The general government sector recorded an operating surplus of $2.3 billion for the first six months of 2025-26.
General government revenue was $2.8 billion higher than the same period last year, largely due to the impact of higher tax collections, dividends from public corporations and royalty income. Expenses were $2 billion higher compared to the first six months of 2024-25, mainly due to higher employee costs (particularly for the health and education sectors), agency operating costs and grant payments for road-related METRONET works.
The State’s Asset Investment Program totalled $5.9 billion for the six months to 31 December 2025, $1.1 billion lower than the same period in 2024-25 following commissioning of multiple METRONET projects and near completion of the Collie battery storage project. Total public sector net debt was $32.8 billion at 31 December 2025, $2.6 billion higher than the outcome recorded at 30 June 2025.
Care should be exercised in extrapolating the likely outcome for the 2025-26 year based on the quarterly results to date, particularly in light of the seasonal and other timing factors that impact the State’s finances. Updated projections of the State’s finances will be available in the 2026-27 Budget (due for release in May 2026).
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