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.