Briefs Prepared By Budget Policy And Data Division For 2025-26 Supplementary Budget Estimates

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This internal Finance brief summarises the 2024-25 Final Budget Outcome released in September 2025. The underlying cash balance improved to -$10.0 billion (-0.4% of GDP) from the 2025 Pre-Election Economic and Fiscal Outlook estimate of -$27.9 billion, representing a $17.9 billion improvement. Tax receipts totalled $657.8 billion, exceeding 2025 PEFO forecasts by $12.6 billion. Government payments were $726.9 billion. Net debt declined to $532.3 billion (19.2% of GDP), $23.9 billion below forecast, while gross debt decreased to $928.6 billion (33.5% of GDP). Net interest payments totalled $13.7 billion, $1.2 billion lower than estimated. The brief tracks variances across budget aggregates, showing