The general government sector recorded an operating surplus of $4,403 million for the first three months of 2021-22.
General government revenue was $2.8 billion higher than the September quarter last year, largely due to the impact of higher iron ore prices on royalty income, and higher Commonwealth grants, dividends and tax collections. Expenses were $455 million higher compared to the same period last year, mainly due to higher salaries expenditure and higher current and capital transfers.
The State’s Asset Investment Program totalled $1,486 million for the three months to 30 September 2021, $337 million higher than investment for the same quarter in 2020-21.
Reflecting the operating surplus outcome, net debt stood at $30.3 billion at 30 September 2021, $3.2 billion lower than the $33.5 billion recorded at 30 June 2021.
Care should be exercised in extrapolating the likely outcome for the 2021-22 year based on the quarterly results to date, particularly in light of the seasonal and other timing factors that impact the State’s finances.