2022-23 Budget Snapshot

2022-23 Budget Snapshot1

For more detail about the terms used in this publication see the Online budget glossary on the PBO website.

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  • 1. Budget balance

    Figure 1A: Underlying cash balance2,3

    Figure 1B: Underlying cash balance4
    Last four updates

    Figure 1C: Decomposition of change in underlying
    cash balance since the 2021-22 MYEFO

  • 2. Other fiscal aggregates

    Figure 2A: Net debt and interest payments2

    Figure 2B: Total payments and receipts2,6

    Figure 2C: Net financial worth2,3

    Figure 2D: Components of net financial worth2,7

    Figure 2E: Fiscal balance (monthly)8,9

    Figure 2F: Debt and public interest8,10

  • 3. Economic parameters11

    Figure 3A: Real GDP

    Figure 3B: Employment

    Figure 3C: Consumer price index

    Figure 3D: Wage price index

    Figure 3E: Nominal GDP

    Figure 3F: Unemployment rate

  • 4. Revenue and Expenses6

    Figure 4A: Heads of revenue in 2022-2312
    Total revenue: $561b


    Figure 4B: Top 20 programs 2022-2313
    Total expenses: $628b


    Figure 4C: Top 10 largest measures (2021-22 to 2025-26) ($b, impact on UCB)14

  • Notes
    1. Figures are prepared using data contained in the 2022-23 Budget, 2021-22 Mid-Year Economic and Fiscal Outlook (MYEFO), the 2021-22 Budget and previous budgets unless otherwise stated. All values prior to and including 2020-21 are outcomes.
    2. The grey dotted vertical line indicates when forecasts begin.
    3. Outcomes in history may have been revised since first published. Grey lines represent forecasts in previous budgets.
    4. The 2020-21 MYEFO forecasts end in 2023-24, the 2021-22 Budget and MYEFO forecasts end in 2024-25, and the 2022-23 Budget forecasts end in 2025-26.
    5. Parameter and other variations are any changes to the finances of the Commonwealth that are not due to policy decisions. These primarily include revised economic forecasts, revisions to a program’s estimated costs, and re-profiling of expenditure.
    6. Revenue and expenses are on an accrual basis. Receipts and payments are on a cash basis.
    7. All values between 2009-10 and 2020-21 reflect those reported in their respective Final Budget Outcomes, and do not incorporate any subsequent revisions. Future Fund asset value estimates are those reported by the Future Fund Management Agency in their 2022-23 Portfolio Budget Statement.
    8. Figure is prepared using data from Commonwealth Government Monthly Financial Statements and Final Budget Outcomes. Numbers are on a monthly basis.
    9. Seasonal patterns reflect key dates in revenue collection and transfer expenditure.
    10. Government securities (also known as government bonds) refer to Australian Government Securities at market value. Public debt interest expenses are interest payments on Australian Government Securities. Government securities and net debt values are as at the end of each month; public debt interest values are the expense for that month.
    11. Real GDP and nominal GDP are percentage change on preceding year. The consumer price index, employment, and the wage price index are through the year growth to the June quarter. The unemployment rate is for the June quarter.
    12. 'Other' includes, interest and dividend income, sales of goods and services, and various other revenue items.
    13. The functions classification separates government expenditure according to the general purpose for which the funds are used. Programs are determined by government and typically aim to deliver specific benefits, services or welfare payments to individuals, businesses, or communities. Programs will often align with functions but may also be cross-cutting. Revenue assistance includes the states' GST entitlement, transitional GST top-up payments and some other payments (primarily for royalties).
    14. Measure titles have been abbreviated in some cases.