Australia’s federal budget uses two main deficit measures, and they differ because they treat certain transactions differently—especially asset sales, loans, and off‑budget funds.
The headline balance captures all cash flows in and out of the Commonwealth government, including:
- day‑to‑day spending
- tax revenue
- capital spending
- asset purchases and sales
- loans issued and repaid
- equity injections
- transactions with government investment funds (e.g., Future Fund, CEFC, NAIF).
