The 2025-26 Annual Report on State Finances (ARSF) was released by the Treasurer today. It outlines the final, audited whole-of-government financial outcomes for 2025-26 and details material changes from the estimated outturn contained in the 2026‑27 Budget, and to the projections in the original 2025-26 Budget.
The ARSF shows that Western Australia recorded its eighth consecutive general government sector operating surplus of $4.2 billion in 2025‑26, up $684 million on the estimated outturn in the 2026-27 Budget. This outcome largely reflects lower than expected recurrent expenditure.
The surplus is helping support the Government’s infrastructure program which totalled $12.3 billion in 2025‑26. This high level of investment reflects the Government’s continued focus on the delivery of significant economic and social infrastructure projects throughout the State.
Total public sector net debt at 30 June 2026 was $33.4 billion, $1.1 billion lower than expected in the 2026-27 Budget. This level of net debt represents 6.9% of Gross State Product, which is well below levels in other jurisdictions.
The outlook for Western Australia’s finances will be updated in the 2026-27 Government Mid-year Financial Projection Statement, which is due for release in December 2026.
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