The 2022-23 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 2023, and how these compare to the estimated outcomes contained in the 2023-24 Budget, and to the original 2022-23 Budget.
The ARSF shows that the general government sector recorded an operating surplus of $5.1 billion for 2022-23. This is $894 million higher than the $4.2 billion operating surplus estimated in the 2023-24 Budget, and reflects both higher than expected revenue (up $500 million or 1.2%) and lower than expected expenses (down $394 million or 1%).
The Government’s investment in infrastructure (i.e. the Asset Investment Program) was a record $9.2 billion in 2022 23, up $2.1 billion or nearly 30% on the previous financial year. This includes significant investment in road, rail and transport infrastructure, electricity and water assets, health and education projects, and social housing and land development.
Total public sector net debt declined for a fourth consecutive year during 2022 23 to stand at $27.4 billion at 30 June 2023. This is $521 million lower than estimated in the 2023-24 Budget, and more than $10 billion lower than the level of net debt four years ago.