The Final Budget Outcome for 2015-16 shows that the Government is continuing to repair the Budget by lowering the spending growth trajectory of the previous Labor government.
The Final Budget Outcome for the 2015-16 financial year recorded an underlying cash deficit of $39.6 billion, which represents 2.4 per cent of gross domestic product. The outcome was a $340 million improvement compared with the underlying cash deficit estimated at the time of the 2016-17 Budget.
The improvement in the bottom line was driven by Government spending being $1.6 billion lower than expected, partly offset by total receipts which were $1.1 billion lower than expected at the time of the 2016-17 Budget.
In fiscal balance terms, the Final Budget Outcome for 2015-16 improved by $2.0 billion compared with the fiscal balance deficit estimated at the time of the 2016-17 Budget, with revenue $1.3 billion lower, expenses $2.8 billion lower and net capital investment $526 million lower than expected at the time of the 2016-17 Budget.
Australian Government general government sector net debt was $296.4 billion (18.0 per cent of GDP). This is $10.7 billion higher than estimated at the time of the 2016-17 Budget as lower interest rates increased the market value of Commonwealth Government Securities on issue.
An electronic version of the Final Budget Outcome 2015-16 is available at www.budget.gov.au