The 2020-21 Pre-election Financial Projections Statement (PFPS) was released today, in accordance with the requirements of the Government Financial Responsibility Act 2000. This Act requires the Under Treasurer to release a PFPS within ten days of the dissolution of the Legislative Assembly. The Legislative Assembly was dissolved on 29 January 2021.
The PFPS contains Treasury’s latest assessment of the State’s economic and fiscal position and outlook over the period to 2023-24.
The PFPS shows that the 2020-21 general government operating balance has strengthened since the Mid-year Review estimates were finalised in late November 2020, with an operating surplus of $3.1 billion now expected (up from $2.2 billion in the Mid-year Review). This primarily reflects a higher than expected iron ore price and stronger than expected activity in the residential property market, which have boosted royalty and taxation revenue respectively. Total public sector net debt is now forecast to reach $40.2 billion by 30 June 2024, $1.2 billion lower than forecast in the Mid year Review.