March 2024 Quarterly Financial Results Report Released

  • March Quarterly Financial Results Report has been released
  • General Government operating surplus of $3.8billion for the nine months to 31March2024
  • Record $7.8billion spent on infrastructure in the first nine months of 202324
  • Net debt around $600 million lower than the same time last year and still more than $15billion lower than projected than when the Labor Government came to office

The March2024 Quarterly Financial ResultsReport released today shows the Cook Labor Government’s continued responsible financial management, with a strong operating surplus supporting the State’s record infrastructure investment program.

The general Government sector recorded an operating surplus of $3.8billion for the ninemonths to 31March2024*, comparable to the $3.6 billion surplus reported for the same period in 202223.

Higher general Government revenue has largely been offset by general Government expenses including a rise in salary expenditure largely due to increased workforce numbers in health, other operating expenses, including additional spending on community services, and an increase in the State’s contribution to the National Disability Insurance Scheme.

Infrastructure spending for the nine months to 31March2024 totalled a record $7.8billion, up almost 30 percent or $1.8billion than the same period in 202223. This increase in investment was mainly due to a number of projects within the METRONET program reaching their peak delivery phase, as well as increased spending on road and battery storage projects.

Total public sector net debt was $27.7billion, around $600 million lower than the same time in 2023, and still more than $15 billion lower than projected when the Labor Government came to office in 2017, despite the Government’s record infrastructure investment.

The March2024 Quarterly Financial Results Report is available from the Department of Treasury website at:

* Care should be exercised in extrapolating the annual outcomes for the 2023-24 year based on the quarterly results, given seasonal and other timing factors that impact the State’s finances, such as Commonwealth grant revenue.

As stated by Treasurer Rita Saffioti:

“Western Australia has once again delivered strong financial results, including a solid operating surplus and a continued record investment in infrastructure.

“Our responsible financial management is allowing us to invest in record cost of living relief for families, key services including health and housing, and in initiatives to support the diversification and decarbonisation of our economy.

“We are able to do this while keeping debt levels sustainable, with Western Australia’s net debt $600 million lower than the same time last year and remaining the most affordable in the nation.”

/Public Release. View in full here.