The 2017-18 Final Budget Outcome (FBO) was released on 25 September 2018 by the Treasurer, the Hon. Josh Frydenberg MP, and the Minister for Finance & the Public Service, Senator the Hon. Mathias Cormann.

The document provides the general government sector budget aggregates for 2017-18 together with an analysis of the Final Budget Outcome for 2017-18; presents the Australian Government financial statements for 2017-18 (covering the general government sector as well as the Australian Government public corporations sectors); and provides details for 2017-18 on Australia’s Federal Relations. The financial statements in the FBO are similar to those in the budget but provide actual outcomes, rather than estimates.


  • Final Budget Outcome: The report finds the underlying cash deficit at $10.1 billion, equivalent to 0.6% of gross domestic product (GDP); the net operating balance was in deficit by $4.0 billion (0.2% of GDP). The Final Budget Outcome for 2017-18 was a $19.3 billion improvement compared with the underlying cash deficit estimated at the time of the 2017-18 Budget. The deficit, the Treasurer and the Minister for Finance & the Public Service noted, is the smallest in ten years.
  • Growth: Real GDP grew by 2.9% in 2017-18, slightly stronger than the 2.75% growth forecast in the 2017-18 Budget. Growth in consumption, non-mining business investment and public final demand was stronger than expected, while the detraction from mining investment was smaller than expected. These positive impacts were partly offset by dwelling investment and net exports which detracted from growth.
  • Net debt: Australian Government general government sector net debt was $342.0 billion (18.6% of GDP) at the end of 2017-18; Australian Government general government sector net financial worth was negative $562.2 billion, and net worth was negative $418.1 billion at the end of 2017-18.
  • Employment: Labour market conditions were strong with almost 350,000 jobs created in 2017-18. Employment grew by 2.7% through the year to the June quarter 2018, and the unemployment rate of 5.4% was slightly lower than the 5.75% forecast in the 2017-18 Budget.
  • Wages: The Wage Price Index increased by 2.1%, lower than the 2.5% forecasted.
  • Tax receipts: Growth and employment have driven increases in tax receipts, with total receipts $13.4 billion higher than expected at the time of the Budget. Company tax receipts, income tax withholding, superannuation fund taxes and excise and customs duty receipts were higher than expected. This was partially offset by lower-than expected other individuals tax receipts.
  • Payments: Total payments were $6.9 billion lower than forecast at Budget time, with 90,000 fewer working age Australians on welfare.

(Source: FBO 2017-18 | Media release)

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