Appendix 1††† Uniform Government Reporting

Key Issues

       The estimated Net Operating Balance for 2023‑24 is a deficit of $297.5 million for the General Government Sector, a surplus of $9.9 million for the Public Non‑Financial Corporations Sector, a deficit of $287.6 million for the Total Non‑Financial Public Sector, a deficit of $127.3 million for the Public Financial Corporations Sector and a deficit of $414.9 million for the Total State Sector.

       The estimated Fiscal Balance for 2023‑24 is a deficit of $988.8 million for the GGS, a deficit of $1 126.1 million for the PNFC Sector, a deficit of $2 114.9 million for the TNFP Sector, a deficit of $133.9 million for the PFC Sector and a deficit of $2 248.8 million for the Total State Sector.

       Estimated Net Debt as at 30 June 2024 is $3 497.2 million for the GGS, $4 462.8 million for the PNFC Sector, $7 960 million for the TNFP Sector, negative $2 310.2 million for the PFC Sector and $5 649.8 million for the Total State Sector.

       Further information about the GGS Budget and Forward Estimates is included in chapter 4 of this Budget Paper.


 

Introduction

The financial information in this appendix has been prepared in accordance with the Uniform Presentation Framework. This appendix provides Income Statement, Balance Sheet and Cash Flow Statement estimates for the:

       General Government Sector;

       Public Non‑Financial Corporations Sector;

       Total Non‑Financial Public Sector;

       Public Financial Corporations Sector; and

       Total State Sector.

The statements present the 2022‑23 Original Budget, 2022‑23 Estimated Outcome, 2023‑24 Budget Estimates and Forward Estimates for the period 2024‑25 to 2026‑27. For taxation information required under the UPF, refer to chapter 5 of this Budget Paper.

Final audited outcomes for 2022‑23 will be released in the Treasurerís Annual Financial Report, to be published by 31 October 2023.


 

Government Financial Estimates

Tables A1.1 to A1.15 provide the Income Statements, Balance Sheets and Cash Flow Statements for the GGS, PNFC Sector, TNFP Sector, PFC Sector and Total State Sector respectively.

Table A1.1:†††††† General Government Income Statement

 

2022‑23 

2022‑23 

2023‑24

2024‑25 

2025‑26 

2026‑27 

 

 

Estimated 

Forward 

Forward 

Forward 

 

Budget 

Outcome 

Budget 

Estimate 

Estimate 

Estimate 

 

$m 

$m 

$m 

$m 

$m 

$m 

Revenue from transactions

 

 

 

 

 

 

Grants

5 099.5 

5 725.8 

5 619.0 

5 644.9 

5 578.3 

5 685.2 

Taxation

1 613.3 

1 611.6 

1 684.5 

1 762.3 

1 848.3 

1 934.2 

Sales of goods and services

451.1 

430.6 

418.7 

431.4 

437.6 

444.1 

Fines and regulatory fees

111.2 

120.5 

126.4 

134.9 

136.4 

126.4 

Interest income

29.2 

54.7 

74.6 

68.2 

73.0 

72.2 

Dividend, tax and rate equivalent income

336.2 

342.7 

302.8 

361.8 

384.8 

319.5 

Other revenue

207.8 

254.1 

196.4 

196.0 

196.3 

204.6 

 

7 848.2 

8 540.0 

8 422.2 

8 599.4 

8 654.7 

8 786.3 

 

 

 

 

 

 

 

Less Expenses from transactions

 

 

 

 

 

 

Employee expenses

3 393.7 

3 585.0 

3 710.5 

3 822.0 

3 879.9 

3 956.7 

Superannuation

411.5 

422.4 

439.6 

461.9 

481.7 

486.0 

Depreciation

466.4 

456.0 

448.1 

466.8 

487.6 

501.1 

Supplies and consumables

1 768.2 

1 714.9 

1 650.0 

1 657.4 

1 627.7 

1 660.9 

Nominal superannuation interest expense

191.0 

290.3 

289.2 

289.4 

289.3 

288.3 

Borrowing costs

90.0 

86.3 

144.9 

201.6 

250.7 

285.5 

Grant and subsidy expenses

1 962.4 

2 146.9 

1 991.8 

1 856.1 

1 688.4 

1 677.2 

Other expenses

39.8 

55.3 

45.7 

(7.7)

(63.3)

(130.6)

 

8 322.8 

8 757.0 

8 719.7 

8 747.4 

8 642.1 

8 725.0 

 

 

 

 

 

 

 

Equals NET OPERATING BALANCE

(474.6)

(217.1)

(297.5)

(148.1)

12.7 

61.2 

 

 

 

 

 

 

 

Plus Other economic flows ‑ included in Operating Result

 

 

 

 

 

 

Gain/(loss) on sale of non‑financial assets

30.5 

7.9 

20.6 

12.2 

13.6 

11.9 

Other gains/(losses)

23.4 

(37.8)

(41.8)

(60.8)

(47.3)

(40.6)

 

53.8 

(29.9)

(21.2)

(48.6)

(33.7)

(28.7)

 

 

 

 

 

 

 

Equals Operating Result

(420.8)

(247.0)

(318.7)

(196.7)

(21.1)

32.5 

 

 

 

 

 

 

 

 


 

Table A1.1:†††††† General Government Income Statement (continued)

 

2022‑23 

2022‑23 

2023‑24 

2024‑25 

2025‑26 

2026‑27 

 

 

Estimated 

Forward 

Forward 

Forward 

 

Budget 

Outcome 

Budget 

Estimate 

Estimate 

Estimate 

 

$m 

$m 

$m 

$m 

$m 

$m 

 

 

 

 

 

 

 

Plus Other economic flows ‑ other movements in Equity

 

 

 

 

 

 

Revaluations of non-financial assets

282.0 

239.1 

274.1 

274.1 

274.1 

274.1 

Revaluation of equity investment in PNFC and PFC sectors

(51.1)

1 477.7 

280.5 

274.5 

307.4 

550.2 

Movements in superannuation liability

.... 

24.8 

.... 

.... 

.... 

.... 

230.9 

1 741.6 

554.6 

548.6 

581.5 

824.3 

 

 

 

 

 

 

 

Equals Comprehensive Result

(189.9)

1 494.6 

236.0 

352.0 

560.5 

856.8 

 

 

 

 

 

 

 

KEY FISCAL AGGREGATES

 

 

 

 

 

 

 

 

 

 

 

 

 

NET OPERATING BALANCE

(474.6)

(217.1)

(297.5)

(148.1)

12.7 

61.2 

 

 

 

 

 

 

 

Less Net acquisition of non‑financial assets

 

 

 

 

 

 

Purchases of non‑financial assets

1 176.3 

863.7 

1 178.2 

1 119.4 

944.6 

782.0 

Less Sales of non‑financial assets

48.6 

26.1 

38.8 

30.4 

31.7 

30.1 

Less Depreciation

466.4 

456.0 

448.1 

466.8 

487.6 

501.1 

 

661.3 

381.7 

691.3 

622.3 

425.3 

250.9 

 

 

 

 

 

 

 

Equals FISCAL BALANCE

(1 135.9)

(598.8)

(988.8)

(770.3)

(412.6)

(189.6)

 

 

 

 

 

 

 

 


 

Table A1.2:†††††† General Government Balance Sheet as at 30 June

 

2023 

2023 

2024 

2025 

2026 

2027 

 

 

Estimated 

Forward 

Forward 

Forward 

 

Budget 

Outcome 

Budget1 

Estimate 

Estimate 

Estimate 

 

$m 

$m 

$m 

$m 

$m 

$m 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

Financial assets

 

 

 

 

 

 

Cash and deposits

624.6 

932.9 

937.6 

891.2 

916.9 

887.9 

Investments

867.2 

852.3 

885.3 

843.1 

843.1 

847.0 

Equity investment in PNFC and PFC sectors

5 445.2 

10 526.4 

11 013.6 

11 523.1 

11 930.1 

12 545.6 

Other equity investments

201.4 

139.9 

189.9 

190.0 

190.0 

190.0 

Receivables

407.3 

380.3 

381.7 

380.0 

382.4 

381.8 

Other financial assets

596.5 

677.9 

640.1 

602.8 

568.7 

543.1 

 

8 142.2 

13 509.7 

14 048.4 

14 430.2 

14 831.3 

15 395.4 

Non‑financial assets

 

 

 

 

 

 

Land and buildings

8 205.7 

6 790.0 

7 022.7 

7 296.9 

7 510.7 

7 610.9 

Infrastructure

6 938.9 

6 846.2 

7 591.4 

8 255.2 

8 793.1 

9 257.3 

Plant and equipment

342.9 

347.1 

388.2 

394.3 

406.5 

414.7 

Heritage and cultural assets

478.7 

493.1 

505.4 

517.7 

530.0 

542.3 

Investment property

3.2 

3.8 

3.9 

3.9 

3.9 

3.9 

Intangibles

136.9 

133.8 

201.6 

255.6 

295.4 

345.7 

Assets held for sale

2.8 

9.7 

10.9 

12.4 

10.8 

10.3 

Lease - right‑of‑use assets

335.7 

743.9 

687.8 

618.7 

550.2 

484.2 

Other non‑financial assets

910.8 

101.4 

99.6 

98.4 

97.8 

97.3 

 

17 355.6 

15 469.1 

16 511.6 

17 453.0 

18 198.2 

18 766.7 

 

 

 

 

 

 

 

Total Assets

25 497.8 

28 978.9 

30 560.0 

31 883.2 

33 029.5 

34 162.0 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

Borrowings

4 125.6 

3 286.1 

4 555.0 

5 599.0 

6 204.8 

6 677.3 

Lease liabilities

360.2 

782.0 

765.1 

728.1 

690.9 

653.5 

Superannuation

8 397.6 

7 744.4 

7 759.3 

7 753.0 

7 729.3 

7 687.2 

Employee entitlements

871.4 

878.6 

898.8 

920.3 

940.4 

877.0 

Payables

182.5 

173.5 

178.0 

181.7 

182.1 

183.4 

Other liabilities

790.7 

907.5 

961.0 

906.4 

926.8 

871.5 

Total Liabilities

14 728.0 

13 772.1 

15 117.2 

16 088.5 

16 674.3 

16 950.0 

 

 

 

 

 

 

Net Assets

10 769.8 

15 206.8 

15 442.7 

15 794.7 

16 355.2 

17 212.0 

 

 

 

 

 

 

Equity

 

 

 

 

 

 

Accumulated funds

5 345.7 

8 150.5 

7 831.8 

7 635.1 

7 614.1 

7 646.6 

Asset revaluation reserve

6 113.2 

6 100.3 

6 374.4 

6 648.5 

6 922.6 

7 196.7 

Other revaluation reserves

(689.1)

956.1 

1 236.6 

1 511.1 

1 818.5 

2 368.7 

Total Equity

10 769.8 

15 206.8 

15 442.7 

15 794.7 

16 355.2 

17 212.0 

Table A1.2:†††††† General Government Balance Sheet as at 30 June (continued)

 

2023 

2023 

2024 

2025 

2026 

2027 

 

 

Estimated 

 

Forward 

Forward 

Forward 

 

Budget 

Outcome 

Budget1 

Estimate 

Estimate 

Estimate 

 

$m 

$m 

$m 

$m 

$m 

$m 

 

 

 

 

 

 

 

KEY FISCAL AGGREGATES

 

 

 

NET WORTH2

†10 769.8 

15 206.8 

15 442.7 

15 794.7 

16 355.2 

17 212.0 

 

 

 

 

 

 

 

NET FINANCIAL WORTH3

(6 585.8)

(262.3)

(1 068.8)

(1 658.3)

(1 843.0)

(1 554.6)

 

 

 

 

 

 

 

NET FINANCIAL LIABILITIES4

†12 031.0 

10 788.8 

12 082.5 

13 181.4 

13 773.1 

14 100.2 

 

 

 

 

 

 

 

NET DEBT5

†2 994.0 

2 282.9 

3 497.2 

4 592.8 

5 135.7 

5 596.0 

 

 

 

 

 

 

 

GFS NET DEBT6

†2 633.8 

1 500.9 

2 732.0 

3 864.7 

4 444.7 

4 942.4 

 

 

 

Notes:

1.    Changes in Asset and Liability balances in 2024 include the impact of the establishment of Homes Tasmania as a PNFC entity. This has resulted in the transfer of Housing Assets and Liabilities to Homes Tasmania from the General Government Sector and an increase in Assets and Liabilities in the PNFC Sector. This is also reflected as an increase to General Government Sector Equity investments in PNFC and PFC sectors for 2024.

2.    Net Worth represents Total Assets less Total Liabilities.

3.    Net Financial Worth represents Total Financial assets less Total Liabilities.

4.    Net Financial Liabilities represents Total Liabilities less Financial assets excluding Equity investment in PNFC and PFC Sectors.

5.    Net Debt represents Borrowings plus Lease liabilities, less the sum of Cash and deposits and Investments.

6.    GFS Net Debt represents Borrowings less the sum of Cash and deposits and Investments. This is equivalent to Net Debt based on the Australian Bureau of Statistics Government Finance Statistics reporting framework and excludes the impact of Lease liabilities.


 

Table A1.3:†††††† General Government Cash Flow Statement

 

2022‑23 

2022‑23 

2023‑24 

2024‑25 

2025‑26 

2026‑27 

 

 

Estimated 

 

Forward 

Forward 

Forward 

 

Budget 

Outcome 

Budget 

Estimate 

Estimate 

Estimate 

 

$m 

$m 

$m 

$m 

$m 

$m 

Cash flows from operating activities

 

 

 

 

 

 

Cash received from operating activities

 

 

 

 

 

 

Grants received

5 111.2 

5 761.7 

5 665.8 

5 584.6 

5 593.1 

5 624.3 

Taxation

1 611.8 

1 610.7 

1 682.8 

1 760.0 

1 846.9 

1 932.3 

Sales of goods and services

446.9 

429.6 

416.7 

429.1 

435.0 

441.6 

Fines and regulatory fees

111.3 

120.6 

126.3 

134.9 

136.3 

126.4 

Interest received

28.8 

54.2 

70.6 

67.3 

68.7 

71.0 

Dividend, tax and rate equivalents

353.3 

313.3 

314.7 

355.0 

386.6 

323.5 

Other receipts

454.1 

500.0 

446.7 

447.0 

447.4 

456.8 

 

8 117.4 

8 790.2 

8 723.7 

8 777.9 

8 913.8 

8 975.7 

 

 

 

 

 

 

 

Cash payments for operating activities

 

 

 

 

 

 

Employee entitlements

(3 374.1)

(3 562.7)

(3 689.0)

(3 799.7)

(3 859.0)

(4 009.9)

Superannuation

(616.4)

(662.7)

(712.1)

(755.8)

(793.0)

(824.2)

Supplies and consumables

(1 778.4)

(1 727.6)

(1 659.6)

(1 666.5)

(1 637.2)

(1 670.6)

Borrowing costs

(90.1)

(74.1)

(143.4)

(201.7)

(251.9)

(285.7)

Grants and subsidies paid

(1 962.3)

(2 146.8)

(1 991.7)

(1 856.1)

(1 688.4)

(1 677.1)

Other payments

(288.6)

(303.7)

(296.8)

(244.5)

(190.3)

(123.8)

 

(8 109.8)

(8 477.6)

(8 492.5)

(8 524.4)

(8 419.7)

(8 591.3)

 

 

 

 

 

 

 

Net cash flows from operating activities

7.6 

312.7 

231.1 

253.6 

494.2 

384.4 

 

 

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

 

 

Net cash flows from non‑financial assets

 

 

 

 

 

 

Purchases of non‑financial assets

(1 166.4)

(868.4)

(1 219.3)

(1 161.5)

(987.9)

(826.3)

Sales of non‑financial assets

45.6 

23.0 

35.0 

26.6 

27.9 

26.3 

 

(1 120.8)

(845.4)

(1 184.3)

(1 134.9)

(960.0)

(800.1)

Net cash flows from financial assets (policy purposes)

 

 

 

 

 

 

Equity injections

(346.8)

(273.9)

(256.7)

(235.0)

(99.5)

(65.3)

Net advances paid

(36.0)

(98.2)

(33.0)

42.2 

.... †

(3.8)

Equity disposals

3.6 

2.1 

.... 

.... 

.... 

.... 

(379.3)

(369.9)

(289.7)

(192.8)

(99.5)

(69.1)

Net cash flows from financial assets (liquidity management purposes)

 

 

 

 

 

 

Net (purchase)/sale of investments

41.0 

41.3 

0.5 

3.0 

3.3 

.... 

 

41.0 

41.3 

0.5 

3.0 

3.3 

.... 

 

 

 

 

 

 

 

Net cash flows from investing activities

(1 459.0)

(1 174.0)

(1 473.5)

(1 324.7)

(1 056.3)

(869.2)

 

 

 

 

 

 

 

Table A1.3:†††††††† General Government Cash Flow Statement (continued)

 

2022‑23 

2022‑23 

2023‑24 

2024‑25 

2025‑26 

2026‑27 

 

 

Estimated 

 

Forward 

Forward 

Forward 

 

Budget 

Outcome 

Budget 

Estimate 

Estimate 

Estimate 

 

$m 

$m 

$m 

$m 

$m 

$m 

Cash flows from financing activities

 

 

 

 

 

 

Net borrowing

1 451.9 

821.1 

1 247.1 

1 024.7 

587.7 

455.9 

1 451.9 

821.1 

1 247.1 

1 024.7 

587.7 

455.9 

 

 

 

 

 

 

 

Net increase/(decrease) in cash held

0.4 

(40.2)

4.7 

(46.4)

25.6 

(29.0)

 

 

 

 

 

 

Cash at the beginning of the year

624.2 

973.1 

932.9 

937.6 

891.2 

916.9 

Cash at the end of the year

624.6 

932.9 

937.6 

891.2 

916.9 

887.9 

 

 

 

 

 

 

 

KEY FISCAL AGGREGATES

 

 

 

 

 

 

 

 

 

 

 

 

 

Net cash flows from operating activities

7.6 

312.7 

231.1 

253.6 

494.2 

384.4 

Plus Net cash flows from non‑financial assets

(1 120.8)

(845.4)

(1 184.3)

(1 134.9)

(960.0)

(800.1)

Equals CASH SURPLUS/(DEFICIT)

(1 113.2)

(532.8)

(953.2)

(881.3)

(465.9)

(415.7)

 

 

 

 

 

 

 

 


 

Table A1.4:†††††† Public Non-Financial Corporations Sector Income Statement

2022‑23 

2022‑23 

2023‑24 

2024‑25 

2025‑26 

2026‑27 

 

Estimated 

 

Forward 

Forward 

Forward 

Budget 

Outcome 

Budget 

Estimate 

Estimate 

Estimate 

$m 

$m 

$m 

$m 

$m 

$m 

 

 

 

 

 

 

Revenue from transactions

 

 

 

 

 

 

Grants

182.4 

† 411.4 

† 286.7 

† 283.8 

† 285.9 

† 290.5 

Sales of goods and services

2 794.9 

†2 939.9 

†3 182.0 

†3 344.1 

†3 630.1 

†3 905.6 

Interest income

2.1 

† 6.6 

† 7.1 

† 4.6 

† 4.6 

† 4.7 

Other revenue

41.8 

† 80.4 

† 107.4 

† 109.4 

† 112.0 

† 115.1 

3 021.2 

†3 438.3 

†3 583.2 

†3 741.9 

†4 032.5 

†4 315.9 

 

 

 

 

 

 

Less Expenses from transactions

 

 

 

 

 

 

Employee expenses

452.6 

† 480.0 

† 500.8 

† 516.6 

† 526.5 

† 543.6 

Superannuation

58.7 

† 59.0 

† 63.5 

† 65.9 

† 68.0 

† 70.2 

Depreciation

369. 4

† 430.4 

† 484.1 

† 516.0 

† 576.2 

† 598.6 

Supplies and consumables

1 793.6 

†1 939.8 

†2 035.7 

†2 101.1 

†2 272.2 

†2 469.8 

Nominal superannuation interest expense

13.8 

† 23.2 

† 21.1 

† 21.1 

† 21.1 

† 21.0 

Borrowing costs

109.2 

† 124.7 

† 156.3 

† 188.6 

† 221.8 

† 246.1 

Dividend and income tax equivalent expenses

183.3 

† 167.4 

† 150.2 

† 209.4 

† 224.1 

† 251.7 

Grant and subsidy expenses

48.6 

† 182.4 

† 116.3 

† 118.0 

† 114.2 

† 111.6 

Other expenses

34.4 

† 45.8 

† 45.3 

† 43.8 

† 37.1 

† 38.8 

3 063.5 

†3 452.7 

†3 573.3 

†3 780.5 

†4 061.2 

†4 351.5 

 

 

 

 

 

 

Equals NET OPERATING BALANCE

(42.3)

(14.3)

† 9.9 

(38.6)

(28.7)

(35.6)

 

 

 

 

 

 

Plus Other economic flows ‑ included in Operating Result

 

 

 

 

 

 

Gain/(loss) on sale of non-financial assets

.... 

† 0.4 

† 12.9 

† 41.6 

† 48.6 

† 48.7 

Other gains/(losses)

(46.1)

(96.2)

(161.3)

(155.9)

(115.2)

(44.3)

(46.1)

(95.8)

(148.4)

(114.3)

(66.6)

† 4.4 

 

 

 

 

 

 

Equals Operating Result

(88.4)

(110.1)

(138.5)

(152.9)

(95.3)

(31.2)

 

 


Table A1.4:†††††† Public Non‑Financial Corporations Sector Income Statement (continued)

2022‑23 

2022‑23 

2023‑24 

2024‑25 

2025‑26 

2026‑27 

 

Estimated 

 

Forward 

Forward 

Forward 

Budget 

Outcome 

Budget 

Estimate 

Estimate 

Estimate 

$m 

$m 

$m 

$m 

$m 

$m 

 

 

Plus Other economic flows ‑ other movements in Equity

 

 

Revaluations of non‑financial assets

83.5 

†1 419.0 

† 476.3 

† 490.7 

† 521.9 

† 575.0 

Movements in superannuation liability

.... 

† 45.1 

.... 

.... 

.... 

.... 

Other non‑owner movements in Equity

31.1 

†3 681.6 

† 33.7 

† 24.4 

(18.2)

† 16.8 

114.6 

†5 145.6 

† 510.0 

† 515.1 

† 503.7 

† 591.8 

 

 

 

 

 

 

Equals Comprehensive Result

26.2 

†5 035.5 

† 371.5 

† 362.3 

† 408.4 

† 560.6 

 

 

 

 

 

 

KEY FISCAL AGGREGATES

 

 

 

 

 

 

 

 

 

 

 

 

NET OPERATING BALANCE

(42.3)

(14.3)

† 9.9 

(38.6)

(28.7)

(35.6)

 

 

 

 

 

 

Less Net acquisition of non‑financial assets

 

 

 

 

 

 

Purchases of non‑financial assets

†1 277.7 

†1 388.7 

†1 637.9 

†1 689.5 

†1 500.3 

†1 405.3 

Less Sales of non‑financial assets

1.4 

† 4.6 

† 17.9 

† 46.7 

† 191.1 

† 53.9 

Less Depreciation

369.4 

† 430.4 

† 484.1 

† 516.0 

† 576.2 

† 598.6 

906.9 

† 953.7 

†1 136.0 

†1 126.8 

† 733.0 

† 752.8 

 

 

 

 

 

 

Equals FISCAL BALANCE

(949.2)

(968.0)

(1 126.1)

(1 165.4)

(761.7)

(788.3)

 

 

 

 

 

 


 

Table A1.5:†††††† Public Non‑Financial Corporations Sector Balance Sheet as at 30 June

2023 

2023 

2024 

2025 

2026 

2027 

 

Estimated 

 

Forward 

Forward 

Forward 

Budget 

Outcome 

Budget1 

Estimate 

Estimate 

Estimate 

$m 

$m 

$m 

$m 

$m 

$m 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

Financial assets

 

 

 

 

 

 

Cash and deposits

128.4 

† 275.5 

† 241.1 

† 183.0 

† 135.1 

† 114.6 

Investments

11.1 

† 13.6 

† 13.1 

† 14.3 

† 13.7 

† 12.8 

Other equity investments

90.0 

† 116.4 

† 126.7 

† 142.6 

† 158.4 

† 172.3 

Receivables

598.6 

† 572.9 

† 530.7 

† 545.8 

† 560.4 

† 563.2 

Other financial assets

958.8 

†1 045.5 

†1 048.7 

†1 049.9 

†1 049.0 

†1 052.3 

1 786.8

†2 023.9 

†1 960.3 

†1 935.6 

†1 916.6 

†1 915.2 

Non‑financial assets

 

 

 

 

 

 

Land and buildings

385.9 

†3 365.4 

†3 626.9 

†4 038.6 

†4 312.4 

†4 613.7 

Infrastructure

†8 129.3 

†8 559.7 

†9 554.0 

†10 439.1 

†11 133.1 

†11 954.0 

Plant and equipment

482.5 

† 426.7 

† 484.3 

† 496.5 

† 498.7 

† 501.8 

Biological assets

188.6 

† 195.5 

† 200.3 

† 206.0 

† 211.8 

† 216.9 

Intangibles

139.3 

† 149.2 

† 162.5 

† 179.2 

† 190.8 

† 201.9 

Assets held for sale

.... †

† 1.4 

† 1.7 

† 2.8 

† 4.8 

† 8.0 

Lease - right‑of‑use assets

58.9 †

† 389.0 

† 374.4 

† 346.6 

† 382.0 

† 353.9 

Service concession assets

.... †

†2 170.9 

†2 326.0 

†2 492.3 

†2 671.0 

†2 865.2 

Other non‑financial assets

180.3 †

† 144.7 

† 148.5 

† 151.6 

† 153.7 

† 155.9 

†9 564.7 

†15 402.5 

†16 878.7 

†18 352.8 

†19 558.1 

†20 871.2 

 

 

 

 

 

 

Total Assets

†11 351.5 

†17 426.4 

†18 839.0 

†20 288.3 

†21 474.7 

†22 786.3 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

Borrowings

†3 496.6 

†3 416.1 

†4 311.3 

†5 253.6 

†5 923.0 

†6 663.1 

Lease liabilities

49.8 †

† 414.3 

† 405.7 

† 382.3 

† 425.3 

† 409.0 

Superannuation

596.5 †

† 558.7 

† 559.0 

† 557.6 

† 555.0 

† 551.1 

Employee entitlements

125.2 †

† 160.7 

† 160.9 

† 163.0 

† 164.5 

† 166.3 

Payables

519.1 †

† 524.1 

† 523.7 

† 519.4 

† 518.0 

† 516.4 

Other liabilities

2 104.4 †

†2 793.5 

†2 741.3 

†2 677.9 

†2 646.5 

†2 612.3 

Total Liabilities

†6 891.5 

†7 867.4 

†8 701.8 

†9 553.9 

†10 232.4 

†10 918.1 

 

 

 

 

 

 

Net Assets

4 460.0 †

†9 559.0 

†10 137.2 

†10 734.5 

†11 242.4 

†11 868.3 

 

 

 

 

 

 

Equity

 

 

 

 

 

 

Accumulated funds

(240.3)

†4 115.5 

†3 995.0 

†3 856.0 

†3 732.1 

†3 716.5 

Asset revaluation reserve

1 095.1 †

†2 558.1 

†3 034.4 

†3 525.2 

†4 047.1 

†4 622.1 

Other reserves

420.5 †

(212.8)

(205.6)

(199.3)

(198.0)

(196.8)

Other equity

3 184.7 †

†3 098.1 

†3 313.3 

†3 552.6 

†3 661.2 

†3 726.5 

Total Equity

4 460.0 †

†9 559.0 

†10 137.2 

†10 734.5 

†11 242.4 

†11 868.3 


Table A1.5:†††††† Public Non‑Financial Corporations Sector Balance Sheet as at 30 June (continued)

2023 

2023 

2024 

2025 

2026 

2027 

 

Estimated 

 

Forward 

Forward 

Forward 

Budget 

Outcome 

Budget1 

Estimate 

Estimate 

Estimate 

$m 

$m 

$m 

$m 

$m 

$m 

 

 

KEY FISCAL AGGREGATES

 

 

 

NET WORTH2

†4 460.0 

†9 559.0 

†10 137.2 

†10 734.5 

†11 242.4 

†11 868.3 

 

 

 

 

 

 

 

NET FINANCIAL WORTH3

(5 104.7)

(5 843.5)

(6 741.5)

(7 618.3)

(8 315.8)

(9 002.9)

 

 

 

 

 

 

 

NET FINANCIAL LIABILITIES4

†5 104.7 

†5 843.5 

†6 741.5 

†7 618.3 

†8 315.8 

†9 002.9 

 

 

 

 

 

 

 

NET DEBT5

†3 406.9 

†3 541.2 

†4 462.8 

†5 438.5 

†6 199.5 

†6 944.6 

 

 

 

 

 

 

 

GFS NET DEBT6

†3 357.1 

†3 127.0 

†4 057.1 

†5 056.2 

†5 774.2 

†6 535.7 

 

 

Notes:

1.    Changes in Asset and Liability balances in 2024 include the impact of the establishment of Homes Tasmania as a PNFC entity. This has resulted in the transfer of Housing Assets and Liabilities to Homes Tasmania from the General Government Sector and an increase in Assets and Liabilities in the PNFC Sector. This is also reflected as an increase to General Government Sector Equity investments in PNFC and PFC sectors for 2024.

2.    Net Worth represents Total Assets less Total Liabilities.

3.    Net Financial Worth represents Total Financial assets less Total Liabilities.

4.    Net Financial Liabilities represents Total Liabilities less Financial assets. For the PNFC Sector, this is equivalent to negative Net Financial Worth.

5.    Net Debt represents Borrowings plus Lease liabilities, less the sum of Cash and deposits and Investments.

6.    GFS Net Debt represents Borrowings less the sum of Cash and deposits and Investments. This is equivalent to Net Debt based on the Australian Bureau of Statistics Government Finance Statistics reporting framework and excludes the impact of Lease liabilities.

 


 

Table A1.6:†††††† Public Non‑Financial Corporations Sector Cash Flow Statement

2022‑23 

2022‑23 

2023‑24 

2024‑25 

2025‑26 

2026‑27 

 

Estimated 

 

Forward 

Forward 

Forward 

Budget 

Outcome 

Budget 

Estimate 

Estimate 

Estimate 

$m 

$m 

$m 

$m 

$m 

$m 

 

 

 

 

 

 

Cash flows from operating activities

 

 

 

 

 

 

Cash received from operating activities

 

 

 

 

 

 

Grants received

182.4 

† 476.4 

† 287.8 

† 283.6 

† 285.9 

† 290.5 

Sales of goods and services

2 771.1 

†2 987.0 

†3 241.6 

†3 378.2 

†3 667.0 

†3 959.4 

Interest received

1.7 

† 6.4 

† 6.9 

† 4.4 

† 4.3 

† 4.4 

Other receipts

185.4 

† 197.4 

† 232.8 

† 238.3 

† 244.8 

† 253.9 

3 140.6 

†3 667.1 

†3 769.1 

†3 904.5 

†4 201.9 

†4 508.2 

 

 

 

 

 

 

Cash payments for operating activities

 

 

 

 

 

 

Employee entitlements

(469.7)

(526.6)

(524.7)

(539.0)

(550.4)

(566.2)

Superannuation

(49.7)

(59.9)

(58.4)

(60.3)

(62.2)

(64.0)

Supplies and consumables

(1 883.0)

(2 014.7)

(2 094.6)

(2 207.2)

(2 352.0)

(2 561.4)

Borrowing costs

(102.6)

(99.0)

(126.0)

(146.7)

(187.6)

(213.9)

Grants and subsidies paid

(48.6)

(182.4)

(116.3)

(118.0)

(114.2)

(111.6)

Other payments

(111.8)

(163.1)

(154.7)

(164.8)

(168.1)

(167.0)

(2 665.4)

(3 045.7)

(3 074.7)

(3 236.0)

(3 434.5)

(3 684.0)

 

 

 

 

 

 

Net cash flows from operating activities

† 475.3 

† 621.4 

† 694.4 

† 668.5 

† 767.5 

† 824.2 

 

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

 

 

Net cash flows from non‑financial assets

 

 

 

 

 

 

Purchases of non‑financial assets

(1 277.7)

(1 388.7)

(1 637.9)

(1 689.5)

(1 500.3)

(1 405.3)

Sales of non‑financial assets

1.4 

† 4.6 

† 17.9 

† 46.7 

† 191.1 

† 53.9 

(1 276.3)

(1 384.0)

(1 620.1)

(1 642.8)

(1 309.2)

(1 351.4)

 

 

 

 

 

 

Net cash flows from financial assets
(policy purposes)

 

 

 

 

 

 

Equity injections

286.4 

† 212.8 

† 206.7 

† 235.0 

† 99.5 

† 65.3 

286.4 

† 212.8 

† 206.7 

† 235.0 

† 99.5 

† 65.3 

 

 

 

 

 

 

Net cash flows from financial assets (liquidity management purposes)

 

 

 

 

 

 

Net (purchase)/sale of investments

9.3 

† 98.7 

(4.4)

(2.9)

(0.3)

† 2.3 

9.3 

† 98.7 

(4.4)

(2.9)

(0.3)

† 2.3 

 

 

 

 

 

 

Net cash flows from investing activities

(980.6)

(1 072.5)

(1 417.8)

(1 410.7)

(1 210.0)

(1 283.8)

 

 

 

 

 

 

 


Table A1.6:†††††† Public Non‑Financial Corporations Sector Cash Flow Statement (continued)

2022‑23 

2022‑23 

2023‑24 

2024‑25 

2025‑26 

2026‑27 

 

Estimated

 

Forward 

Forward 

Forward 

Budget 

Outcome 

Budget 

Estimate 

Estimate 

Estimate 

$m 

$m 

$m 

$m 

$m 

$m 

 

 

 

 

 

 

 

Cash flows from financing activities

 

 

 

 

 

 

Net borrowing

† 533.2 

† 514.0 

† 851.5 

† 896.5 

† 629.1 

† 699.4 

Dividends and tax equivalents paid

(192.4)

(155.0)

(162.6)

(212.4)

(234.5)

(260.3)

Net cash flows from financing activities

† 340.8 

† 359.0 

† 688.9 

† 684.1 

† 394.6 

† 439.1 

 

 

 

 

 

 

Net increase/(decrease) in cash held

(164.5)

(92.1)

(34.5)

(58.0)

(48.0)

(20.5)

 

 

 

 

 

 

Cash at beginning of the year

† 292.9 

† 367.6 

† 275.5 

† 241.1 

† 183.0 

† 135.1 

Cash at end of the year

128.4 

† 275.5 

† 241.1 

† 183.0 

† 135.1 

† 114.6 

 

 

 

 

 

 

KEY FISCAL AGGREGATES

 

 

 

 

 

 

 

 

 

 

 

 

Net cash flows from operating activities

475.3 

† 621.4 

† 694.4 

† 668.5 

† 767.5 

† 824.2 

Plus Net cash flows from non‑financial assets

(1 276.3)

(1 384.0)

(1 620.1)

(1 642.8)

(1 309.2)

(1 351.4)

Plus Dividends and tax equivalents paid

(192.4)

(155.0)

(162.6)

(212.4)

(234.5)

(260.3)

Equals CASH SURPLUS/(DEFICIT)

(993.4)

(917.5)

(1 088.3)

(1 186.7)

(776.3)

(787.5)

 

 

 

 

 

 

 


 

Table A1.7:†††††† Total Non‑Financial Public Sector Income Statement

 

2022‑23 

2022‑23 

2023‑24 

2024‑25 

2025‑26 

2026‑27 

 

 

Estimated 

 

Forward 

Forward 

Forward 

 

Budget 

Outcome 

Budget 

Estimate 

Estimate 

Estimate 

 

$m 

$m 

$m 

$m 

$m 

$m 

 

 

 

 

 

 

 

Revenue from transactions

 

 

 

 

 

 

Grants

5 099.5 

†5 725.8 

†5 619.0 

†5 644.9 

†5 578.3 

†5 685.2 

Taxation

1 572.0 

†1 567.8 

†1 635.6 

†1 707.4 

†1 789.8 

†1 871.8 

Sales of goods and services

3 212.4 

†3 337.9 

†3 567.8 

†3 740.6 

†4 031.5 

†4 312.1 

Fines and regulatory fees

111.2 

† 120.5 

† 126.4 

† 134.9 

† 136.4 

† 126.4 

Interest income

31.3 

† 61.2 

† 81.7 

† 72.8 

† 77.6 

† 76.9 

Dividend, tax and rate equivalent income

153.0 

† 175.2 

† 152.6 

† 152.4 

† 160.8 

† 67.8 

Other revenue

249.6 

† 334.6 

† 303.7 

† 305.4 

† 308.3 

† 319.7 

 

10 428.9 

†11 323.0 

†11 486.7 

†11 758.4 

†12 082.7 

†12 460.0 

 

 

 

 

 

 

 

Less Expenses from transactions

 

 

 

 

 

 

Employee expenses

3 846.3 

†4 065.0 

†4 211.3 

†4 338.6 

†4 406.4 

†4 500.3 

Superannuation

470.2 

† 481.4 

† 503.1 

† 527.8 

† 549.7 

† 556.2 

Depreciation

835.8 

† 886.4 

† 932.2 

† 982.8 

†1 063.8 

†1 099.7 

Supplies and consumables

3 528.3 

†3 622.1 

†3 652.7 

†3 723.6 

†3 863.6 

†4 093.2 

Nominal superannuation interest expense

204.7 

† 313.6 

† 310.3 

† 310.5 

† 310.5 

† 309.3 

Borrowing costs

184.3 

† 196.7 

† 283.0 

† 366.9 

† 446.4 

† 502.4 

Grant and subsidy expenses

1 828.5 

†1 917.9 

†1 821.3 

†1 690.3 

†1 516.7 

†1 498.3 

Other expenses

47.8 

† 71.5 

† 60.4 

† 4.5 

(58.4)

(125.0)

 

10 945.9 

†11 554.4 

†11 774.3 

†11 945.1 

†12 098.7 

†12 434.3 

 

 

 

 

 

 

 

Equals NET OPERATING BALANCE

(516.9)

(231.4)

(287.6)

(186.7)

(16.0)

† 25.6 

 

 

 

 

 

 

 

Plus Other economic flows ‑ included in Operating Result

 

 

 

 

 

 

Gain/(loss) on sale of non-financial assets

30.5 

† 8.3 

† 33.5 

† 53.8 

† 62.1 

† 60.6 

Other gains/(losses)

(22.7)

(134.0)

(203.0)

(216.7)

(162.5)

(84.9)

 

7.8 

(125.7)

(169.6)

(162.9)

(100.4)

(24.3)

 

 

 

 

 

 

 

Equals Operating Result

(509.2)

(357.1)

(457.2)

(349.5)

(116.4)

† 1.4 

 


 

Table A1.7:†††††† Total Non‑Financial Public Sector Income Statement (continued)

 

2022‑23 

2022‑23 

2023‑24 

2024‑25 

2025‑26 

2026‑27 

 

 

Estimated 

 

Forward 

Forward 

Forward 

 

Budget 

Outcome 

Budget 

Estimate 

Estimate 

Estimate 

 

$m 

$m 

$m 

$m 

$m 

$m 

 

 

 

 

 

 

 

Plus Other economic flows ‑ other movements in Equity

 

 

 

 

 

 

Revaluations of non-financial assets

365.5 

†1 658.1 

† 750.4 

† 764.8 

† 796.0 

† 849.1 

Revaluation of equity investment in PFC sector

(77.4)

(27.6)

(91.0)

(87.8)

(101.0)

(10.4)

Movements in superannuation liability

.... 

† 69.8 

.... 

.... 

.... 

.... 

Other non-owner movements in Equity

31.1 

† 151.3 

† 33.7 

† 24.4 

(18.2)

† 16.8 

 

319.3 

†1 851.6 

† 693.1 

† 701.5 

† 676.9 

† 855.4 

 

 

 

 

 

 

 

Equals Comprehensive Result

(189.9)

†1 494.5 

† 236.0 

† 352.0 

† 560.5 

† 856.8 

 

 

 

 

 

 

 

KEY FISCAL AGGREGATES

 

 

 

 

 

 

 

 

 

 

 

 

 

NET OPERATING BALANCE

(516.9)

(231.4)

(287.6)

(186.7)

(16.0)

† 25.6 

 

 

 

 

 

 

 

Less Net acquisition of non-financial assets

 

 

 

 

 

 

Purchase of non-financial assets

†2 454.0 

†2 252.4 

†2 816.1 

†2 808.9 

†2 444.9 

†2 187.3 

Less Sales of non-financial assets

50.0 

† 30.7 

† 56.6 

† 77.0 

† 222.8 

† 83.9 

Less Depreciation

835.8 

† 886.4 

† 932.2 

† 982.8 

†1 063.8 

†1 099.7 

 

†1 568.2 

†1 335.4 

†1 827.2 

†1 749.1 

†1 158.3 

†1 003.6 

 

 

 

 

 

 

 

Equals FISCAL BALANCE

(2 085.2)

(1 566.8)

(2 114.9)

(1 935.7)

(1 174.3)

(978.0)

 

 


 

Table A1.8:†††††† Total Non‑Financial Public Sector Balance Sheet as at 30 June

 

2023 

2023 

2024 

2025 

2026 

2027 

 

 

Estimated 

 

Forward 

Forward 

Forward 

 

Budget 

Outcome 

Budget 

Estimate 

Estimate 

Estimate 

 

$m 

$m 

$m 

$m 

$m 

$m 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

Financial assets

 

 

 

 

 

 

Cash and deposits

753.0 

†1 208.5 

†1 178.7 

†1 074.3 

†1 052.0 

†1 002.5 

Investments

878.3 

† 865.9 

† 898.4 

† 857.5 

† 856.9 

† 859.8 

Equity investment in PFC sector

985.3 

† 967.5 

† 876.5 

† 788.7 

† 687.7 

† 677.3 

Other equity investments

291.4 

† 256.3 

† 316.7 

† 332.5 

† 348.4 

† 362.3 

Receivables

1 005.9 

† 953.2 

† 912.5 

† 925.7 

† 942.8 

† 945.0 

Other financial assets

987.9 

†1 041.3 

†1 047.1 

†1 051.2 

†1 049.2 

†1 056.4 

4 901.7 

†5 292.7 

†5 229.8 

†5 029.9 

†4 936.9 

†4 903.2 

 

 

 

 

 

 

 

Non-financial assets

 

 

 

 

 

 

Land and buildings

8 591.6 

†10 155.5 

†10 649.7 

†11 335.5 

†11 823.1 

†12 224.6 

Infrastructure

†15 068.2 

†15 405.9 

†17 145.4 

†18 694.2 

†19 926.2 

†21 211.3 

Plant and equipment

825.3 

† 773.8 

† 872.5 

† 890.8 

† 905.2 

† 916.5 

Heritage and cultural assets

478.7 

† 493.1 

† 505.4 

† 517.7 

† 530.0 

† 542.3 

Biological assets

188.6 

† 195.5 

† 200.3 

† 206.0 

† 211.8 

† 216.9 

Investment property

3.2 

† 3.8 

† 3.9 

† 3.9 

† 3.9 

† 3.9 

Intangibles

276.2 

† 283.0 

† 364.1 

† 434.8 

† 486.1 

† 547.6 

Assets held for sale

2.8 

† 11.1 

† 12.6 

† 15.3 

† 15.5 

† 18.3 

Lease - right-of-use assets

394.6 

†1 133.0 

†1 062.3 

† 965.2 

† 932.1 

† 838.1 

Service concession assets

.... †

†2 170.9 

†2 326.0 

†2 492.3 

†2 671.0 

†2 865.2 

Other non-financial assets

1 091.1 

† 246.1 

† 248.1 

† 250.0 

† 251.4 

† 253.2 

†26 920.2 

†30 871.6 

†33 390.2 

†35 805.8 

†37 756.3 

†39 637.8 

 

 

 

 

 

 

Total Assets

†31 821.9 

†36 164.3 

†38 620.0 

†40 835.6 

†42 693.2 

†44 541.1 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

Borrowings

†7 622.2 

†6 702.2 

†8 866.3 

†10 852.7 

†12 127.7 

†13 340.4 

Lease liabilities

410.0 

†1 196.3 

†1 170.8 

†1 110.4 

†1 116.3 

†1 062.5 

Superannuation

8 994.1 

†8 303.1 

†8 318.3 

†8 310.6 

†8 284.4 

†8 238.3 

Employee entitlements

996.6 

†1 039.3 

†1 059.7 

†1 083.3 

†1 104.9 

†1 043.3 

Payables

701.6 

† 697.5 

† 701.7 

† 701.1 

† 700.1 

† 699.8 

Other liabilities

2 327.8 

†3 019.0 

†3 060.6 

†2 982.8 

†3 004.7 

†2 944.8 

Total Liabilities

†21 052.2 

†20 957.5 

†23 177.3 

†25 040.9 

†26 338.1 

†27 329.1 

 

 

 

 

 

 

Net Assets

10 769.8 

†15 206.8 

†15 442.7 

†15 794.7 

†16 355.2 

†17 212.0 

 


 

Table A1.8:†††††† Total Non‑Financial Public Sector Balance Sheet as at 30 June (continued)

 

2023 

2023 

2024 

2025 

2026 

2027 

 

 

Estimated 

 

Forward 

Forward 

Forward 

 

Budget 

Outcome 

Budget 

Estimate 

Estimate 

Estimate 

 

$m 

$m 

$m 

$m 

$m 

$m 

 

 

 

 

 

 

 

Equity

 

 

 

 

 

 

Accumulated funds

3 141.0 

†6 761.2 

†6 239.5 

†5 820.4 

†5 583.6 

†5 590.0 

Asset revaluation reserve

7 208.2 

†8 658.4 

†9 408.8 

†10 173.6 

†10 969.7 

†11 818.8 

Other reserves

420.5 

(212.8)

(205.6)

(199.3)

(198.0)

(196.8)

Total Equity

10 769.8 

†15 206.8 

†15 442.7 

†15 794.7 

†16 355.2 

†17 212.0 

 

 

 

 

 

 

 

KEY FISCAL AGGREGATES

 

 

 

 

 

 

 

 

 

 

 

 

 

NET WORTH1

10 769.8 

†15 206.8 

†15 442.7 

†15 794.7 

†16 355.2 

†17 212.0 

 

 

 

 

 

 

 

NET FINANCIAL WORTH2

(16 150.5)

(15 664.8)

(17 947.5)

(20 011.1)

(21 401.2)

(22 425.8)

 

 

 

 

 

 

 

NET FINANCIAL LIABILITIES3

†17 135.7 

†16 632.3 

†18 824.0 

†20 799.7 

†22 088.9 

†23 103.1 

 

 

 

 

 

 

 

NET DEBT4

†6 400.9 

†5 824.1 

†7 960.0 

†10 031.3 

†11 335.2 

†12 540.6 

 

 

 

 

 

 

 

GFS NET DEBT5

†5 990.9 

†4 627.9 

†6 789.1 

†8 920.9 

†10 218.9 

†11 478.1 

 

 

 

 

 

 

 

Notes:

1.    Net Worth represents Total Assets less Total Liabilities.

2.    Net Financial Worth represents Total Financial assets less Total Liabilities.

3.    Net Financial Liabilities represents Total Liabilities less Financial assets, excluding Equity Investment in the PFC Sector.

4.    Net Debt represents Borrowings plus Lease liabilities, less the sum of Cash and deposits and Investments.

5.    GFS Net Debt represents Borrowings less the sum of Cash and deposits and Investments. This is equivalent to Net Debt based on the Australian Bureau of Statistics Government Finance Statistics reporting framework and excludes the impact of Lease liabilities.

 


 

Table A1.9:†††††† Total Non‑Financial Public Sector Cash Flow Statement

 

2022‑23 

2022‑23 

2023‑24 

2024‑25 

2025‑26 

2026‑27 

 

 

Estimated 

 

Forward 

Forward 

Forward 

 

Budget 

Outcome 

Budget 

Estimate 

Estimate 

Estimate 

 

$m 

$m 

$m 

$m 

$m 

$m 

 

 

 

 

 

 

 

Cash flows from operating activities

 

Cash receipts from operating activities

 

 

 

 

 

 

Grants received

5 111.2 

†5 826.7 

†5 667.0 

†5 584.4 

†5 593.1 

†5 624.3 

Taxation

1 570.5 

†1 566.9 

†1 634.0 

†1 705.2 

†1 788.4 

†1 869.9 

Sales of goods and services

3 184.5 

†3 384.0 

†3 625.3 

†3 772.5 

†4 065.7 

†4 363.5 

Fines and regulatory fees

111.3 

† 120.6 

† 126.3 

† 134.9 

† 136.3 

† 126.4 

Interest received

30.5 

† 60.6 

† 77.5 

† 71.6 

† 73.0 

† 75.4 

Dividend, tax and rate equivalents

160.9 

† 158.4 

† 152.1 

† 142.6 

† 152.1 

† 63.2 

Other receipts

639.5 

† 697.4 

† 679.5 

† 685.3 

† 692.1 

† 710.6 

 

10 808.4 

†11 814.5 

†11 961.7 

†12 096.6 

†12 500.7 

†12 833.2 

Cash payments for operating activities

 

 

 

 

 

 

Employee entitlements

(3 843.7)

(4 089.3)

(4 213.7)

(4 338.7)

(4 409.4)

(4 576.1)

Superannuation

(666.1)

(722.6)

(770.5)

(816.1)

(855.2)

(888.2)

Supplies and consumables

(3 627.9)

(3 709.6)

(3 721.2)

(3 838.9)

(3 952.9)

(4 194.4)

Borrowing costs

(177.8)

(158.9)

(251.2)

(325.1)

(413.2)

(470.4)

Grants and subsidies paid

(1 828.4)

(1 917.8)

(1 821.3)

(1 690.3)

(1 516.6)

(1 498.2)

Other payments

(374.0)

(437.1)

(420.9)

(377.7)

(326.3)

(257.6)

 

(10 518.0)

(11 035.4)

(11 198.8)

(11 386.8)

(11 473.6)

(11 884.9)

 

 

 

 

 

 

 

Net cash flows from operating activities

290.4 

† 779.2 

† 762.9 

† 709.7 

†1 027.1 

† 948.3 

 

 

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

 

 

Net cash flows from non-financial assets

 

 

 

 

 

 

Purchase of non-financial assets

(2 444.1)

(2 257.1)

(2 857.2)

(2 850.9)

(2 488.3)

(2 231.6)

Sales of non-financial assets

47.0 

† 27.6 

† 52.8 

† 73.2 

† 219.0 

† 80.1 

 

(2 397.1)

(2 229.5)

(2 804.4)

(2 777.7)

(2 269.3)

(2 151.5)

Net cash flows from financial assets (policy purposes)

 

 

 

 

 

 

Equity injections

(60.5)

(61.0)

(50.0)

.... 

.... 

.... 

Net advances paid

(36.0)

(98.2)

(33.0)

† 42.2 

.... 

(3.8)

Equity disposals

3.6 

† 2.1 

.... 

.... 

.... 

.... 

 

(92.9)

(157.1)

(83.0)

† 42.2 

.... †

(3.8)

Net cash flows from financial assets (liquidity management purposes)

 

 

 

 

 

 

Net (purchase)/sale of investments

50.4 

† 140.0 

(3.9)

† 0.1 

† 3.0 

† 2.3 

 

50.4 

† 140.0 

(3.9)

† 0.1 

† 3.0 

† 2.3 

Net cash flows from investing activities

(2 439.7)

(2 246.5)

(2 891.3)

(2 735.4)

(2 266.3)

(2 153.0)

Table A1.9:†††††† Total Non‑Financial Public Sector Cash Flow Statement (continued)

 

2022-23 

2022-23 

2023-24 

2024-25 

2025-26 

2026-27 

 

 

Estimated 

 

Forward 

Forward 

Forward 

 

Budget 

Outcome 

Budget 

Estimate 

Estimate 

Estimate 

 

$m 

$m 

$m 

$m 

$m 

$m 

 

 

 

 

 

 

 

Cash flows from financing activities

 

 

 

 

 

 

Net borrowing

†1 985.1 

†1 335.1 

†2 098.6 

†1 921.2 

†1 216.8 

†1 155.3 

Net cash flows from financing activities

†1 985.1 

†1 335.1 

†2 098.6 

†1 921.2 

†1 216.8 

†1 155.3 

 

 

 

 

 

 

 

Net increase/(decrease) in cash held

(164.1)

(132.2)

(29.7)

(104.5)

(22.3)

(49.4)

 

 

 

 

 

 

 

Cash at beginning of the year

917.1 

†1 340.7 

†1 208.5 

†1 178.7 

†1 074.3 

†1 052.0 

Cash at end of the year

753.0 

†1 208.5 

†1 178.7 

†1 074.3 

†1 052.0 

†1 002.5 

 

 

 

 

 

 

 

KEY FISCAL AGGREGATES

 

 

 

 

 

 

 

 

 

 

 

 

 

Net cash flows from operating activities

290.4 

† 779.2 

† 762.9 

† 709.7 

†1 027.1 

† 948.3 

Plus Net cash flows from non-financial assets

(2 397.1)

(2 229.5)

(2 804.4)

(2 777.7)

(2 269.3)

(2 151.5)

Equals CASH SURPLUS/(DEFICIT)

(2 106.7)

(1 450.3)

(2 041.4)

(2 068.0)

(1 242.2)

(1 203.2)

 

 

 

 

 

 

 

 


 

Table A1.10:†††† Public Financial Corporations Sector Income Statement

 

2022‑23 

2022‑23 

2023‑24 

2024‑25 

2025‑26 

2026‑27 

 

 

Estimated 

 

Forward 

Forward 

Forward 

 

Budget 

Outcome 

Budget 

Estimate 

Estimate 

Estimate 

 

$m 

$m 

$m 

$m 

$m 

$m 

 

 

 

 

 

 

 

Revenue from transactions

 

 

 

 

 

 

Sales of goods and services

147.2 

143.8 

149.0 

156.0 

163.8 

171.6 

Interest income

295.3 

411.8 

583.8 

644.8 

661.3 

790.6 

Dividend income

67.5 

53.7 

56.3 

58.0 

59.9 

62.0 

Other revenue

5.1 

8.1 

6.9 

7.2 

7.5 

7.9 

 

515.1 

617.3 

796.1 

866.0 

892.5 

1 032.0 

Less Expenses from transactions

 

 

 

 

 

 

Employee expenses

7.7 

7.5 

8.4 

8.6 

8.8 

9.0 

Superannuation

1.3 

1.3 

1.4 

1.5 

1.6 

1.6 

Depreciation

0.2 

0.3 

0.3 

0.4 

0.4 

0.4 

Supplies and consumables

168.4 

139.5 

202.0 

209.7 

220.4 

231.8 

Borrowing costs

272.2 

374.0 

552.7 

611.2 

630.9 

762.4 

Dividend and income tax equivalent expenses

153.0 

175.2 

152.6 

152.4 

160.8 

67.8 

Grant and subsidy expenses

5.6 

5.6 

5.7 

5.8 

6.0 

6.1 

Other expenses

0.3 

0.3 

0.4 

0.4 

0.4 

0.4 

 

608.7 

703.7 

923.4 

989.9 

1 029.2 

1 079.4 

 

 

 

 

 

 

 

Equals NET OPERATING BALANCE

(93.6)

(86.4)

(127.3)

(123.9)

(136.7)

(47.4)

 

 

 

 

 

 

 

Plus Other economic flows ‑ included in Operating Result

 

 

 

 

 

 

Other gains/(losses)

15.6 

73.4 

32.4 

33.8 

34.8 

36.2 

 

15.6 

73.4 

32.4 

33.8 

34.8 

36.2 

 

 

 

 

 

 

 

Equals Operating Result

(78.0)

(13.0)

(94.9)

(90.1)

(101.9)

(11.2)

 

 

 

 

 

 

 

Plus Other economic flows ‑ other movements in Equity

 

 

 

 

 

 

Other non-owner movements in Equity

0.6 

(14.5)

3.9 

2.3 

0.9 

0.8 

 

0.6 

(14.5)

3.9 

2.3 

0.9 

0.8 

 

 

 

 

 

 

 

Equals Comprehensive Result

(77.4)

(27.6)

(91.0)

(87.8)

(101.0)

(10.4)

 

 

 

 

 

 

 

 


 

Table A1.10:†††† Public Financial Corporations Sector Income Statement (continued)

 

2022‑23 

2022‑23 

2023‑24 

2024‑25 

2025‑26 

2026‑27 

 

 

Estimated 

 

Forward 

Forward 

Forward 

 

Budget 

Outcome 

Budget 

Estimate 

Estimate 

Estimate 

 

$m 

$m 

$m 

$m 

$m 

$m 

 

 

 

 

 

 

 

KEY FISCAL AGGREGATES

 

 

 

 

 

 

 

 

 

 

 

 

 

NET OPERATING BALANCE

(93.6)

(86.4)

(127.3)

(123.9)

(136.7)

(47.4)

 

 

 

 

 

 

 

Less Net acquisition of non‑financial assets

 

 

 

 

 

 

Purchases of non‑financial assets

5.0 

1.5 

7.0 

12.5 

12.5 

12.5 

Less Depreciation

0.2 

0.3 

0.3 

0.4 

0.4 

0.4 

 

4.8 

1.2 

6.6 

12.1 

12.1 

12.1 

 

 

 

 

 

 

 

Equals FISCAL BALANCE

(98.4)

(87.6)

(133.9)

(136.0)

(148.8)

(59.4)

 

 

 

 

 

 

 

 


 

Table A1.11:†††† Public Financial Corporations Sector Balance Sheet as at 30 June

 

2023 

2023 

2024 

2025 

2026 

2027 

 

 

Estimated 

 

Forward 

Forward 

Forward 

 

Budget 

Outcome 

Budget 

Estimate 

Estimate 

Estimate 

 

$m 

$m 

$m 

$m 

$m 

$m 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

Financial assets

 

 

 

 

 

 

Cash and deposits

5.0 

4.5 

4.6 

4.6 

4.7 

4.7 

Investments

14 231.2 

13 723.3 

15 715.5 

17 800.8 

19 052.4 

20 622.3 

Receivables

21.5 

24.7 

26.2 

27.8 

29.5 

31.2 

Other financial assets

249.1 

13.2 

12.9 

7.3 

1.8 

.... 

 

14 506.8 

13 765.7 

15 759.3 

17 840.6 

19 088.4 

20 658.3 

 

 

 

 

 

 

 

Non‑financial assets

 

 

 

 

 

 

Land and buildings

23.2 

20.9 

26.1 

34.8 

43.5 

52.2 

Plant and equipment

1.5 

1.4 

1.5 

1.6 

1.7 

1.8 

Intangibles

1.2 

1.2 

2.1 

4.9 

7.8 

10.7 

Lease assets

.... 

1.6 

1.5 

1.3 

1.1 

0.9 

Other non-financial assets

0.3 

0.1 

0.1 

0.1 

0.1 

0.1 

 

26.3 

25.2 

31.2 

42.7 

54.2 

65.7 

 

 

 

 

 

 

 

Total Assets

14 533.2 

13 790.9 

15 790.5 

17 883.3 

19 142.6 

20 724.0 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

Borrowings

11 819.2 

11 388.8 

13 408.3 

15 515.0 

16 799.5 

18 310.2 

Lease liabilities

.... 

1.7 

1.6 

1.4 

1.3 

1.1 

Superannuation

9.2 

7.0 

7.5 

8.1 

8.7 

9.3 

Employee entitlements

1.7 

1.7 

1.8 

1.9 

2.0 

2.0 

Payables

2.2 

2.8 

2.8 

2.9 

2.9 

2.9 

Other liabilities

1 715.5 

1 421.4 

1 492.0 

1 565.4 

1 640.6 

1 721.2 

Total Liabilities

13 547.9 

12 823.4 

14 914.0 

17 094.6 

18 454.9 

20 046.7 

 

 

 

 

 

 

 

Net Assets

985.3 

967.5 

876.5 

788.7 

687.7 

677.3 

 

 

 

 

 

 

 

Equity

 

 

 

 

 

 

Accumulated funds

664.6 

650.2 

644.2 

645.4 

642.4 

659.0 

Asset revaluation reserve

6.6 

8.3 

8.3 

8.3 

8.3 

8.3 

Other revaluation reserves

10.0 

10.0 

10.0 

10.0 

10.0 

10.0 

Other equity

304.0 

299.0 

214.0 

125.0 

27.0 

.... 

Total Equity

985.3 

967.5 

876.5 

788.7 

687.7 

677.3 

 

 

 

 

 

 

 

 


Table A1.11:†††† Public Financial Corporations Sector Balance Sheet as at 30 June (continued)

 

2023 

2023 

2024 

2025 

2026 

2027 

 

 

Estimated 

 

Forward 

Forward 

Forward 

 

Budget 

Outcome 

Budget 

Estimate 

Estimate 

Estimate 

 

$m 

$m 

$m 

$m 

$m 

$m 

 

 

 

 

 

 

 

KEY FISCAL AGGREGATES

 

 

 

 

 

 

 

 

 

 

 

 

 

NET WORTH1

985.3 

967.5 

876.5 

788.7 

687.7 

677.3 

 

 

 

 

 

 

 

NET FINANCIAL WORTH2

958.9 

942.3 

845.3 

746.0 

633.5 

611.6 

 

 

 

 

 

 

 

NET FINANCIAL LIABILITIES3

(958.9)

(942.3)

(845.3)

(746.0)

(633.5)

(611.6)

 

 

 

 

 

 

 

NET DEBT4

(2 417.0)

(2 337.3)

(2 310.2)

(2 289.1)

(2 256.3)

(2 315.8)

 

 

 

 

 

 

 

GFS NET DEBT5

(2 417.0)

(2 339.0)

(2 311.8)

(2 290.5)

(2 257.6)

(2 316.9)

 

 

 

 

 

 

 

Notes:

1.    Net Worth represents Total Assets less Total Liabilities.

2.    Net Financial Worth represents Total Financial assets less Total Liabilities.

3.    Net Financial Liabilities represents Total Liabilities less Financial assets. For the PFC Sector, this is equivalent to negative Net Financial Worth.

4.    Net Debt represents Borrowings plus Lease liabilities less the sum of Cash and deposits and Investments.

5.    GFS Net Debt represents Borrowings less the sum of Cash and deposits and Investments. This is equivalent to Net Debt based on the Australian Bureau of Statistics Government Finance Statistics reporting framework and excludes the impact of Lease liabilities.

 


 

Table A1.12:†††† Public Financial Corporations Sector Cash Flow Statement

 

2022‑23 

2022‑23 

2023‑24 

2024‑25 

2025‑26 

2026‑27 

 

 

Estimated 

 

Forward 

Forward 

Forward 

 

Budget 

Outcome 

Budget 

Estimate 

Estimate 

Estimate 

 

$m 

$m 

$m 

$m 

$m 

$m 

 

 

 

 

 

 

 

Cash flows from operating activities

 

 

 

 

 

 

Cash received from operating activities

 

 

 

 

 

 

Sales of goods and services

166.9 

161.4 

168.2 

176.7 

185.4 

194.1 

Interest received

295.3 

411.8 

583.8 

644.8 

661.3 

790.6 

Dividends received

67.5 

53.7 

56.3 

58.0 

59.9 

62.0 

Other receipts

2.7 

3.9 

4.1 

4.2 

4.4 

4.6 

 

532.4 

630.8 

812.4 

883.8 

911.0 

1 051.4 

Cash payments for operating activities

 

 

 

 

 

 

Employee entitlements

(7.5)

(7.2)

(8.2)

(8.4)

(8.6)

(8.8)

Superannuation

(0.8)

(0.8)

(0.8)

(0.9)

(1.0)

(1.0)

Supplies and consumables

(136.9)

(133.2)

(139.5)

(150.1)

(158.5)

(164.3)

Borrowing costs

(272.2)

(374.0)

(552.7)

(611.2)

(630.9)

(762.4)

Grants and subsidies paid

(6.2)

(6.5)

(6.3)

(6.4)

(6.6)

(6.7)

Other payments

(6.2)

(6.2)

(5.9)

(5.5)

(5.8)

(6.2)

 

(429.7)

(528.0)

(713.3)

(782.6)

(811.4)

(949.4)

 

 

 

 

 

 

 

Net cash flows from operating activities

102.6 

102.8 

99.1 

101.2 

99.7 

101.9 

 

 

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

 

 

Net cash flows from non‑financial assets

 

 

 

 

 

 

Purchases of non‑financial assets

(5.0)

(1.5)

(7.0)

(12.5)

(12.5)

(12.5)

 

(5.0)

(1.5)

(7.0)

(12.5)

(12.5)

(12.5)

Net cash flows from financial assets (liquidity management purposes)

 

 

 

 

 

 

Net (purchase)/sale of investments

(2 097.7)

(3 274.4)

(1 959.5)

(2 052.7)

(1 219.6)

(1 535.6)

 

(2 097.7)

(3 274.4)

(1 959.5)

(2 052.7)

(1 219.6)

(1 535.6)

 

 

 

 

 

 

 

Net cash flows from investing activities

(2 102.7)

(3 275.9)

(1 966.5)

(2 065.2)

(1 232.1)

(1 548.1)

 

 

 

 

 

 

 

 

 


 

Table A1.12:†††† Public Financial Corporations Sector Cash Flow Statement (continued)

 

2022‑23 

2022‑23 

2023‑24 

2024‑25 

2025‑26 

2026‑27 

 

 

Estimated 

 

Forward 

Forward 

Forward 

 

Budget 

Outcome 

Budget 

Estimate 

Estimate 

Estimate 

 

$m 

$m 

$m 

$m 

$m 

$m 

 

 

 

 

 

 

 

Cash flows from financing activities

 

 

 

 

 

 

Net borrowing

2 161.1 

2 724.6 

2 019.5 

2 106.7 

1 284.5 

1 509.3 

Dividends and tax equivalents paid

(160.9)

(158.4)

(152.1)

(142.6)

(152.1)

(63.2)

Net cash flows from financing activities

2 000.2 

2 566.2 

1 867.4 

1 964.0 

1 132.4 

1 446.1 

 

 

 

 

 

 

 

Net increase/(decrease) in cash held

0.1 

(606.9)

0.1 

0.1 

0.1 

.... 

 

 

 

 

 

 

 

Cash at beginning of the year

4.9 

611.4 

4.5 

4.6 

4.6 

4.7 

Cash at end of the year

5.0 

4.5 

4.6 

4.6 

4.7 

4.7 

 

 

 

 

 

 

 

KEY FISCAL AGGREGATES

 

 

 

 

 

 

 

 

 

 

 

 

 

Net cash flows from operating activities

102.6 

102.8 

99.1 

101.2 

99.7 

101.9 

Plus Net cash flows from non‑financial assets

(5.0)

(1.5)

(7.0)

(12.5)

(12.5)

(12.5)

Plus Dividends and tax equivalents paid

(160.9)

(158.4)

(152.1)

(142.6)

(152.1)

(63.2)

Equals CASH SURPLUS/(DEFICIT)

(63.3)

(57.0)

(59.9)

(53.9)

(64.9)

26.3 

 

 

 

 

 

 

 

 


 

Table A1.13:†††† Total State Sector Income Statement

 

2022‑23 

2022‑23 

2023‑24 

2024‑25 

2025‑26 

2026‑27 

 

 

Estimated 

 

Forward 

Forward 

Forward 

 

Budget 

Outcome 

Budget 

Estimate 

Estimate 

Estimate 

 

$m 

$m 

$m 

$m 

$m 

$m 

 

 

 

 

 

 

 

Revenue from transactions

 

 

 

 

 

 

Grants

5 099.5 

†5 725.8 

†5 619.0 

†5 644.9 

†5 578.3 

†5 685.2 

Taxation

1 571.7 

†1 567.4 

†1 635.3 

†1 707.0 

†1 789.4 

†1 871.4 

Sales of goods and services

3 359.7 

†3 481.6 

†3 716.8 

†3 896.6 

†4 195.3 

†4 483.7 

Fines and regulatory fees

111.2 

† 120.5 

† 126.4 

† 134.9 

† 136.4 

† 126.4 

Interest income

111.0 

† 215.1 

† 300.8 

† 277.9 

† 215.0 

† 288.2 

Dividend, tax and rate equivalent income

67.5 

† 53.7 

† 56.3 

† 58.0 

† 59.9 

† 62.0 

Other revenue

254.7 

† 342.7 

† 310.6 

† 312.6 

† 315.9 

† 327.6 

 

10 575.2 

†11 506.8 

†11 765.2 

†12 032.0 

†12 290.2 

†12 844.6 

Less Expenses from transactions

 

 

 

 

 

 

Employee expenses

3 854.0 

†4 072.5 

†4 219.7 

†4 347.2 

†4 415.3 

†4 509.3 

Superannuation

471.4 

† 482.6 

† 504.5 

† 529.2 

† 551.3 

† 557.8 

Depreciation

836.0 

† 886.7 

† 932.6 

† 983.2 

†1 064.1 

†1 100.1 

Supplies and consumables

3 696.7 

†3 761.6 

†3 854.6 

†3 933.3 

†4 084.0 

†4 324.9 

Nominal superannuation interest expense

204.7 

† 313.6 

† 310.3 

† 310.5 

† 310.5 

† 309.3 

Borrowing costs

241.0 

† 312.8 

† 471.0 

† 538.5 

† 553.4 

† 685.5 

Grant and subsidy expenses

1 834.1 

†1 923.5 

†1 827.0 

†1 696.1 

†1 522.7 

†1 504.3 

Other expenses

47.8 

† 71.5 

† 60.4 

† 4.5 

(58.4)

(125.0)

 

11 185.7 

†11 824.6 

†12 180.1 

†12 342.5 

†12 442.8 

†12 866.3 

 

 

 

 

 

 

 

Equals NET OPERATING BALANCE

(610.5)

(317.8)

(414.9)

(310.6)

(152.7)

(21.7)

 

 

 

 

 

 

 

Plus Other economic flows ‑ included in Operating Result

 

 

 

 

 

 

Gain/(loss) on sale of non-financial assets

30.5 

† 8.3 

† 33.5 

† 53.8 

† 62.1 

† 60.6 

Other gains/(losses)

(1.0)

(66.4)

(171.2)

(183.8)

(128.6)

(49.8)

 

29.5 

(58.1)

(137.7)

(130.0)

(66.5)

†10.8 

 

 

 

 

 

 

 

Equals Operating Result

(581.1)

(375.9)

(552.6)

(440.5)

(219.2)

(10.9)

 

 

 

 

 

 

 

Plus Other economic flows ‑ other movements in Equity

 

 

 

 

 

 

Revaluations of non‑financial assets

365.5 

†1 658.1 

† 750.4 

† 764.8 

† 796.0 

† 849.1 

Movements in superannuation liability

.... 

† 24.8 

.... 

.... 

.... 

.... 

Other non-owner movements in Equity

25.7 

† 187.7 

† 38.1 

† 27.7 

(16.4)

† 18.6 

 

391.2 

†1 870.5 

† 788.6 

† 792.5 

† 779.6 

† 867.7 

 

 

 

 

 

 

 

Equals Comprehensive Result

(189.9)

†1 494.6 

† 236.0 

† 352.0 

† 560.5 

† 856.8 

 


Table A1.13:†††† Total State Sector Income Statement (continued)

 

2022‑23 

2022‑23 

2023‑24 

2024‑25 

2025‑26 

2026‑27 

 

 

Estimated 

 

Forward 

Forward 

Forward 

 

Budget 

Outcome 

Budget 

Estimate 

Estimate 

Estimate 

 

$m 

$m 

$m 

$m 

$m 

$m 

 

 

 

 

 

 

 

KEY FISCAL AGGREGATES

 

 

 

 

 

 

 

 

 

 

 

 

 

NET OPERATING BALANCE

(610.5)

(317.8)

(414.9)

(310.6)

(152.7)

(21.7)

 

 

 

 

 

 

 

Less Net acquisition of non‑financial assets

 

 

 

 

 

 

Purchase of non-financial assets

†2 459.0 

†2 253.9 

†2 823.1 

†2 821.4 

†2 457.4 

†2 199.8 

Less Sale of non-financial assets

50.0 

† 30.7 

† 56.7 

† 77.1 

† 222.8 

† 84.0 

Less Depreciation

836.0 

† 886.7 

† 932.6 

† 983.2 

†1 064.1 

†1 100.1 

 

†1 573.0 

†1 336.5 

†1 833.9 

†1 761.2 

†1 170.5 

†1 015.7 

 

 

 

 

 

 

 

Equals FISCAL BALANCE

(2 183.6)

(1 654.3)

(2 248.8)

(2 071.7)

(1 323.1)

(1 037.4)

 

 

 

 

 

 

 

 


 

Table A1.14:†††† Total State Sector Balance Sheet as at 30 June

 

2023 

2023 

2024 

2025 

2026 

2027 

 

 

Estimated 

 

Forward 

Forward 

Forward 

 

Budget 

Outcome 

Budget 

Estimate 

Estimate 

Estimate 

 

$m 

$m 

$m 

$m 

$m 

$m 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

Financial assets

 

 

 

 

 

 

Cash and deposits

758.0 

†1 213.0 

†1 183.3 

†1 078.9 

†1 056.6 

†1 007.3 

Investments

†6 922.6 

†7 273.3 

†7 134.6 

†7 191.3 

†7 167.8 

†7 528.9 

Other equity investments

291.4 

† 256.3 

† 316.7 

† 332.5 

† 348.4 

† 362.3 

Receivables

1 027.4 

† 977.9 

† 938.7 

† 953.6 

† 972.3 

† 976.2 

Other financial assets

1 197.4 

†1 042.8 

†1 047.9 

†1 042.9 

†1 032.7 

†1 034.7 

 

†10 196.8 

†10 763.3 

†10 621.1 

†10 599.2 

†10 577.8 

†10 909.4 

Non‑financial assets

 

 

 

 

 

 

Land and buildings

8 614.8 

†10 176.3 

†10 675.7 

†11 370.3 

†11 866.5 

†12 276.8 

Infrastructure

†15 068.2 

†15 405.9 

†17 145.4 

†18 694.2 

†19 926.2 

†21 211.3 

Plant and equipment

826.9 

† 775.2 

† 874.0 

† 892.4 

† 907.0 

† 918.3 

Heritage and cultural assets

478.7 

† 493.1 

† 505.4 

† 517.7 

† 530.0 

† 542.3 

Biological assets

188.6 

† 195.5 

† 200.3 

† 206.0 

† 211.8 

† 216.9 

Investment property

3.2 

† 3.8 

† 3.9 

† 3.9 

† 3.9 

† 3.9 

Intangibles

277.4 

† 284.2 

† 366.2 

† 439.7 

† 494.0 

† 558.3 

Assets held for sale

2.8 

† 11.1 

† 12.6 

† 15.3 

† 15.5 

† 18.3 

Lease - right‑of‑use assets

394.7 

†1 134.6 

†1 063.7 

† 966.5 

† 933.2 

† 839.0 

Service concession assets

.... 

†2 170.9 

†2 326.0 

†2 492.3 

†2 671.0 

†2 865.2 

Other non-financial assets

1 091.4 

† 246.2 

† 248.2 

† 250.1 

† 251.5 

† 253.3 

 

†26 946.6 

†30 896.8 

†33 421.4 

†35 848.4 

†37 810.6 

†39 703.5 

 

 

 

 

 

 

 

Total Assets

†37 143.4 

†41 660.1 

†44 042.6 

†46 447.7 

†48 388.3 

†50 612.9 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

Borrowings

†11 254.6 

†10 775.2 

†12 795.3 

†14 900.7 

†16 185.7 

†17 697.4 

Lease liabilities

410.0 

†1 198.0 

†1 172.4 

†1 111.8 

†1 117.5 

†1 063.6 

Superannuation

9 003.3 

†8 310.1 

†8 325.8 

†8 318.7 

†8 293.1 

†8 247.6 

Employee entitlements

998.3 

†1 040.9 

†1 061.5 

†1 085.2 

†1 106.9 

†1 045.4 

Payables

703.7 

† 700.4 

† 704.5 

† 704.0 

† 703.0 

† 702.7 

Other liabilities

4 003.7 

†4 428.7 

†4 540.4 

†4 532.6 

†4 627.0 

†4 644.3 

Total Liabilities

†26 373.6 

†26 453.3 

†28 599.9 

†30 653.0 

†32 033.1 

†33 400.9 

 

 

 

 

 

 

 

Net Assets

10 769.8 

†15 206.8 

†15 442.7 

†15 794.7 

†16 355.2 

†17 212.0 

 

 

 

 

 

 

 

 


Table A1.14:†††† Total State Sector Balance Sheet as at 30 June (continued)

 

2023 

2023 

2024 

2025 

2026 

2027 

 

 

Estimated 

 

Forward 

Forward 

Forward 

 

Budget 

Outcome 

Budget 

Estimate 

Estimate 

Estimate 

 

$m 

$m 

$m 

$m 

$m 

$m 

 

 

 

 

 

 

 

Equity

 

 

 

 

 

 

Accumulated funds

3 124.4 

†6 742.9 

†6 221.2 

†5 802.1 

†5 565.2 

†5 571.7 

Asset revaluation reserve

7 214.9 

†8 666.7 

†9 417.1 

†10 181.9 

†10 978.0 

†11 827.1 

Other revaluation reserves

430.5 

(202.8)

(195.6)

(189.3)

(188.0)

(186.8)

Total Equity

10 769.8 

†15 206.8 

†15 442.7 

†15 794.7 

†16 355.2 

†17 212.0 

 

 

 

 

 

 

 

KEY FISCAL AGGREGATES

 

 

 

 

 

 

 

 

 

 

 

 

 

NET WORTH1

10 769.8 

†15 206.8 

†15 442.7 

†15 794.7 

†16 355.2 

†17 212.0 

 

 

 

 

 

 

 

NET FINANCIAL WORTH2

(16 176.8)

(15 690.0)

(17 978.7)

(20 053.7)

(21 455.4)

(22 491.5)

 

 

 

 

 

 

 

NET FINANCIAL LIABILITIES3

†16 176.8 

†15 690.0 

†17 978.7 

†20 053.7 

†21 455.4 

†22 491.5 

 

 

 

 

 

 

 

NET DEBT4

†3 983.9 

†3 486.9 

†5 649.8 

†7 742.3 

†9 078.8 

†10 224.8 

 

 

 

 

 

 

 

GFS NET DEBT5

†3 573.9 

†2 288.9 

†4 477.4 

†6 630.4 

†7 961.3 

†9 161.2 

 

 

 

 

 

 

 

Notes:

1.    Net Worth represents Total Assets less Total Liabilities.

2.    Net Financial Worth represents Total Financial assets less Total Liabilities.

3.    Net Financial Liabilities represents Total Liabilities less Financial assets. For the Total State Sector, this is equivalent to negative Net Financial Worth.

4.    Net Debt represents Borrowings plus Lease liabilities, less the sum of Cash and deposits and Investments.

5.    GFS Net Debt represents Borrowings less the sum of Cash and deposits and Investments. This is equivalent to Net Debt based on the Australian Bureau of Statistics Government Finance Statistics reporting framework and excludes the impact of Lease liabilities.


 

Table A1.15:†††† Total State Sector Cash Flow Statement

 

2022‑23 

2022‑23 

2023‑24 

2024‑25 

2025‑26 

2026‑27 

 

 

Estimated 

 

Forward 

Forward 

Forward 

 

Budget 

Outcome 

Budget 

Estimate 

Estimate 

Estimate 

 

$m 

$m 

$m 

$m 

$m 

$m 

 

 

 

 

 

 

 

Cash flows from operating activities

 

 

 

 

 

 

Cash receipts from operating activities

 

 

 

 

 

 

Grants received

5 111.2 

†5 826.7 

†5 667.0 

†5 584.4 

†5 593.1 

†5 624.3 

Taxation

1 570.1 

†1 566.6 

†1 633.6 

†1 704.8 

†1 788.0 

†1 869.5 

Sales of goods and services

3 347.7 

†3 541.7 

†3 789.7 

†3 945.3 

†4 247.1 

†4 553.5 

Fines and regulatory fees

111.3 

† 120.6 

† 126.3 

† 134.9 

† 136.3 

† 126.4 

Interest received

110.2 

† 214.5 

† 296.7 

† 276.8 

† 210.4 

† 286.7 

Dividend, tax and rate equivalents

67.5 

† 53.7 

† 56.3 

† 58.0 

† 59.9 

† 62.0 

Other receipts

642.2 

† 701.3 

† 683.6 

† 689.6 

† 696.5 

† 715.3 

 

†10 960.3 

†12 025.0 

†12 253.2 

†12 393.8 

†12 731.4 

†13 237.6 

Cash payments for operating activities

 

 

 

 

 

 

Employee entitlements

(3 851.3)

(4 096.5)

(4 221.9)

(4 347.1)

(4 418.0)

(4 585.0)

Superannuation

(666.8)

(723.4)

(771.3)

(817.1)

(856.2)

(889.2)

Supplies and consumables

(3 761.1)

(3 839.2)

(3 856.9)

(3 985.1)

(4 107.4)

(4 354.6)

Borrowing costs

(234.5)

(274.9)

(439.1)

(496.7)

(520.2)

(653.5)

Grants and subsidies paid

(1 834.6)

(1 924.3)

(1 827.5)

(1 696.6)

(1 523.2)

(1 504.9)

Other payments

(379.8)

(443.0)

(426.5)

(382.9)

(331.7)

(263.4)

 

(10 728.1)

(11 301.4)

(11 543.2)

(11 725.5)

(11 756.7)

(12 250.6)

 

 

 

 

 

 

 

Net cash flows from operating activities

232.2 

† 723.6 

† 710.0 

† 668.3 

† 974.7 

† 987.0 

 

 

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

 

 

Net cash flows from nonfinancial assets

 

 

 

 

 

 

Purchase of non-financial assets

(2 449.1)

(2 258.6)

(2 864.2)

(2 863.4)

(2 500.8)

(2 244.1)

Sales of non-financial assets

47.0 

† 27.6 

† 52.9 

† 73.3 

† 219.0 

† 80.2 

 

(2 402.1)

(2 231.0)

(2 811.3)

(2 790.2)

(2 281.8)

(2 163.9)

 

 

 

 

 

 

 

Net cash flows from financial assets (policy purposes)

 

 

 

 

 

 

Equity injections

(60.5)

(61.0)

(50.0)

.... 

.... 

.... 

Net advances paid

(36.0)

(98.2)

(33.0)

† 42.2 

.... 

(3.8)

Equity disposals

3.6 

† 2.1 

.... 

.... 

.... 

.... 

 

(92.9)

(157.1)

(83.0)

† 42.2 

.... 

(3.8)

Net cash flows from financial assets (liquidity management purposes)

 

 

 

 

 

 

Net (purchase)/sale of investments

(101.4)

(2 007.6)

† 130.0 

(112.4)

† 18.9 

(359.6)

 

(101.4)

(2 007.6)

† 130.0 

(112.4)

† 18.9 

(359.6)

 

 

 

 

 

 

 

Net cash flows from investing activities

(2 596.4)

(4 395.7)

(2 764.4)

(2 860.4)

(2 262.9)

(2 527.4)


Table A1.15:†††† Total State Sector Cash Flow Statement (continued)

 

2022‑23 

2022‑23 

2023‑24 

2024‑25 

2025‑26 

2026‑27 

 

 

Estimated 

 

Forward 

Forward 

Forward 

 

Budget 

Outcome 

Budget 

Estimate 

Estimate 

Estimate 

 

$m 

$m 

$m 

$m 

$m 

$m 

 

 

 

 

 

 

 

Cash flows from financing activities

 

 

 

 

 

 

Net borrowing

2 200.2 

†2 986.9 

†2 024.7 

†2 087.7 

†1 265.9 

†1 490.9 

Net cash flows from financing activities

2 200.2 

†2 986.9 

†2 024.7 

†2 087.7 

†1 265.9 

†1 490.9 

 

 

 

 

 

 

 

Net increase/(decrease) in cash held

(164.0)

(685.2)

(29.7)

(104.4)

(22.3)

(49.4)

 

 

 

 

 

 

 

Cash at beginning of the year

922.0 

†1 898.2 

†1 213.0 

†1 183.3 

†1 078.9 

†1 056.6 

Cash at end of the year

758.0

†1 213.0 

†1 183.3 

†1 078.9 

†1 056.6 

†1 007.3 

 

 

 

 

 

 

 

KEY FISCAL AGGREGATES