Budget & National Debt
Fifty years of federal finances — what the government raised, what it spent, whether the year ended in surplus or deficit, and how gross and net debt have grown.
Final budget outcomes & MYEFO · Last updated: 30 September 2025
Largest single-year deficit
$33.8bn
2022–23 — the biggest gap between spending and revenue in the series
Latest revenue
$795.7bn
2024–25
Latest balance
$11.9bn
Surplus
Gross debt
$625.9bn
15.2% of GDP
Surplus vs deficit years
20 / 30
Since 1975–76
Revenue, expenditure & balance
One combined view — tap a series to overlay or hide it
Revenue vs expenditure
Actual federal receipts and payments each financial year
Surplus & deficit
Final budget balance — green above the line, red below
Gross & net debt
Total government debt outstanding
Debt-to-GDP
Gross debt as a percentage of GDP
Year-by-year figures
50 records
| 2024–25 | $795.7bn | $783.7bn | $11.9bn | $625.9bn | 15.2% |
| 2023–24 | $736.7bn | $730.8bn | $5.9bn | $630.8bn | 16.7% |
| 2022–23 | $675.9bn | $709.7bn | -$33.8bn | $633.7bn | 18.3% |
| 2021–22 | $631.7bn | $624.1bn | $7.6bn | $598.9bn | 18.6% |
| 2020–21 | $574.3bn | $578.8bn | -$4.6bn | $476.5bn | 16.4% |
| 2019–20 | $526.8bn | $514.2bn | $12.6bn | $338.9bn | 12.8% |
| 2018–19 | $478.9bn | $471.8bn | $7.2bn | $351.5bn | 14.6% |
| 2017–18 | $451.8bn | $468.1bn | -$16.3bn | $356.7bn | 15.8% |
| 2016–17 | $407.1bn | $396.9bn | $10.2bn | $338.5bn | 16.7% |
| 2015–16 | $391.4bn | $388.3bn | $3.1bn | $340.6bn | 17.6% |
| 2014–15 | $365.8bn | $365.8bn | $0 | $341.8bn | 19.0% |
| 2013–14 | $345.1bn | $363.4bn | -$18.3bn | $341.8bn | 20.2% |
| 2012–13 | $325.6bn | $337.6bn | -$12bn | $320.5bn | 20.2% |
| 2011–12 | $313bn | $326.2bn | -$13.1bn | $308.4bn | 20.3% |
| 2010–11 | $289.8bn | $293.9bn | -$4.1bn | $288.3bn | 20.6% |
2024–25
- Revenue
- $795.7bn
- Expenditure
- $783.7bn
- Balance
- $11.9bn
- Gross debt
- $625.9bn
- Debt / GDP
- 15.2%
2023–24
- Revenue
- $736.7bn
- Expenditure
- $730.8bn
- Balance
- $5.9bn
- Gross debt
- $630.8bn
- Debt / GDP
- 16.7%
2022–23
- Revenue
- $675.9bn
- Expenditure
- $709.7bn
- Balance
- -$33.8bn
- Gross debt
- $633.7bn
- Debt / GDP
- 18.3%
2021–22
- Revenue
- $631.7bn
- Expenditure
- $624.1bn
- Balance
- $7.6bn
- Gross debt
- $598.9bn
- Debt / GDP
- 18.6%
2020–21
- Revenue
- $574.3bn
- Expenditure
- $578.8bn
- Balance
- -$4.6bn
- Gross debt
- $476.5bn
- Debt / GDP
- 16.4%
2019–20
- Revenue
- $526.8bn
- Expenditure
- $514.2bn
- Balance
- $12.6bn
- Gross debt
- $338.9bn
- Debt / GDP
- 12.8%
2018–19
- Revenue
- $478.9bn
- Expenditure
- $471.8bn
- Balance
- $7.2bn
- Gross debt
- $351.5bn
- Debt / GDP
- 14.6%
2017–18
- Revenue
- $451.8bn
- Expenditure
- $468.1bn
- Balance
- -$16.3bn
- Gross debt
- $356.7bn
- Debt / GDP
- 15.8%
2016–17
- Revenue
- $407.1bn
- Expenditure
- $396.9bn
- Balance
- $10.2bn
- Gross debt
- $338.5bn
- Debt / GDP
- 16.7%
2015–16
- Revenue
- $391.4bn
- Expenditure
- $388.3bn
- Balance
- $3.1bn
- Gross debt
- $340.6bn
- Debt / GDP
- 17.6%
2014–15
- Revenue
- $365.8bn
- Expenditure
- $365.8bn
- Balance
- $0
- Gross debt
- $341.8bn
- Debt / GDP
- 19.0%
2013–14
- Revenue
- $345.1bn
- Expenditure
- $363.4bn
- Balance
- -$18.3bn
- Gross debt
- $341.8bn
- Debt / GDP
- 20.2%
2012–13
- Revenue
- $325.6bn
- Expenditure
- $337.6bn
- Balance
- -$12bn
- Gross debt
- $320.5bn
- Debt / GDP
- 20.2%
2011–12
- Revenue
- $313bn
- Expenditure
- $326.2bn
- Balance
- -$13.1bn
- Gross debt
- $308.4bn
- Debt / GDP
- 20.3%
2010–11
- Revenue
- $289.8bn
- Expenditure
- $293.9bn
- Balance
- -$4.1bn
- Gross debt
- $288.3bn
- Debt / GDP
- 20.6%