The 2019‑20 Annual Report on State Finances was released by the Treasurer today. It outlines the whole‑of‑government financial outcomes the year ended 30 June 2020, and how these compare to the original 2019‑20 Budget and subsequent Mid‑year Review estimates.
The general government sector recorded an operating surplus of $1.7 billion for 2019-20, down from the $2.6 billion estimate in the Mid-year Review. This reflects a combination of lower than expected revenue (down $390 million) and higher than expected expenses (up $529 million), with both revenue and expenses impacted by the COVID-19 pandemic and the Government’s response to it.
Total public sector net debt at 30 June 2020 was $35.4 billion, $724 million lower than estimated in the 2019-20 Mid-year Review.