From Wikipedia, the free encyclopedia - View original article
In May, Federal Treasurer Wayne Swan released the 2011–12 Mid-Year Economic and Fiscal Outlook (MYEFO). In 2011–12, the Australian Government general government sector recorded an underlying cash deficit of $43.7 billion (3.0% of GDP). The fiscal balance was in deficit by $44.5 billion (3.0% of GDP).
|Date (30 June)||Gross Debt ($ millions)|
|Source: Reserve Bank of Australia|
Australian Government general government sector net debt was AUD$164 billion (11.133% of GDP), which was AUD$16.7 billion higher than estimated at the time of the 2012 Australian federal budget. The change was primarily driven by the higher‑than‑expected market value of Commonwealth Government Securities (CGS), owing to lower than expected yields. Australian Government general government sector net financial worth was -$358.3 billion at the end of 2011‑12. Net worth was $247.2 billion at the end of 2011–12.
Total Australian Government revenue was $338.1 billion in 2011–12, $1.7 billion higher than estimated in the 2012–13 Budget. Accrual taxation revenue was $316.8 billion in 2011–12, $325 million above the estimate in the 2012–13 Budget, which is in line with the variation in cash receipts.
Total non-tax revenue was $21.3 billion in 2011–12, $1.4 billion higher than estimated in the 2012–13 Budget. Non-tax receipts (excluding Future Fund earnings) were $17.3 billion, in line with estimates in the Budget. The largest component of the difference in outcomes between non-tax revenue and non-tax receipts (excluding Future Fund earnings) is the change in the accounting recognition of dividends from:
The Reserve Bank of Australia, a $500 million dividend has been recognised in 2011–12 instead of 2012–13, based on advice from the Australian National Audit Office; and The Australian Reinsurance Pool Corporation, reflecting a change to the timing of accrual revenue at Budget, with the full amount of $400 million being recorded in 2011–12 instead of over the forward estimates.
In October 2012, Justin Fabo, ANZ's senior economist, said there was little good reason why the government should not take advantage of historically low yields on government securities to fill Australia's infrastructure gap. In recent years Australian government debt has seen an increase in demand as faith is lost in European and US government debt. Reserve managers see Australia as a safe haven for investment.
The current ratio of Australian government debt to gross domestic product (GDP) compares favourably to the average ratio for developed countries of 90%. The very low levels of debt have permitted flexibility on behalf of the Australian federal government to use expansionary fiscal policy at their discretion to counter the effects of the financial crisis of 2007–2008.
|Wikimedia Commons has media related to Statistics about bonds in Australia.|