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Final Budget Outcome 2008-09

 

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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

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

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

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

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

Links

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=.

 

 

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