September 2023 Quarterly Financial Results Report

• General Government operating surplus of $929 million, down $549 million compared to same period last year
•  Record infrastructure spend in September quarter

The September 2023 Quarterly Financial Results Report released today highlights the Cook Government's strong financial management and significant investment in major projects, recording the highest September quarter infrastructure spend on record.

Infrastructure spending in the September quarter totalled $2.3 billion - $497 million or 28 per cent higher than the same period in 2022‑23. The record spend was driven by major road and METRONET projects reaching their peak delivery phase.

At the same time, public sector net debt was $750 million lower than at the same time last year.

An operating surplus of $929 million was recorded for the three months to 30 September 2023*. This is $549 million lower than the surplus for the same period in 2022‑23 and is in line with revenue and spending forecast in the 2023‑24 Budget.

General government revenue was $96 million higher than the same period last year, with higher royalty income (up $434 million, driven by the higher iron ore price), lower taxation revenue (down $293 million) and lower Commonwealth funding (down $182 million).

General government expenses grew by $645 million, mainly due to higher staff costs, spending on community services and higher insurance premiums.

The September 2023 Quarterly Financial Results Report is available from the Department of Treasury website at: www.wa.gov.au/organisation/department‑of‑treasury.

*Note that quarterly outcomes are impacted by timing factors such as grant revenue from the Commonwealth and expenditure, which can be volatile.

Comments attributed to Treasurer Rita Saffioti:

"Western Australia has once again delivered strong financial results, which allows us to continue our support for Western Australian households, improve services and invest in world class infrastructure.

"Our Government's strong investment in major infrastructure projects is also highlighted in the September quarter results, with a record spend being driven by METRONET and other major projects reaching their peak delivery phase.

"At the same time, we continue to make sure the State's finances remain in a strong position, with public sector net debt now $750 million lower than at the same time last year.

"Keeping debt in check is critical to the long-term health of State's economy, because it means we can invest more money in critical services and projects, and less on interest repayments."