Budget balance, share of GDP
Underlying cash balance. Above zero is a surplus, below is a deficit. Final outcomes only.
$10B more went out than came in in 2024-25.
The Commonwealth received $717B and paid out $726.9B, leaving an underlying cash deficit of 0.4% of GDP. This is the final outcome for the year.
−$28.3Bis the Budget’s estimated balance for 2025-26
$532.3Bnet debt at the end of 2024-25, which is 19.2% of GDP
$13.7Bpaid in net interest on that debt during 2024-25
Where the money is planned to go in 2026-27
Budget estimates of expenses by function, $833.3B in all. “Other purposes” is mostly GST and other payments passed to the states, plus interest on debt.
- Social security and welfare$308.7B (37.1%)
- Other purposes$163.6B (19.6%)
- Health$136.9B (16.4%)
- Education$57.3B (6.9%)
- Defence$52.1B (6.2%)
- General public services$32.5B (3.9%)
- Transport and communication$15.3B (1.8%)
- Fuel and energy$15.2B (1.8%)
- Other economic affairs$13.8B (1.7%)
- Housing and community amenities$11.5B (1.4%)
- Public order and safety$9.7B (1.2%)
- Recreation and culture$6.3B (0.8%)
- Mining, manufacturing and construction$5.6B (0.7%)
- Agriculture, forestry and fishing$4.7B (0.6%)
Over time
Net debt, share of GDP
What the Commonwealth owes, less the financial assets it could sell to repay it.
Outcomes and estimates
Final outcomes for past years, then the Budget’s estimates.
| Year | Receipts | Payments | Balance | Balance, % of GDP | Net debt |
|---|---|---|---|---|---|
| 2020-21 | $519.9B | $654.1B | −$134.2B | −6.4% | $592.2B |
| 2021-22 | $584.4B | $616.3B | −$32B | −1.4% | $515.7B |
| 2022-23 | $649.5B | $627.4B | $22.1B | 0.9% | $491B |
| 2023-24 | $688.6B | $672.8B | $15.8B | 0.6% | $491.5B |
| 2024-25 | $717B | $726.9B | −$10B | −0.4% | $532.3B |
| 2025-26 (est) | $759.8B | $788.1B | −$28.3B | −1.0% | $556B |
| 2026-27 (est) | $798.1B | $829.6B | −$31.5B | −1.0% | $616.6B |
| 2027-28 (est) | $822.9B | $853.9B | −$31B | −1.0% | $668.8B |
| 2028-29 (est) | $848.4B | $882.8B | −$34.4B | −1.0% | $725.5B |
| 2029-30 (est) | $894.8B | $920.1B | −$25.3B | −0.7% | $767.8B |
The 20 largest programs in 2026-27
Program expenses from every agency’s Portfolio Budget Statement. Programs can’t be added up to the total above, because money passed between agencies is counted by both.
| Program | Agency | Portfolio | Expenses |
|---|---|---|---|
| Program 1.4: Commonwealth-State Financial Relations | Department of the Treasury | Treasury | $171.7B |
| Program 1.3 – Support for Seniors | Department of Social Services | Social Services | $68.7B |
| Program 1.1: Economic Management | Department of the Treasury | Treasury | $59.5B |
| Program 3.2: Aged Care Services (b) (c) | Department of Health, Disability and Ageing | Health, Disability and Ageing | $43.8B |
| Program 4.2: National Disability Insurance Scheme (a) | Department of Health, Disability and Ageing | Health, Disability and Ageing | $42.3B |
| Program 2.1: Medical Benefits | Department of Health, Disability and Ageing | Health, Disability and Ageing | $37.6B |
| Program 1.1: Commonwealth Debt Management | Australian Office of Financial Management | Treasury | $31.9B |
| Program 1.6 – Working Age Payments | Department of Social Services | Social Services | $27.1B |
| Program 1.4 – Financial Support for People with Disability | Department of Social Services | Social Services | $26.3B |
| Program 2.3: Pharmaceutical Benefits | Department of Health, Disability and Ageing | Health, Disability and Ageing | $23.4B |
| Program 1.4: Non-Government Schools National Support | Department of Education | Education | $21.4B |
| Program 1.1 – Support for Families | Department of Social Services | Social Services | $18.2B |
| Program 1.2: Child Care Subsidy | Department of Education | Education | $16.9B |
| Program 1.5 – Financial Support for Carers | Department of Social Services | Social Services | $13.4B |
| Program 2.6 Army Capabilities | Department of Defence | Defence | $13.3B |
| Program 1.3: Government Schools National Support | Department of Education | Education | $13B |
| Program 2.5 Navy Capabilities | Department of Defence | Defence | $12.6B |
| Program 2.7 Air Force Capabilities | Department of Defence | Defence | $11.2B |
| Program 1.7: Fuel Tax Credit Scheme | Australian Taxation Office | Treasury | $10.8B |
| Program 2.8: Public Sector Superannuation | Department of Finance | Finance | $10.4B |