March 2023 Quarterly Financial Results Report
- Net debt decreased by $863 million in the first nine months of 2022-23, reaching lowest level since 2014-15
- General government operating surplus of $3.6 billion to March 2023, $1.9 billion lower than the same time last year
- Expenses up $2.9 billion relative to the same time last year, due to higher spending on wages, the 2022 $400 Household Electricity Credit, health and community services
The March 2023 Quarterly Financial Results Report released today highlights the McGowan Government's continued stable and responsible budget management, which is supporting investments in the State's future.
Total public sector net debt was $28.3 billion at 31 March 2023, $863 million lower than the outcome recorded at 30 June 2022 - the lowest level seen since 2014-15.
The general government sector recorded an operating surplus of $3.6 billion for the nine months to 31 March 2023, $1.9 billion lower than for the same period in 2021-22.
General government revenue for the first nine months of 2022-23 was $951 million higher than the same period last year, driven by higher taxation collections, higher Commonwealth grants, and lower dividends from public corporations.
General government expenses were $2.9 billion higher than the same period last year. This increase was largely due to higher wage spending including the roll out of the State Government Wages Policy, the $400 electricity credit paid to every household in 2022, and higher spending on service delivery such as community services, health and road maintenance.
Infrastructure spending for the nine months to 31 March 2023 totalled $6.1 billion, which is $1.1 billion higher than the same period in 2021-22. This increase was mainly driven by delivery of METRONET and road projects.
The financial results for the year-to-date indicate Western Australia is on track to meet the 2022-23 full-year forecasts released in the 2023-24 State Budget.
The March 2023 Quarterly Financial Results Report is available from the Department of Treasury website at: www.wa.gov.au/organisation/department-of-treasury.
Comments attributed to Premier and Treasurer Mark
"Our stable and responsible budget management has once again delivered strong financial results, allowing us to pay down debt and invest in the future.
"Net debt is now $863 million lower than the end of the last financial year, and $15.3 billion lower than projected when this Government came to office.
"We're getting on with delivering cost-of-living relief, providing quality healthcare, boosting housing supply and investing in the issues that matter to Western Australians."
Premier's office - 6552 5000