The Treasurer, Wayne Swan, today released the Final Budget Outcome 2008-09.
The Australian Government general government sector recorded an underlying cash deficit of $27.1 billion (2.3 per cent of GDP) for 2008-09. In cash terms, this outcome was $5.0 billion better than expected at the time of the 2009-10 Budget, reflecting lower than anticipated spending of $2.2 billion and higher cash receipts of $2.8 billion.
Australian Government general government sector budget aggregates
- Excludes Future Fund earnings.
Total tax receipts were $3.3 billion above the estimate at the 2009-10 Budget, primarily due to stronger than expected company income tax receipts of $3.6 billion, partly offset by lower than expected personal income tax receipts of $0.5 billion.
Australian Government general government sector revenue
- Other excisable beverages are those not exceeding 10 per cent by volume of alcohol.
- Includes Future Fund earnings.
Lower spending was due to a number of one-off factors, as well as lower income-support payments, including a reduction in payments of $138 million for the Newstart Allowance.
The stronger budget outcome is also reflected in a significant improvement in the expected Australian Government net debt position. At the end of 2008-09, the level of Australian Government net debt was -$16.1 billion, which is $11.5 billion better than expected at the time of the 2009-10 Budget.
Australian Government general government sector net financial worth, net worth, net debt and net interest payments
- Net financial worth equals total financial assets minus total liabilities. That is, it excludes non-financial assets.
- Net debt equals the sum of deposits held, advances received, government securities, loans and other borrowing, minus the sum of cash and deposits, advances paid and investments, loans and placements.
Australia continues to have lower debt and lower deficits than other major advanced economies. The level of Australian Government net debt at 1.3 per cent of GDP in 2008-09, is dramatically better than 59 per cent of GDP reported for the major advanced economies in 2008.
Australian Government general government sector expenses by function
- Includes a number of reallocations between functions since 2009-10 Budget.
Total net capital investment for 2008-09 was $4.1 billion, which is $283 million lower than estimated in the 2009-10 Budget.
Australian Government general government sector net capital investment by function
The Final Budget Outcome is available at http://www.budget.gov.au/2008-09/content/fbo/html/index.htm.
The Treasurer’s media release is available at http://www.treasurer.gov.au/DisplayDocs.aspx?doc=pressreleases/2009/105.htm&pageID=003&min=wms&Year=&DocType=.