The Australian Government general government sector recorded an underlying cash surplus of $8billion in 2003-04. This result is $3.5 billion higher than estimated at the time of the 2004-05Budget.
Total cash receipts were around $1.8 billion (0.9 per cent) higher than estimated at the 2004-05Budget. This was predominately due to higher than expected collections from "other individuals" reflecting stronger than expected profitability for unincorporated small businesses.
Total cash payments were around $1.7 billion (0.9 per cent) lower than estimated at Budget. This largely reflects slippage across a range of health grant programmes, along with a slower take-up of newly listed drugs under the Pharmaceutical Benefits Scheme.
An accrual fiscal surplus of $5.6 billion was recorded for 2003-04. This is $2.6 billion higher than estimated at the time of the 2004-05Budget.
The strong Budget outcome for 2003-04 reflects the Government’s ongoing commitment to sound fiscal management.
General government net debt fell by $6.2 billion in 2003-04 to $23.4 billion (2.9percent of GDP). In total, net debt has been reduced by $72.9 billion over the last 7 years of the Coalition Government. This is the lowest level of debt as a percentage of GDP for 26 years.
An electronic version of the 2003-04 Final Budget Outcome document can be found at: http://www.budget.gov.au/