Cricket Australia announced a net deficit of A$31.9 million ($21.34m) for the 2023-4 financial year on Thursday, results that were better than expected at a low-point in the game's four-year cycle.

With a lucrative five-Test home series against India starting in November and an Ashes series on home soil next year, the governing body can expect a big boost to revenue over the next 18 months.

"The better than forecast financial result ... is the result of a strong collaborative effort across Australian cricket to both manage costs and drive revenue," chief executive Nick Hockley said in news release.

Higher than expected crowds at last season's home internationals against Pakistan and West Indies netted an extra A$7 million, while an additional A$11 million landed in the coffers from the ICC, Indian Premier League and the Indian tax office.

As a result, CA was able to fund a 7% increase in player payments in the first year of the new pay deal.

At the grassroots level, CA reported an increase in registered participation in community cricket from 627,793 to 661,161, although there was a 3% drop in the number of junior cricketers.

"The strong growth in registered participation was the result of targeted programmes to increase participation in areas including 5-12 year-olds, women and girls and players of South Asian heritage," Hockley added.