- General Government operating surplus of $3.1 billion recorded for the six months to 31 December 2023
- Operating surplus provides funding for the Government record infrastructure investment
- Infrastructure spending is accelerating, with $5.3 billion spent on capital works projects in the first six months of 2023 24, up 33 per cent from the same period last year
- Despite the Government’s record investment in infrastructure, net debt remains more than $15 billion lower than projected than when the Labor Government came to office in 2017
The December 2023 Quarterly Financial Results Report has today been released showing the Cook Government’s continued strong investment in major capital works projects supported by the State’s net operating surplus.
The general Government sector recorded an operating surplus of $3.1 billion for the six months to 31 December 2023.
General Government revenue for the first six months of 2023 24 was $1.8 billion higher than the same period last year, driven mainly by higher royalty income (up $1.1 billion) and higher taxation revenue (up $678 million), underpinned by continued strength in the Western Austrralian economy.
General Government expenses were $1.2 billion higher than the same period in 2022 23. This increase was largely due to the impact of higher salaries and superannuation expenses in frontline service delivery agencies (up $588 million), including additional healthcare workers, and higher spending on not for profit sector services.
Infrastructure spending for the six months to 31 December 2023 totalled a record $5.3 billion, which was $1.3 billion or 33 per cent higher than the same period in 2022 23.
Spending on METRONET and road projects is gathering pace as these works move into peak phases of delivery.
Despite the Government’s record investment in infrastructure, net debt remains more than $15 billion lower than projected than when the Labor Government came to office in 2017.
The December 2023 Quarterly Financial Results Report is available from the Department of Treasury website at: wa.gov.au/organisation/departmentoftreasury.
As stated by Treasurer Rita Saffioti:
“The December 2023 Quarterly Financial Results Report is another positive outcome for WA and highlights our Government’s continued strong management of the State’s finances.
“Our strong financial position enables us to continue to fund what matters to Western Australians – including cost of living relief, measures to boost housing supply, health, and education.
“Our net operating surplus provides funding for our record investment in major capital works projects that sets the State up for the future but without rapidly accumulating debt as is occurring in other States and Territories.
“Our Government’s approach of responsible financial management is about keeping debt in check, and building the foundations for a strong future by investing in key infrastructure projects.”
