Note: A tax-to-GDP cap of 23.9 per cent has been applied to these projections. This is the average tax-to-GDP ratio in the years post-GST and pre-GFC. MYEFO tax-cap projection was not published at MYEFO.

Source: Australian Office of Financial Management and Treasury projections.

In the scenario with a tax cap, CGS on issue in 2023-24 is expected to be around $390 billion in 2023-24, compared to $750 billion at MYEFO.

CGS is projected to peak at $457 billion in 2018-19, then falling every year to $362 in 2024-25.

Note: Forward estimates rounded to nearest $10 billion.

[Return to main document]

Note: Data refer to the market value of holdings.

Source: ABS Catalogue Number 5302.0 and Australian Office of Financial Management.

This chart shows that the proportion of Commonwealth Government Securities (CGS) held by non-residents remains around historically high levels, having risen significantly since 2009. As at the December quarter 2013, 67.5 per cent of total CGS on issue were held by non-residents of Australia.

[Return to main document]

This chart shows the yield curve assumptions underpinning the 2013-14 Budget, 2013-14 MYEFO and 2014-15 Budget. The assumed market yields at the 2014-15 Budget result in a weighted average cost of borrowing of around 3.7 per cent for future issuance of Treasury Bonds in the forward estimates period, compared with around 3.9 per cent at the 2013-14 MYEFO.

nfp = not for publication.

[Return to main document]

(a) Recurrent payments excluding payments to states and territories include pension and income support payments, government loans, payments to government employees, payments for goods and services, and grants and subsidies not made for capital purposes.

(b) Other capital purchases include the purchase of land and buildings, software and other facilities.

(c) Capital grants and subsidies include payments to recipients other than those within the general government, for example local governments.

(d) State and territory payments include payments for general revenue assistance (including Goods and Services Tax payments) and specific purpose payments.

This chart provides a breakdown of the Government's 2014-15 recurrent and capital budgets. The capital budget is estimated to make up around 9 per cent of the 2014-15 Total Budget.

[Return to main document]

This chart shows the Government’s projected unfunded superannuation liability out to 30 June 2050. The chart shows that the policy decision to close the Military Superannuation and Benefits Scheme to new members from 1 July 2016 will decrease the Government’s projected unfunded superannuation liability by $126 billion by 2050.

[Return to main document]