Quarterly Financial Results Report – December 2022

News story
The December 2022 Quarterly Financial Results Report was released by the Treasurer today. It provides results for the Western Australian public sector for the first six months of 2022-23.
Last updated: 24 February 2023

The general government sector recorded an operating surplus of $2.5 billion for the first six months of 2022-23.

General government revenue for the first six months of 2022-23 was $455 million lower than same period last year,  due to the combined impact of lower royalty income, higher taxation revenue and lower dividends from public corporations. Expenses were $1.8 billion higher than the same period in 2021-22, largely due to higher salaries expenditure (including the impact of a number of new industrial agreements being settled), and higher current and capital grants and subsidies.

Infrastructure investment totalled $4 billion to 31 December 2022, up $686 million on the same period in 2021-22. Total public sector net debt was $28.4 billion at 31 December 2022, $807 million lower than the $29.2 billion outcome recorded at 30 June 2022.

Care should be exercised in extrapolating the likely outcome for the 2022-23 year based on the quarterly results to date, particularly in light of the seasonal and other timing factors that impact the State’s finances.