the second highest in Australia's history. Since then, the Government has made steady progress to repair the budget and chart a responsible path back to surplus.

The total turnaround in the budget balance between 2013-14 and 2019-20 is projected to be $55.5 billion, or 3.4 per cent of GDP.

The Government's plan for a stronger economy ensures it can guarantee essential services while returning the budget to surplus.

This budget year will see a surplus of $7.1 billion, equal to 0.4 per cent of GDP.

Budget surpluses will build in size in the medium term and are expected to exceed 1 per cent of GDP from 2026-27.

The Government is reducing debt, not through higher taxes, but by good budget management and growing the economy.

By paying down debt, the Government will put the nation's finances on a more sustainable footing and reduce the burden on future generations. Net debt is projected to be eliminated by 2029-30.

The Government has the record and the plan to grow the economy, to guarantee essential services and to keep Australians safe and secure.

First surplus in over a decade

Last 10 years

Last 10 years

This chart shows the evolution of the underlying cash balance between 2019-20 and 2028-29. In particular, it shows the past ten years of deficits compared with the next ten years of expected surpluses from 2019-20 onwards.

Next 10 years

Next 10 years

This chart shows the evolution of the underlying cash balance between 2019-20 and 2028-29. In particular, it shows the past ten years of deficits compared with the next ten years of expected surpluses from 2019-20 onwards.

This chart shows the evolution of the underlying cash balance between 2019-20 and 2028-29. In particular, it shows the past ten years of deficits compared with the next ten years of expected surpluses from 2019-20 onwards.

Global economic outlook

Growth in Australia's major trading partners remains solid but there are risks

Global growth strengthened in 2017 and into 2018, but moderated in the second half of 2018.

Unemployment rates in a number of advanced economies are near record lows and there has been a pick-up in wage growth in the United States, euro area and Japan.

Australia is expected to continue to benefit from growth in major trading partners, with economies in the Asian region growing relatively strongly.

This is important for a number of Australia's exports. In addition to ongoing demand for mining and rural exports, there is strong demand from Asia for Australia's tourism and education services.

Uncertainties remain around trade tensions, emerging market debt vulnerabilities and geopolitical issues. Australia will continue to promote and benefit from free and open trade.

Over the past five and a half years, total trade covered by free trade agreements has risen from around 26 per cent to around 70 per cent.

Growth in major advanced economies

This chart shows through-the-year GDP growth in the United States, the euro area and Japan from the December quarter 2013 to the December quarter 2018. GDP growth increased in the major advanced economies through 2017, with all countries seeing through-the-year growth above 2 per cent in the December quarter 2017. Growth in the euro area slowed to 1.1 per cent through the year to the December quarter 2018, while growth in Japan slowed to 0.3 per cent through the year to the December quarter 2018. Growth in the United States picked up to 3.1 per cent through the year to the December quarter 2018.

This chart shows through-the-year GDP growth in the United States, the euro area and Japan from the December quarter 2013 to the December quarter 2018. GDP growth increased in the major advanced economies through 2017, with all countries seeing through-the-year growth above 2 per cent in the December quarter 2017. Growth in the euro area slowed to 1.1 per cent through the year to the December quarter 2018, while growth in Japan slowed to 0.3 per cent through the year to the December quarter 2018. Growth in the United States picked up to 3.1 per cent through the year to the December quarter 2018.

Source: National statistical agencies and Refinitiv.

Domestic economic outlook

Australia's economy is fundamentally sound, supporting solid jobs growth

Australia's economy is on track to record its 28th consecutive year of annual economic growth and its fundamentals are sound.

Australia's economy is supporting solid jobs growth, with more than 1.2 million jobs created since September 2013.

Strong employment growth in recent years has been accompanied by high participation rates, particularly for women. The unemployment rate has declined to 4.9 per cent. Youth labour market outcomes have also improved recently.

Solid employment growth is expected to continue. As spare capacity in the labour market continues to be reduced and economic growth strengthens, wage growth is expected to pick up.

Significant weather events including drought and floods are weighing on economic growth in 2018-19. The Government is committed to helping individuals and local communities to recover and rebuild following natural disasters and severe drought.

Australia's economy is forecast to grow by 2¾ per cent in 2019-20 and 2020-21.

Consumer spending, investment by businesses and continued demand for Australian exports are all expected to contribute to economic growth. Residential construction activity is expected to fall following recent declines in housing prices and building approvals partly in response to a rebalancing of supply and demand.

The Government's personal income tax relief measures, ongoing delivery of essential services and its $100 billion transport infrastructure plan over the next decade will also support economic growth.

Unemployment rate

This chart shows the seasonally adjusted unemployment rate from February 1999 to February 2019. The unemployment rate has fallen in recent years. In February 2019 the seasonally adjusted unemployment rate was 4.9 per cent.

This chart shows the seasonally adjusted unemployment rate from February 1999 to February 2019. The unemployment rate has fallen in recent years. In February 2019 the seasonally adjusted unemployment rate was 4.9 per cent.

Source: ABS cat. no. 6202.0.

Ensuring the Government pays its own way

The Government's economic plan returns the budget to surplus

For the first time in more than a decade, the Government is delivering a budget surplus of $7.1 billion in 2019-20.

Sustained fiscal discipline will ensure surpluses build over the coming years and exceed 1 per cent of GDP in the medium term.

Government spending remains focused on delivering high quality essential services but careful targeting sees payments as a share of GDP returning to below long-run average levels.

In achieving this, the Government's average real spending growth is expected to be the lowest of any Commonwealth government in over 50 years.

The Government is also keeping taxes as a share of GDP within the 23.9 per cent cap, limiting the tax burden on Australians.

The Government's responsible fiscal management ensures Australia is better equipped to deal with future challenges and to reduce the fiscal burden on future generations.

Total payments falling below 30-year average

This chart shows the payments-to-GDP ratio from 2013-14 to 2022-23. The payments-to-GDP ratio, expressed as a percentage, is shown against 30-year payments-to-GDP average of 24.7 per cent. The payments-to-GDP ratio dips below the 30-year average in 2017-18 and then again from 2019-20 until 2022-23.

Tax-to-GDP within the 23.9 per cent cap

This chart shows the tax to GDP ratio over time. The tax to GDP ratio, expressed as a percentage, is shown against the tax to GDP 'speed limit' of 23.9 per cent, as well as the long-run (30 year) average tax to GDP ratio of 22.2 per cent. There is only a small period around the early 2000s when the tax to GDP ratio exceeds 23.9 per cent.

This chart shows the tax to GDP ratio over time. The tax to GDP ratio, expressed as a percentage, is shown against the tax to GDP 'speed limit' of 23.9 per cent, as well as the long-run (30 year) average tax to GDP ratio of 22.2 per cent. There is only a small period around the early 2000s when the tax to GDP ratio exceeds 23.9 per cent.

Paying down debt

The Government is on track to eliminate net debt

With the budget moving into surplus, the Government is now paying down debt.

Reducing debt will ensure that the nation's finances remain sustainable and that we are prepared for future challenges.

It will also ensure that future generations are not burdened as a result of today's spending.

The Government's ongoing commitment to strong fiscal management will see the Government's financial position substantially improve over the medium term.

The Government is focused on reducing net debt as a share of the economy, which is expected to peak in 2018-19 at 19.2 per cent of GDP.

The Government is on track to eliminate net debt by 2029-30.

The Government is also reducing total borrowing (gross debt) as a share of the economy over time.

Gross debt peaked in 2017-18 at less than 30 per cent of GDP. Over the medium term, it is projected to fall below the 30-year average to 12.8 per cent of GDP.

Net financial worth is also projected to improve over time, consistent with the Government's fiscal strategy.

Eliminating Net Debt
Per cent of GDP

Eliminating Net Debt - Forward estimates

This chart shows the net debt to GDP ratio over time. Net debt as a per cent of GDP peaks in 2018-19. Over the forward estimates and medium term, net debt falls and is eliminated in 2029-30.

Eliminating Net Debt: Medium-term projections

This chart shows the net debt to GDP ratio over time. Net debt as a per cent of GDP peaks in 2018-19. Over the forward estimates and medium term, net debt falls and is eliminated in 2029-30.

This chart shows the net debt to GDP ratio over time. Net debt as a per cent of GDP peaks in 2018-19. Over the forward estimates and medium term, net debt falls and is eliminated in 2029-30.

Appendices

Appendix A: Budget aggregates

The table below shows the main cash and accrual budget aggregates for the Australian Government general government sector over the period from 2017-18 to 2022-23. The underlying cash surplus is estimated to be $7.1 billion in 2019-20. The net operating surplus is estimated to be $12.9 billion in 2019-20

  Actual Estimates Projections  
  2017‑18
$b
2018‑19
$b
2019‑20
$b
2020‑21
$b
2021‑22
$b
2022‑23
$b
Total(a)
$b
Receipts 446.9 485.2 505.5 522.3 551.0 566.9 2,145.7
Per cent of GDP 24.2 25.0 25.2 25.1 25.4 25.0
Payments(b) 452.7 482.7 493.3 511.3 533.2 557.7 2,095.6
Per cent of GDP 24.5 24.9 24.6 24.6 24.5 24.5
Net Future Fund earnings(c) 4.3 6.6 5.1 na na na 5.1
Underlying cash balance(d) -10.1 -4.2 7.1 11.0 17.8 9.2 45.0
Per cent of GDP -0.5 -0.2 0.4 0.5 0.8 0.4
Revenue 456.3 495.8 513.8 534.3 564.7 580.5 2,193.2
Per cent of GDP 24.7 25.6 25.6 25.7 26.0 25.6
Expenses 460.3 487.3 500.9 516.1 535.9 559.9 2,112.8
Per cent of GDP 24.9 25.1 25.0 24.8 24.7 24.6
Net operating balance -4.0 8.5 12.9 18.2 28.8 20.6 80.4
Per cent of GDP -0.2 0.4 0.6 0.9 1.3 0.9
Net capital investment 1.3 6.5 4.7 7.7 9.7 10.8 33.0
Fiscal balance -5.3 2.0 8.1 10.4 19.1 9.8 47.5
Per cent of GDP -0.3 0.1 0.4 0.5 0.9 0.4
Memorandum items:
Net Future Fund earnings(c) 4.3 6.6 5.1 5.2 5.6 6.2 22.2
Headline cash balance -25.9 -12.7 -4.4 -0.5 7.9 2.5 5.6

(a) Total is equal to the sum of amounts from 2019-20 to 2022-23.
(b) Payments are equal to cash payments for operating activities, purchases of non-financial assets and net acquisition of assets under finance leases.
(c) Under the Future Fund Act 2006, net Future Fund earnings will be available to meet the Australian Government's superannuation liability in 2020-21. From this time, the underlying cash balance includes expected net Future Fund earnings.
(d) Excludes expected net Future Fund earnings before 2020-21.

Appendix B: Revenue and spending

Total revenue for 2019-20 is expected to be $513.8 billion, an increase of 3.6 per cent on estimated revenue in 2018-19. Total expenses for 2019-20 are expected to be $500.9 billion, an increase of 2.8 per cent on estimated expenses in 2018-19

Where revenue comes from (2019-20)

Where taxpayers' money is spent (2019-20)(a)

(a) Refer Statement 5: Expenses and Net Capital Investment of 2019-20 Budget Paper No.1 for further information.

Appendix C: Major savings

This table summarises the major savings in the 2019-20 Budget and their impact on the fiscal balance. More comprehensive information is provided in Budget Paper No. 2, Budget Measures 2019-20

Initiatives 2018‑19
$m
2019‑20
$m
2020‑21
$m
2021‑22
$m
2022‑23
$m
Total
$m
Changing the Social Security Income Assessment Model -1.2 -20.5 646.9 706.8 756.0 2,087.9
Better Distribution of Medical Practitioners 0.0 4.8 43.8 92.8 154.9 296.3
Better Targeting of Support for Refugees 0.0 7.5 21.8 23.1 25.5 77.9
New Employment Services Model - pilot and transitional arrangements - net efficiencies -2.5 0.3 4.6 49.9 7.1 59.4
VET Student Loans - increase in loan limit for aviation courses 0.0 3.0 7.2 8.6 10.4 29.3

All figures are in net fiscal impact terms.
Totals may not sum due to rounding.

Appendix D: Major initiatives

This table summarises the major initiatives in the 2019-20 Budget and their impact on the fiscal balance. More comprehensive information is provided in Budget Paper No. 2, Budget Measures 2019-20

Expense
Initiatives 2018‑19
$m
2019‑20
$m
2020‑21
$m
2021‑22
$m
2022‑23
$m
Total
$m
Infrastructure Investment Program - Urban Congestion Fund - next priorities 0.0 -400.0 -400.0 -400.0 -400.0 -1,600.0
Infrastructure Investment Program - Victorian infrastructure investments 0.0 -98.4 -107.4 -358.4 -636.5 -1,200.7
Guaranteeing Medicare - strengthening primary care -46.7 -147.1 -142.0 -268.8 -449.5 -1,054.1
Infrastructure Investment Program - Road Safety and Upgrade Package 0.0 -200.0 -200.0 -200.0 -200.0 -800.0
More Choices for a Longer Life - improving the quality, safety and accessibility of aged care services -332.9 -149.4 -138.8 -36.9 -21.4 -679.4
National Security Agencies - additional resourcing -33.0 -80.3 -75.5 -171.5 -194.2 -554.5
Royal Commission into Violence, Abuse, Neglect and Exploitation of People with Disability -7.3 -191.2 -179.0 -149.6 -0.9 -527.9
National Partnership Agreement on Universal Access to Early Childhood Education - further extension 0.0 -136.2 -318.3 0.0 0.0 -454.5
Infrastructure Investment Program - Roads of Strategic Importance — next priorities 0.0 0.0 -100.0 -150.0 -200.0 -450.0
Infrastructure Investment Program - Western Australian infrastructure investments 0.0 -17.5 -60.0 -233.5 -132.0 -443.0

All figures are in net fiscal impact terms.
Totals may not sum due to rounding.

Revenue
Initiatives 2018‑19
$m
2019‑20
$m
2020‑21
$m
2021‑22
$m
2022‑23
$m
Total
$m
Lower taxes for hard-working Australians: Building on the Personal Income Tax Plan (a) 0.0 -750.0 -700.0 250.0 -4540.0 -5,740.0
Tax Integrity - extension and expansion of the ATO Tax Avoidance Taskforce on Large Corporates, Multinationals and High Wealth Individuals 0.0 114.6 910.9 1236.0 1351.1 3,612.5
Increasing and expanding access to the instant asset write-off 0.0 -200.0 -500.0 50.0 250.0 -400.0
Personal Income Tax - increasing the Medicare levy low-income thresholds 0.0 -100.0 -50.0 -50.0 -50.0 -250.0
Protecting Your Super Package - amendment 0.0 -157.1 59.1 -14.5 -7.3 -119.8
Tax Integrity - increasing engagement and on-time payment of tax and superannuation liabilities 0.0 -15.9 -21.6 -23.0 -23.3 -83.9
Superannuation - improving flexibility for older Australians 0.0 0.0 -10.0 -25.0 -40.0 -75.0
Protecting Your Super Package - putting members' interests first 0.0 -35.7 -2.1 -2.0 -2.0 -41.8
Increasing Work and Holiday Visa Cap for Indonesia 0.0 3.0 8.8 13.1 15.4 40.4
Australia-Hong Kong Free Trade Agreement 0.0 -10.0 -10.0 -10.0 -10.0 -40.0

(a) This measure, which will reduce revenue by $19.5 billion over the forward estimates period, reduces tax receipts by $5.7 billion owing to the inclusion of a provision in the 2018-19 MYEFO.

All figures are in net fiscal impact terms.
Totals may not sum due to rounding.

Appendix E: Detailed economic forecasts

The table below shows the Government's macroeconomic forecasts.(a) More comprehensive information is provided in Budget Paper No.1, Statement 2

  Outcomes(b) Forecasts
  2017-18 2018-19 2019-20 2020-21
Real gross domestic product 2.8 2 1/4 2 3/4 2 3/4
Household consumption 2.8 2 1/4 2 3/4 3
Dwelling investment 0.2 1/2 -7 -4
Total business investment(c) 6.0 1 5 4 1/2
  By industry
    Mining investment -4.1 -10 1/2 4 4 1/2
    Non-mining investment 9.7 4 1/2 5 1/2 4 1/2
Private final demand(c) 3.0 1 1/2 2 1/4 2 3/4
Public final demand(c) 4.5 5 1/2 3 1/4 3
Change in inventories(d) 0.0 0 0 0
Gross national expenditure 3.4 2 1/2 2 1/2 2 3/4
Exports of goods and services 4.1 3 1/2 4 1 1/2
Imports of goods and services 7.1 1 1/2 3 2 1/2
  Net exports(d) -0.6 1/2 1/4 -1/4
Nominal gross domestic product 4.7 5 3 1/4 3 3/4
Prices and wages
  Consumer price index(e) 2.1 1 1/2 2 1/4 2 1/2
  Wage price index(f) 2.1 2 1/2 2 3/4 3 1/4
  GDP deflator 1.8 2 1/2 1/2 1
Labour market
  Participation rate (per cent)(g) 65.6 65 1/2 65 1/2 65 1/2
  Employment(f) 2.7 2 1 3/4 1 3/4
  Unemployment rate (per cent)(g) 5.4 5 5 5
Balance of payments
  Terms of trade(h) 1.9 4 -5 1/4 -4 3/4
  Current account balance (per cent of GDP) -2.8 -1 3/4 -2 3/4 -3 3/4

Appendix F: Historical budget data

This table provides historical data and forward estimates for Australian Government General Government Sector

  Receipts(a) Payments(b) Underlying cash balance(c) Net financial worth(d)
  $m Per cent of GDP $m Per cent of GDP $m Per cent of GDP $m Per cent of GDP
1970-71 8,290 20.6 7,389 18.3 901 2.2 na na
1971-72 9,135 20.5 8,249 18.5 886 2.0 na na
1972-73 9,735 19.6 9,388 18.9 348 0.7 na na
1973-74 12,228 20.3 11,078 18.4 1,150 1.9 na na
1974-75 15,643 22.0 15,463 21.7 181 0.3 na na
1975-76 18,727 22.5 20,225 24.3 -1,499 -1.8 na na
1976-77 21,890 22.8 23,157 24.1 -1,266 -1.3 na na
1977-78 24,019 22.9 26,057 24.8 -2,037 -1.9 na na
1978-79 26,129 22.0 28,272 23.8 -2,142 -1.8 na na
1979-80 30,321 22.6 31,642 23.5 -1,322 -1.0 na na
1980-81 35,993 23.7 36,176 23.8 -184 -0.1 na na
1981-82 41,499 23.6 41,151 23.4 348 0.2 na na
1982-83 45,463 24.0 48,810 25.8 -3,348 -1.8 na na
1983-84 49,981 23.4 56,990 26.7 -7,008 -3.3 na na
1984-85 58,817 25.0 64,853 27.6 -6,037 -2.6 na na
1985-86 66,206 25.4 71,328 27.4 -5,122 -2.0 na na
1986-87 74,724 26.2 77,158 27.0 -2,434 -0.9 na na
1987-88 83,491 25.8 82,039 25.3 1,452 0.4 na na
1988-89 90,748 24.7 85,326 23.2 5,421 1.5 na na
1989-90 98,625 24.4 92,684 22.9 5,942 1.5 na na
1990-91 100,227 24.2 100,665 24.3 -438 -0.1 na na
1991-92 95,840 22.7 108,472 25.7 -12,631 -3.0 na na
1992-93 97,633 22.0 115,751 26.1 -18,118 -4.1 na na
1993-94 103,824 22.3 122,009 26.2 -18,185 -3.9 na na
1994-95 113,458 22.9 127,619 25.8 -14,160 -2.9 na na
1995-96 124,429 23.6 135,538 25.7 -11,109 -2.1 na na
1996-97 133,592 24.1 139,689 25.2 -6,099 -1.1 na na
1997-98 140,736 23.9 140,587 23.9 149 0.0 na na
1998-99 152,063 24.5 148,175 23.9 3,889 0.6 na na
1999-00 166,199 25.1 153,192 23.2 13,007 2.0 -70,414 -10.7
2000-01 182,996 26.0 177,123 25.1 5,872 0.8 -75,544 -10.7
2001-02 187,588 24.9 188,655 25.0 -1,067 -0.1 -81,707 -10.8
2002-03 204,613 25.5 197,243 24.6 7,370 0.9 -86,456 -10.8
2003-04 217,775 25.3 209,785 24.4 7,990 0.9 -75,976 -8.8
2004-05 235,984 25.6 222,407 24.1 13,577 1.5 -62,372 -6.8
2005-06 255,943 25.7 240,136 24.1 15,757 1.6 -63,442 -6.4
2006-07 272,637 25.1 253,321 23.3 17,190 1.6 -39,370 -3.6
2007-08 294,917 25.0 271,843 23.1 19,754 1.7 -18,428 -1.6
2008-09 292,600 23.2 316,046 25.1 -27,013 -2.1 -75,465 -6.0
2009-10 284,662 21.9 336,900 25.9 -54,494 -4.2 -148,930 -11.4
2010-11 302,024 21.3 346,102 24.4 -47,463 -3.4 -203,904 -14.4
2011-12 329,874 22.0 371,032 24.7 -43,360 -2.9 -360,672 -24.1
2012-13 351,052 22.9 367,204 23.9 -18,834 -1.2 -317,843 -20.7
2013-14 360,322 22.5 406,430 25.4 -48,456 -3.0 -375,882 -23.5
2014-15 378,301 23.3 412,079 25.4 -37,867 -2.3 -427,169 -26.3
2015-16 386,924 23.3 423,328 25.5 -39,606 -2.4 -548,028 -33.0
2016-17 409,868 23.2 439,375 24.9 -33,151 -1.9 -529,225 -30.0
2017-18 446,905 24.2 452,742 24.5 -10,141 -0.5 -562,183 -30.4
2018‑19 (e) 485,165 25.0 482,734 24.9 -4,162 -0.2 -490,758 -25.3
2019‑20 (e) 505,521 25.2 493,327 24.6 7,054 0.4 -487,984 24.3
2020‑21 (e) 522,318 25.1 511,314 24.6 11,004 0.5 -476,887 -23.0
2021‑22 (p) 551,022 25.4 533,230 24.5 17,792 0.8 -457,183 -21.0
2022‑23 (p) 566,874 25.0 557,709 24.5 9,165 0.4 -446,835 -19.7

(a) Receipts are equal to cash receipts from operating activities and sales of non-financial assets.
(b) Payments are equal to cash payments for operating activities, purchases of non-financial assets and net acquisition of assets under finance leases.
(c) Between 2005-06 and 2019-20, the underlying cash balance is equal to receipts less payments, less net Future Fund earnings. For the years 1970-71 to 2004-05 and from 2020-21 onwards, the underlying cash balance is equal to receipts less payments.
(d) Net financial worth is equal to financial assets less total liabilities.
(e) Estimates.
(p) Projections.
na Data not available.