The general government sector recorded an operating surplus of $929 million for the first three months of 2023-24, compared to the $1,478 million surplus reported for the same period in 2022-23.
General government revenue was $96 million higher than the September quarter last year, largely due to the impact of higher iron ore prices on royalty income, partially offset by lower revenue from tax collections and Commonwealth grants. Expenses were $645 million higher compared to the same period last year, mainly due to higher salary and concurrent superannuation costs, and ‘other’ agency operating costs.
The State’s Asset Investment Program totalled $2,280 million for the three months to 30 September 2023, $497 million higher than asset investment for the same quarter in 2022-23. Total public sector net debt increased to $28.2 billion at 30 September 2023, supporting the higher investment in infrastructure.
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.
