This is largely the result of higher royalty income and the timing of GST top-up payments, and continuing low expense growth (1.9%).
The State’s Asset Investment Program totalled $2.4 billion for the six months to 31 December 2019, broadly in line with spending recorded for the same period in 2018-19.
Total public sector net debt stood at $35.1 billion at 31 December 2019. Adjusting for accounting standard changes, this represents a reduction in net debt of $2.4 billion relative to 31 December 2018.
Care should be exercised in extrapolating the likely outcome for the 2019-20 year based on the quarterly results to date, particularly in light of the seasonal and other timing factors that impact the State’s finances.
