July 2020 Economic and Fiscal Update Snapshot

July 2020 Economic and Fiscal Update Snapshot1

Figure 1: Underlying cash balance2
Per cent of GDP

Figure 1

Figure 2: Total payments and receipts2
Per cent of GDP

Figure 2

Figure 3: Net debt2
Per cent of GDP

Figure 3

Figure 4: Underlying cash balance

Figure 4

Figure 5: Decomposition of deterioration
in the underlying cash balance

Figure 5

Figure 6: Key economic parameters5

Figure 6

Figure 7: Impact of policy decisions on
the underlying cash balance

Figure 7

Figure 8: Top receipts measures7
Total, 2019–20 to 2023–24

Figure 8

Figure 9: Top payments measures7
Total 2019–20 to 2023–24

Figure 9

Figure 10: Impact of parameter and other
variations on the underlying cash balance

Figure 10 

Figure 11: Contributions to annual real growth in receipts9, 10,11
Average, 2018–19 to 2020–21


Figure 12: Receipts in 2020-21, $456b10

Figure 12

  1. Figures are prepared using data contained in the July 2020 Economic and Fiscal Update (EFU) and the 2019–20 Mid-Year Economic and Fiscal Outlook (MYEFO). Any changes shown are since the 2019–20 MYEFO. Figures are on a cash basis.
  2. The dashed vertical line indicates the last actual data point.
  3. Table 3.3 of the July 2020 EFU.
  4. Parameter and other variations refer to changes due to a broad range of reasons, including revised economic forecasts, revisions to a program’s estimated costs, revised estimates of the receipts raised by individual taxes and re-profiling of payments.
  5. 2019–20 growth rate for employment in the July 2020 EFU is the actual outcome.
  6. Policy decisions for receipts in 2019–20 are -$0.4b.
  7. This figure depicts the net fiscal impact of the top measures, except for 'decisions taken but not yet announced' which is in receipts terms only. Where a measure affects both receipts and payments it has been classified according to its principal impact (consistent with Appendix A of the July 2020 EFU). Measure titles are abbreviated. For full measure titles, please refer to July 2020 EFU Appendix A.
  8. This figure excludes the impact of parameter and other variations on GST payments and receipts. This approach is different to that applied to parameter and other variations in Figure 5.
  9. This figure depicts the percentage point contribution from key tax measures to average annual real growth in total receipts from 2018–19 to 2020–21. Average annual growth in total receipts is presented in the bottom bar in the figure.
  10. ‘Other’ includes superannuation fund taxes, other indirect taxes and non-taxation receipts.
  11. Components do not necessarily sum to total due to rounding.