The 2021-22 Annual Report on State Finances (ARSF) was released by the Treasurer today. It outlines the final, audited whole-of-government financial outcomes for the year ended 30 June 2022, and how these compare to the estimated outcomes contained in the recent 2022-23 Budget, as well as the original 2021-22 Budget.
The ARSF shows that the general government sector recorded an operating surplus of $6 billion for 2021-22. This is $344 million higher than the $5.7 billion operating surplus estimated in the recent 2022-23 Budget, which mainly reflects lower than forecast expenditure outcomes due to COVID-related disruptions and delays.
The State’s Asset Investment Program totalled $7.2 billion in 2021-22, $201 million higher than estimated in the 2022-23 Budget. This included significant investment in transport infrastructure, electricity and water assets, and health and education projects.
Total public sector net debt at 30 June 2022 was $29.2 billion, $743 million lower than expected in the recent Budget. This outcome is $4.3 billion lower than the level of net debt at 30 June 2021 and is the third consecutive year of declining net debt.
