The general government sector recorded an operating surplus of $1,478 million for the first three months of 2022-23, compared to the $4,403 million surplus reported for the same period in 2021-22.
General government revenue was $1.9 billion lower than the September quarter last year, largely due to the impact of lower iron ore prices on royalty income, and lower Commonwealth grants. Expenses were $1 billion higher compared to the same period last year, mainly due to higher agency salaries and other operating costs, and higher grants and subsidy payments.
The State’s Asset Investment Program totalled $1,783 million for the three months to 30 September 2022, $297 million higher than asset investment for the same quarter in 2021-22.
Total public sector net debt stood at $29 billion at 30 September 2022, $208 million lower than the 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.
