The general government sector recorded an operating surplus of $3.1 billion for the first six months of 2023-24. Revenue for the first six months of 2023-24 was $1.8 billion higher than the same period last year, mainly due to higher royalty income and tax collections, partly offset by lower Commonwealth grants. Expenses were $1.2 billion higher than the same period in 2022-23, largely due to higher salaries expenditure (particularly as a result of increased staff numbers in the health sector), and increased costs for not-for-profit sector services.
Infrastructure investment totalled $5.3 billion to 31 December 2023, up $1.3 billion on the same period in 2022-23. Reflecting the higher spend on infrastructure, total public sector net debt increased slightly over the first six months of 2023-24, to be $28.2 billion at 31 December 2023.
Care should be exercised in extrapolating the likely outcome for the 2023-24 year based on the quarterly results to date, particularly in light of the seasonal and other timing factors that impact the State’s finances.
