Deutsche Bank-Macro Notes Australia Fiscal Ready Reckoner-106235487

DeutscheBankResearchAustraliaFiscalReadyReckonerPhilO’DonaghoeChiefEconomistphilip.odonaghoe@db.comJanuary2024Distributedon:31/01/202405:14:13GMTIMPORTANTRESEARCHDISCLOSURESANDANALYSTCERTIFICATIONSLOCATEDINAPPENDIX1.MCI(P)041/10/2023.UNTIL19thMARCH2021INCOMPLETEDISCLOSUREINFORMATIONMAYHAVEBEENDISPLAYED,PLEASESEEAPPENDIX1FORFURTHERDETAILS.7T2se3r0Ot6kwoPaAustralia’skeyfiscalandmacrometricsCreditrating(S&P)AUSNSWVICQLDSAWATASAAA/StableAA+/StableAA/StableAA+/StableAA+/StableAAA/StableAA+/StableBorrowingprogramme2023-24$50bn$22.9bn$33.7bn$15.5bn$5.4bn$5.3bn$2.5bnGeneralgovernmentsector-$1.bn(-0.0%)-$9.6bn(-1.2%)-$3.5bn(-0.6%)-$0.1bn(0.0%)$0.15bn(0.10%)$3.7bn(0.8%)-$0.3bn(-0.7%)Operatingbalance2023-24(%ofGDP/GSP)$-19.5bn(-0.6%)$0.3bn(0.0%)$1.2bn(0.2%)$0.6bn(0.1%)$0.6bn(0.4%)$2.9bn(0.6%)$0.1bn(0.1%)Operatingbalance2026-27(%ofGDP/GSP)4.9%Averageannualrevenuegrowth,fouryearsto2026-273.6%3.4%6.0%-0.6%4.1%0.3%0.7%Averageannualexpensegrowth,fouryearsto2026-275.33%1.0%2.7%3.6%0.8%1.2%-0.1%Gap(averagerevenuelessaverageexpensegrowth)-1.7%2.4%3.3%-4.2%1.28411-0.9%0.8%GSTrelativity2022-230.950650.858611.033771.394630.700001.85360GSTrelativity2023-24..0.923500.851691.031180.700001.79080..-$12.0bn(-2.3%)Non-financialpublicsector..-$26.2bn(-3.3%)-$25.7bn(-4.4%)-$11.3bn(-2.0%)-$2.8bn(-1.9%)-$0.4bn(-0.1%)-$2.1bn(-4.8%)Fiscalbal...