NewsroomAccountSubscribe
Saturday 14 November 2026Australian edition
The Caveat
Caveat lector.The detail that changes the story.

A running commentary

Australia Inc.

How the country is being run, and what it does to the nation's bottom line.

The scorecard Of 1 promise with data: 1 behind. See the scorecard

The Bottom Line

Five rate rises this year push cash rate to 18-year high

Updated Saturday 14 November 2026

The RBA lifted the cash rate to 4.85 per cent on 4 November, the fifth rise this year from 3.60 per cent at the start of 2026, and the fifth in a row since the last cut in August 2025.

The Guardian profiled households taking on extra work to cover rent and mortgage costs, reporting that consumer confidence is at recessionary lows.

Housing Minister Clare O'Neil said, as reported by The Guardian, that the share of lending going to first-home buyers and owner-occupiers is rising as investors change their behaviour in response to higher borrowing costs and the May 2026 budget's tax changes. MacroBusiness, citing ABS mortgage commitment data, reported that investor mortgage commitments fell sharply in the September quarter, which the outlet attributed to the budget's negative gearing and capital gains tax changes.

S&P Global Ratings warned, as reported by MacroBusiness, that falling property transaction volumes could create a large hole in east coast state budgets heavily reliant on stamp duty. Victoria's Department of Treasury and Finance, according to Freedom of Information documents reported by MacroBusiness, warned the incoming Treasurer that rising debt and interest payments could trigger a downgrade of Victoria's AA credit rating.

Every figure is checked against official data or attributed to the body that announced it. Past editions

On the wire

Government announcements and the news about them, each claim set against the official series where one exists.

  1. The Guardian · In the news · 14 Nov

    Vanessa delivers pizza after work to pay rent. Many Australians are ‘scrambling’ as cracks appear in the economy

    The Guardian reports that Australian households are under growing financial strain, with consumer confidence at recessionary lows, mortgage arrears rising, and unemployment climbing to 4.7 per cent. The piece profiles Vanessa Freitas, a Sydney professional who delivers pizza at night to cover rent, as an illustration of pressures the article attributes to sustained inflation, RBA rate rises, and slowing jobs growth.

    MoreLess
    • Data agrees The RBA this month lifted its cash rate to its highest level since 2008, according to The Guardian Nov 2026 reading is 4.85, up from prior highs; claim says 'this month' (Nov 2026) lifted to highest since 2008, consistent with 4.85.

    Read it at The Guardian · Cash rate

  2. The Guardian · In the news · 14 Nov

    Labor aimed for a fairer Australia with its tax changes. As house prices fall, it needs to make the case for them | Tom McIlroy

    The Guardian's Tom McIlroy reports that the Albanese government is under political pressure as falling house prices and cost-of-living stress compound the contested reception of its negative gearing and capital gains tax discount changes announced in the May 2026 budget. McIlroy cites ABS data purportedly showing new lending to property investors fell at its fastest pace on record in the September quarter, with the value of new investor loans dropping by nearly one-third, the largest fall in an ABS dataset said to stretch back to 2002.

    MoreLess

    Read it at The Guardian

  3. MacroBusiness · In the news · 13 Nov

    Australian homes losing as much as $25,000 a month

    MacroBusiness writer Tarric Brooker reports that Brisbane (including the Gold Coast) is the worst-performing capital city housing market in the current downturn, with Cotality data showing a 2.22 per cent fall over the most recent rolling 30-day period, which Brooker calculates as roughly $25,000 on the October median house price. Brooker also cites cumulative peak-to-date falls of 8.8 per cent in Brisbane, 9.7 per cent in Perth and 10.8 per cent in Sydney.

    MoreLess

    Read it at MacroBusiness

  4. MacroBusiness · In the news · 13 Nov

    Has Labor helped or hindered first home buyers?

    MacroBusiness reports that Housing Minister Clare O'Neil claimed the May 2026 budget is boosting first home buyer activity, citing data she says shows first home buyers and owner-occupiers increasing their share of new lending while investors are stepping back from existing homes. The article's full analysis is paywalled.

    MoreLess

    Read it at MacroBusiness

Earlier on the wire (26)

  1. MacroBusiness · In the news · 13 Nov

    The war is not over

    MacroBusiness (David Llewellyn-Smith) reports that Middle East conflict is escalating, citing ships ablaze in the Strait of Hormuz, Houthi attacks, Ukrainian strikes on Russian refineries, and reported Israeli plans for an Iran attack. Llewellyn-Smith notes that Brent crude and crack spreads jumped and LNG prices spiked, while US diesel inventories remain at perilous levels despite a modest recovery from falling exports.

    MoreLess

    Read it at MacroBusiness

  2. MacroBusiness · In the news · 13 Nov

    Stamp duty bust threatens state budgets

    MacroBusiness reports that a sharp downturn in Australian property prices and transaction volumes is threatening to blow a large hole in east coast state budgets, which are already carrying heavy debt loads. S&P Global Ratings has warned the downturn could create an $8–$10 billion budget shortfall for state governments, while UBS economist Stephen Wu has modelled potential losses of up to $30 billion in stamp duty revenue across the forward estimates period.

    MoreLess

    Read it at MacroBusiness

  3. MacroBusiness · In the news · 13 Nov

    Brisbane and Perth house prices are crashing

    MacroBusiness, citing Leith van Onselen, reports that Brisbane and Perth dwelling values are now falling sharply after a period of solid growth, as a flood of new for-sale listings and downward price revisions from private data provider Cotality have reversed what were previously seen as bulletproof markets.

    MoreLess

    Read it at MacroBusiness

  4. MacroBusiness · In the news · 12 Nov

    Victorian Treasury warns of credit rating downgrade

    MacroBusiness reports that Victoria's Department of Treasury and Finance will release a pre-election budget update showing net debt forecast to top $197 billion by mid-2030, and that Freedom of Information documents show the DTF warned incoming Treasurer Colin Brooks in August that rising debt and interest payments could trigger a downgrade of the state's AA credit rating.

    MoreLess

    Read it at MacroBusiness

  5. MacroBusiness · In the news · 12 Nov

    Investor mortgage demand collapses

    MacroBusiness reports that ABS mortgage commitment data for the September quarter of 2026 showed the total value of new mortgage commitments fell 15.5 per cent, with owner-occupier commitments down 5.3 per cent and investor commitments down 32.3 per cent. Leith van Onselen attributes the investor slump directly to federal budget changes to negative gearing and capital gains tax.

    MoreLess

    Read it at MacroBusiness

  6. MacroBusiness · In the news · 12 Nov

    Beijing has given, now it’s taking away

    MacroBusiness contributor Tarric Brooker argues that China has played a significant role in preventing a repeat of 1970s-style energy price crises despite a Persian Gulf war that began in late February 2026, noting that while oil prices are significantly higher in nominal terms, the situation differs materially from the 1973 oil shock, particularly relative to the size of the global economy.

    MoreLess

    Read it at MacroBusiness

  7. The Guardian · In the news · 12 Nov

    An end to RBA rate hikes will be good news finally for homebuyers – but maybe less so for workers | Greg Jericho

    Greg Jericho, writing in The Guardian, argues that a combination of capital gains tax changes and RBA interest rate rises drove a 38 per cent annual fall in investor housing loans and a 4.6 per cent drop in owner-occupier loans in the year to September, with construction lending also under pressure from rising material costs linked to the AI datacentre boom. Jericho contends that while the CGT changes are working as intended to reduce investor activity, the fall in owner-occupier borrowing reflects the squeeze on household finances from rate rises occurring alongside weak real wage growth and rising unemployment.

    MoreLess

    Read it at The Guardian

  8. ABC · In the news · 11 Nov

    Regional flights cost 173pc more per km than city routes, inquiry finds

    A Productivity Commission interim report, released 11 November 2026 and commissioned by Federal Treasurer Jim Chalmers, found that short regional flights cost on average 173 per cent more per kilometre than major city routes, with more than 90 per cent of regional and remote passengers flying with the Qantas Group or Virgin Australia and 72 per cent of routes served by just one carrier.

    MoreLess

    Read it at ABC

  9. MacroBusiness · In the news · 11 Nov

    Melbourne investors left the market but rents didn’t jump

    MacroBusiness (Leith van Onselen) argues that Melbourne's experience since Victorian land-tax changes undermines the case that removing negative gearing and the 50 per cent CGT discount will push rents higher: the number of rental bonds on issue in Melbourne fell 3.8 per cent between June 2023 and June 2026 (from 556,470 to 535,570), yet Melbourne recorded the slowest rental growth and cheapest rents of the major capital cities, with Cotality data showing national rents rose just 0.4 per cent in the most recent quarter.

    MoreLess

    Read it at MacroBusiness

  10. MacroBusiness · In the news · 11 Nov

    Want to raise productivity and living standards? Choose automation over immigration

    MacroBusiness, citing the Scanlon Foundation's 2026 Mapping Social Cohesion Survey of 10,000 Australians, reports that one in three Australians (32 per cent) expect their lives to be worse in the next three to four years, roughly triple the share recorded when the survey began in 2006, and that measures of happiness have gradually declined over two decades. Author Leith van Onselen argues Australia should choose automation over immigration to lift productivity and living standards.

    MoreLess

    Read it at MacroBusiness

  11. ABC · In the news · 11 Nov

    Live: CBA profit rises but late home loan payments edge up

    ABC's markets blog reports that CBA posted higher quarterly profit but its shares fell 1.2 per cent on the day, while ABS data showed new home loan commitments fell a record 15.5 per cent quarter-on-quarter, led by a 32.3 per cent quarterly collapse in investor lending. David Jones's receivers confirmed 19 store closures.

    MoreLess

    Read it at ABC

  12. MacroBusiness · In the news · 10 Nov

    Will Australian home prices rebound after Christmas?

    MacroBusiness reports that Australian dwelling values across the five major capital cities have fallen 8.8 per cent since early April 2026, and projects a 10 per cent decline by Christmas at the current pace of -4.7 per cent per quarter. The article, written by Leith van Onselen, challenges HIA chief economist Tim Reardon's claim that prices will rebound 'very quickly' after Christmas, citing AMP's Shane Oliver's estimate that the gap between borrowing capacity and home prices has never been wider, at around $400,000, and Cotality data showing capital city listings are up 20.3 per cent over the past 12 months.

    MoreLess

    Read it at MacroBusiness

  13. The Guardian · In the news · 10 Nov

    Mortgage holders’ confidence crashes to lowest level since 1994 as year that ‘feels like a recession’ looms

    The Westpac-Melbourne Institute consumer sentiment survey, published 10 November 2026, showed confidence among mortgaged households falling to its lowest level since 1994, with Westpac's Matthew Hassan saying the broader mood matched the depths of the GFC, the early-1990s recession and the onset of the Covid pandemic. RBA governor Michele Bullock, according to The Guardian, warned the year ahead would 'feel like a recession' amid persistent cost-of-living pressures and weak growth.

    MoreLess

    Read it at The Guardian

  14. The Guardian · In the news · 10 Nov

    What would tip the Australian economy into a recession we ‘don’t have to have’? | Saul Eslake

    Economist Saul Eslake, writing in The Guardian, argues that Australia risks a recession it does not have to have, driven either by an AI asset-price collapse or by the RBA overtightening after five rate rises in 2026, and calls on the federal government to cut spending ahead of Myefo to relieve pressure on monetary policy. Eslake singles out the Western Australia GST deal, which he says gifts that state $6.5 billion a year it does not need.

    MoreLess
    • Data agrees The RBA raised interest rates five times in 2026, according to Eslake's characterisation of governor Michele Bullock's remarks. Readings show 5 rate rises in 2026: Feb +0.25, Mar +0.25, May +0.25, Sep +0.25, Nov +0.25.
    • Too early Eslake states that the RBA's modified Sahm rule threshold, set at a three-quarter percentage point rise in the three-month moving average of the unemployment rate relative to its low over the preceding 12 months, would be triggered in January next year if unemployment continues drifting up at its six-month average pace. Claim is a forecast about January next year; the period has not yet arrived as of the claim date.

    Read it at The Guardian · Cash rate

  15. MacroBusiness · In the news · 10 Nov

    Albo gas flunkies break everything

    MacroBusiness reports, citing The Australian, that industry sources say the Albanese government is considering amending its proposed domestic gas reservation scheme, with one key contention being a requirement that LNG exporters make 110 per cent of forecast domestic gas demand available to Australian buyers, which the industry claims could suppress prices and discourage new exploration.

    MoreLess

    Read it at MacroBusiness

  16. Prime Minister of Australia · Announcement · 10 Nov

    Advancing Australia's national interest

    Prime Minister Anthony Albanese is travelling to Türkiye, the Philippines and China to advance Australia's economic and climate interests, attending COP31, the ASEAN–Australia Summit, and the APEC Economic Leaders' Meeting. The Prime Minister's office says China is Australia's largest trading partner, with two-way goods and services trade reaching $326 billion last year.

    MoreLess

    Read it at Prime Minister of Australia

  17. Prime Minister of Australia · Announcement · 10 Nov

    New Australian AI safety and security protections

    The Prime Minister, Anthony Albanese, announced that the Albanese Government will legislate mandatory AI safety and security protections through Australian AI Standards legislation, applying to all frontier AI companies operating in Australia, to be enforced by a new targeted regulator with significant penalty powers.

    MoreLess

    Read it at Prime Minister of Australia

  18. MacroBusiness · In the news · 10 Nov

    Jim Chalmers pretends to care about productivity growth

    MacroBusiness writer Leith van Onselen reports that Treasurer Jim Chalmers has asked Treasury officials in a 'structural reform branch' to develop new productivity policies for the December mid-year budget update, citing a Matthew Cranston report in The Australian. Van Onselen argues the move is insincere, asserting that Australia's productivity growth over the past decade has been among the poorest in the OECD.

    MoreLess

    Read it at MacroBusiness

  19. Assistant Treasurer · Announcement · 10 Nov

    Non-bank lenders begin sharing in the Consumer Data Right

    The Assistant Treasurer announced that Australia's largest non-bank lenders have begun sharing consumer data through the Consumer Data Right (CDR), allowing Australians to share data on home, car and personal loans alongside existing banking data to compare costs and find better deals. Smaller non-bank lenders are said to be required to commence sharing through the CDR in May 2027.

    MoreLess

    Read it at Assistant Treasurer

  20. MacroBusiness · In the news · 10 Nov

    Labor’s budget lies get professionally debunked

    MacroBusiness reports that Treasurer Jim Chalmers claimed on ABC's Insiders program that the Albanese government had found 'almost $180 billion in savings' across its budgets, with more than a third coming from the May 2026 budget alone. The article, by Tarric Brooker, asserts those claims have been professionally debunked, though the full rebuttal is behind a paywall.

    MoreLess

    Read it at MacroBusiness

  21. The Guardian · In the news · 10 Nov

    High fossil fuel prices spread inflation ‘like a cancer’, UN climate negotiator tells Cop31

    UN climate chief Simon Stiell told the opening of Cop31 in Turkey that a fossil fuel price crisis, driven in part by Donald Trump's disruption of the Strait of Hormuz oil supply route, is 'spreading inflation like a cancer' around the world. The Guardian reports that Australia's climate change minister Chris Bowen is presiding over the negotiations, with both Turkey and Australia championing a new electrification goal to raise electricity's share of final energy consumption from one-fifth to one-third within ten years.

    MoreLess

    Read it at The Guardian

  22. The Guardian · In the news · 10 Nov

    There’s more than a whiff of politics to the sudden call to slash Labor’s green energy subsidies

    The Guardian's Patrick Commins reports that Treasury is under pressure to cut Labor's cheaper home battery rebate and electric vehicle fringe benefits tax exemption in the midyear budget update, with the battery scheme's projected cost blowing out from an original $2.3 billion to around $7.2 billion after a redesign, and as high as $14 billion before that redesign. Commins and quoted experts argue the economic case for cutting these programs ahead of larger fiscal pressures such as the NDIS ($54 billion in 2025-26), nuclear-powered submarines (up to $368 billion over the life of the AUKUS program, per the Parliamentary Budget Office), and diesel fuel tax credits for miners (about $11 billion a year) has not been made.

    MoreLess

    Read it at The Guardian

  23. MacroBusiness · In the news · 10 Nov

    Why is Labor’s immigration policy targeting British backpackers?

    MacroBusiness reports that following the Albanese government's May 2023 changes to the Working Holiday Maker programme under the Australia-UK Free Trade Agreement, the number of UK citizens holding working holiday maker visas grew to 51,200 as of the September quarter of 2026, which the publication describes as roughly double the pre-change level. The article questions why Labor's immigration policy is now targeting this cohort.

    MoreLess

    Read it at MacroBusiness

  24. Prime Minister of Australia · Announcement · 9 Nov

    Preparing for high-risk weather season

    The Prime Minister announced that the Australian Government is investing an additional $12 million to strengthen bushfire risk management and support the mental health and wellbeing of emergency first responders, covering improvements to the Australia Fire Danger Rating System, continuation of national bushfire intelligence and fire information services, and mental health support through Fortem extended to December 2027.

    MoreLess

    Read it at Prime Minister of Australia

  25. ABC · In the news · 9 Nov

    Live: Taylor announces 'razor gang' to cut red tape, spending

    Nationals Leader Matt Canavan said the Coalition's proposed 'razor gang', announced by opposition leader Angus Taylor in a speech to Business Sydney, would target a 25 per cent cut in red tape, citing estimates that regulatory costs have roughly tripled over the last decade to around $160 billion a year for the Australian economy.

    MoreLess

    Read it at ABC

  26. MacroBusiness · In the news · 9 Nov

    It’s officially Australia’s biggest house price downturn

    MacroBusiness reports that, following the RBA's fifth rate hike of 2026 to a cash rate of 4.85%, home prices across Australia's five major capital cities have fallen 8.6 per cent from their April peak, which Leith van Onselen describes as the equal-biggest decline in more than 40 years; CBA and AMP have both forecast a 15 per cent peak-to-trough fall, with Sydney tipped to drop 16 per cent and Brisbane and Perth 18 per cent.

    MoreLess
    • Data agrees The RBA hiked interest rates for the fifth time in 2026, taking the official cash rate to 4.85 per cent, described as an 18-year high. 2026-11-04 reading shows 4.85 (+0.25); hikes in 2026: Feb, Mar, May, Sep, Nov = five hikes.

    Read it at MacroBusiness · Cash rate

The numbers

The national accounts read as a profit and loss statement. The full statement on Caveat Indices

Economy dashboard · Australia Inc.

As at 14 November 2026 · official data unless labelled

Australia Inc.: the country's profit and loss

The national accounts, read as if Australia were one business. Year to the June quarter 2026, the country earned $2,927.1bn, paid $83.3bn to foreign owners and lenders, set aside $532.2bn for wear and tear, and spent $2,205.9bn. It kept $104.0bn: a margin of 3.7%, against 5.7% on average in the 2010s.

Revenue (GDP)$2,927.1bn$104,836 per personOperating profit$2,311.6bnafter depreciationBottom line: net saving$104.0bn3.7% of national incomeBorrowed from abroad$94.9bncurrent account deficit

Income statement

Year to the June quarter 2026, current prices, against the same four quarters a year earlier
This yearA year earlierChangePer personShare of revenue
Revenue: income earned producing in Australia
Wages and salariesCompensation of employees, including employer super$1,433.7bn$1,348.4bn▲ 6.3%$51,34749.0%
Company profits: private businessesGross operating surplus, private non-financial corporations$559.5bn$543.1bn▲ 3.0%$20,04019.1%
Company profits: banks and financial firms$133.5bn$122.1bn▲ 9.3%$4,7814.6%
Profits of government-owned businesses$23.5bn$22.6bn▲ 3.9%$8420.8%
Government operating surplusThe depreciation of government assets$66.3bn$61.8bn▲ 7.2%$2,3732.3%
Rental value of owner-occupied homesImputed rent less costs, homes owned by households$240.2bn$229.3bn▲ 4.7%$8,6028.2%
Small business and farm incomeGross mixed income of unincorporated businesses$192.3bn$182.7bn▲ 5.2%$6,8886.6%
Taxes on production less subsidiesGST, payroll tax, excise and the like, less subsidies$280.4bn$270.1bn▲ 3.8%$10,0429.6%
Statistical discrepancy−$2.2bn−$3.2bn+$1.0bn−$790.1%
Revenue (gross domestic product)$2,927.1bn$2,777.0bn▲ 5.4%$104,836100.0%
Less: income paid to foreign owners and lenders, netDividends and interest paid abroad less received−$83.3bn−$78.4bn▲ 6.2%$2,9842.8%
Gross national income$2,843.8bn$2,698.6bn▲ 5.4%$101,85297.2%
Less: depreciationWear and tear on buildings, machinery, roads and software−$532.2bn−$502.5bn▲ 5.9%$19,06018.2%
Operating profit (net national income)$2,311.6bn$2,196.0bn▲ 5.3%$82,79279.0%
Plus: transfers from abroad, netForeign aid, remittances and the like−$1.8bn−$0.7bn−$1.1bn−$650.1%
Less: household spending−$1,522.6bn−$1,442.5bn▲ 5.6%$54,53152.0%
Less: government spending on servicesHealth, education, defence, administration−$683.3bn−$641.0bn▲ 6.6%$24,47223.3%
Bottom line: net savingWhat the country keeps after paying its way and replacing worn-out capital$104.0bn$111.9bn▼ 7.1%$3,7243.6%

Per person uses the estimated resident population at the March quarter 2026 (27,921,200). Revenue here is value added, not sales: what Australia's workers, businesses and homes earn after paying for what they buy from each other. Changes are in dollars, before inflation.

Investment and how it was paid for

Year to the June quarter 2026
Investmentnew buildings, equipment, software and stock$730.3bn
Paid from own savingnet saving plus depreciation set aside$636.1bn
Borrowed from abroadthe current account deficit$94.1bn

The country paid for 87% of its investment from its own saving and borrowed the rest from abroad. The balance of payments puts the current account deficit at $94.9bn; the two are separate ABS releases and differ by $0.7bn.

The margin over time

Net saving as a share of national income, financial years
The margin was 3.7% in 2025–26, against a high of 8.8% in 2011–12
Net national saving as a share of gross national income, %, financial years
43.71990–912025–26
Source: ABS, Australian National Accounts (ANA_AGG, ANA_EXP) and Balance of Payments (BOP).

Every line is an official ABS figure from the national accounts (ANA_INC, ANA_AGG, ANA_EXP) and the balance of payments (BOP), summed over the four quarters shown, except depreciation, which the ABS data API doesn't publish at current prices. It is derived from the national income account identity: net saving = gross national income + net transfers from abroad − consumption − depreciation. Before the figures are stored, the loader checks that the income lines sum to GDP and that GDP agrees across the income, expenditure and key-aggregate tables.

The government's books

The Commonwealth's own profit and loss, with all governments combined beside it. Both statements on Caveat Indices

The government's profit and loss

Year to the March quarter 2026, the Commonwealth government took in $768.1bn and spent $823.3bn on running costs, benefits and grants, an operating deficit of $55.2bn. After investing in new assets, it borrowed $66.6bn, 2.3% of GDP. All governments together borrowed $89.6bn.

Income statement

Year to the March quarter 2026, Commonwealth general government, current prices, against the same four quarters a year earlier; all governments combined in the last column
This yearA year earlierChangePer personShare of revenueAll governmentsAll govts
Revenue
Income taxTaxes on income, profits and capital gains: individuals and companies$553.2bn$521.6bn▲ 6.0%$19,81372.0%$550.8bn
Payroll taxTaxes on payroll and workforce, almost all levied by the states$1.9bn$1.9bn▲ 3.1%$690.2%$44.2bn
Property taxesStamp duty, land tax and council rates: state and local$0.0bn$0.0bn—$00.0%$49.2bn
GST, excise, customs and other taxesTaxes on goods and services, international trade and other taxes$155.5bn$152.3bn▲ 2.1%$5,56820.2%$233.3bn
Other revenueSales of goods and services, interest, dividends and the like$57.5bn$56.2bn▲ 2.4%$2,0597.5%$178.7bn
Revenue$768.1bn$732.0bn▲ 4.9%$27,508100.0%$1,056.2bn
Expenses
Benefits to peoplePensions, allowances, family payments and other social benefits$197.4bn$177.1bn▲ 11.4%$7,06925.7%$369.0bn
GrantsMostly to the states, including the GST; grants between governments are netted out of all governments$223.5bn$209.1bn▲ 6.9%$8,00429.1%$7.3bn
Running costs and services bought inUse of goods and services$239.7bn$206.3bn▲ 16.2%$8,58331.2%$198.2bn
Wages and superCompensation of public servants, including superannuation$40.5bn$37.7bn▲ 7.5%$1,4515.3%$292.4bn
InterestInterest on government debt and other liabilities$35.9bn$29.2bn▲ 22.6%$1,2844.7%$70.5bn
SubsidiesPayments to businesses and producers$19.7bn$19.8bn▼ 0.8%$7042.6%$31.7bn
DepreciationWear and tear on buildings, roads, defence equipment and the like$14.1bn$14.4bn▼ 1.9%$5071.8%$46.8bn
Other expenses$52.6bn$35.8bn▲ 46.8%$1,8846.8%$72.8bn
Expenses$823.3bn$729.5bn▲ 12.9%$29,487107.2%$1,088.6bn
Operating balanceRevenue less expenses: the operating surplus (+) or deficit (−)−$55.2bn$2.4bn−$57.7bn−$1,979−7.2%−$32.5bn
Less: net investment in assetsNew buildings, roads and equipment, less depreciation and asset sales−$11.3bn−$6.4bn−$4.9bn−$406−1.5%−$57.1bn
Borrowing (net lending / borrowing)The fiscal balance: borrowed (−) or available to lend (+) after paying for new assets−$66.6bn−$4.0bn−$62.6bn−$2,385−8.7%−$89.6bn

Revenue and expenses are shown as positive amounts; a negative balance is a deficit or borrowing. Per person uses the estimated resident population at the March quarter 2026 (27,921,200). Changes are before inflation; for the balances and net investment the change is in dollars. All governments also have the June quarter 2026: in the year to then they borrowed $96.6bn.

The fiscal balance over time

Net lending (+) or borrowing (−) as a share of GDP, financial years
The Commonwealth borrowed 1.6% of GDP in 2024–25, against 6.5% at the worst, in 2020–21
Net lending (+) / net borrowing (−), % of GDP, financial years
CommonwealthAll governments
-3-1.6-2.92011–122024–25
Source: IMF Quarterly Government Finance Statistics (reported by the Australian authorities); GDP from ABS Australian National Accounts (ANA_INC).

All governments, 2025–26: borrowing of 3.3% of GDP (the Commonwealth's figures for that year are not complete yet).

Government Finance Statistics (GFS), the international standard for government accounts: accrual basis (revenue and expenses when earned or incurred, not when cash moves), general government sector only (excluding government-owned businesses such as Australia Post), current prices, original (not seasonally adjusted) quarterly figures, summed over the four quarters to the March quarter 2026. The ABS data API does not carry GFS, so the figures come from the IMF's data API, as reported by the Australian authorities: the Commonwealth series is compiled monthly and summed to quarters; the all-governments series is quarterly. All governments is consolidated: money passed between levels of government, chiefly Commonwealth grants to the states (including GST revenue), is netted out, so the Commonwealth plus the states does not equal the total. The two series also classify some lines differently (the Commonwealth's use of goods and services exceeds all governments' combined), so compare totals and balances across the columns, not individual expense lines. Taxes on goods and services are shown with customs duty and other taxes because the Commonwealth series moves most of them into other taxes in each June quarter. Before anything is stored, the loader checks every quarter: revenue less expenses equals the net operating balance, and the net operating balance less net investment in non-financial assets equals net lending, within rounding; a quarter that fails is not stored.